Reason for this visit

Despite being in a small scale, New Zealand's forex market is relatively efficient, with gradually declining spreads 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 JDFX as planned according to its regulatory address that Level 12, Huawei Centre, 120 Albert Street Auckland 1010.

On September 20, 2023, the investigators came to 120 Albert Street in Auckland in the North Island of New Zealand, and located Huawei Centre, a modern high-rise building featuring a glass façade in the heart of CBD. Boasting a fabulous location, the building is easily accessible via public transport. There is an outdoor directory, which doesnt display any information concerning company “JDFX”.

Without security at the entrance of lift, people could have access to all levels freely. After accessing the building for further investigation, the survey personnel arrived at the 12th floor by the lift, and didnt see any sign of JDFX. According to the staff working in adjacent offices, they had never heard of the company.

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

Conclusion

The survey team went to New Zealand to visit forex broker JDFX 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.