Australian Broker Vantage Becomes Newest Member of FinComm

FinComm announced Vantage approved membership status on Friday, noting that the broker is joining a diverse group of brokerages and independent service providers that use its services.

Vantage’s approval comes three weeks after FinComm approved the membership application of Australia-headquartered broker TMGM.

The member-driven self-regulatory organization noted that Vantage's membership status means that the broker and its customers can access protection of up to €20,000 per submitted complaint, among other benefits.

Vantage is one of several contracts for difference and forex brokers that have joined FinComm, the first EDR for the forex industry. The body boasts of over 40 forex brokers as members.

The list of existing members include big brand names such as Cyprus-headquartered Exness, St. Vincent and the Grenadines-based Alpari Group, and another Cyprus-headquartered broker, ForexTime.

In recent months, FinComm welcomed Bold Prime, Fullerton Markets, Pepperstone, Agra Markets and Inveslo as approved members.

At the same time, Montenegro-based broker, GANN Markets, withdrew its membership of the organization while LordFX, Fiber Markets, and EGMarkets were expelled after contractual breaches.

“The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes,” FinComm said.

Separation

Last month, brokerage firm Moneta Markets, which was launched in 2020, split away from Vantage after securing investors’ backing to go independent.

The brokerage announced that it has secured regulatory licenses from Australia, South Africa and St. Vincent and the Grenadines.

Meanwhile, Vantage in the past months has taken steps to expand its service offerings.

In July, the broker introduced a new copy trading app, V Social, to traders in the United Kingdom, noting that it wants to make trading accessible to “young and ambitious traders.”

The brokerage also followed up its recent offering of electronic trading platform MetaTrader 5 with the addition of 14 share CFDs to its portfolio of tradable stocks.