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 Mt.Cook as planned according to its regulatory address that 25 Dock Road Junction, Corner Stanley & D, V&A Waterfront, Cape Town 8001.

A seasoned and professional field survey team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker Mt.Cook at 25 Dock Road in V&A Waterfront, Cape Town.

The target address is located in the renowned V&A Waterfront area of Cape Town, a bustling urban core commercial district with dense pedestrian traffic and vibrant business activity, offering a prosperous environment. The corresponding building is a modern commercial property, prominently positioned and easy to locate. However, no information related to the broker Mt.Cook was found on the exterior of the building.

Subsequently, the investigators proceeded inside the building for further investigation. Upon entering the lobby, their primary task was to check the public directory or signage displaying company names and floor information. However, after a thorough examination, it was confirmed that there was no mention of “Mt.Cook” on the lobby directory.

The survey team then extended their search to other public areas within the building (such as corridors and elevator lobbies), but no signage or logos indicating Mt.Cooks name were found. Despite the lack of directory guidance, the team still attempted to verify the target floor based on possible leads. However, on each floor or unit area, they were unable to locate any office doorplates or reception desks labeled with “Mt.Cook.”

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

Conclusion

The survey team went to South Africa to visit forex broker Mt.Cook 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.