The Financial Commission today announced that FX broker Bold Prime has retrieved its membership status following the correction of previous failures that led to a temporary suspension.
The retail FX brand is rejoining the ranks of self-regulator to give their traders further assurance that they are offered services of high quality that comply with the standards of the commission. Bold Prime originally joined the Financial Commission in August 2022.
Per its website, Bold Prime was founded in 2020, and since then it has grown to become one of the leading MT4 CFD service providers in the global forex industry.
As detailed in the notice, Bold Prime provided satisfactory evidence and confirmation that it had complied with all the Financial Commission’s requests and remedied all shortcomings previously identified by the regulator.
“Bold Prime’s renewed status as an Approved Broker-Member of the Financial Commission took effect on March 9th, 2023, thus allowing the company and its customers renewed access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund,” the statement reads.
Following the acceptance of its application, Bold Prime has regained the membership status which means that its traders can be eligible for compensation of up to €20,000 per submitted claim and have access to all dispute resolution services offered by the commission.
The Financial Commission is an independent international service that offers the resolution of disputes with the aim of resolving trader-broker conflicts. The commission is supported by the Dispute Resolution Committee (DRC), which in turn is comprised of recognized industry professionals. It operates as an independent international service that helps facilitate a simpler resolution process than through typical regulatory channels, such as arbitration or local court systems.
All clients of members of the Financial Commission are protected by the Compensation Fund which acts as an insurance policy.
The Financial Commission also issues execution certifications for approved brokers as the industry-specific association attempts to reduce the number of execution-related disputes that occur before they progress into formal complaints.
Due to the price verification capabilities, brokers who implement the service would be able to settle price disputes internally, by inducing evidence on asset prices at any given time, from an impartial party. And in case the client claims that he is consistently getting poor execution, the analysis results will facilitate handling execution-related trade disputes.