Trading forex in Hong Kong is relatively safe now. Lots of efforts by the Hong Kong government have been mobilized for the safety of its citizens in investing in forex. Do you remember the fraud case that was uncovered by SFC in 2016? A fraud was again exposed by the financial regulator from Hong Kong, SFC. This time, the perpetrator of the fraud was a cloning company called PHMARKETS. The Hong Kong Securities and Futures Commission (SFC) again exposed a fraud. This time the fraud was committed by a cloning company called Phmarkets Financial Limited (PHMARKETS). The company has previously also been listed on the SFC’s warning list as an unregulated entity. Therefore if you also want to trade forex in Hong Kong, we suggest you visit http://www.forextradingchina.com/en/hongkong/ to find only the trustworthy brokers in that country.
PHMARKETS operates through its official website and lists the address at 3 / F, China Building, 29 Queen’s Road, Central, Hong Kong. However, SFC disclosed that this firm used detailed information from an authorized company under the name Peace Town Financial Services Limited. Along with this publication, the fraud company has closed all web pages. The link will only direct visitors to the member login area. It is unclear whether this was due to the warning from SFC or something else. However, the limited cache version of the URL illustrates that the company includes the provision of forex, futures, stocks, and spot metals CFD via the MT4 trading platform. PHMARKETS is an example of a common type of fraud under the guise of a forex brokerage company or often called a cloned firm/cloned company.
The Big Mission of the SFC Regulator from Hong Kong is to help investors keep updated with important information on suspicious and unregulated companies. This action will help market participants to avoid a business relationship with the company. The Alert List is a list of names of companies that have caught the attention of SFC because they are trusted or unregulated or registered in Hong Kong. Such companies will generally target investors for fraud by claiming to have associations with Hong Kong.