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<p>The Financial Commission (FinCom), the independent external dispute
resolution (EDR) body for the forex industry, has approved the membership
application of Baxia Markets, a MetaTrader electronic communications networks
(ECN) broker founded in 2020. FinCom in a statement noted that Baxia Markets'
membership took effect on Wednesday, January 18. </p><p>The latest approval comes weeks after the self-regulatory organization
(SRO) <a href="https://www.financemagnates.com/forex/fincom-approves-vida-markets-membership-withdraws-idealfxs/" target="_blank" rel="follow">approved Vida Markets</a>, a
Dubai-headquartered forex and CFD broker, as its member but withdrew IdealFX's
membership. </p><p>Baxia Markets, a Bahamas and Seychelles-based broker, provides its
traders with access to deep institutional <a href="https://www.financemagnates.com/terms/l/liquidity/" class="terms__main-term" id="47c3bef3-27ee-4953-8504-159e1b829b33" target="_blank">liquidity</a> from matching engines
located in Equinix's NY4 data centre in New York and the LD4 data centre in
London. The broker provides trading in forex, metal, energy, indices, shares
and <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" class="terms__secondary-term" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed" target="_blank">cryptocurrencies</a>.</p><p>Watch this recent FMLS22 session on what traders look out for when selecting their brokers.</p><p>"Baxia Markets 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," <a href="https://www.financemagnates.com/tag/fincomm/" target="_blank" rel="follow">FinCom</a> said in the statement.</p><p>As an EDR, FinComm provides "unbiased 3rd party mediation" to brokerages
when they are unable to resolve their traders' complaints internally. Therefore, Baxia Markets, with its approved membership, can  enjoy protection for
up to €20,000 for each filed complaint, among a "wide range of services and
membership benefits,'" FinCom said. The regulator noted that the protection is guaranteed by its Compensation
Fund.</p><p>Traders Compensation Claims Skyrocket in Q4 2022 </p><p>According to FinComm's key metrics <a href="https://financialcommission.org/2023/01/16/financial-commission-reports-increases-in-amounts-sought-from-members-and-average-complaint-values-among-key-metrics-for-4q-2022/" target="_blank" rel="follow">published</a> on Monday, the total
number of compensation claims sought by traders from its broker members surged
by 66% during the fourth quarter of last year. This is despite the fact that
the total number of new complaints filed in the quarter declined by 38%.</p><p>Furthermore, the SRO said that the total compensation it awarded decreased by
23% to $60,919 during Q4 2022. On the contrary, <a href="https://www.financemagnates.com/forex/fincomm-awards-36-more-compensations-to-forex-traders-in-q3-2022/" target="_blank" rel="follow">FinCom awarded $79,494</a> to forex traders
during Q3 2022, which is a 36% increase from the prior quarter.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.