Reason for this visit

The international foreign exchange market in Hong Kong has been developing since the 1970s. Due to the removal of foreign exchange control in Hong Kong in 1973, there has been a large inflow of international capital, and an increasing number of financial institutions operating foreign exchange business have mushroomed. The foreign exchange market has become more and more active, developing into an international foreign exchange market. The Hong Kong foreign exchange market is an invisible market with no fixed trading venue. Traders conduct foreign exchange transactions through various modern communication facilities and computer networks. Hong Kong's geographical location and time zone conditions are similar to those of Singapore, making it very convenient to trade with other international foreign exchange markets. Participants in the Hong Kong foreign exchange market are mainly commercial banks and financial companies. There are three types of foreign exchange brokers in this market: local brokers, whose business is limited to Hong Kong; international brokers, who expanded their business to the Hong Kong foreign exchange market after the 1970s; international brokers that developed in Hong Kong, whose business has expanded to foreign exchange markets abroad. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in Hong Kong, WikiFX survey team is going to pay on-site visits to the local companies.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange broker HF (licensee: HF Securities and Futures Limited) as planned according to its registered regulatory address that Unit 1502, 15/F, Low Block, Grand Millennium Plaza, 181 Queens Road Central, Hong Kong.

The survey personnel came to the destination in a developed commercial area of Sheung Wan on July 22, 2023, where a Grade A commercial tower is situated at the junction of Queen‘s Road Central and Wing Lok Street, not far from another Grade A building Cosco Tower. And the location can be accessible easily via MTR and various other public transportations, within 2 minutes’ walk of Exit E2 of Sheung Wan Station. Addiction to pools and gardens, there are also plenty of shops, restaurants, banks, and department stores in a clean and tidy surrounding environment, attracting huge crowds of people.

After entering the building, the investigators found from company directory in the lobby that there was no related information about unit 1502 and company HF. Meanwhile, people werent allowed to access the working area upstairs without registration.

Through an on-site investigation, it is confirmed that the company doesnt have a physical presence at the location.

Conclusion

The investigators went to Hong Kong to visit forex broker HF as scheduled, but didn‘t find the company’s name at its regulatory address. It indicates that the broker doesnt have a physical business office at the place. Therefore, investors are advised to make a sensible choice based on a comprehensive consideration.

Disclaimer

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