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 WALDORF in Hong Kong, China, with the specific address at 2/F, FUNG LOK COMMERCIAL BUILDING, 157-163 Wing Lok Street, Sheung Wan, Hong Kong.

Based on the above address, the survey team came to the destination of this survey. WALDORF's office is located in Sheung Wan, Hong Kong, near the Western District, which is accessible by MTR and various public transportation. The surrounding environment is clean and well-traveled. There are also stores, restaurants, banks and department stores for all kinds of businesses. The destination is an old office building with low floors and old facilities, but a cleaner internal environment. The surveyors did not find the name of WALDORF on the directory of building, so they went upstairs for a further visit.

After arriving at the 2nd floor, the surveyors searched the whole floor and found that there was only the office of "Chong Hing Bank Business Development Team". And there was no office of WALDORF. In the end, they confirmed that the dealer did not have an office there. 

Conclusion

The survey team went to Hong Kong, China to visit the dealer WALDORF 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.