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 has 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.

On-site visit

In this issue, WikiFX investigation team went to London, UK to visit the foreign exchange broker HFM as planned according to the regulatory address that Bloomsbury Building, 10 Bloomsbury Way, Holborn, London, WC1A 2SL, United Kingdom.

The survey personnel came to the destination in a busy business area in London, on February 27. And the Bloomsbury Building is located between Holborn and Tottenham Court Road stations - a corner building on Bloomsbury Way, with good access to transport, about 4-minute walking distance to Holborn Station.

After entering the building, the investigators saw company directory, reception desk, and security guards in the lobby. But people weren‘t allowed to pay a special visit to any company upstairs without a reservation in advance and registration. Through checking the information from the company directory and communicating with the receptionist working here, it is confirmed that HFM doesn’t have a physical presence here.

Conclusion

The survey personnel went to London, UK to visit the forex broker HFM as planned, but didn‘t find the company’s office at its regulatory address, which suggests that the company doesnt have a physical business office here. Therefore, investors are advised to choose the broker carefully.

Disclaimer

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