Reason for this visit

The UK foreign exchange market is one of the largest foreign exchange markets globally and the largest in Europe. The regulatory oversight of the UK foreign exchange market is primarily handled by the Financial Conduct Authority (FCA) of the United Kingdom. The FCA is responsible for regulating financial services companies and financial markets, ensuring fairness, transparency, and stability in the market. It is widely recognized as a highly reputable regulatory authority worldwide. Despite the impact of Brexit on the economy, the outlook for the UK foreign exchange market remains optimistic. With the strict regulation of the financial market by the FCA, the UK is one of the largest forex trading centers globally, attracting more investors and institutions to participate in the UK forex market and promoting market activities and development. Many forex brokers take pride in obtaining FCAs regulatory license in the hope of entering the country to expand their market presence. In an attempt to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in the UK, 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 London in the UK to visit forex broker ActivTrades as planned according to its regulatory address that 1 Thomas More Square London E1W 1YN United Kingdom.

On November 24, 2023, the investigators came to 1 Thomas More Square in London, the UK for a visit to the broker‘s office, and located a modern commercial building at the prosperous street. The building boasts a fabulous location within a few minutes’ walking distance from Tower Hill Station. Additionally, there are numerous commercial buildings nearby.

After accessing the building for further investigation, the survey personnel spotted a directory in the lobby and various stores on the ground floor. The directory didnt display any information regarding company ActivTrades. According to google map, the address of ICICI Bank was in accordance with that on the directory. In the meantime, the tower had been renamed More Town marked with number 1-6.

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

Conclusion

The survey personnel went to London, the UK to visit forex broker ActivTrades 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.