Reason for this visit

Australia has a deep trading culture as well as a world-recognized regulatory environment. Currency markets are very popular in Australia. According to reports, the daily trading volume of top currency brokers in Australia is larger than the cash trading volume of Australian stocks.

Typically, forex trading is divided into three trading sessions, Asia Pacific, Europe and the United States. Australia is located in the Asia Pacific region and is the first country to start trading forex and commodities during the day. The trading volume is relatively small at first and becomes larger due to the time difference, with the addition of Japanese traders a few hours later. Europe has the largest trading volume in the global Forex market.

At the same time, Australia is a major natural resource country, rich in oil and coal, base and precious metals and grains. The physical trading of these products in the global market has led to the creation of a strong derivatives market in which both retail and institutional investors are active. Many exploration and production companies are publicly traded on the stock market, making Australian equities highly liquid and risky.

With many commodities priced in dollars, euros and yen, this has naturally led to a highly liquid currency trading environment. And the physical delivery nature of Australia's thriving export market supports both spot and forward currency markets.

Furthermore, China is one of Australia's largest trading partners. As the world's second largest economy, China brings a significant amount of Australia's natural resources into the country. China's influence as a consumer country provides a natural trading partner for investors in the currency market. The demand for resources may provide a potential exchange rate base for its currency.

In order to help investors or practitioners get a more comprehensive understanding of foreign exchange dealers in Australia, the survey team is going to the country for field visits.

On-site visit

This time the survey team visited the dealer FCCL in Australia, with the specific address at 408 Brunswick STreeT, FITZROY VIC 3065.

Based on the above address, the survey team came to the destination of this survey. FCCL’s office in Australia is located on Brunswick Street, a street in Melbourne's inner north. Running north-south through Melbourne's inner north suburbs, the street is known for its cafes, live music venues and alternative fashion stores. The destination of this survey was a 2-story store along the street with graffiti painted on the walls and curtains all drawn. However, the surveyors failed to find any information about FCCL on the exterior walls or around the building.

The surveyors asked the clerk of the store next door for information about FCCL. It was learned that the dealer took down the signboard and moved out a long time ago, and the whereabouts since then were unknown. In addition, the surveyors did not find any announcement in front of the unit. In the end, they confirmed that the dealer did not have an office there.

Conclusion

The survey team went to Australia to visit the dealer FCCL as planned, and found no office at its regulatory 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.