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 RCG MARKETS as planned according to its regulatory address that Block C, Eagle Canyon Office Park, Cnr Cgristiaan De Wet, Randpark Ridge, Johannesburg 2154.

On September 14th, 2023, the investigators came to Block C at Eagle Canyon Office Park in Johannesburg, where plenty of small, medium, and large enterprises gathered, and spotted some company signs on the external wall. However, no related information of broker RCG MARKETS was found. Without the specific floor number and unit number displayed from the address, its unavailable for the survey personnel to enter the area. According to the security guards in the park, they never heard of the company.

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

Conclusion

The survey team went to South Africa to visit forex broker RCG MARKETS as scheduled, and didn‘t find the company at its regulatory address. This suggests that the broker doesn’t have a physical business office at the place. Hence, investors are advised to make a judicious decision following 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.