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 control 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 is going 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 Banxso as planned according to its regulatory address that 2nd Floor, 117 on Strand, De Waterkant, Cape Town.

The investigators came to the destination at 117 on Strand, De Waterkant in the center of Cape Town, capital of South Africa. A commercial building integrating business, retail, and office enjoys a fabulous location with easy access to the city‘s commercial area and minutes away from Cape Town’s entertainment hub, V&A Waterfront. Meanwhile, the place boasts convenience transportation due to the nearby bus stops and railway stations.

After entering the building, the survey personnel found from the company directory that the office of forex broker Banxso was located on the 2nd floor.

And then the survey team arrived at the 2nd floor, where Banxsos office was situated. And the COO and CCO of the broker invited the investigators to visit their office, which encompassed five independent rooms with around 80 cubicles. Their staff were working energetically in an elegant office environment under the management of the far-sighted leadership.

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

Conclusion

The investigators went to South Africa to visit forex broker Banxso as scheduled, and spotted the company‘s name and logo at its regulatory address. At the same time, the survey team paid a special visit to the broker’s physical office accompanied by their staff. Therefore, the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible choice based on an overall consideration.

Disclaimer

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