Reason for this visit

With focus on the main currencies including USD, EUR, etc. in forex trading, the forex market in Latvia is smaller than the overall forex market in Europe. However, the countrys forex market has great potential due to the relatively loose regulation of forex broker as well as low regulation cost for brokers. As its economy grows, Latvia has seen a gradual increase in scale of forex transaction. In order to help investors better understand the current situation of forex brokers in Latvia, 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 Riga, the capital of Latvia, to visit forex broker Amenda (licensee: Amenda Markets AS IBS) as planned according to its regulatory address that Elizabetes 63-24 RIGA LV-1050 LATVI.

On July 24, 2023, the investigators came to Elizabetes 63-24 in Riga, where a five-story building was situated. The building boasts a façade compromising white stones and glass windows in a modern style, with a clothing store and other shops on the ground floor.

The survey personnel found the name and logo of Amenda Markets AS IBS on the wall and mailbox at the entrance of the building.

However, there was no any information of room 24 as well as Amenda‘s name and logo on the company directory of the building. And the survey team didn’t spot the office in the building.

Through an on-site investigation, it is confirmed that the broker doesnt have a physical presence at the location.

Conclusion

The investigators went to Riga, Latvia to visit forex broker Amenda as scheduled, and didn‘t spot the company at its regulatory address. It indicates that the broker doesn’t have a physical business office at the place. Hence, investors are advised to make a good decision following 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.