Reason for this visit

The Hong Kong forex market is an international market developed after the 1970s. Since the removal of foreign exchange control in Hong Kong in 1973, there has been a large inflow of international capital and the number of financial institutions operating foreign exchange business has continued to increase. The foreign exchange market has become more and more active, and it has developed into an international forex market. The Hong Kong forex 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 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 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 have a more comprehensive understanding of forex dealers in Hong Kong, the survey team is going there to conduct on-site visits.

On-site visit

This time the survey team visited the dealer GLORYSKY in Hong Kong, China, with the specific address at Room 2701, Times Media Centre, 133 Wan Chai Road, Hong Kong. 

Based on the above address, the survey team came to the destination of this survey. GLORYSKY's office is located in Wan Chai, which is the traditional business district in Hong Kong, and is accessible by MTR and public transportation. The surrounding environment is clean and well-traveled. There are also stores, restaurants, markets, residences and hotels of various trades. The destination is a general commercial building with an electronic directory and front desk. The surveyors found that Room 2701 on the directory was marked with the name of Glory Sky Group Limited, and then went upstairs to visit.

The company found by the surveyors in Room 2701 had moved away, and the nameplate and the interior of the unit were vacant. The building's front desk staff said after inquiry, the dealer GLORYSKY before indeed rented in the Room 2701, but has now moved away to unknown destinations. The building's property did not post any notices, but said it would remove the dealer's nameplate as soon as possible. In the end, the surveyors confirmed that the dealer's office did not exist there.

Conclusion

The survey team went to Hong Kong, China to visit the dealer GLORYSKY as planned, and found no office at its regulatory address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.

Disclaimer

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