Reason for this visit

South Africa is an emerging market economy that implements a free floating exchange rate system, and exchange rate is susceptible to fluctuations due to external factors. The South African forex market was under strict regulation in the early stage of its establishment. However, with the gradual relaxation of forex control, the participants in the real economy can utilize forex characterized by high flexibility in a larger scope, and the linkage between domestic and foreign financial markets has become closer. In 2017, the total trading volume of forex derivatives on the Johannesburg Stock Exchange in South Africa hit 67.3 million lots, with a turnover of 900 billion South African rand. At present, the Johannesburg Stock Exchange offers a total of 25 forex futures and 15 forex options products.

In addition to conventional futures and options contracts, South Africa has also made many innovations in the design of forex 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 fascinated by the stories of successful people, which makes forex trading even more popular. In order to help investors or practitioners gain a more comprehensive understanding of forex brokers in South Africa, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to South Africa to visit forex broker TibiGlobe as planned according to its regulatory address that The Firs, 4th Floor, Biermann Avenue, Rosebank 2196.

A seasoned and professional field survey team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker TibiGlobe in The Firs on Biermann Avenue, Rosebank.

The building is located in the bustling core area of the city, surrounded by a strong commercial atmosphere. It has been observed that some financial companies have moved into the building or adjacent areas, making it a typical centralized business and office hub. After an on-site inspection, the investigators found that the exterior of the building was generally intact, but no information related to TibiGlobe was visible outside the building.

Subsequently, the investigators proceeded to enter the buildings lobby. The primary checkpoint was the company directory board located in the lobby. After a thorough review, no company name labeled as “TibiGlobe” or any related identifiers were found. Additionally, observations of the lobby interior and public walkways revealed no logos, signage, or directional information belonging to TibiGlobe. This initial finding raised significant doubts about the existence of TibiGlobe.

The inspection team was able to take the elevator directly to the 4th floor, where TibiGlobe claimed to be located. A walkthrough of the public areas on the 4th floor did not reveal any doorplates, company nameplates, or exclusive signage marked with the name “TibiGlobe.” The floor housed office units of other companies or organizations, none of which were related to TibiGlobe. The team attempted to locate the possible entrance to TibiGlobes office unit but failed to identify any dedicated space.

Through the on-site investigation, it is confirmed that the broker does not maintain a physical presence in the building.

Conclusion

The survey team went to South Africa to visit forex broker TibiGlobe as scheduled but did not find the company at its regulatory address. It indicates that the broker does not have a physical office at the location. Accordingly, investors are advised to make a judicious decision following much deliberation.

Disclaimer

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