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 Synergy Markets as planned according to its regulatory address that FL 65 SE 6503, 19 Martine PL, Sydney, NSW 2000.

The target location is situated in the central business district of Sydney, Australia. Upon arrival, the investigator conducted an external assessment of the building at 19 Martine Place. The modern high-rise office tower is located in a prime central area with convenient transportation and dense commercial amenities. No signage or dedicated logo for “Synergy Markets” was found on the building's exterior.

The investigator then entered the lobby, which was clean and tidy, but the directory displayed no listing for “Synergy Markets.” Only “Holding Redlich” was indicated as occupying the 65th floor. According to the broker's claim, their office was purportedly located in Suite SE 6503 on the same floor. Upon reaching the 65th floor via elevator, the investigator found the entire level occupied exclusively by “Holding Redlich” law firm. No signage or directional markers for “Synergy Markets” were present in the corridors or common areas. Although some company logos were displayed on the floor, none were associated with the broker. Attempts to enter the office space for further verification were denied, with confirmation that “Synergy Markets” was neither registered nor operating there, and external access was restricted.

Notably, the addresses “19 Martine Place” and “25 Martine Place” actually refer to the same building. However, no information related to Synergy Markets could be found in either external or internal directories. Additionally, the building management confirmed that “Holding Redlich” is the sole long-term tenant on the 65th floor, with no records of other companies registered at the 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 Synergy Markets 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.