Reason for this visit

Seychelles boasts a relatively small scale forex market, with the primary currency rate - US dollar to Seychelles Rupee. In the developing forex market of Seychelles, there are a certain number of brokers providing the local and offshore customers with forex trading and remittance services. In terms of forex regulation, the Central Bank of Seychelles is the prime regulator, requesting the brokers to report the great amount of transaction in line with the international anti-money laundering regulations and standards. Recent years witness an ever-increasing trading volume in forex market of Seychelles, as the tourism and offshore financial industry gain steam. With the development of economy and financial industry and improvement of related regulation, a growing number of global brokers pay attention to the market with potential growth in Seychelles. In an attempt to help investors better understand the current forex brokers in Seychelles, 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 Seychelles to visit forex broker XBPrime as planned according to its regulatory address that Unit F, F28, Eden Plaza, Eden island, Mahe, Seychelles.

On October 17, 2023, the investigators came to Eden Plaza in Eden Island of Mahe, the largest island of Seychelles.

In close proximity to a yacht dock, Eden Plaza is the ultimate shopping center in Eden Island. There are a wide range of retail stores, trade and offshore affairs offices, medical clinics and insurance companies on the ground floor. According to the regulatory information of XBPrime, its office is situated at F28 Eden Plaza. The survey personnel didnt see any information regarding office number. After seeking help from an enthusiastic security guard, the team arrived at the target room at F28 without any sign of XBPrime beyond the name and logo of SMSP at the entrance. There were multiple offices of different companies along the corridor. However, no room was marked as “XBPrime”. According to the staff members working in nearby offices, they had never heard of the company.

Through the on-site investigation, it is confirmed that XBPrime doesnt have a physical presence at the place.

Conclusion

The survey team went to Seychelles to visit forex broker XBPrime as scheduled, but didnt find the company at its regulatory address. This suggests that the broker might just register at the location without a physical business office. Therefore, investors are advised to make an informed decision following an overall consideration.

Disclaimer

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