Reason for this visit

Despite being in a small scale, New Zealands forex market is relatively efficient, with gradually declining spread trading. The comparatively low intraday trading volume in the market is largely made during the London and New York session. Forex brokers in New Zealand are required to be licensed and regulated by the central bank, which demands that brokers should provide adequate risk disclosure and investor education. In recent years, smaller local brokers have faced competitive pressure from foreign brokers, with the rapid development of trading automation and mobile trading. In order to help investors or practitioners have a more comprehensive understanding of the country's forex brokers, WikiFX survey team decides to go to New Zealand for on-site visits to local companies.

On-site visit

In this issue, the survey team went to New Zealand to visit forex broker BlackBull as planned according to its regulatory address that Black Bull Group Limited, Level 22, 120 Albert Street, Auckland Central, Auckland 1010.

On September 20, 2023, the investigators came to 120 Albert Street in the metropolis of Auckland in the North Island of New Zealand, and located Huawei Centre, a modern high-rise commercial building in Auckland CBD. The building boasts a fabulous location easily accessed via public transport. There was an outdoor directory, which didnt display any information regarding BlackBull.

After accessing the building for further investigation, the survey personnel spotted a directory in the lobby, which showed that two companies including “The Fred Hollows Foundation NZ” and “Caliber” were located on the 22nd floor. Without security, people were allowed to access all the floors via the elevator. And then the investigation team arrived at the 22nd floor by the lift, and saw the office of Calibre, but without any sign of BlackBull.

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

Conclusion

The survey team went to New Zealand to visit forex broker BlackBull as scheduled, and didnt find the company at its regulatory address. This indicates that the broker may just register at the location without a physical business office. Therefore, investors are advised to make a sensible decision based on a comprehensive consideration.

Disclaimer

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