Baxia Market, a MetaTrader electronic communications network (ECN) broker, started the year with its mention in a major announcement by the Financial Commission (FinCom) on January 18th, 2023.
FinCom, the forex industry's independent external dispute resolution (EDR) body, announced that Baxia Markets has formally joined the Commission.
This announcement resulted from the Commission's approval of the company's membership application. This approval is expected to increase the broker's client base and revenue in 2023.
DETAILS OF BAXIA MARKETS JOINING FINCOM
As stated by Fincom, Baxia Markets has joined a broad group of brokerages and independent service providers (ISPs) who use the Commission's services as part of their commitment to their clients. To join this group, however, members must fulfill and uphold all membership requirements in their financial operations.
Interestingly, the Commission's approval of Baxia Markets comes only a few weeks after it revoked IdealFX's membership and approved the application of Vida Markets. FinCom similarly revoked Fibermarket's membership, indicating that FinCom is very firm in maintaining its membership requirements.
According to FinCom's announcement, “Baxia Markets' membership became effective on the day of the announcement.” Hence, the company has joined other online brokerages under the Commission to meet the demands of traders for EDR services.
WHAT DO BAXIA MARKETS STAND TO GAIN FROM JOINING FINCOM?
Following the approval of its membership by FinCom, Baxia Markets, and its clients now have access to a repertoire of services and membership perks.
One such perk is the unbiased 3rd party mediation to settle issues internally with a coverage of up to €20,000 per complaint. This offers a considerable and rewarding platform for both brokers and traders.
Additionally, instead of using traditional channels like local courts or arbitrations, FinCom works with its members and their clients to create a faster and more simplified settlement process. This alternative relieves the broker and its clients from the difficulties of customary judicial proceedings.
ABOUT BAXIA MARKETS
Baxia Markets is a top international supplier of online retail financial services that gives traders access to substantial institutional liquidity through matching engines. It was established in 2020 by forex experts to improve traders’ online trading experience.
Currently, traders of Baxia Markets have access to a trading portfolio that comprises Shares, Forex, CFDs, Cryptos, Indices, and Metals for various transactions. The Financial Service Authority of Seychelles and SCB of Bahamas is responsible for the company's registration and regulation.
Baxia Markets is one of the first international brokers to offer a comprehensive service around-the-clock. However, the broker doesn’t target any jurisdiction where its operations would violate any laid down regulation. These include Afghanistan, North Korea, the Republic of Sudan, Iran, the United States of America, and Syria.
