Reason for this visit

According to the Reuters, the United Kingdom has expanded its leading position in the field of global FX trading in the years since it voted to leave the European Union. In addition, the British retail foreign exchange market is regulated by the Financial Conduct Authority (FCA), one of the worlds three most stringent regulatory bodies. Many FX brokers take obtaining FCA regulation for pride in the hope of entering the country to develop business in local market. In an attempt to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in the UK, WikiFX survey team is determined to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to London in the UK to visit forex broker YUB PRIME Limited as planned according to its regulatory address that 81 King Street Manchester Greater Manchester M2 4AH United Kingdom.

On December 6, 2023, the investigators came to 81 King Street in Manchester of Greater Manchester, the UK for a visit to the brokers office, and located a building at the bustling street in the city. As the prime shopping street in Greater Manchester, King Street draws a large pool of tourists from around the world. The location is easily accessible via different means of public transports within 5-minute walking distance from light rail stations.

Upon arrival at the building for further investigation, the survey personnel observed that it wasn‘t open to the public without a reception area. And people weren’t allowed to enter without an access code or an appointment with the visited company. Additionally, there was a directory at the entrance of the building, which didnt display any information concerning YUB PRIME Limited such as company name.

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

Conclusion

The survey team went to London in the UK to visit forex broker YUB PRIME Limited as scheduled, but didnt find the company at its regulatory address. This indicates that the broker may just register with the address without a physical business office. Therefore, investors should be meticulous in selecting the broker.

Disclaimer

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