Reason for this visit

The German forex market has a wide range of participants, including both domestic resident subjects and foreign non-resident institutions. By category, it mainly includes domestic and foreign commercial banks, foreign exchange brokers, non-bank institutions and central banks. Among them, multinational corporations and non-bank financial institutions generally involve huge amounts of transactions. Small and medium-sized enterprises are involved in forex trading out of the need to pay for goods and services, but their forex buying and selling orders are smaller compared to banks and large speculators. In addition, retail investors and small speculators are the smallest component of the forex market, who tend to participate in the market indirectly through banks and brokerage firms. In order to maintain the stability of the financial system and the value of euro, the European Central Bank and the central banks of its member states participate in market transactions as ordinary market participants. If necessary, they would guide and regulate the forex exchange market. In the German forex market, the central banks involved in regulation mainly include the European Central Bank and the German Central Bank. As one of the founding members of the EU, Germany's financial supervision has always been more stringent, and so is the regulation of foreign exchange. The Federal Financial Supervisory Authority, or BaFin for short, is an independent federal agency in Germany. Headquartered in Bonn and Frankfurt, BaFin is supervised by the German Federal Ministry of Finance. To help investors or practitioners have a more comprehensive understanding of the forex dealer in Germany, the survey team went to the country for field visits.

On-site visit

This time the survey team visited the dealer SELINUS in Frankfurt as planned, with the specific address at Neue Mainzer Straße 52 - 58 60311 Frankfurt am Main Deutschland.   

According to the above address, the surveyors arrived at the destination of this survey. The office of the dealer SELINUS was located near the Frankfurt train station, which took about 10 minutes on foot. Meanwhile, the office was located in the heart of the banking district, near all Grade A office buildings and the metro station Willy Brandt Platz. In general, it was a professional office building fully equipped with all facilities. 

The surveyors did not find the name of SELINUS on the directory at the entrance of the building. When the surveyors were about to enter the building, the receptionist informed them that visitors were not allowed to go upstairs due to the local epidemic. However, he said that all the companies were listed on the directory in the lobby and that the surveyors could check for themselves.

Looking round the lobby, the surveyors failed to find the name of SELINUS or any other information. In addition, the security personnel refused to allow the surveyors to go upstairs, so they were not able to conduct further inspection. In the end, it was confirmed that the dealer did not exist in the building.

Conclusion

The survey team went to Germany, to visit the the dealer SELINUS and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.

Disclaimer

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