Reason for this visit

The UK forex market ranks among the world‘s largest and is the biggest in Europe. Oversight of this market primarily falls to the Financial Conduct Authority (FCA), which regulates financial services firms and markets to ensure fairness, transparency, and stability. Globally recognized as a highly credible regulator, the FCA maintains stringent standards. Despite Brexit’s economic impact, the UK forex market remains optimistic. As one of the world‘s top forex trading hubs, coupled with the FCA’s rigorous supervision, the UK continues to attract investors and institutions, boosting market liquidity and growth. Many forex brokers pride themselves on securing FCA authorization and seek to expand operations in this jurisdiction. To help investors and professionals better understand UK forex brokers, WikiFX survey team conducted on-site visits across the country, verifying operational authenticity and compliance.

On-site visit

In this issue, the survey team went to London in the UK to visit forex broker Otto Forex as planned according to its regulatory address that 41 Devonshire Street, Ground Floor, Office 1, London, United Kingdom, W1G 7AJ.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker Otto Forex at 41 Devonshire Street in London, UK.

The investigators successfully arrived at 41 Devon Street. The building is located in central London, surrounded by narrow streets primarily lined with residential properties and small commercial buildings, giving the area an overall aged appearance. The target building is a mixed-use, four-story structure with street-level retail spaces and upper floors dedicated to residential and office use. The exterior façade bears no company signage, with only a “Co-Working Space for Rent” notice posted at the ground-floor entrance.

The building entrance features a glass door, offering a direct view of the interior hallway, and lacks a dedicated lobby. A directory board at the entrance lists “Co-Working Space” for Unit 1 on the ground floor but makes no mention of Otto Forex. Upon attempting entry, the inspection team found that access requires a keycard or entry code. Due to lack of authorization, entry was denied. Through the glass door, no company signage, plaques, or reception area were visible inside the hallway.

According to on-site notices, Unit 1 on the ground floor operates as a flexible co-working space. The investigators contacted the property management, who confirmed that the space is managed by a third-party provider offering short-term workstation rentals, with no permanent tenants. The management explicitly stated they had “never heard of Otto Forex” and confirmed no lease records for the company exist in their system.

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

Conclusion

The survey team went to London in the UK to visit forex broker Otto Forex as scheduled but did not find the company at its regulatory address. This indicates that the broker may just register with the address without a physical office. Accordingly, investors should be meticulous in selecting the broker.

Disclaimer

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