Reason for this visit

The UK foreign exchange market is one of the largest foreign exchange markets globally and the largest in Europe. The regulatory oversight of the UK foreign exchange market is primarily handled by the Financial Conduct Authority (FCA) of the United Kingdom. The FCA is responsible for regulating financial services companies and financial markets, ensuring fairness, transparency, and stability in the market. It is widely recognized as a highly reputable regulatory authority worldwide. Despite the impact of Brexit on the economy, the outlook for the UK foreign exchange market remains optimistic. With the strict regulation of the financial market by the FCA, the UK is one of the largest forex trading centers globally, attracting more investors and institutions to participate in the UK forex market and promoting market activities and development. Many forex brokers take pride in obtaining FCAs regulatory license in the hope of entering the country to expand their market presence. In an attempt to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in the UK, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to London in the UK to visit forex broker FXBank Group as planned according to its regulatory address that 107 Cheapside London EC2V 6DN United Kingdom.

On December 15, 2023, the investigators came to 107 Cheapside in London, the UK for a visit to the brokers office, and located a modern commercial building at the bustling street in a developed commercial district. At the same time, there are numerous commercial buildings nearby, appealing to a steady traffic of people.

Upon access to the building for further investigation, the survey personnel spotted a reception area, security guards and a directory in the lobby. The directory didn‘t display any information regarding FXBank Group. However, people weren’t allowed to visit upstairs without an appointment and registration in advance, and taking photos was prohibited due to the stringent security rules. According to the receptionist and security guards, theyd never heard of FXBank Group.

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

Conclusion

The survey personnel went to London, the UK to visit forex broker FXBank Group as scheduled, but didnt find the company at its regulatory address. This indicates that the broker may just register at the location without a physical business office. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

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