Reason for this visit

Despite being in a small scale, New Zealands forex market is relatively efficient, with gradually declining spread trading. The comparatively low intraday trading volume in the market is largely made during the London and New York session. Forex brokers in New Zealand are required to be licensed and regulated by the central bank, which demands that brokers should provide adequate risk disclosure and investor education. In recent years, smaller local brokers have faced competitive pressure from foreign brokers, with the rapid development of trading automation and mobile trading. In order to help investors or practitioners have a more comprehensive understanding of the country's forex brokers, WikiFX survey team decides to go to New Zealand for on-site visits to local companies.

On-site visit

In this issue, the survey team went to New Zealand to visit forex broker CLSA Premium as planned according to its regulatory address that Unit 401, Level 4, 8 Commerce Street, Achilles House, Auckland, 1010, New Zealand.

On October 10, 2023, the investigators came to 8 Commerce Street in the metropolis of Auckland in the North Island of New Zealand, and located Achilles House featuring a strong historical character on the corner of Customs Street East and Commerce Street. As one of Aucklands iconic landmarks, the building boasts a fabulous location.

The commercial building, also an innovative paradise, is home to a wide range of enterprises and food and beverage stores thanks to its prosperity and dynamic, attracting plenty of people.

After accessing the building for further investigation, the survey personnel spotted a directory in the lobby, which showed that unit 401 was occupied by Botany Group, rather than broker CLSA Premium.

And then the investigation team arrived at the 4th floor by the lift, and saw multiple units from 402-408 through the corridor, except for unit 401. Finally, a “mystery room” separated from others was spotted, along with the company name and logo of Botany Group, which suggests that unit 401 is occupied by Botany Group. However, there wasnt any information relating to CLSA Premium.

Through an on-site investigation, it is confirmed that CLSA Premium doesnt have a physical presence at the place.

Conclusion

The survey team went to New Zealand to visit forex broker CLSA Premium as scheduled, but didnt find the company at its regulatory address. This indicates that the broker might just register at the location without a physical business office. Therefore, investors are advised to make a sensible decision based on a comprehensive consideration.

Disclaimer

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