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 Galaxy Global Group in Australia, with the specific address at Level 11, 447 Collins Street, MELBOURNE VIC 3000.

Based on the above address, the survey team came to the destination of this survey. Galaxy Global Group's office in Australia was located on Collins Street in Melbourne, the main street in downtown Melbourne, Australia, which ran east-west for 2 kilometers. It was regarded as Australia's First Street, with some of the best Victorian architecture in the country. The interior of the destination building was extraordinarily spacious, with a very luxurious reception area and a well-managed property. However, the surveyors were unable to find the name of Galaxy Global Group on the directory inside the building.

The surveyor searched the 11th floor of the building and found that the address disclosed by the dealer was the office of another company. And there was no Galaxy Global Group office in the building. After checking with the receptionist, the surveyors confirmed that the dealer's office did not exist there. In addition, it was worth noting that there was multiple foreign exchange dealers registered at this address.

Conclusion

The survey team went to Australia to visit the dealer Galaxy Global Group and found no office at its business 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.