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 Propex24 as planned according to its regulatory address that Level 24, 66 Goulburn 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 Propex24.

According to the provided information, Propex24's registered address is located in Sydney CBD's high-rise office precinct. The inspection team pre-planned the route and confirmed the target location to be in a high-density commercial area with excellent transport accessibility. The team successfully arrived at 66 Goulburn Street, a modern high-rise office building with a clean façade. However, no signage or advertisements related to Propex24 were visible on the exterior, nor was the company name displayed, making direct association impossible.

The team proceeded to inspect the buildings interior. While a tenant directory was present in the lobby, it contained no listing for the 24th floor. Subsequent attempts to obtain tenant information for the 24th floor through the property management were unsuccessful, as staff cited privacy policies when declining to provide details.

Undeterred, the inspection team attempted direct access to the 24th floor for verification. On-site observations revealed no dedicated company signage at the floor entrance, nor were there any directional indicators for Propex24 in the corridor areas.

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

Conclusion

The survey team went to Australia to visit broker Propex24 as scheduled but did not find the company at its regulatory address. It denotes that the broker does not have a physical 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.