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 NXG Markets as planned according to its regulatory address that L36, 1 Macquarie Pl, Sydney, NSW 2000.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the broker SIRIUS at 1 Macquarie Place in Sydney.

Upon arriving at 1 Macquarie Place, the field investigators first assessed the building's external environment. Located in Sydney's central district, surrounded by a moderately ordinary neighborhood, the target building is a modern high-rise office tower with clearly visible glass curtain wall construction.

When attempting to access the interior, investigators discovered an electronic access control system at the entrance requiring access card or authorized clearance for entry. Due to lack of direct contact channels with NXG Markets, temporary access credentials could not be obtained, resulting in failed entry to the lobby. Notably, no NXG Markets branding or identification elements were observed on the building exterior or entrance areas.

Through external observation and inquiries with security personnel, investigators confirmed that NXG Markets' name does not appear on public directory boards or floor guidance systems within the building. Although the broker claims its office is located on Level 36, the company information is absent from all public identification systems. Additionally, security staff stated they had no knowledge of this firm operating within the premises.

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

Conclusion

The survey team went to Australia to visit broker NXG 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.