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 to visit broker Z.com Bullion as planned according to its regulatory address that Suites 1607-8, 16/F, Tower 6, The Gateway, Harbour City, Kowloon, Hong Kong.

The investigators came to The Gateway of Harbour City at 9 Canton Road in Tsim Sha Tsui of Kowloon, Hong Kong for a visit to the broker‘s office on December 7, 2023. With a coveted location adjacent to bus and ferry terminal, the commercial building is easily accessible by public transports within 8-minute walking distance from Tsim Sha Tsui Station or East Tsim Sha Tsui Station of MTR. Additionally, there’s a steady stream of people on the nearby street in a neat and tidy surrounding environment.

Upon arrival at the building for further investigation, the survey personnel located the renowned shopping mall Harbour City on the ground floor home to the worlds numerous top brand outlets.

Only the company name of “GMO-Z.com Forex HK Limited” could be seen at the entrance of unit 1607-8. But the locked office was empty without any sign of operation.

Through the on-side investigation, it is confirmed that the broker doesnt have a physical presence at the location.

Conclusion

The survey team went to Hong Kong to visit broker Z.com Bullion 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.