Reason for this visit

Australia boasts a profound trading culture and a world-recognized regulatory environment. Currency markets are very popular in the country. Australian top currency brokers reportedly have more daily trading volume than cash trades in Australian stocks. The participants in Australian forex market include banks, forex brokers, investment companies, individual investors, etc. As a forex market regulator, the Australian Securities and Investments Commission (ASIC) supervises the behaviors of all participants and the operation of markets such as financial service, securities, futures, forex, and others. The ASIC is committed to protecting investors rights and interests and help them avoid market risks by using more stringent regulatory systems. With the further development of financial market and economy in Australia, the local forex market will continue to grow. In an attempt to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Australia, 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 Australia to visit broker Bank first as planned according to its regulatory address that Chief Executive Officer, Level 3, 117-119 Camberwell Road, Hawthorn East VIC 3123.

The investigators arrived at 117-119 Camberwell Road in Hawthorn East of Melbourne, the capital of the state of Victoria, Australia for a visit to the brokers office on December 21, 2023, and located a modern low-rise commercial building with exceptional connectivity, only a few steps away from Camberwell train station. Additionally, Camberwell Square can be reached by walking just 400 meters, and there were several tram and bus stations nearby.

Upon arrival at the location for further investigation, the survey personnel spotted the company name and logo of “Bank first” on the top of the building‘s entrance at the ground level. Unfortunately, the inquiry team failed to take photos inside the office as a result of the access control system. Therefore, the specific company size of the broker is unconfirmed. At the same time, the broker’s name and logo could be seen clearly through its glass door.

Based on the on-site investigation, its confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker Bank first as scheduled, and found the companys name at its regulatory address. This denotes that the broker has a physical business office at the place. Meanwhile, investors are advised to make an informed decision following much deliberation.

Disclaimer

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