Reason for this visit

Despite being in a small scale, New Zealand's forex market is relatively efficient, with gradually declining spreads trading. The comparatively low intraday trading volume in the market is largely made during the London and New York session. Forex brokers in New Zealand are required to be licensed and regulated by the central bank, which demands that brokers should provide adequate risk disclosure and investor education. In recent years, smaller local brokers have faced competitive pressure from foreign brokers, with the rapid development of trading automation and mobile trading. In order to help investors or practitioners have a more comprehensive understanding of the country's forex brokers, WikiFX survey team decides to go to New Zealand for on-site visits to local companies.

On-site visit

In this issue, the survey team went to New Zealand to visit forex broker SunX Global as planned according to its regulatory address that Unit 1, 145 Wellesley Street West, Auckland Central, Auckland 1010.

On September 20, 2023, the investigators came to 145 Wellesley Street West in Auckland in the North Island of New Zealand, and located some old low-rise buildings nearby in an old town of the city. There were plenty of vacant units for lease in this area.

After arriving at the address, the survey personnel spotted that unit 1 at 145 Wellesley Street West was for lease publicly, without any information relating to company SunX Global. According to an estate agent, the unit had been vacant for a long time, so did many rooms nearby. There was no any sign of company. At the meantime, the staff working around here also had no idea about SunX Global.

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

Conclusion

The survey team went to New Zealand to visit forex broker SunX Global as scheduled, and didnt find the company at its regulatory address. This indicates that the broker may just register at the location without a physical business office. Therefore, investors are advised to make a sensible decision based on 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.