The Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, has certified a white-label binary options trading platform developed by Tools for Brokers Inc., the commission said over the weekend.
The FinaCom has evaluated the platform’s comprehensive technical information requirements to ensure unbiased decision in case it has to review customer cases of traders using the platform. The FinaCom requires technology developers that have applied for certification of a certain platform to provide information about its policies and practices on various topics, including:
- Platform Security
- Platform Capacity
- Instruments and orders types
- Pricing and Execution Policy
- Reporting and record keeping
- Business Continuity/Disaster Recovery Plan
Tools for Brokers’ binary options platform has been designed for MetaTrader 4 (MT4), the world’s post widely-used trading platform. It can be integrated into the MT4, allowing binary options trading without any additional modifications to the platform. The platform allows users to trade binary options with their existing trading accounts, as well as the configuration of all MT4 settings and the full costumization of the interface and branding of the platform.
Integration is possible for both the desktop and the web-based versions of the MT4.
MT4, developed by MetaQuotes, is available as a desktop software and a mobile application, as well as, since September 2015, in a web-based version. It is the worlds’ most widely-used forex trading platform. It has outstanding customized charting package, auto-trading capabilities and signal copying, and is user-friendly. It makes trading easy even for novice traders. Traders can download ready-made or create their own automated trading strategies (Expert Advisors, or EAs), scripts and custom indicators in the MQL programming language.
Tools for Brokers develops technology solutions for forex brokers. In addition to the Binary Options Platform, it also offers technology solutions for brokerage tasks, such as liquidity bridge and money and risk management tools. It partners with more than 150 brokers worldwide, including Gain Capital, FXCM, WhoTrades, and RoboForex.
The Financial Commission is an EDR organization, which aims to act as a neutral third party in disputes in the forex and binary options markets between its members and their clients. Binary options companies need to get certification for the platforms they use prior to applying for membership with the FinaCom. The move aims to ensure the commission performs full supervision over its members and that it provides an unbiased independent review and resolution when it handles disputes between traders and brokers.
The commission has established a Compensation Fund that acts as an insurance policy for clients of its members. Full 10% of the membership fees are used for the financing of the fund. FinaCom’s members have reached 12 after earlier this year it added forex broker EQ Trades and binary options and contracts for difference (CFDs) broker Grand Capital.