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 forex market was under strict regulation in the early stage of its establishment. However, with the gradual relaxation of forex control, the participants in the real economy can utilize forex 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 forex 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 forex futures and 15 forex options products.

In addition to conventional futures and options contracts, South Africa has also made many innovations in the design of forex 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 forex brokers in South Africa, 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 South Africa to visit forex broker GT247.com as planned according to its regulatory address that Wework - Coworking Office Space, 1F, 173 Oxford Rd, Rosebank, Gauteng, South Africa 2196.

The investigators came to 173 Oxford Road in Gauteng, South Africa for an on-site visit to the brokers office, and located a Grade A commercial building next to a Gautrain station in the city center. Thanks to convenient transportation, the area is home to numerous transnational corporations and professional services providers.

Upon arrival at the modern and well-maintained 5-storey commercial building for further investigation, the survey personnel spotted a directory in the lobby, which did not display the company name or logo of GT247.com.

According to the security officer in the building, people were not permitted to enter without an access card or an invitation from the companies operating upstairs. Moreover, they never heard of the company GT247.com there.

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 South Africa to visit forex broker GT247.com as scheduled, but did not find the company at its regulatory address. This indicates that it does not have a physical business office at the location. Accordingly, investors are advised to make a judicious decision following much deliberation.

Disclaimer

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