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 EightCap as planned according to its regulatory address that Eightcap Pty Ltd, 'Rialto South Tower' Level 35, 525 Collins Street Melbourne VIC 3000.

The investigators arrived at 525 Collins Street in Melbourne of Victoria, Australia for a visit to the broker‘s office on January 9, 2024, and located “Rialto”, a modern commercial building featuring giant column-free floors and floor-to-ceiling windows for excellent natural light and views. Additionally, the building is easily accessible via public transports with doorstep access to Melbourne’s extensive train and tram network, cycling paths, and major road arteries.

Upon arrival at the building for further investigation, the survey personnel didn‘t spot a directory in the lobby. And people weren’t allowed to go upstairs without an appointment. Therefore, the team was unable to know whether Eightcap existed in the building nor not.

Through the on-site investigation, its unconfirmed if the broker has a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker EightCap as scheduled, but didn‘t find the directory in the target building, while failing to go to the working area upstairs. Therefore, it’s uncertain if the broker has a physical business office at its regulatory address. 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.