Reason for this visit

Australia boasts a profound trading culture and a world-recognized regulatory environment. Currency markets are very popular in the country. Australian top currency brokers reportedly have more daily trading volume than cash trades in Australian stocks. The participants in Australian forex market include banks, forex brokers, investment companies, individual investors, etc. As a forex market regulator, the Australian Securities and Investments Commission (ASIC) supervises the behaviors of all participants and the operation of markets such as financial service, securities, futures, forex, and others. The ASIC is committed to protecting investors rights and interests and help them avoid market risks by using more stringent regulatory systems. With the further development of financial market and economy in Australia, the local forex market will continue to grow. In an attempt to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Australia, 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 Australia to visit broker Xtrade as planned according to its regulatory address that Suite 1 Level 2, 424 St Kilda Road, Melbourne VIC 3004.

The investigators came to a commercial building at 424 St Kilda Road in Melbourne of Victoria, Australia for a visit to the brokers office on December 27, 2023. As a main road and also a commercial and leisure center in Downtown Melbourne, St Kilda Road is lined with a large array of upscale office buildings, hotels, and retail stores, connecting the City center to St Kilda costal area.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which, however, didnt display any information regarding Xtrade. In the meantime, there was no sign of the company on the 2nd floor.

Through the on-site investigation, it‘s confirmed that the broker doesn’t have a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker Xtrade as scheduled, but didn‘t find the company at its regulatory address. This denotes that the broker doesn’t have a physical business office at the place. Accordingly, investors are advised to make an informed 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.