Traders and brokers resolve global trade disputes with TRU DRS, a fair and neutral Dispute Resolution Service by TradersUnited
CAPE TOWN, SOUTH AFRICA – TradersUnited (TRU), a trader-led organization, introduced their pro-trader online dispute resolution service this year. The TRU Dispute Resolution System (TRU DRS) offers a structured dispute settlement process between trader and broker.
TRU Regional Director-South Africa Lilebo Tibone highlights that the TRU DRS has a pro-trader perspective, aiming to prioritize traders’ interests and uphold service standards in the market.
Moreover, it also wants to support brokers by providing a fair and neutral avenue to be transparent with their clients, avoiding further litigation and further dispute settlement procedures.
What are Trade Disputes?
Trade Disputes, which refer to disagreements or misunderstandings between parties involved, are an inevitable aspect of global trade.
“For instance,” Tibone explained. “Your broker’s platform suddenly crashed while you were trading, which affected your trades and caused some losses. As a client of a reputable broker, you can file a complaint and reach out to your broker.
“On the other hand, the broker should also be given a chance to explain and make the error that happened on their end, right,” said Tibone of TradersUnited.
Disputes can appear in all shapes, forms, and volumes. Some disputes could involve only a minor error on a platform, while others could have millions of life savings at stake.
Regardless, the TRU DRS is commited to reoslving trading disputes with all parties and find a neutral ground.
What is Online Dispute Resolution?
Online Dispute Resolution (ODR) was designed specifically for today’s digital age. That means resolving trading disputes is streamlined across complex disputes involving different jurisdictions, regulations, and cultural nuances.
“There are three main things about ODR,” said Tibone. “First is that, of course, it happens online, second is that it should operate across boundaries, and third, is that a third-party service should provide it,” the Regional Director explained.
Since the dawn of the digital age, ODR has become an essential strategy for maintain brand reputation, and it ensures disputes are handled transparently and with the least harm for all involved parties.
“With a third-party ODR, it’s a win-win scenario for both broker and trader,” said Tibone. “While we want to avoid disputes at all costs, the reality is it will happen whoever is at fault; that is the nature of trading. So instead of running from it, a third party ODR assists traders and brokers in facing it and reaching common ground.”
How does TradersUnited’s Dispute Resolution Work?
The TRU Dispute Resolution is committed to resolving trading disputes fairly and efficiently.
The commitment to resolve international trade disputes swiftly and communicate clearly is at the core of its sophisticated system.
AI Integration for Independent Dispute Resolution
The TRAVIS Bot is the first stop for filing a DRS claim. TRU programmed it to help traders resolve common trading issues and troubleshoot technical account problems with industry-standard resolutions.
“We strategically use the convenience of AI to make our system sophisticated, capable, and efficient,” says Tebone, “With TRAVIS, traders not only experience faster outcomes, but they also gain valuable insights throughout the process.”
For more complex cases, TRAVIS will escalate the issue to a live agent for further investigation of the trade disputes.
Case Escalation to Live Agent
“When TRAVIS Bot determines that human intervention is necessary, cases are escalated to a live agent,” Tibone said. “After all, TRAVIS is just there to support our DRS team members, not replace them.”
Tibone stated that the supporting data and documentation vary depending on the case. Traders are free to submit detailed information about the trade dispute, including trade screenshots and relevant error messages.
Meanwhile, sensitive account information is kept private unless specifically permitted by the complainant.
Broker-first Policy
TRU DRS is built on a broker-first policy, encouraging direct communication and facilitating resolution between traders and their brokers.
If the brokers are not affiliated with TRU, the system supports traders in managing the trade dispute resolution process independently. A DRS support agent will provide users with information to relay to their broker for smoother communication.
“When a TRU ally is involved, TRU DRS can act as either a negotiator, mediator, or arbitrator to resolve the trade disputes efficiently and quickly without court delays.” Says Tibone.
If the broker or service provider is unresponsive or uncooperative, TRU reserves the right to publicize the claim with the complainant’s consent.
Advantages of the TRU DRS
In the current online trading landscape, it isn’t uncommon for traders to experience misunderstandings between them and brokers.
Regional Director Tibone admits that she’s seen many losses throughout her career, “I think we’ve all been there before,” she states, “unauthorized trading, misrepresentation, churning, and plain negligence from brokers. Unfortunately, many traders have experienced one form or another.”
However, the TRU DRS is a game-changer for the trading experience because it gives traders added confidence to resolve trade disputes.
Refine Existing Proprietary Trade Disputes
Many brokers and platforms implement their dispute resolution system to resolve trade disputes. While these systems vary, the goal is to build and retain client relations.
However, traders often feel that these platforms protect the broker’s interest rather than ensure fairness. This perception leads to hesitation and ultimately distrust, which could escalate tensions during the resolution process.
“A lot of clients have expressed concern about how unfair proprietary dispute systems can be,” said Tibone. “While this isn’t always the case, having a third-party service makes traders feel more secure and protected.”
Support an Increasing Trader Population
According to Tibone, the online trading market is expected to grow 6.4% per year and reach a size of $13.3 billion by 2026.
“This unavoidable growth in online trading is going to reflect on the number of disputes. The more traders, the more disputes,” she said.
While brokers work to accommodate the increasing volume of disputes, it may seem that traders find it difficult to access the company’s dispute resolution.
With the TRU DRS, brokers won’t have to worry about having to deal with multitasking clients. Instead, clients will be entertained and disputes resolved simultaneously.
Overcome the Challenges of Global Trade
International disputes are another matter. Because online trading occurs in cross-border transactions, the parties involved may be governed by different financial jurisdictions and regulations.
The concern is more about than just the legal barriers, but also the linguistic barriers that challenge traditional ODRs and its ability to reach mutual agreements.
These country-dependent standards make international trade disputes from cross-border transactions challenging to resolve.
While proprietary ODR systems attempt to standardize resolution procedures by following international legal frameworks, they may fail to provide truly impartial outcomes.
The TRU Dispute Resolution follows an international, standardized framework under the UNCITRAL and has specific regulations streamlined into the process. For traders, this means accessible and language-friendly customer support; for brokers, it means adaptive dispute resolution and regulation-friendly agreements.
A TRU DRS is Needed Now More Than Ever
“What traders need is a truly neutral third-party ODR system,” said Tibone. “One that isn’t tethered to the platform they’re trading on. We need impartiality.”
With the TradersUnited Dispute Resolution Service, trade disputes are mediated by a neutral third party. This service aims to heighten client confidence with fair, unbiased, and trustworthy mediation.
The TRU DRS is available for all paid members of TradersUnited and can be accessed through the TRU online platform.
About TradersUnited
TradersUnited (TRU) is a community-led organization that aims to foster a better trading environment for all traders. It offers a wide array of services for traders, such as TradeGeek, CommuniTrade, Dispute Resolution System, and UnityGains.
For questions and inquiries, don’t hesitate to get in touch with TradersUnited at success@tradersunited.org
