Reason for this visit

The UK foreign exchange market is one of the largest foreign exchange markets globally and the largest in Europe. The regulatory oversight of the UK foreign exchange market is primarily handled by the Financial Conduct Authority (FCA) of the United Kingdom. The FCA is responsible for regulating financial services companies and financial markets, ensuring fairness, transparency, and stability in the market. It is widely recognized as a highly reputable regulatory authority worldwide. Despite the impact of Brexit on the economy, the outlook for the UK foreign exchange market remains optimistic. With the strict regulation of the financial market by the FCA, the UK is one of the largest forex trading centers globally, appealing to more investors and institutions to participate in the UK forex market and promoting market activities and development. Many forex brokers take pride in obtaining FCAs regulatory license in the hope of entering the country to expand their market presence. In an attempt to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in the UK, 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 London in the UK to visit forex broker LCG as planned according to its regulatory address that 3rd Floor 80 Cheapside London EC2V 6EE United Kingdom.

On December 15, 2023, the investigators came to 80 Cheapside in London, the UK for a visit to the brokers office, and located a building at the bustling street in a developed commercial district.

Upon arrival at the building for further investigation, the survey personnel managed to know that it wasn‘t open to the public without a reception area. Thus, people weren’t allowed to enter without an appointment. And there was a directory in the lobby, which didnt display any information pertinent to LCG.

Through the on-site investigation, it is confirmed that the broker doesnt have a physical presence at the place.

Conclusion

The survey team went to London in the UK to visit forex broker LCG as scheduled, but didnt find the company at its regulatory address. This indicates that the broker may just register with the address without a physical business office. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.