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 in 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. The Hong Kong foreign exchange market is an invisible market with no fixed trading venue. Traders conduct foreign exchange transactions through various modern communication facilities and computer networks. Hong Kong's 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 the 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 expanded their business to the Hong Kong foreign exchange market after the 1970s; international brokers that developed in Hong Kong, whose business has expanded to foreign exchange markets abroad. In order to help investors or practitioners to have a more comprehensive understanding of foreign exchange brokers in Hong Kong, the survey team is going to pay on-site visits to local companies.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange broker TRULY (licensee: Truly Bullion Limited) as planned according to its regulatory address that 2/F, 3 Burd Street, Sheung Wan, Hong Kong.

The survey personnel came to the destination in a developed business area of Sheung Wan on May 6, 2023, where a common and old fashioned tenement building instead of a commercial building is situated, with convenient transportation including MTR and others. A small restaurant lies on the ground floor. There are also plenty of shops, cafes, and residential buildings nearby surrounded by a clean environment with huge crowds of people.

After entering the building, the investigators didnt find any elevator, company directory, and company name or logo, except items like bicycle and shoe cabinet. And there was no working office, but an obvious housing unit on the second floor.

Therefore, it is confirmed that TRULY doesnt have a physical presence here.

Conclusion

The investigators went to Hong Kong to visit forex broker TRULY as scheduled, and didn‘t spot the company at its regulatory address, which indicates that it doesn’t have a physical business office here. Therefore, investors are advised to make a sensible choice based on a comprehensive consideration.

Disclaimer

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