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 Khwezi Trade as planned according to its regulatory address that 1020 Manhattan Place, 130 Bree Street, Cape Town 8001.

A seasoned and professional field survey team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker Khwezi Trade at 130 Bree Street in Cape Town.

The target address is located in the central business district of Cape Town, with 130 Bree Street being a bustling main thoroughfare featuring dense pedestrian traffic and a vibrant commercial atmosphere. Manhattan Place is a modern, large-scale mixed-use commercial complex with a striking exterior. The investigators first conducted an external inspection of the building, confirming its physical presence and well-maintained appearance. However, no information related to Khwezi Trade was found on the exterior of the building.

The office space that was supposed to belong to Khwezi Trade was found locked, with no remaining signage or identifiers of the company. Upon further inspection and communication with relevant personnel, it was confirmed that the space had been completely repurposed and is now fully occupied and operated by a boutique store.

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 Khwezi Trade 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.