The Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, said on Monday it has certified the Binary Options platform offered by Broctagon IT Solutions Pvt Ltd.
The broker offers MT4 Binary Options, a solution that integrates Binary Options Trading into MetaTrader 4 (MT4), the world’s most popular trading platform for forex instruments developed by Russian software company MetaQuotes.
The certification process included comprehensicve evaluation of the platform and its technical requirements, including its capacity, security, reporting and record keeping, pricing and execution policy, instruments and order types, as well as its disaster recovery plan.
“In order to provide clients with fair dispute resolution we must fully understand system’s execution mechanism and price determination process. Unfortunately, there is no singular standard that all binary options platforms shall adhere to and this is why trading technology certification is very important and needed,” FinanCom chairman Peter Tatarnikov said. “Today we gladly welcome Broctagon to our organization and believe it is a great step to leverage its credibility and grow its business globally,” he added.
The commission required binary options service providers to get certification for the platforms they use prior to applying for membership with the FinaCom. The obtained certificate may be an indication that Broctagon’s next step might be to obtain a member status with the FinaCom. The Commission has been including an increasing number of binary ioptions brokers as members in the past months.
The FinaCom, set up in 2013, is an EDR organization which acts as a neutral third party, or a mediator, in disputes in the forex and binary options markets between its members and their clients. The outcome of a dispute is decided by FinaCom’s Dispute Resolution Committee, which consists of industry professionals and executives of leading brokers. It has been gradually adding new members and improving its services. Full 10% of the membership fees are used for the financing of the FinaCom compensation fund.
It has also certified the trading technologies of ActTrader, BinaryStation, Tools for Brokers, Ibinex, and Olymp Trade.
Broctagon IT Solutions, set up in 2014 in Hong Kong, is a leading technology provider in Asia with presence across China, Singapore, India, and Russia. It offers solutions to brokerages that want to commence activities, including set up and licensing, website, platforms, bridge to tier 1 liquidity providers, reporting tools, risk management solutions, and others.
Among the members of the EDR are AITS FX, AMarkets formerly known as AForex, Alpari, EQMarkets, EQTrades, Forex Club, FxOpen, Grand Capital, HDForex, Ibinex, MTrading. NPBFX, RoboForex, and Olymp Trade.
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