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 since 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. Hong Kong foreign exchange market is an invisible market without a fixed trading venue. Traders conduct foreign exchange 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 foreign exchange markets. Participants in 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 have expanded their business to the Hong Kong foreign exchange market since the 1970s; international brokers that grow locally and has expanded their business to foreign exchange markets abroad. In an attempt to help investors or practitioners gain a more comprehensive understanding of current foreign exchange 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 the forex broker hkvqfutures as planned according to its registered regulatory address that Unit 809, 8/F, Star House, 3 Salisbury Road, Tsim Sha Tsui, Kowloon, Hong Kong.

The investigators came to 3 Salisbury Road in Tsim Sha Tsui for a visit to the brokers office on December 7, 2023, and located Star House, a well-established commercial building with stores and a shopping mall on the ground floor, in the prime tourism and commercial district in Kowloon. With a coveted location adjacent to bus and ferry terminal and connected to the well-renowned Harbour City, the commercial building is easily accessible via public transports within 10-minute walking distance from Tsim Sha Tsui Station or East Tsim Sha Tsui Station of MTR. Additionally, there are also plenty of shops, restaurants, and department stores nearby in an immaculate surrounding environment, appealing to a steady stream of citizens and tourists for a wealth of shopping and entertainment options.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the foyer, which displayed that unit 809 is occupied by “Golden Hen Securities and Futures Limited”. But there wasnt any information pertinent to “hkvqfutures”.

Following access to the 8th floor by the elevator, the survey team discovered from the floor directory that unit 809 is occupied by “Golden Hen Securities and Futures Limited” without any information regarding “hkvqfutures”.

After proceeding to the entrance of unit 809, the investigators didn‘t see any company name nor logo, other than a piece of paper writing that “please call 9477 6975, if there’s a package to deliver” on the closed door of the office, unable to see the office interior.

Through the on-site investigation, it‘s confirmed that hkvqfutures doesn’t have a physical presence at the location.

Conclusion

The survey team went to Hong Kong to visit broker hkvqfutures as scheduled, but didn‘t find the company at its regulatory address. This denotes that the broker doesn’t have a physical business office at the place. Therefore, investors should be meticulous in choosing the broker.

Disclaimer

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