Swift Trader and its customers can now access a wide range of services including protection for up to €20,000 per the submitted complaint.
The Financial Commission, the self-regulatory forum for FX brokers and their customers, has announced Swift Trader as its newest approved Member.
Interest and demand for independent external dispute resolution (EDR) services within the FX industry is ever-growing as global regulatory dynamics drive some traders to offshore brokerage services.
Swift Trader Ltd is authorized by Mwali International Services Authority in Comoros Union with license number T2023364 with a registered office at Bonovo Road – Fomboni Island of Mohéli – Comoros Union.
Swifter than through arbitration or local court systems
By becoming a member of the Financial Commission, Swift Trader and its customers can now access 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 self-regulatory organization provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly agree on disputes.
The Financial Commission specializes in mediating disputes between brokers and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, and offers a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
Swift Trader joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
FinaCom does not offer funds recovery or chargeback services
The Financial Commission recently alerted the public to a scam involving fake FinaCom representatives. These impostors falsely claimed to be affiliated with FinaCom, aiming to exploit individuals who have suffered at the hands of illegitimate brokers. This alert follows a previous notice dated December 15, 2023, highlighting concerns over similar fraudulent activities.
The scam targets traders who have encountered issues such as lost funds or blocked withdrawals with brokers including Umarkets, TPG Deals, Universe Financial Brokers, Kiexo, Izzi, Your Global Deal, among others. The fraudsters offered recovery and chargeback services for a fee, pretending to be employees of FinaCom. They also issued bogus letters of guarantee using the names of non-existent legal firms like Orbital Limited, Arbitrum Law Firm, AK Law, Guardians Recovery, and more.
FinaCom stated that it does not offer funds recovery or chargeback services, nor does it engage in unsolicited communication with traders. Official interactions originate only from inbound inquiries through their website, financialcommission.org. The Commission also clarified that it never uses social networks or messengers for official communications, issues letters of guarantee, charges fees for its services to traders, or serves customers of non-member brokers.
How to file a complaint against a broker
Traders are urged to verify communication authenticity by checking for secure links to the Commission’s website and the official email address, [email protected].
Customers can check if their broker is a FinaCom member through this link: https://financialcommission.org/members/participating-members-of-the-financial-commission/
To file a complaint against a broker, traders can go through this link: https://financialcommission.org/resolving-a-dispute/how-to-file-a-complaintdispute/dispute-resolution-form/
The Financial Commission stands as an independent EDR forum, aiming to resolve disputes between consumers/traders and their financial service providers who are members of the Commission. It initially focused on disputes in electronic market trading, such as Forex, before expanding to CFDs, related derivatives, and certifying trading technology platforms.
