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 LYKOS as planned according to its regulatory address that Room 2203, 22/F, 299QRC, 287-299 Queens Road Central, Hong Kong.

The seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the broker LYKOS in 299QRC at 287-299 Queens Road Central, Sheung Wan.

The investigators successfully arrived at the core area of Sheung Wan, Hong Kong, with a clear objective: to verify the registered address of LYKOS at Unit 2203, 22/F, 299QRC, 287-299 Queen‘s Road Central. 299QRC is situated in the bustling Central district, surrounded by a strong commercial atmosphere, though the overall environment is ordinary. The building’s exterior is typical of a small to mid-sized commercial property.

Upon arrival, the investigators attempted to enter the building and first checked the directory in the lobby. However, there was no signage, floor directory, or any indication of the name, LYKOS, in the main hall. A visual scan of the buildings exterior and visible interior areas also revealed no company logos, branding, or identifiers related to the company.

To gain a more comprehensive understanding of the situation, the inspection team proceeded to the specified floor—the 22nd floor, as per the registered address. However, the search for Unit 2203 uncovered a critical issue: after repeated verification, no office unit labeled “2203” could be found on the 22nd floor, nor was there any signage or indication of LYKOS‘s presence. The floor appeared unusually quiet and sparsely populated, contrasting sharply with the typical hustle and bustle of Central’s business district. The claimed “Unit 2203” for LYKOS simply did not exist.

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 LYKOS 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.