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. 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 Five Star Forex as planned according to its regulatory address that 96 Western Road, Southall Middlesex UB2 5DZ United Kingdom.

On January 25, 2024, the investigators came to 96 Western Road in London of the UK for a visit to the brokers office, and located a building in a developed commercial district adjacent to Heathrow Airport, with a steady stream of people at the bustling street.

Upon arrival at the building for further investigation, the survey personnel spotted surprisingly a store named “FIREWORKS”, which mainly provided a variety of firework products and additional convenient services such as copying and scanning. It was worth noting that the store didn‘t display any information or logo regarding forex broker at its conspicuous places. According to the staff working in the store, many forex brokers used the shop’s address as their registered location rather than the actual business location.

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

Conclusion

The survey team went to London in the UK to visit forex broker Five Star Forex as scheduled, but didnt find the company at its regulatory address. This indicates that the broker may just register with the address without a physical business office. Accordingly, investors should be meticulous in selecting the broker.

Disclaimer

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