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 PGM as planned according to its regulatory address that Suite 103, 566 St Kilda Road, Melbourne VIC 3004.

The investigators came to 566 St Kilda Road in Melbourne, VIC of Australia for an on-site visit to the brokers office, and located the Jewel, a commercial building on the well-known street. Additionally, the building is easily accessible by public transportation, such as trams, buses, and cabs.

Upon arrival at the building for further investigation, the survey personnel discovered that suite 103 was actually occupied by INP, a chartered accountant firm, rather than PGM. And there was no link between these two companies. Moreover, the inspection team did not spot any signs of PGM in the building.

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

The survey team went to Australia to visit broker PGM as scheduled, but did not find the company at its purported regulatory address. It denotes that the broker does not have a physical business office at the place. Accordingly, investors are advised to make a sensible 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.