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 increasingly 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 BOOM as planned according to its regulatory address that Room 2501, 25/F, AIA Tower, 183 Electric Road, North Point, Hong Kong.

The investigators came to 183 Electric Road in North Point of Hong Kong island for an on-site visit to the brokers office, and located the AIA Tower at the heart of the business center. Thanks to its close proximity to multiple bus lines and Mass Transit Railway stations, including Fortress Hill station, the building boasts convenient transportation, making it easy to access various business centers and tourist attractions in Hong Kong. Additionally, in this thriving district, there is a diverse range of facilities nearby, such as luxury restaurants, trendy shopping centers, and leisure venues.

Upon arrival at the commercial building for further investigation, the survey personnel spotted a directory in the lobby, which did not display the occupiers name of unit 2501 on the 25th floor. Then they took the elevator to the floor, but still did not discover the company name or logo of BOOM.

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

Conclusion

The survey team went to Hong Kong, China to visit broker BOOM as scheduled, but did not find the company at its regulatory address. It denotes that the broker does not have a physical business office at the place. 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.