FX broker TMGM wins Financial Commission’s membership
The Financial Commission today announced that it has added TMGM, or Trademax Global Markets, to its member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets.
TMGM status as an Approved Broker Members of the Financial Commission took effect on September 22, 2022. The milestone follows the approval of its membership application by the Financial Commission, which gives their traders further assurance that they are offered services of high quality that comply with the standards of the commission.
The addition of TMGM to its member roster also provides stakeholders with 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.
TMGM is a multi-regulated, Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC), the New Zealand Financial Markets Authority (FMA) and the Vanuatu Financial Services Commission (VFSC). While primarily a MetaTrader 4 broker, TMGM also offers its exclusive IRESS platform.
“TMGM 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,” the statement further reads.
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.
According to its latest quarterly report, the self-regulator made progress across some of its key business drivers. Specifically, the number of new complaints increased 10 percent quarter-over-quarter as compensation sought from broker members rose 57 percent to $3.35 million.
Likewise, Financial-related complaints increased by 40 percent, which indicates a significant rise in disputes related to funds withdrawal. At the same time, complaints listed in the most valuable category ($10K+) jumped 70 percent in 1Q 2022. The number of resolved complaints increased 3 percent from the previous quarter, it says.