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 have a more comprehensive understanding of foreign exchange dealers 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 RN PRIME as planned according to its regulatory address that 118 252 Russell St, Melbourne VIC 3000.

The investigators arrived at 252 Russell Street in Melbourne of Victoria, Australia for a visit to the brokers office on December 23, 2023. The coveted location was found in a prosperous district adjacent to Melbourne CBD, appealing to a steady traffic of people and contributing to numerous business and exchange activities thanks to its convenient transportation.

Upon arrival at the destination for further investigation, the survey personnel surprisingly spotted a Korean supermarket, instead of a forex brokerage firm.

After searching around the place, the inspection team failed to discover any information pertinent to RN PRIME.

Through the on-site investigation, it‘s confirmed that the broker doesn’t have a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker RN PRIME as scheduled, but didn‘t find the company at its regulatory address. This denotes that the broker doesn’t have a physical business office at the place. Accordingly, investors are advised to make an informed decision following much deliberation.

Disclaimer

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