Australian Broker Vantage Becomes FinCom's Newest Member

On October 3, the Financial Commission (FinComm), an independent external dispute resolution (EDR) authority, granted membership to Vantage, a Sydney-based broker.

FinComm announced Vantage's membership approval on Friday, adding that the broker is now part of a diversified network of brokerages and independent service providers that utilize its services.

The acceptance of Vantage comes three weeks after FinComm approved the membership application of TMGM, an Australian broker.

The member-driven self-regulatory organization underlined that Vantage's membership entitles the broker and its clients to protections of up to €20,000 per submitted complaint.

A number of contracts for difference and FX brokers, including Vantage, have joined FinComm, the industry's first EDR. The organization has about 40 forex broker members.

On the list of existing members are well-known companies such as Exness, based in Cyprus, Alpari Group, based in St. Vincent and the Grenadines, and ForexTime, based in Cyprus.

In recent months, FinComm granted the membership applications of Bold Prime, Fullerton Markets, Pepperstone, Agra Markets, and Inveslo.

GANN Markets, a broker based in Montenegro, resigned from the organization at the same time that LordFX, Fiber Markets, and EGMarkets were expelled for contract violations.

"The Financial Commission provides brokerages and their customers with an impartial third-party mediation mechanism that assists in resolving complaints when parties are unable to reach an agreement directly," FinComm stated.

Moneta Markets, a brokerage firm that was founded in 2020 and separated from Vantage last month with the help of investors.

The brokerage has obtained regulatory licenses from Australia, South Africa, and Saint Vincent and the Grenadines, according to a recent announcement.

Meanwhile, Vantage has expanded its service offerings during the previous few months.

The broker offered V Social, a new copy trading software, to traders in the United Kingdom in July, claiming that it aims to make trading accessible to "young and ambitious traders."

In addition to its recent introduction of the electronic trading platform MetaTrader 5, the brokerage added 14 share CFDs to its inventory of tradable stocks.