Reason for this visit

The mature, open, and stable foreign exchange market in Singapore plays a significant role in Asia, boasting a large scale and massive daily trading volumes. As one of the major financial centers in Asia, Singapore enjoys a highly active forex market, attracting investors and traders worldwide. In terms of regulation, Singapores forex market operates within a well-regarded regulatory environment overseen by the Monetary Authority of Singapore (MAS). Forex brokers in Singapore must adhere to strict regulatory requirements, including adequate capital, segregated client fund, transparent operation, reporting obligations, and more. Singapore's forex market is home to numerous forex brokers of varying types and sizes, encompassing both traditional and online forex brokers. Driven by robust regulation and technological innovation, the Singapore forex market holds promising development prospects. With the acceleration of digitization and internationalization, the Singapore forex market is poised to remain a key center for forex trading in Asia and globally. In an attempt to help investors better understand the current forex brokers in Singapore, 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 Singapore to visit forex broker FTD as planned according to its regulatory address that 36 Purvis Street #02-06, Singapore (188613).

The investigators came to 36 Purvis Street in Bras Basah of Singapore for a visit to the brokers office, and located a commercial building on the renowned street. The 1st floor of the building was occupied by various retail stores, while the 2nd floor was occupied by the working area.

Upon arrival at the building for further investigation, the survey personnel spotted a directory on the 2nd floor, which, however, did not display the company name or logo of FTD. In the meantime, office 06 was occupied by “Credence Consulting Pte Ltd.”, which was found to have no relation to FTD after searching.

Through the on-site investigation, it is confirmed that FTD does not have a physical presence at the place.

Conclusion

The survey team went to Singapore to visit forex broker FTD as scheduled, but didnt find the company at its regulatory address. Accordingly, investors are advised to make a sensible decision following a comprehensive consideration.

Disclaimer

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