Reason for this visit

 South Africa is an emerging market economy that implements a free floating exchange rate system, and exchange rate is susceptible to fluctuations due to external factors. The South African forex market was under strict regulation in the early stage of its establishment. However, with the gradual relaxation of forex control, the participants in the real economy can utilize forex characterized by high flexibility in a larger scope, and the linkage between domestic and foreign financial markets has become closer. In 2017, the total trading volume of forex derivatives on the Johannesburg Stock Exchange in South Africa hit 67.3 million lots, with a turnover of 900 billion South African rand. At present, the Johannesburg Stock Exchange offers a total of 25 forex futures and 15 forex options products.

 In addition to conventional futures and options contracts, South Africa has also made many innovations in the design of forex derivatives, such as the development of futures contracts that track a basket of exchange rates, customized futures contracts with optional expiry dates, and dual currency forex futures and options contracts on cross currency pairs. Forex traders in South Africa are among the wealthiest people on the continent, and their rich lifestyle influences aspiring traders. Many people in the country are fascinated by the stories of successful people, which makes forex trading even more popular. In order to help investors or practitioners gain a more comprehensive understanding of forex brokers in South Africa, 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 South Africa to visit forex broker SOOLIKE as planned according to its regulatory address that Atrium On 5th, 9th Floor, 5th Street, Sandton.

 A seasoned and professional field survey team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker SOOLIKE in Sandton, a prosperous satellite city in Johannesburg, South Africa.

 The target address is located at “ATRIUM ON 5TH” on 5th Street, Sandton. This area is a well-known bustling commercial district in Sandton, characterized by high-rise buildings, a concentration of financial institutions, busy streets, and an overall upscale modern atmosphere - consistent with typical location choices of large financial firms. On-site verification confirmed the existence of the address “ATRIUM ON 5TH, 9TH FLOOR, 5TH STREET, SANDTON.” No information related to the broker SOOLIKE was found on the building exterior.

 For more comprehensive understanding, investigators proceeded to enter the building. They successfully accessed the modern, well-maintained lobby, which featured standard commercial office configurations. In the public lobby area, investigators carefully examined the floor directory board for any listing of “SOOLIKE” company identification.  However, after thorough inspection, the company name was not found on the directory. Simultaneously, the survey team observed the lobby interior and entrance vicinity, finding no company signage or logo bearing the name “SOOLIKE.”

 Subsequently, the inspection team proceeded to the target floor - the 9th floor - for further verification. Upon reaching the 9th floor, they meticulously searched the common areas and corridors for any signage, doorplates or logos related to “SOOLIKE,” but found no evidence.  There were no indications suggesting the company maintained office space on this floor. While the investigators could access the floor and confirm its spatial layout, they failed to identify any dedicated office area belonging to SOOLIKE. Other companies were present on the floor, but the target company was not among them.

 Through the on-site investigation, it is confirmed that the broker does not maintain a physical presence in the building.

 Conclusion

 The survey team went to South Africa to visit forex broker SOOLIKE as scheduled but did not find the company at its regulatory address. It indicates that the broker does not have a physical office at the location. Accordingly, investors are advised to make a judicious decision following much deliberation.

 Disclaimer

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