Reason for this visit

Australia boasts a profound trading culture and a world-recognized regulatory environment. Currency markets are very popular in the country. Australian top currency brokers reportedly have more daily trading volume than cash trades in Australian stocks. The participants in Australian forex market include banks, forex brokers, investment companies, individual investors, etc. As a forex market regulator, the Australian Securities and Investments Commission (ASIC) supervises the behaviors of all participants and the operation of markets such as financial service, securities, futures, forex, and others. The ASIC is committed to protecting investors rights and interests and help them avoid market risks by using more stringent regulatory systems. With the further development of financial market and economy in Australia, the local forex market will continue to grow. In an attempt to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Australia, 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 Australia to visit broker FXCG as planned according to its regulatory address that Ron Hollands, 2b Mulgoa Street, Brighton VIC 3186.

The investigators arrived at 2b Mulgoa Street in Brighton of Victoria, Australia for a visit to the brokers office on December 23, 2023, and located a building at the common street. There are many residential buildings nearby with a beautiful environment and full facilities.

Upon arrival at the address for further investigation, the survey personnel just discovered a residential building, without any information pertinent to “FXCG”.

Through the on-site investigation, it‘s confirmed that the broker doesn’t have a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker FXCG as scheduled, but didn‘t find the company at its regulatory address. This denotes that the broker doesn’t have a physical business office at the place. Accordingly, investors are advised to make an informed decision following much deliberation.

Disclaimer

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