Reason for this visit

The international foreign exchange market in Hong Kong has been developing since the 1970s. Due to the removal of foreign exchange control in Hong Kong in 1973, there has been a large inflow of international capital, and an increasing number of financial institutions operating foreign exchange business have mushroomed. The foreign exchange market has become more and more active, developing into an international foreign exchange market. The Hong Kong foreign exchange market is an invisible market with no fixed trading venue. Traders conduct foreign exchange transactions through various modern communication facilities and computer networks. Hong Kong's geographical location and time zone conditions are similar to those of Singapore, making it very convenient to trade with other international foreign exchange markets. Participants in the Hong Kong foreign exchange market are mainly commercial banks and financial companies. There are three types of foreign exchange brokers in this market: local brokers, whose business is limited to Hong Kong; international brokers, who expanded their business to the Hong Kong foreign exchange market after the 1970s; international brokers that developed in Hong Kong, whose business has expanded to foreign exchange markets abroad. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange brokers in Hong Kong, the survey team is going to pay on-site visits to them.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange broker yifuqihuo as planned according to the regulatory address the broker claims that Unit 130, 2/F, Cameron Commercial Centre, 458-468 Hennessy Road, Causeway Bay, Hong Kong.

The survey personnel came to the destination, where a common commercial office building is situated. It can be seen that there are many stores besides Dah Sing Bank in the front of the building in a famous business and shopping area of Causeway Bay, with convenient MTR and various public transportations. The surrounding environment is clean, tidy and popular. There are also plenty of shops, restaurants, banks and department stores.

The investigation team arrived at the mansion and spotted its road number, 458-468 Hennessy Road, at the entrance of Cameron Commercial Centre.

After entering the building, the survey team found from the company directory that the 2/F was occupied by myicon Serviced Office, without any information about forex broker yifuqihuo. The team came to the 2/F, where only the shared office could be seen. And people were not allowed to enter without an access card. Therefore, it is confirmed that the broker doesn’t have a physical office here.

Conclusion

The investigators went to Hong Kong to visit the foreign exchange broker yifuqihuo as planned, but didn’t find its physical business office according to the regulatory address that the broker displayed. Therefore, the broker’s forex regulatory information is not true. Investors are advised to stay alert to the broker. 

Disclaimer

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