Reason for this visit

According to the Reuters, the United Kingdom has been expanding its leading role in the field of global foreign exchange trading since its public voting to leave the European Union. In addition, British retail foreign exchange market is regulated by the Financial Conduct Authority (FCA), one of the world's top three stringent regulatory bodies. Many foreign exchange brokers take pride in obtaining FCA license in the hopes of developing market business in the country. In order to help investors and practitioners to have a more comprehensive understanding of foreign exchange brokers in the UK, WikiFX survey team is going to the country for on-site visits to local companies.

On-site visit

In this issue, the investigation team went to London, United Kingdom to visit the foreign exchange broker OANDA (licensee: OANDA Europe Limited) as planned according to the regulatory address that 3/F, 18 St. Swithin's Lane, London, EC4N 8AD, United Kingdom.

With the help of navigation map, the survey personnel came to the destination in a developed business area in downtown London on April 24, where a common commercial building is situated. The building boasts a more tranquil working environment in comparison with other nearby buildings thanks to its inconspicuous location in an internal street featuring cleanness.

After arriving at the building, the survey team didn’t spot any information about OANDA from company directory at the side entrance to the lobby. Meanwhile, people weren’t allowed to visit the working area upstairs without a reservation in advance and registration due to stringent security regulations, according to the receptionist working here.

After an on-site investigation, it is confirmed that the company doesn’t have a physical presence here.

Conclusion

The investigators went to Hong Kong to visit forex broker OANDA as scheduled, and didn’t find the company at its regulatory address, which indicates that it just registered a company without a physical business office here. Therefore, investors are advised to make a sensible choice based on a comprehensive consideration.

Disclaimer

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