The Financial Commission, an independent external dispute resolution (EDR) body, today announced the addition of cryptocurrency trading firm PrimeXBT as its latest member effective March 6, 2024.
The membership reflects PrimeXBT’s strong commitment to keeping up high standards in dispute resolution and customer service in the trading world.
With this new membership, PrimeXBT traders now have additional assurances that their service provider complies with the Financial Commission’s strict quality standards. Furthermore, PrimeXBT customers will now benefit from protections of up to €20,000 per claim under the Commission’s Compensation Fund, which acts like an insurance policy.
Founded in 2018, PrimeXBT offers leveraged trading, real-time market data, and analysis tools across a wide spectrum of crypto assets.
The company has the aspiration to bridge the gap between cryptocurrencies and traditional asset classes, boasting features including 100x leverage, advanced order types, and charting tools.
Not without risks, margin trading via PrimeXBT now covers currency pairs, spot contracts for gold and silver, and CFD contracts for oil, gas and stock indices. In an attempt to appeal to crypto traders of varying experience levels and budgets, PrimeXBT provides up to 1:100 leverage on all available crypto and traditional assets.
The Financial Commission serves as an alternative to traditional regulatory resolution processes like arbitration or court systems, offering a simpler and more direct way to resolve conflicts between traders and brokers. It is supported by the Dispute Resolution Committee (DRC), which consists of esteemed industry professionals.
The organization not only mediates disputes but also provides execution certifications for approved brokers to mitigate execution-related disputes before they evolve into formal complaints.
The inclusion of PrimeXBT reflects the growing demand for independent, unbiased dispute resolution services in the financial sector. Earlier in March, the Financial Commission released insights from its 2023 case studies, spotlighting the main themes and results in disputes between traders and financial service providers. The results show the relevance and necessity of such organizations in today’s trading environment.
