Purpose

The Singapore foreign exchange market is an emerging market that developed in the 1970s. With the continuous rise of Singapore's status as a financial center, its forex market has rapidly become one of Asia's important trading hubs, thanks to its efficient financial regulatory system, advanced trading technology, and diversified financial products. To help investors or practitioners gain a more comprehensive understanding of forex brokers in the region, an on-site inspection team conducted field visits in Singapore.

Process

The on-site inspection team visited the forex broker OFX in Singapore as planned. According to public information, its office address is OUE Downtown Gallery 6A Shenton Way #4-01 to #4-09 Singapore.

A professional and experienced on-site inspection team, driven by a sense of mission to rigorously safeguard investors' interests, meticulously planned and traveled to Singapore. Based on the aforementioned information, they conducted an on-site visit to the dealer OFX.

The on-site inspector proceeded to OUE Downtown Gallery based on the address information to conduct a physical verification of the trader OFX reportedly located at 6A Shenton Way #4-01 to #4-09 Singapore.

The inspection personnel successfully arrived at OUE Downtown Gallery, which is located in Singapore's bustling commercial district with a lively and prosperous surrounding environment and a strong business atmosphere. However, no company logo or related information of OFX was found on the exterior of the building.

The surveyor entered the building lobby and explained their purpose to the security personnel. After a brief communication, they obtained permission to enter the building.

Upon arriving at the target floor (4th floor), the field investigator found that the area was a shared office space with no clear signage or security measures for OFX. Due to lack of prior appointment and the shared office's management regulations, the investigator was unable to enter the premises or photograph the reception area and its logo.

Through the glass door, the on-site inspector could only see the common area of the shared office. Due to the inability to enter the company's interior, they were unable to observe the internal office environment as claimed by OFX. The overall situation does not align with its proclaimed positioning as an independent forex trading firm.

Therefore, after on-site verification, it is confirmed that the dealer OFX does not exist at the above address.

Conclusion

The on-site inspection team visited the forex broker OFX in Singapore as planned. However, no information such as the company name of the broker was found at the publicly displayed business address, indicating that the broker does not have a genuine operational location. Investors are advised to make their choices after comprehensive consideration.

Disclaimer

The above content and opinions are for reference only and should not be considered as the final basis for decision-making.