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 have a more comprehensive understanding of foreign exchange brokers in Hong Kong, WikiFX survey team is going to pay on-site visits to the local companies.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange broker WCG Markets (licensee: WCG Markets (HK) Limited) as planned according to its registered regulatory address that Flat D, 22/F, Capital Tower-Tower B, 38 Wai Yip Street, Kowloon Bay, Kowloon, Hong Kong.

The survey personnel came to the destination in a core commercial area of Kowloon Bay on July 18, 2023, where a new commercial tower is situated. Many new commercial buildings are under construction nearby. The building can be easily accessible via MTR (Kowloon Bay Station) and various other public transportations, close to the renowned large shopping center MegaBox. There are also plenty of shops, restaurants, and banks in a clean and tidy surrounding environment, attracting huge crowds of people.

The investigators entered the lobby of the building and found that there were many vacant stores for rent on the ground floor. And only one cafe was open for business.

From the company directory in the lobby of tower B, it could be seen that 22D was occupied by company “WCG Markets (HK) Limited”.

And then the survey team arrived at the 22th floor, where “WCG Markets (HK) Limited” was displayed on the floor directory. But there was no any companys name or logo outside the door of all offices including unit D.

Thanks to an appointment in advance, the survey team was invited to visit the companys office without reception area, where a logo LED sign could be seen clearly.

There was a clean and open workspace in the spacious and bright office, which provided office supplies like computers, screens, and telephones for more than ten employees.

Without so much stuff showing WCGs name and logo in the office, some certificates of honor and awards won by WCG were showcased in its public working area.

In addition, there were two independent rooms, which were separated by glass door.

Through an on-site investigation, it is confirmed that WCG Markets does have a physical presence at the location.

Conclusion

The investigators went to Hong Kong to visit forex broker WCG Markets as scheduled, and saw the companys name at its regulatory address. It indicates that the broker has a physical business office at the place. Meanwhile, 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.