The Financial Commission, an independent international organisation specializing in the settlement of disputes between brokers and traders in the Forex market, published its statistics for May 2020 earlier this month. The document shows that the regulator has improved the timelines for resolving disputes, however, it has encountered an increase in the number of requests and complaints from the side of traders against the backdrop of increased market volatility and the demand for trading during the COVID-19 pandemic. At the same time, Alpari, a member of the Financial Commission, showed exceptional discipline and customer focus in May.
In total, 165 claims were received by the Financial Commission in May, which is 30% more than in the previous month. The total amount of compensation demanded by traders increased by 275% and amounted to 2.58m USD. Most of the claims are related to the WTI oil markets, which caused a significant price movement on CFD products. The total amount of compensation awarded to traders came to just over 1m USD, since the organization was able to resolve disputes with high average values in favor of customers. The average cost of complaints filed in May amounted to almost 20,000 USD.
It’s worth noting that against this backdrop, the Alpari international Forex broker once again managed to demonstrate the accuracy and transparency of its work. In May, only nine complaints were filed against Alpari, which is 30% less than the average for broker members. In total, customers demanded a return of more than 70,000 USD, however, for all these claims, the Financial Commission ruled in favor of the broker. This indicates that Alpari not only managed to fine-tune the flow of quotes and provide one of the best performances in the industry, but was judged to have done so by an independent moderator.
Source: The Financial Commission