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Johannesburg, Gauteng, South Africa
Reason for this visit
South Africa is an emerging market economy that implements a free floating exchange rate system, and exchange rate is susceptible to fluctuations due to external factors. The South African foreign exchange market was under strict regulation in the early stage of its establishment. However, with the gradual relaxation of foreign exchange control, the participants in the real economy can utilize foreign exchange characterized by high flexibility in a larger scope, and the linkage between domestic and foreign financial markets has become closer. In 2017, the total trading volume of foreign exchange derivatives on the Johannesburg Stock Exchange in South Africa hit 67.3 million lots, with a turnover of 900 billion South African rand. At present, the Johannesburg Stock Exchange offers a total of 25 foreign exchange futures and 15 foreign exchange options products. In addition to conventional futures and options contracts, South Africa has also made many innovations in the design of foreign exchange derivatives, such as the development of futures contracts that track a basket of exchange rates, customized futures contracts with optional expiry dates, and dual currency forex futures and options contracts on cross currency pairs. Forex traders in South Africa are among the wealthiest people on the continent, and their rich lifestyle influences aspiring traders. Many people in the country are fascinated by the stories of successful people, which makes forex trading even more popular. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in South Africa, 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 South Africa to visit forex broker AvaTrade as planned according to its regulatory address that Neslon Mandela Square, Office Towers Wes Sandton Johannesburg, South Africa.
The investigators came to the West Tower at Neslon Mandela Square in Sandton of Johannesburg, the largest city of South Africa, for a visit to the brokers office. Neslon Mandela Square and the adjacent Sondton City form one of the largest retail complexes in Africa. The square has an area of 1,000 sqm and is home to a large array of stores, restaurants, and a library situated in the far end of the area.
Upon arrival at the tower for further investigation, the survey personnel spotted a directory in the lobby, which displayed that both the ground and the 1st floor were occupied by a shopping mall, while the 2nd floor was utilized by Regus Business Center, with the majority of company offices located on both the 3rd and the 4th floor. However, there was no name or logo of AvaTrade or Ava Trade Markets Limited on the directory. Since the broker did not provide the specific floor number or unit number, the inspection team had to search the floors one by one. Finally, they failed to discover any information regarding the company.
Through an on-site investigation, it is confirmed that the broker does not have a physical presence at the place.
Conclusion
The survey team went to South Africa to visit forex broker AvaTrade as scheduled, but did not find the companys name at its regulatory address. This indicates that it does not have a physical business office at the location. Accordingly, investors are advised to make a judicious 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.
Website:https://www.avatrade.com/?tag=fxeye_oversea
Website:https://www.avatrade.com/?tag=fxeye_oversea
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