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 gain a more comprehensive understanding of forex brokers 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 AEFOREX as planned according to its regulatory address that Level 7, 333-339 George Street, Sydney, NSW 2000, Australia.

The investigators came to 333-339 George Street in Sydney, Australia for an on-site visit to the brokers office. A modern commercial building was located in the heart of the bustling Central Business Center of the city.

Upon arriving at building for further investigation, the survey personnel took a full shot of the structure. However, the lobby directory did not display the information regarding “AEFOREX” on the 7th floor, where they planned to visit for more details.

The inspection team then took the elevator to the 7th floor, which was connected with the 8th floor, but they did not notice any information about AEFOREX or its company logo after searching thoroughly all the workspaces. Furthermore, no business materials were found in the corridors, meeting rooms, or public areas.

People were permitted to access the 7th floor, but AEFOREXs claimed office was closed without a reception desk or receptionist. It was observed through the glass door that it was an ordinary office, where no employee was spotted. The survey team also attempted to call the company using the provided contact information. However, they received no response.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker AEFOREX as scheduled, but did not find the company at its regulatory address. It denotes that the broker does not have a physical business office at the place. Accordingly, investors are advised to make an informed decision following much deliberation.

Disclaimer

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