Reason for this visit

Seychelles boasts a relatively small scale forex market, with the primary currency rate - US dollar to Seychelles Rupee. In the developing forex market of Seychelles, there are a certain number of brokers providing the local and offshore customers with forex trading and remittance services. In terms of forex regulation, the Central Bank of Seychelles is the prime regulator, requesting the brokers to report the great amount of transaction in line with the international anti-money laundering regulations and standards. Recent years witness an ever-increasing trading volume in forex market of Seychelles, as the tourism and offshore financial industry gain steam. With the development of economy and financial industry and improvement of related regulation, a growing number of global brokers pay attention to the market with potential growth in Seychelles. In an attempt to help investors better understand the current forex brokers in Seychelles, 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 Seychelles to visit forex broker TRIUMPH FX as planned according to its regulatory address that 5, Block B, Global Village, Jivan's Complex, Mont Fleuri, Mahe, Seychelles.

On October 27, 2023, the investigators came to Jivan's Complex in Mont Fleuri located in Mahé, the largest island of Seychelles for a visit to the brokers office. The traditional commercial building is located among numerous pharmaceutical/health centers.

Upon arrival at the building for further investigation, the survey personnel spotted a directory of Block B in the lobby, which didnt display the information concerning TRIUMPH FX. And there was no security in the building.

Upon access to unit 5, the team didn‘t discover any company’s name nor logo on the door of the room.

Through the on-site investigation, it‘s confirmed that TRIUMPH FX doesn’t have a physical presence at the place.

Conclusion

The survey team went to Seychelles to visit forex broker TRIUMPH FX as scheduled, but didn‘t find the company at its regulatory address. This suggests that the broker doesn’t have a physical business office at the location. Therefore, investors are advised to make a sensible decision following an overall consideration.

Disclaimer

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