Reason for this visit

Seychelles boasts a relatively small scale forex market, with the primary currency rate - US dollar to Seychelles Rupee. In the developing forex market of Seychelles, there are a certain number of brokers providing the local and offshore customers with forex trading and remittance services. In terms of forex regulation, the Central Bank of Seychelles is the prime regulator, requesting the brokers to report the great amount of transaction in line with the international anti-money laundering regulations and standards. Recent years witness an ever-increasing trading volume in forex market of Seychelles, as the tourism and offshore financial industry gain steam. With the development of economy and financial industry and improvement of related regulation, a growing number of global brokers pay attention to the market with potential growth in Seychelles. In an attempt to help investors better understand the current forex brokers in Seychelles, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Seychelles to visit forex broker FXGT.com as planned according to its regulatory address that Room 13, Kingsgate House, Victoria, Mahe, Seychelles.

On November 20, 2023, the investigators came to Kingsgate House, an old-fashioned commercial building, in Victoria of Seychelles‘ largest island Mahé for a visit to the broker’s office. There was a steady stream of people on the street.

On the heels of access to the building for further investigation, the survey personnel spotted security guards and a directory in the lobby, which displayed that room 13 was occupied by “360 Degree Markets”, and there was no information regarding FXGT.com.

Upon arrival at room 13, the survey group discovered the company name of 360 Degree Markets on the closed door.

Through an on-site investigation, it is confirmed that FXGT.com doesnt have a physical presence at the place.

Conclusion

The survey team went to Seychelles to visit forex broker FXGT.com as scheduled, but didn‘t find the company at its regulatory address. This suggests that the broker doesn’t have a physical business office at the location. Therefore, investors are advised to make a sensible decision following an overall consideration.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.