Reason for this visit

According to the Reuters, the United Kingdom has expanded its leading position in the field of global FX trading in the years since it voted to leave the European Union. In addition, the British retail foreign exchange market has the Financial Conduct Authority (FCA), one of the world's three most stringent regulatory bodies. Many FX brokers take obtaining FCA regulation for pride in the hope of entering the country to develop business in local market. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in the UK, WikiFX survey team is going to the country for on-site visits to them.

On-site visit

In this issue, WikiFX investigation team went to London, UK to visit the foreign exchange broker HeliFX (licensee: Helix Capital Services Limited) as planned according to the regulatory address that Northumberland House, 155-157 Great Portland Street, London, W1W 6QP, United Kingdom.

With the help of navigator map, the survey personnel came to the destination on June 2 in the center of London, where an office building is located near a train station and a business district. And a medical center lies on the ground floor in the building, with company directory and communication device at the entrance. According to the information from the company directory and device, theres no company called HeliFX. In addition, the staff working in the medical center told the inspectors that HeliFX was not in the building.

Through an on-site investigation, it is confirmed that the company doesnt have a physical presence here.

Conclusion

The survey personnel went to London, UK to visit the forex broker HeliFX as planned, but didn‘t find the company’s office at the address, which suggests that the company doesnt have a physical business office here or it just registered with the address. Therefore, investors are advised to choose the broker carefully.

Disclaimer

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