Reason for this visit

The forex market in Malta is comparatively small, largely comprised of commercial banks and forex brokers. In recently years, due to the rapid growth of the online gambling industry in Malta, some brokers start to provide forex service for the customers in the sector. Under the stringent regulation in the country, the local forex brokers are required to apply for licenses from the Malta Financial Service Authority (MFSA) and operate business under its supervision. At the same time, the MFSA has been strengthen vigorously the regulation of anti-money laundry and requires brokers to strictly abide by the policy on KYC. In brief, although Malta features a limited scale of forex market, the recent years witness the booming demand for forex trading in the online gambling industry. In order to help investors or practitioners have a more comprehensive understanding of forex brokers in Malta, WikiFX survey team is going to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Malta to visit forex broker XNT as planned according to its regulatory address that Portomaso Tower Annex, Level 18, Vjal Portomaso, St. Julians, Malta, STJ 4011.

On September 15, 2023, the investigators came to the Portomaso Business Tower, Maltas tallest building, at Vjal Portomaso in St. Julians. The eye-catching building featuring bright orange is situated in a commercial and tourist center.

After entering the building, the investigators found from the building directory in the foyer that company “EXANTE”, the full name of broker XNT, was located on the 18th floor. However, people werent allowed to visit the working area without an appointment in advance due to the stern security reasons. According to the receptionist working there, the broker was operating business in the building.

Through an on-side investigation, it is confirmed that the company has a physical presence at the place.

Conclusion

The survey team went to Malta to visit forex broker XNT as scheduled, and found the companys name at its regulatory address. This suggests that the broker has a physical business office at the location. Meanwhile, investors are advised to make a judicious decision based on an overall consideration.

Disclaimer

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