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 in 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 the local companies.

On-site visit

In this issue, the survey team went to Seychelles to visit forex broker Topical Wealth (company name: Topical Wealth International Ltd) as planned according to its regulatory address that Room 7, 1st Floor, Dekk House, Zippora Street, Providence Industrial Estate, Mahe, Seychelles.

On October 25, 2023, the investigators came to a 2-storey commercial building named “Dekk House” at Zippora Street in Mahe Island, the largest island of Seychelles. As a vehicle service center, the building is home to many companies including “Fivebats Securities Limited”, “ICUT Limited”. “Sword Investment Capital Ltd”, etc. without any information regarding company Topical Wealth. According to the staff working in the building, they had never heard of the company.

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

Conclusion

The survey personnel went to Seychelles to visit forex broker Topical Wealth as scheduled, but didn‘t find the company at its regulatory address. This suggests that the broker doesn’t have a physical business office at the location. Therefore, investors are advised to make a sensible 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.