Reason for this visit

As an archipelagic country in the west-central Indian Ocean, Seychelles has a more relaxed approach to the foreign exchange. For many years, Seychelles has been a popular offshore jurisdiction for brokers and other international business companies in the industry. It offers lenient regulation, business flexibility, and high leverage for currency brokers, which also simplifies the registration process for companies. The regulatory body in the country that grants licenses to currency brokers is the Seychelles Financial Services Authority (FSA). The FSA has clear requirements for office locations: a physical location and a resident staff. In addition, the licensee must employ at least two natural persons as directors and at least one licensed securities adviser or one licensed investment adviser. All licensees are required to have professional liability insurance. Every officer of the firm must also meet the fit and proper person principle requirements. In order to help investors or practitioners get a more comprehensive understanding of foreign exchange dealers in Seychelles, the survey team is going to the country for field visits.

On-site visit

This time the survey team visited the dealer FTMarkets in Seychelles, with the specific address at Office 4, Unit 2, 2nd Floor, Dekk Complex, Plaisance, Mahe, Seychelles.

Based on the above address, the survey team arrived at the destination of this survey, an archipelago located in the east of South Africa and the largest of the Seychelles islands - Mahe. The capital, Victoria, is also located on this island that is a famous tourist destination. The office of the dealer FTMarkets was located in a two-storey building (DEKK HOUSE) on Zippora Street. There was no reception or directory in the lobby on the ground floor. However, that made it easier for the surveyors to enter the building freely.

The surveyors found that only Office 4 had the company name "FIRST RESPONSE SECURITY" posted on the door. Clearly, it was not the office of the dealer FTMARKETS. In the end, they confirmed that the dealer did not have an office in the building.

Conclusion

The survey team went to Seychelles, to visit the dealer FTMarkets and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.

Disclaimer

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