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 broker GWCC Group as planned according to its regulatory address that Unit 701, 7/F, Lucky Commercial Centre, 103 Des Voeux Road West, Sheung Wan, Hong Kong.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the prominent forex broker GWCC Group at Lucky Commercial Centre in Sheung Wan.

The inspection team successfully arrived at Lucky Commercial Centre, 103 Des Voeux Road West. The building is located in Sheung Wans bustling commercial district, with high pedestrian traffic and well-developed amenities, including dining, retail, and educational institutions, contributing to a generally vibrant environment.

The investigators entered the building lobby without issue, but the directory displayed no listing for “GWCC Group” or any related name. Instead, it showed Unit 701 on the 7th floor as “Bountiful Innovations Limited”. The team then took the elevator to the 7th floor but found no signage in the common areas directing to “Unit 701” or referencing “GWCC Group”.

According to the registered address, the target office should be Unit 701 on the 7th floor. However, the inspectors found no company nameplate, logo, or signage related to “GWCC Group” outside Unit 701. Further observation revealed that Unit 702 also had no identifying information. Upon inquiry, the building management staff confirmed that some units on the 7th floor were co-working spaces but stated that “GWCC Group” was not listed as a tenant.

The team attempted to enter Unit 701 but was denied access, preventing verification of the office environment or workstation count. Based on external observations, the unit displayed no signs of corporate branding or operational activity, and the building management provided no supporting evidence of the companys presence.

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 GWCC Group 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.