Reason for this visit

According to the Reuters, the United Kingdom has expanded its leading position in the field of global FX trading in the years since it voted to leave the European Union. In addition, the British retail foreign exchange market is regulated by the Financial Conduct Authority (FCA), one of the world's three most stringent regulatory bodies. Many FX brokers take obtaining FCA regulation for pride in the hope of entering the country to develop business in local market. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in the UK, WikiFX survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to London in the UK to visit forex broker ICM (full name: ICM Capetal Limited) as planned according to its regulatory address that New Broad Street House, 35 New Broad Street, London, EC2M 1NH, United Kingdom.

The investigators came to New Broad Street House at 35 New Broad Street in Central London on August 24, 2023. The independent building is a co-working space situated near a railway station, boasting convenient transportation.

There‘s no reception area and directory in the building, as well as the information regarding broker ICM. And people aren’t allowed to enter the building without an access card or password. Without the contact information of the company, the survey personnel failed to communicate with their staff.

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

Conclusion

WikiFX survey team went to London in the UK to visit forex broker ICM as scheduled, and didnt spot the company at its regulatory address. This suggests that the broker just registered at the location 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.