Reason for this visit

South Africa is an emerging market country that implements a free floating exchange rate system, and the exchange rate is susceptible to fluctuations due to external factors. The South African foreign exchange market was under strict control in the early stage of its establishment. However, with the gradual relaxation of foreign exchange control, the expansion of foreign exchange space for participants in the real economy and the flexibility of foreign exchange operations, the degree of linkage between domestic and foreign financial markets has also increased. In 2017, the total trading volume of foreign exchange derivatives on the Johannesburg Stock Exchange in South Africa was 67.3 million lots, with a turnover of 900 billion South African rand. At present, the Johannesburg Stock Exchange offers a total of 25 foreign exchange futures and 15 foreign exchange options products. In addition to conventional futures and options contracts, South Africa has also made many innovations in the design of foreign exchange derivatives, such as the development of futures contracts that track a basket of exchange rates, customized futures contracts with optional expiry dates, and dual currency forex futures and options contracts on cross currency pairs. Forex traders in South Africa are among the wealthiest people on the continent, and their rich lifestyle influences aspiring traders. Many people in the country are attracted by the stories of successful people, thus making forex trading even more popular. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in South Africa, the survey team is going there for on-site visits.

On-site visit

This time the survey team went to South Africa to visit the foreign exchange dealer Solitix Fx as planned. The survey address is 4th floor, The FIRS, Biermann, Rosebank.

The survey personnel came to the destination of the current survey according to the above address. Solitix Fx is said to have offices in Rosebank, one of Cape Town's southern suburbs, between Mowbray and Roundboise. Cradock Avenue, where the office is located, has residences, office buildings and sports fields. The area around the main road is home to university dormitories, shops and office buildings. The destination building is a shopping mall with various shops on the 1st to 2nd floors and offices on the upper floors. The survey personnel can enter the building to visit, but the name of the trader cannot be found on the water sign of the building.

On the 4th floor of the building, the trader's CEO, Mr. Kevin, who received the investigators, said that the company was applying for an FSCA license and was currently operating under the jurisdiction of a holding company. In addition, according to him, since the building is currently undergoing renovation, their office has not been repaired, and they can only temporarily put a roll-up board at the door of the office as a sign. Due to the chaotic internal environment of the office, Mr. Kevin was inconvenient to let the investigators in for a visit and expressed his apology.

Conclusion

The investigators went to South Africa to visit the trader Solitix Fx as planned. The trader's logo could be found on the publicly displayed business address and there were staff receiving the investigators, indicating that the trader has a real business venue. Unfortunately, the survey personnel were not able to enter the company for internal visit, so the specific scale of its exhibition business is unknown. Investors are requested to make a sensible choice after careful consideration.

Disclaimer

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