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Rotfeder-Ring, Frankfurt, Hesse, Germany
Reason for this visit
The German foreign exchange market has a wide range of participants, including both domestic resident entities and overseas non-resident institutions. In terms of categories, it mainly includes domestic and foreign commercial banks, foreign exchange brokers, non-banking institutions and central banks. Among them, transnational corporations and non-bank financial institutions are involved in huge transaction amounts. Small and medium-sized enterprises (SMEs) also participate in foreign exchange trading in order to pay for goods and services, but compared to banks and large speculators, corporate foreign exchange transaction amounts are small. Retail investors and small speculators are the smallest components of the foreign exchange market, and they often participate indirectly in the forex market through banks and brokerage firms. In order to maintain the stability of the financial system and the value of the euro, the European Central Bank (ECB) and the central banks of member states participate in market transactions as ordinary market participants when necessary, guiding and regulating the foreign exchange market. The central banks involved in regulation of the German forex market mainly include the ECB and the German Central Bank. As one of the founding countries of the European Union, Germany's financial supervision has always maintained a strict regulatory environment, and forex supervision is no exception. The Federal Financial Supervisory Authority (BaFin) is an independent federal agency in Germany, responsible for supervising the financial market in the country. It is headquartered in Bonn and Frankfurt and is supervised by the German Federal Ministry of Finance. In order to help investors have better understanding of foreign exchange dealers in Germany, the survey team is going to the country for on-site visits.
On-site visit
This time the survey team went to Frankfurt, Germany to visit the foreign exchange dealer Vitrade as planned. The survey address is Rotfeder-Ring 7 60327 Frankfurt am Main Deutschland.
The survey personnel came to the destination of the current survey according to the above address. The office of the trader Vitrade is located near the Frankfurt train station, close to the river. It is a new development in a commercial and residential area. The surrounding environment is quiet and the building is fully equipped. It is a professional office building.
The investigators didn’t find the trader's name on the water sign in front of the building. The front desk staff informed the survey personnel that due to the local epidemic situation, visitors could not enter the building. He said that all companies are displayed on the water sign in the hall, and the investigators can check by themselves.
The investigators did not find the company name of the foreign exchange dealer Vitrade on the access control system, confirming that the dealer does not exist in the building.
Conclusion
The investigators went to Germany to visit the foreign exchange dealer Vitrade as planned, but did not find the dealer's office at its publicly displayed business address. The dealer may have just registered a company at this address without real business premises. Investors are advised to choose this dealer carefully.
Disclaimer
The content is for informational purpose only, and shall not be taken as final order for making choice.
Website:https://www.vitrade.de/english
Website:https://www.vitrade.de/english
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