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 Sky Alliance Markets as planned according to its purported regulatory address that Suite 1403, Level 14, 219-227 Elizabeth Street, Sydney, NSW 2000.

The investigators came to 219-227 Elizabeth Street in Sydney, Australia for an on-site visit to the brokers office.

With a well-maintained façade, the modern commercial building was located in the bustling CBD of Sydney. Upon arriving at the building, the survey personnel spotted a reception desk and a directory in the lobby. However, the directory did not display the company name of “Sky Alliance Markets.”

The inspection team then took the elevator to the 14th floor and found that suite 1403 was actually by “Inkling Group,” with its company name and logo displayed on the door. Meanwhile, it was observed that there was no information regarding “Sky Alliance Markets” in the rooms, corridors, and public areas on the 14th floor.

However, people were not allowed to enter the office 1403 without an access card. Through the glass door, it was visible that the office, with its plain décor, did not display the “Sky Alliance Markets” logo in the reception area. At the same time, after verification, the office was solely occupied by “Inkling Group”, and not utilized as a co-working 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 Sky Alliance 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.