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 GM TRADING as planned according to its regulatory address that Sterling Cooper Collective, 'L1', 29 Napoleon Street Cottesloe WA 6011.

The investigators arrived at 29 Napoleon Street in Perth, Australia for a visit to the brokers office on December 19, 2023, and located a commercial building in the shopping area adjacent to a railway station. There are various stores along the bustling street packed with local people and tourists from around the world.

Upon arrival at the building for further investigation, the survey personnel spotted a directory which displayed some companies‘ names, and then discover a company named “GM Property Group”. However, people weren’t allowed to enter the building without an access code. Therefore, the inspection team was unable to know whether GM TRADING and GM Property Group belonged to the same company or not.

Through the on-site investigation, its unconfirmed that if the broker has a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker GM TRADING as scheduled, and failed to enter the target building due to the access control system, unable to know whether the broker has 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.