Reason for this visit

According to the Reuters, the United Kingdom has been expanding its leading role in the field of global foreign exchange trading since its public voting to leave the European Union. In addition, British retail foreign exchange market is regulated by the Financial Conduct Authority (FCA), one of the world's top three stringent regulatory bodies. Many foreign exchange brokers take pride in obtaining FCA license in the hopes of developing market business in the country. In order to help investors and practitioners to have a more comprehensive understanding of foreign exchange brokers in the UK, WikiFX survey team is going to the country for on-site visits to local companies.

On-site visit

In this issue, the investigation team went to London, United Kingdom to visit the foreign exchange broker FxPro (licensee: FXPRO UK Limited) as planned according to its registered regulatory address that 13-14 Basinghall Street, City of London, EC2V 5BQ, United Kingdom.

With the help of navigation, the survey personnel came to the destination in a developed business area in downtown London on April 11, 2023, where a common commercial building is situated. The building boasts a more tranquil working environment in comparison with other nearby buildings thanks to its location in an internal street.

After arriving at the building, the survey team spotted easily the company name of FxPro and BnkPro and their market information software images on both sides of the building. From company directory near an elevator, it could be clearly seen that only FxPro and BnkPro were in the building. However, people weren’t allowed to enter without a communication with the staff working here by the interphone outside the building due to stringent security regulations.

After an on-site investigation, it is confirmed that FxPro does have a physical presence here, which is in line with the registered address presented by the company.

Conclusion

The investigators went to London, UK to visit the foreign exchange broker FxPro as scheduled, and found the broker’s name at its currently registered business address, which indicates that the company has a physical business office here. Unfortunately, the survey personnel were not able to enter the company for a special visit, so the specific scale of its business is unknown. Investors are advised to make a sensible choice based on a careful consideration.

Disclaimer

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