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, appealing to 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 SVSFX as planned according to its regulatory address that 4th Floor Princes Court 7 Princes Street London EC2R 8AQ United Kingdom.

On December 15, 2023, the investigators came to 7 Princes Street in London, the UK for a visit to the broker‘s office, and located a building at the most bustling street in the city. As one of world’s most beautiful streets, Princes Street featuring prosperous business is home to various modern stores, appealing to a steady traffic of people. On the south side is a lush green space, and at the eastern end is Prince Street Gardens.

Upon arrival at the building for further investigation, the survey personnel observed that it was closed provisionally as a result of being under maintenance and in the process of expansion. For the security reasons, only construction workers were permitted to enter the construction area. Thus, the inspection team failed to go into the building. However, according to the directory at the entrance, there wasnt any information pertinent to SVSFX.

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 SVSFX 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. Therefore, 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.