Reason for this visit

South Africa is an emerging market economy that implements a free floating exchange rate system, and exchange rate is susceptible to fluctuations due to external factors. The South African foreign exchange market was under strict control in the early stage of its establishment. However, with the gradual relaxation of foreign exchange control, the participants in the real economy can utilize foreign exchange characterized by high flexibility in a larger scope, and the linkage between domestic and foreign financial markets has become closer. In 2017, the total trading volume of foreign exchange derivatives on the Johannesburg Stock Exchange in South Africa hit 67.3 million lots, with a turnover of 900 billion South African rand. At present, the Johannesburg Stock Exchange offers a total of 25 foreign exchange futures and 15 foreign exchange options products. In addition to conventional futures and options contracts, South Africa has also made many innovations in the design of foreign exchange derivatives, such as the development of futures contracts that track a basket of exchange rates, customized futures contracts with optional expiry dates, and dual currency forex futures and options contracts on cross currency pairs. Forex traders in South Africa are among the wealthiest people on the continent, and their rich lifestyle influences aspiring traders. Many people in the country are fascinated by the stories of successful people, which makes forex trading even more popular. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in South Africa, WikiFX survey team is going to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to South Africa to visit forex broker HFM (HF Markets Group) as planned according to its regulatory address that Katherine & West, Suite 18, Second Floor, 114 West Street, Sandton, 2021p.

The investigators came to the destination at a prime site on the corner of Katherine and West Streets in the Sandton CBD. Enjoying a fabulous location, the Katherine and West building boasts convenient transportation, just 50 meters away from Sandton Gautrain Station. Meanwhile, the building is decorated with pure glass curtain wall in a unique and novel style.

After entering the building, the survey team found from the company directory in the foyer that unit 18 on the 2nd floor was occupied by company “HF MARKETS”. And then, the investigators arrived at the target floor, where both the room 18 and floor directory displayed the name “HF MARKETS”. However, taking photo was not allowed.

Through an on-site investigation, it is confirmed that the company has a physical presence at the place.

Conclusion

The survey team went to South Africa to visit forex broker HFM as scheduled, and found the companys name and logo at its regulatory address. It indicates that the broker has a physical business office at the place. Meanwhile, investors are advised to make a sensible choice 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.