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 gain a more comprehensive understanding of forex brokers 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 Compass Markets as planned according to its regulatory address that Suite 34, Level 3, 650 George St, World Square, Sydney, NSW 2000, Australia.

The investigators came to World Square at 650 George Street in Sydney, Australia for an on-site visit to the broker‘s office. Located in the heart of city’s bustling CBD, the typical modern commercial complex features an immaculate façade, excellent accessibility, and premium office services.

Upon arriving at building for further investigation, the survey personnel observed that the lobby directory did not display the information regarding “Compass Markets” and “Suite 34,” which gave rise to their suspicions about the existence of the broker in the building.

The inspection team then took the elevator to the 3rd floor and did not found any signs of suite 34 in the public area. Upon discovering the office, they noticed it completely empty, with no office equipment or employees. Meanwhile, there was a notice for lease on the door. According to the property management staff, this unit had remained vacant recently, without corporate tenant. All these suggested that Compass Markets did not operate in the building.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker Compass Markets as scheduled, but did not find the company at its regulatory address. It denotes that the broker does not have a physical business office at the place. Accordingly, investors are advised to make an informed decision following much deliberation.

Disclaimer

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