The Figures Of Difference In FinComm Q3 Compensation
Forex traders have been compensated with a total of $79,494 by the Financial Commission (FinComm) at the end of the third quarter of 2022. This marks a 36% jump from the data displayed in the second quarter.
The figure did not only rise in compensation alone but also in the number of complaints solved. The number of complaints in the third quarter settled at 813 complaints.
The new complaints comprised different fixtures, with ones categorized between $1000 and $10,000 holding a 25% increase.
The figures were publicly released on Tuesday by the forex EDR body in its metrics for the third quarter of 2022.
In the data issued, there were complaints filed by disgruntled forex traders, showing a rise to 809 complaints in the period.
In addition, the compensation sought from the broker moved to $3.4 million. This was different from the average complaint value which rose by 45% to $4,266.
The self-regulatory firm confirmed that trading-related complaints only accounted for 95 parts or 11.7% of all complaints received during the period.
The 430 non-trading-related complaints accounted for the majority whereas the finance-related complaints lagged behind with 284 complaints representing 11.7%.
Majorly, the account blockage and funds withdrawal were on the lead followed by complaints on the price check and stop out.
However, complaints placed under unauthorized access, agreement breach, advising service, and bonus policy got a reasonable share.
In addition, the financial regulatory body added that 57% of complaints were ruled in favor of traders while the average resolution time improved to 4.6 days.
The Cryptocurrency Wavy Cause
In the recent past, cryptocurrency markets have been wavy and sometimes unpredictable. CrptoCompare, a global cryptocurrency market data provider, revealed that crypto markets worsened in July and slipped off from the high levels witnessed in May.
Weak cryptocurrency prices among investors and a renewed focus on forex and derivatives trading are the factors believed to cause this wave.
“Renewed growth in filed and resolved complaints, as well as compensation sought suggest traders may be taking advantage of price volatility on traditional markets in light of the negative impact of such asset classes on digital currencies,” FinComm explained.
Recently, Fincomm welcomed Vantage as an approved forex and contract for difference associates. TMGM got the privilege to be included in the list of over 40 forex and CFD brokers under the member-driven organization.
