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, the Singapore 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 uSMART Group as planned according to its regulatory address that 3 Phillip St, #12-04, Royal Group Building, Singapore 048693.

The investigators came to 3 Phillip Street in Singapore for an on-site visit to the broker‘s office, and located the Royal Group Building, an outstanding 19-story commercial building, at the city’s CBD. Its proximity to the Raffles Place MRT Station makes the building readily accessible. Upon arrival at the flagship structure of Royal Group, the survey personnel easily spotted a giant LED screen outside the retail area, reflecting the modern and prosperous nature of the building. In the meantime, the stringent security measures left a deep impression. Photography is strictly prohibited in the reception area, which comprehensively protects the order and privacy within the building.

However, the on-site visit process was not entirely smooth. The absence of a directory within the building caused considerable confusion while searching for the specific location of uSMART Group. In desperation, the inspection team had to seek assistance from the reception desk to inquire if there was any information related to uSMART. The reception staff cooperated actively and provided a detailed list of tenants. After careful verification, it was confirmed that Unit 12-04 was rented by uSmart Securities (Singapore) Pte. Ltd. Although the survey personnel were unable to enter the 12th floor for on-site verification due to various reasons, the comprehensive information gathered earlier and the authoritative confirmation from the reception desk allow us to confirm that uSMART Group is indeed operating at this location.

Unfortunately, despite the failure to visit the 12th floor, the overall specifications of the building, the surrounding amenities, and the precise matching of tenant information all provide strong support for the authenticity of uSMART Group's office location.

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

Conclusion

The survey team went to Singapore to visit forex broker uSMART Group as scheduled, and found the companys name at its regulatory address. It denotes that the broker has a physical business office at the location. Meanwhile, 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.