Reason for this visit

Following Malta's accession to the EU in May 2004 and the introduction of the Euro on January 1, 2008, the economy has gradually integrated with the Eurozone economy, which has eliminated exchange rate risks, reduced transaction costs and created a favorable environment for foreign investors. Due to Malta's tight financial regulation, its financial system is less liquid, which has led to the country's investment bias being diversified, with its financial institutions investing mainly in high performing stocks or debt. As a result, Malta is one of the EU countries least affected by the financial crisis.

Malta has a free flow of foreign exchange. This means that foreign exchange can be traded freely and foreign capital can move freely in and out of Malta. Also, foreign companies are free to open foreign currency accounts with banks to deposit foreign currency and can freely remit profits earned in Malta without further special taxes. To help investors or practitioners have a more comprehensive understanding of the forex dealer in Malta, the survey team went to the country for field visits.

On-site visit

This time the survey team visited the dealer LHCM in Malta, with the specific address at Portomaso Tower Annex Level 7 VJAL Portomaso St. Julian’s Malta.

Based on the above address, the survey team came to the destination of this survey. The building was located in the downtown area of Malta, with a number of hotels (e.g. Hilton) and restaurants nearby, in a beautiful and tranquil environment. Also, the property was quite professional with access control, front desk, security, and multiple elevators. Later, the surveyors asked the receptionist if the dealer existed in the building and were told that LHCM did not exist in the building.

To prevent any information from being missed, the surveyors also checked the directory in the lobby. However, the company name of LHCM was not found on either the 7th floor, where the dealer provided their address, or on any other floor. In the end, the surveyors confirmed that the dealer did not have an office here.

Conclusion

The survey team went to Malta, to visit the dealer LHCM 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.