The Financial Commission (FinaCom) announced today that it added forex brokerage Doto to its membership roster. The roster includes online businesses operating in the derivatives, forex, and crypto markets.
Doto receives yet another authorization
Doto is already authorized by the Financial Services Authority of Seychelles and the Financial Services Commission of Mauritius. With the FinaCom authorization, it now joins other self-regulated firms that offer quality services to their users while complying with the regulations and operations standards of the commission.
Doto is operated by Merceron Capital Ltd and Weybridge Financial Markets Ltd. With three authorizations, the firm provides brokerage, managed account services, and training in CFDs, indexes, commodities, currencies, and leveraged financial instruments.
What does the FinaCom membership offer?
Now that its membership has been accepted by FinaCom PLC, the firm has become an A-category member. Traders will be eligible for a €20,000 per submitted claim because of the membership status. They will also get access to all dispute resolution services offered by FinaCom.
The independent international service offers dispute resolution in cases of trader-broker conflicts. It receives support from the Dispute Resolution Committee (DRC) which is operated by recognized professionals in the financial services industry. It also operates as an independent international service that provides a simpler process for dispute resolution, compared to the more traditional channels like local courts and arbitration.
The members of the Commission get access to insurance via a Compensation Fund which could pay customers if any disputes occur. It adds another layer of protection for the customers of the platform. According to its most recent annual report, the Commission witnessed the number of new complaints rising by 7% on a year-on-year basis. Traders sought a record $7.4 million in 2019 as compared to the $3.18 million sought in the previous year.
The number of complaints resolved in the clients rose from 153 in 2018 to 179 in 2019, marking a 17% rise. In 451 cases, the commission ruled in the favor of the broker. This number is also up from 373 in 2018. The commission is also introducing new services for brokers that help them in identifying and stopping fraudulent transactions.