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 JFM as planned according to its regulatory address that JFM PTY LTD, Level 1, 26-29 Beatty Avenue, Armadale VIC 3143.

The investigators came to 26-29 Beatty Avenue in Melbourne of Victoria, Australia for a visit to the broker‘s office on January 20, 2024. Located in a suburban area with a quiet surrounding environment, the place isn’t easily accessible due to being far away from railway stations and bus terminals.

Upon arrival at the target building for further investigation, the survey personnel surprisingly spotted a different company rather than JFM. In the meantime, there wasnt any information pertinent to JFM.

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 JFM 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.