Reason for this visit

South Africa is an emerging market economy that implements a free floating exchange rate system, and exchange rate is susceptible to fluctuations due to external factors. The South African forex market was under strict regulation in the early stage of its establishment. However, with the gradual relaxation of forex control, the participants in the real economy can utilize forex characterized by high flexibility in a larger scope, and the linkage between domestic and foreign financial markets has become closer. In 2017, the total trading volume of forex derivatives on the Johannesburg Stock Exchange in South Africa hit 67.3 million lots, with a turnover of 900 billion South African rand. At present, the Johannesburg Stock Exchange offers a total of 25 forex futures and 15 forex options products.

In addition to conventional futures and options contracts, South Africa has also made many innovations in the design of forex derivatives, such as the development of futures contracts that track a basket of exchange rates, customized futures contracts with optional expiry dates, and dual currency forex futures and options contracts on cross currency pairs. Forex traders in South Africa are among the wealthiest people on the continent, and their rich lifestyle influences aspiring traders. Many people in the country are fascinated by the stories of successful people, which makes forex trading even more popular. In order to help investors or practitioners gain a more comprehensive understanding of forex brokers in South Africa, 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 South Africa to visit forex broker RMD as planned according to its regulatory address that 26b Cathedral Street, George.

A seasoned and professional field survey team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker RMD at 26b Cathedral Street in George, South Africa.

The investigators successfully located the target address based on the provided information. Upon arrival, they identified the site as a quiet residential street, starkly contrasting with the expected commercial office environment. No business complexes or office buildings were observed in the vicinity.

The target building, marked with the address “26B,” was a detached single-story structure resembling a residential property or small clinic—significantly inconsistent with a typical corporate office setting. No identifiers associated with “RMD”—including company signage, nameplates, or logos—were found on the exterior. The investigators conclusively determined that the designated space functioned as a “medical consultation area,” with a clearly defined purpose unrelated to financial services or trading activities.

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

Conclusion

The survey team went to South Africa to visit forex broker RMD as scheduled but did not find the company at its regulatory address. It indicates that the broker does not have a physical office at the location. Accordingly, investors are advised to make a judicious 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.