Reason for this visit

The international forex market in Hong Kong has been developing since the 1970s. Due to the removal of forex control in Hong Kong since 1973, there has been a large inflow of international capital, and an increasing number of financial institutions operating forex business have mushroomed. The forex market has become more and more active, developing into an international forex market. Hong Kong forex market is an invisible market without a fixed trading venue. Traders conduct forex transactions through various modern communication facilities and computer networks. Hong Kongs geographical location and time zone conditions are similar to those of Singapore, making it very convenient to trade with other international forex markets. Participants in Hong Kong forex market are mainly commercial banks and financial companies. There are three types of forex brokers in this market: local brokers, whose business is limited to Hong Kong; international brokers who have expanded their business to the Hong Kong forex market since the 1970s; international brokers that grow locally and has expanded their business to forex markets abroad. In an attempt to help investors or practitioners gain a more comprehensive understanding of current status of forex brokers in Hong Kong, WikiFX survey team determines to pay on-site visits to local companies.

On-site visit

In this issue, the survey team went to Hong Kong, China to visit broker Bost Forex as planned according to its purported regulatory address that 6/F, Manulife Place, 348 Kwun Tong Road, Kl, Hong Kong.

The investigators came to 348 Kwun Tong Road in Kwun Tong of Kowloon for an on-site visit to the brokers office, and located the Manulife Place, a Grade A office building, in a business district. Its proximity to several bus stops and MTR stations make the building easily accessible. Additionally, a variety of amenities, such as shopping malls, restaurants, banks, and department stores, are located nearby, attracting a constant stream of visitors due to its prosperity of the area.

Upon arrival at the commercial building for further investigation, the survey personnel spotted a directory in the lobby indicating that the 6th floor was occupied by TRICOR instead of Bost Forex.

The inspection team then took the elevator to the 6th floor and only discovered the logo of TRICOR on the glass door of the office. According to the security officer in the lobby, Bost Forex was not operating in the building.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Hong Kong, China to visit broker Bost Forex as scheduled, but did not find the company at the aforementioned regulatory address. It denotes that the broker does not have a physical business office at the place. Accordingly, investors are advised to make an informed decision following a comprehensive consideration.

Disclaimer

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