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 Alpha Trade as planned according to its regulatory address that Level 16, 175 Pitt Street, Sydney, NSW, 2000, Australia.

The investigators came to 175 Pitt Street in Sydney, Australia for an on-site visit to the brokers office. A modern commercial building with a glass façade is located on a clean and tidy street in the heart of the bustling central business center of the city. Meanwhile, it enjoys prime location with excellent accessibility and vibrant commercial atmosphere. There is an eye-catching logo at the entrance. According to its office address, Alpha Trade is located on the 16th floor.

Upon arriving at building for further investigation, the survey personnel noted from the lobby directory that the 16th floor was occupied by JustCo Reception rather than Alpha Trade, which raised the teams concerns. According to the security officer on duty, the 16th floor was used as exclusive co-working space “JustCo,” without the registration information of Alpha Trade.

The inspection team then took the elevator to the 16th floor and saw the “JustCo” logo at the entrance. This was a typical shared office featuring open workspaces, meeting rooms, and common areas. At the same time, the receptionist wearing JustCo Uniform stated that all their members were working on the floor, but there was no record of Alpha Trade in their system.

Despite failing to locate the target company, the team attempted to conduct a basic assessment of the 16th-floor office environment. The shared office was simply decorated and fully equipped, but no independent office area bearing Alpha Trade's logo was found. The survey personnel requested to take internal photos of the environment, but the staff declined, citing “member authorization required.” Through glass partitions, open workspaces and a few private offices were visible, none of which displayed Alpha Trade's exclusive branding or signage.

To rule out information discrepancies, the survey personnel checked Google Maps on a mobile device, which showed the 16th floor labeled as “JustCo Coworking & Office Space,” consistent with the on-site observation. Additionally, Alpha Trade's official website did not provide specific floor or office photos, only vaguely describing it as a “central Sydney office.” Based on the field visit, it is suspected that the company may have provided a false address or registered under the guise of a shared office space.

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 Alpha Trade 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.