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 WZG as planned according to its regulatory address that Unit 2601-02, 26/F, Tower 2, Nina Tower, 8 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the broker WZG at 8 Yeung Uk Road in Tsuen Wan, New Territories.

The investigators conducted a field verification at Nina Tower, located at 8 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong, based on predetermined information. The objective was clear: to confirm whether WZG genuinely exists and operates at Unit 2601-02, 26/F, Tower 2 of Nina Tower.

The Tsuen Wan Yeung Uk Road area is a well-known commercial and industrial hub in Hong Kong, with Nina Tower standing as a prominent landmark within this bustling district. The surrounding environment is highly vibrant, featuring dense pedestrian traffic and a diverse mix of businesses, including retail, dining, residential, and educational facilities, creating a strong commercial atmosphere.

The inspection team smoothly entered the lobby area of Tower 2 in Nina Tower without encountering any obstacles. Upon entering the building, the first step was to check the lobby directory—a crucial reference to confirm whether the company WZG operates within the premises. However, after a thorough inspection, no listings related to WZG, or any associated names were found on the directory. Additionally, no logos or identifiers of the company were visible in the buildings public areas.

To further verify the situation on the 26th floor, the team attempted to access the registered address via the elevator. However, inside the elevator cabin, they discovered that the floor selection panel did not include a button for the 26th floor. The space where the 26th-floor button should have been was securely covered by a metal plate or similar obstruction, making it physically impossible to select or reach that level. This finding directly indicates that the 26th floor, as an accessible office level, does not exist within the elevator system of Tower 2 in Nina Tower. Consequently, the team was unable to proceed to the 26th floor, let alone verify the existence of Unit 2601-02, its signage, or internal conditions. Since the target floor was entirely inaccessible, entering the purported “WZG” office was impossible.

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 WZG 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.