Reason for this visit

The Bahamas is one of the wealthiest countries in the Caribbean, with a per capita GDP second only to the United States and Canada among the 156 countries in the Western Hemisphere. As a former British colony, the Bahamas has a stable parliamentary democracy and is governed based on British law. In the forex market, the Bahamas has a clean reputation, distinguishing itself from notorious tax havens. The Bahamian government adheres to global anti-money laundering guidelines and common reporting standards set by the OECD. Its companies are recognized by financial institutions in the United States, the United Kingdom, and Europe.

From a regulatory perspective, the primary forex regulatory body in the Bahamas is the Securities Commission of the Bahamas (SCB). It is responsible for licensing and supervising financial services activities in the Bahamas, providing a regulatory framework for all financial companies. This includes rule-making, investigative practices, enforcement powers, and ensuring compliance with statutory conditions. As a popular offshore regulatory authority, the SCB is highly regarded and sought after, thanks to the countrys robust legal framework and developed financial services industry. Currently, the SCB has not introduced leverage restrictions, attracting more brokers that plan to expand global business. In an attempt to help investors and industry practitioners better understand Bahamian forex brokers, WikiFX survey team is determined to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Bahamas to visit forex broker ActivTrades as planned according to its regulatory address that 209/210 Church Street, Sandyport Plaza, Nassau, Bahamas (2/F).

On March 12, 2024, the investigators came to 209/210 Church Street in Nassau, the capital of Bahamas, and located Sandyport Plaza at the corner of West Bay Street and Church Street. The building complex boasts a fabulous location.

Upon arrival at the building for further investigation, the survey personnel didnt spot any directory or mailbox which could display the relevant information regarding ActivTrades. Without the specific suite number at the address of the company, the inspection team searched the entire 2nd floor and discovered the company name of ActivTrades at an office.

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

Conclusion

The survey team went to Bahamas to visit forex broker ActivTrades as scheduled, and found the company‘s name at its regulatory address. This signifies that the broker has a physical business office at the location. Unfortunately, it’s unable to know the office size as the team failed to pay an internal visit to its office. Accordingly, investors are advised to make a sensible decision following much deliberation.

Disclaimer

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