Reason for this visit

Belize is a jurisdiction very suitable for offshore activities and its legislation has been adapted to the needs of investors. However, most types of activities are not allowed without the special permission from the authorities. For instance, the country's international commission issues licenses in order to regulate the related services in financial sector. For various financial services (foreign exchange, trust management, currency exchange, credit operations, financial and advisory services, etc.), the issuance procedure is practically the same. Belize is a highly desirable region when it comes to offshore business, with an open and tolerant policy towards all kinds of financial activities. In order to help investors or practitioners to have a more comprehensive understanding of Belize's foreign exchange brokers, WikiFX survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to Belize to visit forex broker Xtrade as planned according to its regulatory address that No.35 New Road, 2nd Floor Flat, Belize City, Belize C.A.

The investigators came to No.35 New Road in a commercial area of Belize City on September 18, 2023, where a building was situated with a slew of office and residential buildings nearby, as well as the Philippines Consulate. There was no information regarding broker Xtrade, except the company “Mikhail Arguelles and Associates, Attronneys at Law”.

Through an on-site investigation, it is confirmed that Xtrade doesnt have a physical business office at the place.

Conclusion

The survey team went to Belize to visit forex broker Xtrade as scheduled, and didnt find the company at its regulatory address. This indicates that the broker may just register at the location without a physical business office. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

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