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 gain a more comprehensive understanding of forex brokers 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 Vstar as planned according to its regulatory address that Unit 1, 5-7 Compark Circuit, Mulgrave VIC 3170.

The investigators came to 5-7 Compark Circuit in Mulgrave, VIC of Australia for an on-site visit to the brokers office, and located a commercial building in a suburb of south Melbourne. Owing to its rapid growth, Mulgrave is renowned for its convenient transportation, well-equipped facilities, and diverse business activities.

Upon arrival at the building for further investigation, the survey personnel spotted an outdoor directory, which did not display the company name or logo of Vstar. In the meantime, it was verified that these companies listed in the directory had nothing to do with broker Vstar. Moreover, the inspection team failed to discover any signs of the broker in the building.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker Vstar as scheduled, but did not find the company at its purported regulatory address. It denotes that the broker does not 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.