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 FX brokers take obtaining FCA regulation for pride in the hope of entering the country to develop business in local market. In order 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, UK to visit the foreign exchange broker Lilium as planned according to its regulatory address that 6A Hertford Street, London, W1J 7RF, United Kingdom.

With the help of navigator map, the investigators came to the destination at 6A Hertford Street in Soho, central London on May 20. Near a famous commercial and tourism area boasting huge crowds of people and clean streets, the target building featuring British architectural style was made of red bricks, cement, and other materials, with the ground floor made of stones.

After arriving at 6A Hertford Street, the survey personnel found a company called “NAS Beauty Mayfair” on the ground floor, which was separated from other companies in the building. And the company had nothing to do with Lilium.

Through an on-site investigation, it is confirmed that Lilium doesnt have a physical presence there.

Conclusion

The survey personnel went to London, UK to visit the forex broker Lilium as scheduled, but didn‘t find the company’s office at the address. It suggests that the broker just registered at the location without a physical business office there. 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.