Reason for this visit

Seychelles boasts a relatively small scale forex market, with the primary currency rate - US dollar to Seychelles Rupee. In the developing forex market of Seychelles, there are a certain number of brokers providing the local and offshore customers with forex trading and remittance services. In terms of forex regulation, the Central Bank of Seychelles is the prime regulator, requesting the brokers to report the great amount of transaction in line with the international anti-money laundering regulations and standards. Recent years witness an ever-increasing trading volume in forex market of Seychelles, as the tourism and offshore financial industry gain steam. With the development of economy and financial industry and improvement of related regulation, a growing number of global brokers pay attention to the market with potential growth in Seychelles. In an attempt to help investors better understand the current forex brokers in Seychelles, 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 Seychelles to visit forex broker SmartTool (licensee: Smarttool Trading SC Limited) as planned according to its regulatory address that Suite 4F, Block A, Global Village, Jivans Complex, Mont Fleuri, Mahe, Seychelles.

On October 27, 2023, the investigators came to Jivan‘s Complex in Mont Fleuri located in Mahé, the largest island of Seychelles for a visit to the broker’s office. The old commercial building is located in close proximity to numerous pharmaceutical/health centers.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in Block A, which displayed that “SmartTool Trading SC Limited” is situated in suite 4F of Block A. Additionally, there was no security guard in the building.

And then the team reached suite 4F in block A, and discovered that people werent allowed to enter without verification by the fingerprint access control system at the entrance. It was unable to know the specific office size of SmartTool due to the failure to take pictures inside.

Through the on-site investigation, its confirmed that the broker has a physical presence at the place.

Conclusion

The survey team went to Seychelles to visit forex broker SmartTool as scheduled, and found the name of the company at its regulatory address. This suggests that the broker has a physical business office at the location. Unfortunately, it is impossible to determine the actual company size of the broker for the failure to take photos internally. Therefore, investors are advised to make a sensible decision following a comprehensible consideration.

Disclaimer

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