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 forex broker GW as planned according to its regulatory address that Unit 1201, 12/F, Solo building, 41-43 Carnarvon Road.

The seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the broker GW in Solo building in Tsim Sha Tsui, Hong Kong.

On July 8, 2025, the investigators successfully arrived at 41-43 Carnarvon Road in Tsim Sha Tsui - Hong Kongs bustling central business district. As a prime commercial location, the area demonstrates high pedestrian traffic and concentrated retail/F&B presence along the street. The Solo Building stands clearly visible across the street, its exterior and street number perfectly matching the registered information.

Upon entering the Solo Building‘s lobby - a clean, standard commercial office space – the investigators immediately consulted the building directory to locate “GW” or related entities. However, thorough examination revealed no listing for the company on the 12th floor or any other level - constituting the first major discrepancy as the target company was absent from the building’s official identification system. They additionally scanned the premises for any corporate signage or logos, again with negative results.

Proceeding to the registered 12th floor address via elevator, the survey team encountered an unexpected scene: the entire floor primarily housed nail salons and beauty service providers - an environment completely incongruent with financial precious metals trading, from overall ambiance to interior design. Tracking down unit 1201 specifically, the team found its entrance securely locked. Visual inspection through door/window gaps revealed completely vacant interiors - devoid of office furnishings, equipment, or any human activity - presenting clear evidence of either non-occupancy or inactive status, dramatically inconsistent with the expected appearance of an operational financial firm.

To eliminate even the slightest possibility of oversight or information discrepancy, the investigators made further inquiries on the 12th floor. They approached staff at a nearby nail salon for verification, who unequivocally confirmed they had never heard of or encountered any company named “GW” operating on that floor. The staff additionally stated that Unit 1201 had been vacant for some time.

Through the on-site investigation, it is confirmed that the broker does not maintain a physical presence at the above address.

Conclusion

The survey team went to Hong Kong, China to visit forex broker GW as scheduled but did not find the company at its regulatory address. It indicates that the broker does not have a physical office at the place. Accordingly, investors are advised to make a well-considered decision following much deliberation.

Disclaimer

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