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 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 I-Access as planned according to its registered regulatory address that Mongkok 19/F, Sino Centre.

The investigators came to Sino Centre, a mixed-use commercial development encompassing shopping, food and beverages, and office space, in the heart of Monkok for an on-site visit to the brokers office. In the meantime, the building is easily accessible by public transportation. Additionally, there are plenty of office buildings nearby.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which did not display the company information of the 19th floor. Then they took the elevator to the floor and saw an office under renovation, with a notice on the door indicating that I-Access had moved to unit 801-3 on the 8th floor of Harbor City Ocean Centre at 5 Canton Road in Tsim Sha Tsui.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location that the survey team visited.

Conclusion

The survey team went to Hong Kong, China to visit broker I-Access as scheduled, but did not find the company at its regulatory address. This denotes that the broker does not have a physical business office at the place. However, the company relocated its office to a new address. Accordingly, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

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