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 world's three most stringent regulatory bodies. Many forex 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 going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to London in the UK to visit forex broker Godi (company name: OSTC Foreign Exchange Limited) as planned according to its regulatory address that Imperial House, 21-25 North Street, Bromley, Kent, BR1 1SD, United Kingdom.

With the help of navigation application, the investigators came to Imperial House at 21-25 North Street in a developed commercial area of Bromley in the south of London on October 2, 2023.

With a clean and tidy surrounding environment, the target building is situated at a bustling street off residential buildings. At the meantime, people arent allowed to enter it without an access card. There is a directory and intercom system at the entrance. The directory displays that only company OSTC LTD is located in the building, without any information regarding Godi or OSTC Foreign Exchange Limited. The survey personnel failed to reach out to the staff of Godi via the communication device.

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

Conclusion

The survey personnel went to London, the UK to visit forex broker Godi as scheduled, but didnt find the company at its regulatory address. This suggests that the broker may just register at the location without a physical business office. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

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