Reason for this visit

Mauritius is one of the financial centers in Africa, and many Chinese companies choose to conduct overseas business there, such as the African headquarters of Huawei and the African branch of Bank of China, which further promotes the prosperity of the forex trading market. Additionally, the country has trade relations with over 100 countries and regions, largely including France, the United Kingdom, the United States, India, and China, providing a broad market and opportunities for forex trading.

Regarding forex regulation, the Financial Services Commission (FSC) of Mauritius serves as a comprehensive regulatory authority responsible for the overall management of the non-banking financial services sector. Since its inception in 2001, the FSC has operated within a modern and internationally recognized legal framework, which encompasses key regulations such as the Financial Services Act, Securities Act, and Insurance Act. The FSC not only issues licenses for financial services activities but also implements strict supervision, surveillance, and oversight of various activities within the industry to ensure a fair, transparent, and stable market.

The FSC has ambitious and clear development goals, aiming to become an internationally recognized regulatory authority dedicated to promoting Mauritius as a sound and highly competitive financial services center, thereby driving the countrys sustained development. While Mauritius may not be economically prominent on a global scale, it is undoubtedly one of the most developed countries in Africa. The authority and reliability of its forex regulatory licenses are gradually gaining widespread trust and recognition from global traders and forex brokers. In an attempt to provide investors with a genuine understanding of the current situation of forex brokers in Mauritius, WikiFX survey team is determined to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Mauritius to visit forex broker FXTM as planned according to its regulatory address that 5th Floor, 355 NEX Tower, Rue Du Savoir, Cybercity, Ebene 72201.

On January 30, 2024, the investigators came to 355 Rue Du Savoir in Ebene of Mauritius for a visit to the brokers office, and located NEX Tower home to a myriad of financial institutions and international enterprises.

Upon arrival at the building, the survey personnel spotted numerous offices and an indoor directory, which didnt display the information pertinent to FXTM as well as its suite number.

After reaching the 5th floor via the elevator, the inspection team surprisingly discovered that the entire floor was occupied by a company named Exinity, and there wasnt any information regarding FXTM and its logo. Subsequently, the team checked the official website of Exinity and managed to learn that FXTM was the brand of Exinity Group.

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

Conclusion

The survey team went to Mauritius to visit forex broker FXTM as scheduled, and found Exinity‘s name at the address, instead of FXTM’s. However, according to the official website of Exinity, FXTM is owned by Exinity. This denotes that FXTM has a physical business office at the location. Meanwhile, investors are advised to make a judicious decision following much deliberation.

Disclaimer

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