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 WNS Trade Limit as planned according to its regulatory address that 33, Edith Cavell Street, C/o IQ EQ Fund Services (Mauritius) Ltd, Port-Louis, 11324.

The investigators came to 33 Edith Cavell Street in Port Louis of Mauritius for a visit to the brokers office, and located the Les Cascades, a modern 8-storey commercial building at the corner of Edith Cavell and Desroches Street. Additionally, the logo of IQ EQ was displayed prominently on one floor.

Upon arrival at the office of IQ EQ for further investigation, the survey personnel failed to discover the information regarding WNS Trade Limit. Moreover, both official websites of the FSC of Mauritius and WNS Trade Limit indicate that the company is located at another address.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the place.

Conclusion

The survey team went to Mauritius to visit forex broker WNS Trade Limit as scheduled, but did not find the companys name at its regulatory address. This denotes that it may just register at the address without a physical business office. Accordingly, 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.