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 GWMEX as planned according to its regulatory address that Level 28, 395 Bourke Street, Melbourne VIC 3000.

The investigators came to 395 Bourke Street in Melbourne, Australia for a visit to the brokers office on January 20, 2024, and located a modern commercial building at the prime street of the city. There is a cluster of commercial buildings, restaurants, cafes, and retail stores nearby.

Upon arrival at the building for further investigation, the survey personnel surprisingly discovered that there wasn‘t a directory in the lobby. Additionally, people weren’t allowed to go upstairs without an access card.

Through the on-site investigation, its unconfirmed that whether the broker has a physical presence at the location or not.

Conclusion

The survey team went to Australia to visit broker GWMEX as scheduled, but didn‘t find the company’s information and name at its regulatory address. In addition, the team failed to visit upstairs. Accordingly, its unable to know if the broker has a physical business office at the place. Meanwhile, 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.