Reason for this visit

As an archipelagic country in the west-central Indian Ocean, Seychelles has a more relaxed approach to the foreign exchange. For many years, Seychelles has been a popular offshore jurisdiction for brokers and other international business companies in the industry. It offers lenient regulation, business flexibility, and high leverage for currency brokers, which also simplifies the registration process for companies. The regulatory body in the country that grants licenses to currency brokers is the Seychelles Financial Services Authority (FSA). The FSA has clear requirements for office locations: a physical location and a resident staff. In addition, the licensee must employ at least two natural persons as directors and at least one licensed securities adviser or one licensed investment adviser. All licensees are required to have professional liability insurance. Every officer of the firm must also meet the fit and proper person principle requirements. In order to help investors or practitioners get a more comprehensive understanding of foreign exchange dealers in Seychelles, the survey team is going to the country for field visits.

On-site visit

This time the survey team visited the dealer Major Prime FX in Seychelles, with the specific address at CT House, Office 8B, Providence, Mahe, Seychelles.

Based on the above address, the survey team arrived at the destination of this survey. It is located in the Providence district, the main industrial area of the Seychelles, where a large number of companies are located. The destination CT House is a newly built building with a warehouse and bakery on the ground floor and two floors above where most of the offices are in securities and finance. There was no reception or directory in the lobby on the ground floor. However, that made it easier for the surveyors to enter the building freely. 

The surveyors found that Room 8B was the office of GLOBAL PRIME FX, not the office of the dealer Major Prime FX. In the end, they confirmed that the dealer did not have an office in the building.

Conclusion

The survey team went to Seychelles to visit the dealer Major Prime FX and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.

Disclaimer

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