Reason for this visit

Seychelles boasts a relatively small scale forex market, with the primary currency rate - US dollar to Seychelles Rupee. In the developing forex market of Seychelles, there are a certain number of brokers providing the local and offshore customers with forex trading and remittance services. In terms of forex regulation, the Central Bank of Seychelles is the prime regulator, requesting the brokers to report the great amount of transaction in line with the international anti-money laundering regulations and standards. Recent years witness an ever-increasing trading volume in forex market of Seychelles, as the tourism and offshore financial industry gain steam. With the development of economy and financial industry and improvement of related regulation, a growing number of global brokers pay attention to the market with potential growth in Seychelles. In an attempt to help investors better understand the current forex brokers in Seychelles, 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 Seychelles to visit forex broker XS as planned according to its regulatory address that Office No.13, Third Floor, Ebrahim Building, Victoria, Mahe, Seychelles.

On October 27, 2023, the investigators came to Ebrahim Building in Central Victoria, the capital city of Seychelles, in the country‘s largest island Mahe for a visit to the broker’s office. The traditional commercial building is located beside a bustling street with steady stream of traffic, with its outdoor directory not displaying the company name of XS.

On the heels of accessing the 3rd floor of the building for further investigation, the survey personnel saw that there was no company name or logo on the door of all offices, and then located office 13, which was closed without XS company name or logo. Through the glass window, it could be seen that the room was vacant.

Through an on-site investigation, it is confirmed that the company doesnt have a physical presence at the place.

Conclusion

The survey team went to Seychelles to visit forex broker XS as scheduled, but didn‘t find the company at its regulatory address. This suggests that the broker doesn’t have a physical business office at the location. Therefore, investors are advised to make a sensible decision following an overall consideration.

Disclaimer

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