Reason for this visit

Russia-Ukraine conflict continues to worsen, while Russia keeps a “close” relationship with Belarus. At present, plenty of forex investors are deeply concerned about the current situation of forex brokers in Belarus for the upgrading of the war is likely to have an adverse effect on Belarus. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in Belarus, WikiFX survey team is going to pay on-site visits to the local companies.

On-site visit

In this issue, the investigation team went to Minsk, capital and the largest city of Belarus, to visit the forex broker ForexBY (licensee: MFEE Limited Liability Company (MFEE LLC)) as planned according to its registered regulatory address that 220007, Minsk, Fabritsius Str. 8b Building 1 Office 5.

The survey personnel came to the destination on July 20, 2023. A modern low-rise commercial office building with clean and tidy walls is situated close to a small commercial center. There were plenty of cars and green belts on both sides of the nearby road, which looked very clean.

Before entering the building, the investigators got to know that people weren‘t allowed to pay a special visit due to stringent access rules, and finally failed to go inside the building after connecting broker ForexBY via phone as a woman came out from elevator and rejected the team’s request for visit.

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

Conclusion

The investigators went to Minsk, Belarus to visit forex broker ForexBY as scheduled, and found the company at its regulatory address. It indicates that the broker has a physical business office at the place. Meanwhile, investors are advised to make a sensible choice 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.