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 NEW CASTLE as planned according to its regulatory address that Unit 1109, 11/F, Wang Fai Industrial Building, 29 Luk Hop Street, San Po Kong, Kowloon, Hong Kong.

A seasoned and professional inspection team, committed to safeguarding investor interests, conducted a meticulously planned on-site verification of the broker NEW CASTLE at 29 Luk Hop Street in San Po Kong, Kowloon.

The investigators proceeded to the registered address at 29 Luk Hop Street, San Po Kong, Kowloon, Hong Kong—the Wang Fai Industrial Building—to conduct an on-site verification of the office premises of NEW CASTLE. The target location is situated in San Po Kong, a mixed commercial-industrial district with moderate pedestrian density. The surrounding area features diverse businesses, including shops, restaurants, residential buildings, and educational institutions, presenting a typical urban industrial-commercial streetscape—neither particularly upscale nor underdeveloped. The Wang Fai Industrial Building exhibits the standard exterior of a Hong Kong industrial structure. The inspection team successfully entered the buildings ground floor.

To ensure a thorough inspection, the investigators proceeded to the buildings ground floor. Upon entry, they immediately checked the public directory in the lobby. After a detailed review, no company name or signage related to “NEW CASTLE” was found on the directory. The directory listed the following companies registered on the 11th floor: “EUT Marketing (HK) Ltd.,” “Starview Development Ltd.,” and “Mercantile Group Limited/Mallet Club.” However, there was no mention of “NEW CASTLE.”

For a more comprehensive assessment, the investigators took the elevator to the 11th floor. In the elevator lobby or common areas, they located the floor directory, which indicated that Unit 1109 was marked as “Vacant.” The survey team then proceeded to Unit 1109 for confirmation. The units door was locked, with no office equipment, personnel, or company logos visible inside—clearly in an unoccupied state. The team was unable to enter the unit for further inspection.

Given the vacant status of Unit 1109, the investigators could not access the interior. As a result, they were unable to observe any internal office environment, decor, reception area, or logo associated with NEW CASTLE, nor could they estimate the number of rooms or workstations. Throughout the inspection, no signage, nameplates, or logos belonging to NEW CASTLE were found—whether on the buildings exterior, in the lobby, on the 11th-floor hallway, or at the entrance of the target unit (Unit 1109).

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 NEW CASTLE 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.