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 HYCM as planned according to its regulatory address that 10th Floor, 9 Queens Road Central, Hong Kong.

The seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the broker HYCM at 9 Queens Road Central in Central.

On July 9, 2025, the investigators arrived at the target building located at 9 Queen‘s Road Central, Central, Hong Kong. The building is a mixed-use complex integrating a shopping mall and high-end office towers, featuring a modern and impressive exterior. Situated in the core business district, it offers convenient transportation and is surrounded by a bustling yet well-managed environment. The primary objective of this on-site inspection was to verify whether “HYCM” genuinely operates at its claimed Hong Kong office address—10/F, 9 Queen’s Road Central.

The investigators entered the spacious and bright lobby on the ground floor. As the first step of verification, they carefully examined the lobby directory, which clearly listed the names of companies occupying each floor. Attention was focused on the 10th-floor listings, where they expected to find “HYCM” or any related identifiers. However, the directory explicitly indicated that the entire 10th floor was occupied by “Industrial and Commercial Bank of China (Asia) Limited.” The name HYCM did not appear in the listings for the 10th floor or any other floors in the building. This discovery marked the first major red flag—the claimed floor was not occupied by the target company but rather by a wholly different entity.

To conduct a thorough verification, the survey team proceeded to the 10th floor for further on-site confirmation. Upon exiting the elevator, the environment was entirely consistent with ICBC (Asia)‘s branding. The reception area, office entrance, and all visible interior spaces prominently displayed ICBC (Asia)’s logo and branding elements. The investigators surveyed the entire floor and found no signs, directional indicators, or any reference to “HYCM”. The entire 10th floor exhibited a unified and exclusive banking office atmosphere, with no evidence of shared workspace or leased areas for other companies—particularly HYCM. From the public areas to the visible interior, the floor was entirely occupied and utilized by ICBC (Asia).

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

Conclusion

The survey team went to Hong Kong, China to visit forex broker HYCM as scheduled but did not find the company at its regulatory address. It indicates that the broker does not have a physical office at the place. Accordingly, investors are advised to make a well-considered decision following much deliberation.

Disclaimer

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