The Financial Commission Approves MBX PRO with €20K Complaint Protection

The Financial Commission has approved MBX PRO as its newest Broker Member. The brokerage’s membership took effect this week.The membership gives MBX PRO and its customers access to the organisation’s dispute resolution services and other member benefits.The approval follows other recent additions to the Financial Commission’s membership. The organisation recently confirmed RA Prime as a member. Other recent additions include FP Markets, OneRoyal, FXON, GTCFX and Neex.Commission Offers Mediation for Broker DisputesAmong the benefits available to members is access to the Financial Commission’s Compensation Fund. It provides protection of up to €20,000 per submitted complaint, subject to the organisation’s rules and procedures.The Financial Commission provides an independent third-party mediation platform for disputes between brokers and their customers. It handles complaints when the parties are unable to reach an agreement directly.The organisation covers markets including contracts for difference, foreign exchange and cryptocurrencies. It says its mediation process can provide a simpler and faster route for resolving disputes than arbitration or local court proceedings.iTech Software Gains Financial Commission CertificationEarlier this year, the Financial Commission certified trading technology provider iTech Software following a review of its systems.The certification covers technology used by brokers and traders and is intended to assess compliance with the Commission’s technical requirements.iTech Software provides technology for forex, CFD, cryptocurrency and NFT brokerages. Its services include web trading platforms, back-office systems, live support, monitoring and risk management tools.The Financial Commission’s assessment covered areas including system security, capacity, disaster recovery and business continuity, reporting, and record keeping.Scammers Impersonate Financial Commission to Target TradersThe Financial Commission investigated a scam involving individuals impersonating the organisation and targeting traders with broker-related losses or blocked withdrawals. They offered purported fund recovery and chargeback services for fees, using fake guarantee letters and contact details resembling legitimate firms and digital wallet providers.The Commission said it does not offer recovery or chargeback services, contact traders unsolicited, use messaging apps for official communication, or issue guarantee letters.