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 Monaxa as planned according to its regulatory address that 408 Pitt Street, Haymarket, NSW 2000.

The investigators came to 408 Pitt Street in Sydney, the capital of the NSW, Australia for a visit to the broker‘s office on March 20, 2024, and located a building at one of the prosperous streets in the downtown area, which appeals to a steady stream of people due to convenient transportation. Up arrival at the building, the survey personnel didn’t spot the company name or logo of Monaxa on the lobby directory.

According to the staff working in the building, they had never heard of company Monaxa inside it.

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 Monaxa 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.