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 of 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 local companies.

On-site visit

In this issue, the survey team went to Seychelles to visit forex broker Tradershub as planned according to its regulatory address that Office 16(b), Third Floor, Vairam Building, Providence, Mahe, Seychelles.

On October 26, 2023, the investigators came to “Vairam”, an old commercial building, in Providence of Mahe, the largest island of Seychelles. The building is situated among construction projects without an impressive surrounding environment.

After accessing the building for further investigation, the survey personnel spotted neither a directory nor security inside. And then the team arrived at the 3rd floor by the elevator, and didn‘t see the company name or logo of Tradershub at office 15. There was a large co-working space on the same floor. According to the staff working in the shared office, they were helping company Tradershub with some matters, but the company didn’t have an office in Seychelles.

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

Conclusion

The survey team went to Seychelles to visit forex broker Tradershub as scheduled, but didnt find the company at its regulatory address. This suggests that the broker might just register at the location without a physical business office. Therefore, investors are advised to make an informed 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.