Reason for this visit

Australia boasts a profound trading culture and a world-recognized regulatory environment. Currency markets are very popular in the country. Australian top currency brokers reportedly have more daily trading volume than cash trades in Australian stocks. The participants in Australian forex market include banks, forex brokers, investment companies, individual investors, etc. As a forex market regulator, the Australian Securities and Investments Commission (ASIC) supervises the behaviors of all participants and the operation of markets such as financial service, securities, futures, forex, and others. The ASIC is committed to protecting investors rights and interests and help them avoid market risks by using more stringent regulatory systems. With the further development of financial market and economy in Australia, the local forex market will continue to grow. In an attempt to help investors or practitioners gain a more comprehensive understanding of forex brokers in Australia, 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 Australia to visit broker ITGFX as planned according to its regulatory address that Plaza Building Australia Square Level, 4, 87-95 Pitt Street, Sydney, NSW 2000.

The investigators came to 87-95 Pitt Street in Sydney, Australia for an on-site visit to the brokers office. Australia Square Plaza Building, a typical commercial structure, is located in the heart of the bustling central business center of the city. Meanwhile, it enjoys a prime location with excellent accessibility and vibrant commercial atmosphere.

Upon arriving at building for further investigation, the survey personnel observed that the lobby directory did not list the company name of ITGFX. However, a lack of the brokers information in the well-equipped and immaculate lobby raised suspicions about their presence in the building. With the permission from the property management department, the survey team went to the 4th floor to gather more details.

The inspection team did not discover any information about ITGFX on the directory or in the corridor of the 4th floor. There were several companies located on the floor, without any signs of the broker. With all offices occupied, no logo of ITGFX or its co-working space was found on the floor, which further ruled out the possibility of its presence in the building.

To thoroughly verify, the inspection team attempted to access various office areas on the 4th floor to observe the environment. While some companies allowed external visitors into the lobby, the offices within the target area were not accessible, and their interior decor did not match the office conditions claimed by ITGFX. Notably, the inspection team found that the 4th floor's office environment was uniformly designed as standard business premises, with no signs of a co-working space. However, no evidence—whether from external signage, floor directories, or actual internal usage—indicated that ITGFX operated at this location.

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

Conclusion

The survey team went to Australia to visit broker ITGFX as scheduled, but did not find the company at its regulatory address. It denotes that the broker does not have a physical business office at the place. Accordingly, investors are advised to make an informed decision following much deliberation.

Disclaimer

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