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 Mckay Global Markets as planned according to its regulatory address that Suite 608, Level 6, 97-99 Bathurst Street, Sydney, NSW, 2000, Australia.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the broker Mckay Global Markets at 97-99 Bathurst Street in Sydney. Located in a secondary business district of Sydney, the target building is a mid-sized office structure with a well-kept façade.

The investigators entered the building and found a directory board in the lobby. Upon careful inspection, the directory listed Unit 608 on the 6th floor as “IS Group Head Office,” with no reference whatsoever to “McKay Global Markets.” Furthermore, no signage or promotional materials related to the target company were found in the lobby area.

The investigators took the elevator to the 6th floor in an attempt to access Unit 608 for further verification. However, the floor's access corridor was secured by a card-entry system, preventing direct entry to the office area. After multiple attempts to negotiate access, the building management staff refused entry on grounds of “unauthorized personnel not being permitted.” Forced to remain in public areas, the team observed that neither the hallway nor the entrance displayed any signage related to McKay Global Markets. Only some walls featured “IS Group” logos, which further raised suspicions about the target company's legitimacy.

Despite being unable to enter the premises, investigators managed to peer through the door gap into Unit 608. The visible office area appeared simply decorated, lacking any distinctive branding elements such as company logos or mission statement displays. The limited number of workstations and the office layout made it impossible to assess the company's actual operational scale.

To compensate for the access limitations, the inspection team conducted brief interviews with other tenants and building management staff. An anonymous tenant revealed that the 6th floor had long been occupied by “IS Group” and its affiliated companies, with no knowledge of “McKay Global Markets” operating there. Property management personnel confirmed there were no lease records for the trading company in the building's registry, nor had they received any recent tenancy applications.

Additionally, the team checked co-working space registration systems, which confirmed the address was not listed as a flexible office location, thereby eliminating the possibility of the target company operating under such an arrangement.

Through the on-site investigation, it is confirmed that Mckay Global Markets does not have a physical presence at the location.

Conclusion

The survey team went to Australia to visit broker Mckay Global Markets 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.