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 more and more 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 status of 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 BeeVest Securities as planned according to its regulatory address that Unit 1013&1015, 10/F, Leighton Centre, 77 Leighton Road, Causeway Bay, Hong Kong.

The investigators came to the Leighton Centre at 77 Leighton Road in Causeway Bay for an on-site visit to the broker‘s office. Nestled in the heart of Hong Kong’s thriving business hub, the modern commercial building offers convenient access and attracts a continuous flow of people. Furthermore, there is a diverse range of facilities nearby, including stores, restaurants, residential buildings, and educational institutions.

Upon arriving at the building for further investigation, the survey personnel found no information related to “BeeVest Securities” or its floor and unit number from the director in the lobby, which raised initial doubts about the companys presence.

The inspection team took the elevator to the 10th floor, but did not see the company logo of BeeVest Securities or unit 1013 on the floor directory.

There was no any company name or logo on the door of office 1013, which further deepened the inspection teams suspicions. Meanwhile, people were not allowed to enter it. Therefore, it was not possible to assess the working environment of the unit. According to the property management staff, BeeVest Securities did not exist in the building.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the above address.

Conclusion

The survey team went to Hong Kong, China to visit forex broker BeeVest Securities as scheduled, but did not find the company at the aforementioned address. It suggests that the broker does not have a physical business office at the place. Accordingly, investors are advised to make a sensible decision following much deliberation.

Disclaimer

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