Inspection Reason

The inspection team continued its field-visit journey as part of its efforts to check the authenticity within the forex brokerage sector. For this session, the survey team goes to New Zealand to visit a broker called GGFSG.

Office

According to regulatory information, GGFSG’s office in New Zealand is located at Suite 1A, Level 2, 87-89 Albert Street, Central Business District, Auckland. The survey team sent its survey team to this place in Auckland for a field investigation. 

The surveyors came to the street indicated by the regulatory information and found the destination.

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The surveyors then entered the building and found a large electronic company directory sign in the lobby. After a thorough search, the surveyors failed to find GGFSG’s name.

To double-check, the surveyors still went to the second floor - the exact place as indicated in its regulatory status, and were sure that it was indeed not there after they saw a guide board in the corridor, which did not include the company’s name.

The surveyors then went to the precise room location indicated by the address and found the door locked. Through a notice at the door, the surveyors learned that the room was open for rent.

Conclusion

A field survey according to its regulatory address did not find GGFSG’s office in New Zealand. The company claims to be a licensed forex broker in New Zealand, but the fact is that it is registered with the New Zealand FSPR (No. 371806) and is listed as a Financial Service Provider, which in no way means it is a licensed forex broker under New Zealand regulation, and not to mention the license had been canceled. The broker also claims to be under US NFA regulation, but we have checked the registers and discovered that it is listed as a non-forex trader (UNFX, No. 0511455).