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 R24 CAPITAL as planned according to its regulatory address that Flat A222, 3/F, Phase 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hung Hom, Kowloon, Hong Kong.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the forex broker R24 CAPITAL at 2G Hok Yuen Street in Hung Hom, Hong Kong.

The target location is situated in Hung Hom's industrial-commercial district, a bustling area of Hong Kong. The surrounding area features diverse business formats, including retail shops, dining establishments, residential buildings, and educational institutions, with high pedestrian traffic and a vibrant commercial atmosphere. The Hang Fung Industrial Building is a typical industrial-commercial structure in the area, with no prominent company signage on its exterior, but the overall maintenance condition is satisfactory. To gain a more comprehensive understanding, the inspection team proceeded to enter the building for further investigation.

The inspectors successfully accessed the lobby and first checked the building directory, which listed “LIM YING YING LTD” on the 3rd floor—a name inconsistent with the target company. Upon arriving at the 3rd floor, no signage or directional indicators for “R24 CAPITAL” were found in the common areas, corridors, or elevator lobbies.

According to available information, the target office was located in Unit A222. Upon arrival, the inspectors discovered that the address was actually a co-working space shared by multiple small businesses. No company nameplate or logo for “R24 CAPITAL” was displayed outside Unit A222, and the co-working spaces reception staff confirmed no registration records for the said company. Further attempts to enter the premises were unsuccessful due to access restrictions, limiting observations to the external office environment.

Through the on-site investigation, it is confirmed that R24 CAPITAL does not maintain a physical presence at the above address.

Conclusion

The survey team went to Hong Kong, China to visit forex broker R24 CAPITAL 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 judicious decision following much deliberation.

Disclaimer

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