Reason for this visit

According to the Reuters, the United Kingdom has expanded its leading position in the field of global FX trading in the years since it voted to leave the European Union. In addition, the British retail foreign exchange market is regulated by the Financial Conduct Authority (FCA), one of the world's three most stringent regulatory bodies. Many FX brokers take obtaining FCA regulation for pride in the hope of entering the country to develop business in local market. In order to help investors or practitioners 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 the local companies.

On-site visit

In this issue, the survey team went to London, UK to visit the foreign exchange broker Fortrade (company name: Fortrade Limited) as planned according to its regulatory address that Michelin House, 81 Fulham Road, London, SW3 6RD, United Kingdom.

With the help of navigator map, the investigators came to the Michelin House at 81 Fulham Road on June 20. The building is situated in famous well-heeled Fulham, London, where two football clubs are based including Fulham FC and Chelsea FC. And the place is surrounded by a host of commercial buildings and clean and busy streets with huge crowds of people.

The survey team arrived at the building and saw two restaurants on the ground floor, which were open for business, and a loading place for a company on another side of the building. And a new office building was vacant for lease nearby. But the survey personnel didnt find any information about company “Fortrade” at the location.

Through an on-site investigation, it is confirmed that the company doesnt have a physical presence there.

Conclusion

The survey personnel went to London, UK to visit the forex broker Fortrade as scheduled, but didn‘t spot the company’s office at the address. It suggests that the broker just registered at the place without a physical business office. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

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