Reason for this visit

Seychelles boasts a relatively small scale forex market, with the primary currency rate - US dollar to Seychelles Rupee. In the developing forex market of Seychelles, there are a certain number of brokers providing the local and offshore customers with forex trading and remittance services. In terms of forex regulation, the Central Bank of Seychelles is the prime regulator, requesting the brokers to report the great amount of transaction in line with the international anti-money laundering regulations and standards. Recent years witness an ever-increasing trading volume in forex market of Seychelles, as the tourism and offshore financial industry gain steam. With the development of economy and financial industry and improvement of related regulation, a growing number of global brokers pay attention to the market with potential growth in Seychelles. In an attempt to help investors better understand the current forex brokers in Seychelles, 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 Seychelles to visit forex broker uexo as planned according to its regulatory address that Attic Suites, Room 1, 3rd Floor, Oliver Maradan Building, Victoria, Mahé, Seychelles.

On October 27, 2023, the investigators came to Oliver Maradan Building in Victoria located in Mahé, the largest island of Seychelles for a visit to the brokers office. The well-established commercial building features a distinctive architecture style.

On the heels of access to the building for further investigation, the survey personnel spotted a simple and crude directory in the lobby, without any information concerning company uexo. According to the security staff, they had never heard of the company.

And then the team reached the 3rd floor of the building by taking the stairs, but didnt discover the company name nor logo of uexo after reaching all the offices including the penthouse suite, which were closed.

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

Conclusion

The survey team went to Seychelles to visit forex broker uexo as scheduled, but didn‘t find the company at its regulatory address. This suggests that the broker doesn’t have a physical business office at the location. Therefore, investors are advised to make a sensible decision following an overall consideration.

Disclaimer

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