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 SAXO as planned according to its regulatory address that 19th Floor, Shanghai Commercial Bank Tower, 12 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 SAXO in Shanghai Commercial Bank Tower at 12 Queens Road Central, Central.

The core objective of this on-site inspection is to confirm whether SAXO is actually operating on the 19th floor of the Shanghai Commercial Bank Tower at 12 Queen‘s Road Central, Central, Hong Kong. Following the provided address, the investigators successfully arrived at the target location—Central, Hong Kong—and located the Shanghai Commercial Bank Tower at 12 Queen’s Road Central. The building‘s exterior is grand and imposing, fitting the image of a premium office tower in Hong Kong’s core business district.

To ensure a thorough inspection, the team entered the buildings lobby. Upon arrival, the first step was to check the company directory in the lobby. However, after a careful review, they found no listing for “SAXO” on the directory.

To gather more information, the team proceeded to consult the front desk staff, with the purpose to locate SAXO on the 19th floor. After checking their system or based on their knowledge, the front desk staff confirmed that there is currently no company named “SAXO” operating or registered on the 19th floor.

The inspection team attempted to verify further by requesting permission to visit the 19th floor in person to take photos and confirm the situation. However, the front desk staff denied the request and reiterated that no such company exists on that floor.

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 SAXO 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.