Purpose

The Singapore foreign exchange market is an emerging forex market that developed in the 1970s alongside the rise of the Asian dollar market. As one of the world's major forex trading hubs, it features flexible trading hours, a diverse range of trading products, and a variety of market participants. To help investors or practitioners gain a more comprehensive understanding of forex brokers in this region, an on-site inspection team conducted field visits in Singapore.

Process

The on-site inspection team visited the forex broker MG Group in Singapore as scheduled. According to public information, its office address is 62 Syed Alwi Road, Singapore 207641.

A professional and experienced on-site inspection team, driven by a sense of mission to rigorously vet for investors, traveled to Singapore according to a well-planned schedule. Based on the aforementioned information, they conducted an on-site visit to the dealer MG Group.

The field investigator proceeded to the target area based on the address information to conduct an on-site verification of the dealer claiming to be located at 62 Syed Alwi Road, Singapore 207641MG Group.

The field investigator successfully arrived at the target location, which is situated on a local leisure street. No office buildings were observed in the vicinity—only a restaurant below. The surrounding environment does not align with a business office atmosphere, as there is almost no commercial presence. No signage or relevant information pertaining to the company was found on the street.

Since there is no office building, there is no process for entering the .

Since there is no office building, there is no target floor, making it impossible to locate the office area of MG Group. Without an office space, the on-site inspector cannot enter the interior, nor can they photograph the reception area or the logo at the front desk. Additionally, this address is not a shared office space.

Through the surrounding environment, the on-site inspector observed that this place completely does not match its claimed positioning as a foreign exchange dealer's office.

Therefore, after on-site verification, it was confirmed that the dealer MG Group does not exist at the above address.

Conclusion

The on-site investigator visited the forex broker MG Group in Singapore as planned. The broker's company name and other information were not found at the publicly displayed business address, indicating that the broker does not have a genuine operational location. Investors are advised to make their choices after comprehensive consideration.

Disclaimer

The above content and opinions are for reference only and should not be considered as the final basis for decision-making.