Reasons for Field Survey

The Belarusian foreign exchange market is a vital component of Eastern Europe's financial landscape. Leveraging its solid industrial foundation in machinery manufacturing and chemicals, as well as its close economic and trade ties with neighboring countries, the country's foreign exchange trading business has steadily grown, attracting both international traders and local institutions. To help investors gain a thorough understanding of the true operational status of local forex brokers, a field research team conducted a special visit to Belarus.

Field Survey Process

As planned, the field research team traveled to Minsk to visit the broker ForexBY. Public information shows that its office address is Общество с ограниченной ответственностью «ЭМФИ» (ООО «ЭМФИ»), Республика Беларусь, г. Минск, ул. Притыцкого, д. 27A, пом. 6-11. УНП 192530878 (27A, Priditsky Street, Unit 6-11, Minsk, Belarus, Unified Taxpayer Number 192530878). 

A professional and experienced inspection team, driven by a commitment to rigorously verifying the integrity of investors, traveled to Minsk according to a carefully crafted plan. They conducted an on-site inspection of the broker ForexBY based on the aforementioned address.

Based on the address, the inspectors traveled to the Ul. Pritsky Street area of Minsk, searching for the broker ForexBY. The inspectors confirmed the location was within the city limits and successfully reached the target building. The surrounding streets were ordinary, with no obvious commercial clusters. The inspectors successfully captured a panoramic view of the building. However, a careful inspection of the exterior revealed no ForexBY logos.

The inspectors were able to enter the company lobby and conducted a thorough inspection of the lobby signage (both electronic and physical). They did not see the ForexBY company name anywhere, nor did they find any information related to the affiliated entity “”ООО «ЭМФИ» (EMFI LLC).“” 

The inspection team attempted to reach the floor claimed to be units 6-11, but due to lack of specific floor directions and lack of staff to assist in verification, they were unable to reach the specific floor and confirm the office location. Subsequent attempts to communicate with the building management were still unsuccessful in obtaining ForexBY's occupancy information, ultimately preventing entry. Upon verification, the address was not a shared office. However, since no trace of the company could be found, no photo could be taken of the reception desk with its logo. The alleged “”internal office environment“” was not a physical office space, rather than a “”restricted access.“” Furthermore, information such as the number of rooms and workstations could not be verified.

Thus, the inspection confirmed that the brokerage ForexBY did not exist at the claimed address, and the address information did not match the inspection form.

Field Survey Summary

The surveyors visited the ForexBY as planned. They could not find the broker's company name and other information at its publicly displayed business place, indicating that the broker does not have a real business location. Investors are advised to consider this information comprehensively before making decisions.

Field Survey Disclaimer

The above content and opinions are for reference only and should not serve as a basis for any final decision.