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 IG as planned according to its regulatory address that Level 15, 55 Collins Street, Melbourne VIC 3000.

The investigators came to 55 Collins Street in Melbourne of Victoria, Australia for a visit to the broker‘s office on January 9, 2024, and located a commercial building in the downtown area. As one of the prime streets in Melbourne, Collins Street is renowned as Australia’ s premier street and “Wall Street” of finance. The building is easily accessible via public transports with doorstep access to the citys extensive train and tram stations, cycling paths, and major road arteries.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which, however, didn‘t display any information regarding IG. In the meantime, people weren’t allowed to enter without an access card. Therefore, the team failed to go upstairs. According to the receptionist, IG doesnt exist in the building.

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