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 uTrada as planned according to its regulatory address that Rm 7B, One Capital Place, 18 Luard Road, Wan Chai, Hong Kong.

The target address was identified as Unit 7B, One Capital Place, 18 Luard Road, Wan Chai, Hong Kong, located in the heart of Wan Chai's commercial district. The surrounding area features a vibrant business atmosphere with dense pedestrian flow, complemented by diverse amenities including restaurants, retail outlets, residential buildings, and educational institutions. One Capital Place presents as a modern high-rise commercial tower with a sleek exterior, standing as one of the district's landmark buildings.

Upon entering the building lobby, the inspection team noted the minimalist interior design but found no listing for “uTrada” on the digital directory or floor guide. The directory clearly indicated Unit 7B, 7/F as “Easycorp Company Limited”, which directly contradicted the target company's name.

The team proceeded to the 7th floor via elevator, where corridor signage consistently displayed “EASYCORP” for Unit 7B. A closer examination of the office entrance revealed permanent doorplates bearing only the “EASYCORP” branding, with no visible references to “uTrada” in names or logos.

Through comprehensive verification of the registered address, floor signage, and office identifiers, the inspection team confirm that Unit 7B at One Capital Place is exclusively occupied by EASYCORP, with no evidence of uTrada's presence. The survey revealed no uTrada branding, logos, or any operational traces throughout the premises. Furthermore, an attempt to contact the buildings property management office was unsuccessful as no response was received. The office features an independent access control system and shows no characteristics of a shared workspace, though internal verification was limited due to access restrictions.

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

Conclusion

The survey team went to Hong Kong, China to visit forex broker uTrada as scheduled, but did not find the company at its regulatory address. It indicates that the broker does not have a physical business office at the place. Accordingly, investors are advised to make a judicious 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.