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 GRAND BLOOM FROEX as planned according to its regulatory address that Level 24, 56 Pitt Street, Sydney NSW 2000.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the broker GRAND BLOOM FROEX at 56 Pitt Street in Sydney, Australia.

Pitt Street is a well-known commercial district in Sydney, primarily surrounded by financial and business institutions. The overall street environment is moderate. The investigators first observed the building's exterior. The structure is a modern high-rise office tower with a clean appearance and clear glass curtain walls, fitting the typical characteristics of a business office setting.

The investigators attempted to enter the lobby but found that access required a keycard or prior authorization. Due to a lack of prearranged entry permission, they were unable to proceed inside. Notably, no signage or logos related to GRAND BLOOM FROEX were visible on the building's exterior. Subsequently, the team checked the lobby directory in the public area and found that the 24th floor was listed solely as the office space of CBRE, an international real estate services firm, with no mention of GRAND BLOOM FROEX.

After coordinating with building management, the investigators were granted access to the 24th floor for further verification. Upon arrival, it was confirmed that the entire floor belonged to CBRE, with no indications of GRAND BLOOM FROEX in the entrance, hallways, or common areas. When questioned, staff members responded that they had “never heard of the company operating here.” Additionally, the floor had no shared workspace facilities, ruling out the possibility of GRAND BLOOM FROEX occupying flexible desks.

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

Conclusion

The survey team went to Australia to visit broker GRAND BLOOM FROEX 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 purposes only, and shall not be taken as a final order for making a choice.