Inspection Reason

The inspection team continued its survey campaign as part of its efforts in inspecting the forex brokerage industry by picking out those black sheep that do not act honestly. For this session, The inspection team went to New Zealand to visit FXOpen.

Office

According to the address it provided, the New Zealand broker FXOpen’s haditshead office based at Level 3, 187 Queen Street, CBD Auckland. The inspection team sent its survey team to this place for a field survey. 

The surveyors found the office building according to the address without much difficulty. Compared to the many office buildings on Queen Street, this building looked rather average.

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The surveyors entered the building and took the elevator to the Third Floor, and were surprised to find a shared office where many companies were settled.

None information about FXOpen were found at the company signs in the lobby on the ground floor or in the hallway on the Third Floor, and the surveyors were unable to find its office despite their efforts. 

Conclusion

A field survey based on the address in its regulation details did not find FXOpen’s physical presence. The broker claims to hold a full license by Australia ASIC, a straight-through license from UK FCA and a Financial Services Provider license from New Zealand FSPR, but the authenticity of these licenses are suspectable, especially the latter, which appeared to have been revoked, according to query result from the regulator.