TradersUnited Launches Dispute Resolution System, Says Service Can Recover 100% of Losses.

Traders can file a dispute claim with TRU Dispute Resolution System, with a chance to recover up to 100% of losses.

 

CAPE TOWN, SOUTH AFRICA — TradersUnited (TRU), a trader-led organization, launched its pro-trader online dispute resolution service earlier this year. The organization says the TRU Dispute Resolution System (TRU DRS)  is a new structured approach to address issues between traders and their brokers or service providers. 

 

Highlighting its pro-trader perspective, TRU Regional Director-South Africa Lilebo Tibone says the platform aims to prioritize traders’ interests and uphold service standards in the market. 

 

“TRU DRS is hands down pro-trader,” says Tibone. “Our outlook is always in the best interest of traders, and our goal is to recover 100% of losses from the unethical practices of their broker.”

 

She adds that service providers’ common strategies to settle disputes—in-house ticketing systems and AI chatbots—are often slow and unresponsive, resulting in distrust from traders even if the provider is willing to resolve the issue. 

 

Additionally, traders may be unwilling to cooperate with the company’s proprietary online dispute resolution (ODR) system due to a conflict of interest. 

 

“The conflict of interest between the brand and the customers often resulted in the latter’s uncooperativeness in resolving disputes,” Tibone says when asked about the industry’s need for a third-party DRS process. “Customers fear an unfair resolution because the brand judges the case in which it’s a party.”

 

TRU DRS is part of TRU’s initiative to build a more accountable and safe experience for online traders worldwide. The organization’s other services include CommuniTrade (an online trading community), TradeGeek (an educational trading program), and UnityGains (a profit-sharing program). 

The Growing Industry Is the Growing Problem

The latest data from Statista revealed that the global online trading industry is projected to grow to and even surpass $13.3 billion in 2026. Today, 2024 has seen nothing but growth in the industry. 

 

While capitalists celebrate this growth due to the increased liquidity, it poses serious threats to financial companies’ proprietary ODR system. This new wave of market participants brings more disputes over pricing errors, withdrawal delays, and execution problems.

“The growing number of potential disputes is not just about the brokers. Retail traders suffer from this more than anyone else.” Tibeno addressed the traders’ difficulty and inability to access their broker’s in-house ODR system.

 

“TRU DRS is meant to restore trust and confidence for traders that disputes can be resolved despite the increasing volume of cases and legal system barriers between disputes,” says Tibone. She adds that dispute resolution is a two-way street, and the TRU-DRS will also help brokers resolve issues swiftly and rebuild trust with clients. 

How the TRU Dispute Resolution System Works

TRU DRS aims to be a mutually beneficial dispute resolution for traders and brokers. At the core of its sophisticated system is the commitment to resolve disputes swiftly and communicate clearly. 

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. 

 

[infographic of common account and trading cases; refer to the DRS product specs for the list]

 

“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. 

Case Escalation to Live Agent

“When TRAVIS Bot determines that human intervention is necessary, cases are escalated to a live agent,” Tebone says. “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 have the liberty to submit detailed information about the 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, which encourages direct communication and facilitates resolution between traders and their brokers. 

 

If the brokers are not affiliated with TRU, the system supports traders in managing the dispute resolution process on their own. 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 dispute efficiently and quickly without the delays of court.” Says Tebone. 

 

In a case where the broker or service provider is unresponsive or uncooperative, TRU reserves the right to publize the claim with the complainant’s consent. 

Dispute Resolution is critical for trader protection

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. It is unfortunate that many traders have experienced one form or another.”

 

Trader Melaine Tobin, a mid-level trader and new member of TRU, had similar sentiments. She recalls an experience with a scam broker and how it affected her trading decisions. 

 

“I got roped into some shady trading with a sketchy broker, and ended up getting scammed. You know what they say, one bitten, twice shy. I kept trading but with way more caution,” the trader says. 

 

Tobin exclaims that TRU DRS has been a game-changer in her trading experience. “TRU’s dispute resolution system has been a game-changer. I now have more confidence with every trade,” says Tobin. 

An Impartial ODR System for Traders Worldwide

An impartial third-party ODR system is the key to building trust. It ensures that online trading will remain fair and transparent in the future. 

 

“Online traders’ interests are our utmost priority. Our DRS offers fast, efficient, and impartial dispute resolution, giving traders the confidence they deserve.” Lilebo concludes. 

 

TRU DRS service is accessible to paid TRU members and TRU Allies’ clients. Paid individual membership starts at 12 USD annually. 

 

Learn more about the TRU Dispute Resolution System. 

 

About TradersUnited 

TradersUnited (TRU) is a community-led organization that aims to foster a better trading environment for all traders everywhere. They offer a wide array of services for traders such as TradeGeek, CommuniTrade, Dispute Resolution System, and UnityGains. 

 

For questions and inquiries, please contact TradersUnited at success@tradersunited.org