Reason for this visit

According to the Reuters, the United Kingdom has expanded its leading position in the field of global FX trading in the years since it voted to leave the European Union. In addition, the British retail foreign exchange market is regulated by the Financial Conduct Authority (FCA), one of the world's three most stringent regulatory bodies. Many FX brokers take obtaining FCA regulation for pride in the hope of entering the country to develop business in local market. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in the UK, WikiFX survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to London, UK to visit the foreign exchange broker FCAutomatic (full name: Aboutos Holding LLC) as planned according to its regulatory address that 3 Cromwell Place, London, SW7 2JE, United Kingdom.

With the help of navigator map, the investigators came to the destination at 3 Cromwell Place in South Kensington of London on June 30. Near a famous tourist attraction, the target building featuring white exterior wall is surrounded by clean streets.

After arriving at 3 Cromwell Place, a townhouse, through the entrance No. 4, the survey personnel found from the floor directory that the building served as gallery spaces including exhibition space, visiting room, artwork storeroom, etc. There was an exhibition for different paintings on the ground floor. And gallery offices lied on the second floor with doorplate, but people werent allowed to visit.

Through an on-site investigation, it is confirmed that “Aboutos Holding LLC” or “FCAutomatic” doesnt have a physical presence there.

Conclusion

The survey personnel went to London, UK to visit the forex broker FCAutomatic as scheduled, but didn‘t find the company’s office at the address. It suggests that the broker just registered at the location without a physical business office. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

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