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 Beraring as planned according to its regulatory address that Office 5, 13/F, Wealth Commercial Centre, 48 Kwong Wa Street, Mong Kok, Kowloon, Hong Kong.

The investigators came to 48 Kwong Wa Street in Monkok for an on-site visit to the brokers office, and located the Wealth Commercial Centre in one of the most prosperous areas in Kowloon. Thanks to its close proximity to multiple bus lines and Mass Transit Railway stations, like Mongkok station, the location offers convenient transportation and a large array of facilities, such as shopping malls, eateries, entertainment options, appealing to a steady stream of visitors.

Upon arrival at the building for further investigation, the survey personnel took the elevator to the 13th floor, where they found a directory that did not display the company name of Beraring. In the meantime, the inspection team discovered that unit 1305 was actually occupied by “South East Travel Service Limited” rather than Beraring.

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 Beraring 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.