Reason for this visit

Despite being in a small scale, New Zealands forex market is relatively efficient, with gradually declining spreads trading. The comparatively low intraday trading volume in the market is largely made during the London and New York session. Forex brokers in New Zealand are required to be licensed and regulated by the central bank, which demands that brokers should provide adequate risk disclosure and investor education. In recent years, smaller local brokers have faced competitive pressure from foreign brokers, with the rapid development of trading automation and mobile trading. In order to help investors or practitioners have a more comprehensive understanding of the country's forex brokers, WikiFX survey team decides to go to New Zealand for on-site visits to local companies.

On-site visit

In this issue, the survey team went to New Zealand to visit forex broker HCFX as planned according to its regulatory address that Room 11, First Floor, 361-363 Great North Road, Henderson, Auckland, 0612, New Zealand.

On September 20, 2023, the investigators came to 361-363 Great North Road in Auckland in the North Island of New Zealand, and located a 2-storey building complex stretching along the Great North Road from the edge of Auckland CBD to West Auckland.

After arriving at the building, the survey personnel spotted Henderson Dental Centre in room 361, and a barber shop in room 363, without any sign of room 262. There were no independent stairs between the two floors.

According to the staff working for a new restaurant and a Chinese eatery nearby, they had never heard of company “HCFX”.

Through an on-site investigation, it is confirmed that the company doesnt have a physical presence at the place.

Conclusion

The survey team went to New Zealand to visit forex broker HCFX as scheduled, and didnt find the company at its regulatory address. This indicates that the broker may just register at the location without a physical business office. Therefore, investors are advised to make a sensible decision 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.