Hong kong forex brokers list

HKSFC Regulated Forex Brokers.

Those of you living in Hong Kong who want to start Forex trading would be advised to look for HKSFC regulated brokers. This is because such a broker will be obliged to follow the rules and regulations laid down by this regulatory body, and have your interests at the heart of operations.

What is the HKSFC?

HKSFC stands for Hong Kong Securities and Futures Commission and is the independent statutory body which regulates securities and futures markets in Hong Kong. It was established in 1987 and has several functions. These include:

Establishing market regulations and ensuring they are enforced, which includes the investigation of any breaking of the rules and cases of misconduct Issuing licenses and providing supervision of activities which fall under the Commission’s responsibility Enhancing the infrastructure of markets and supervising market operators Authorizing investment products and providing documents prior to them being offered to retail traders Overseeing the regulations with regard takeovers and mergers of public companies and the regulation of listing matters in respect of the Stock Exchange of Hong Kong Ltd Working with and helping overseas regulatory bodies Providing help and assistance to consumers about market operations, the risks involved, as well as their rights and responsibilities.

There are four financial regulators including the HKSFC and they work together to ensure proper conduct in the markets and to help prevent financial crime and misconduct.

Trusted Forex Brokers.

Trusted Forex Brokers.

The HKSFC requirements for issuing a license.

A Forex broker operating in Hong Kong or offering services for Hong Kong residents has to be licensed or registered with the SFC unless it is exempt. Carrying out a regulated activity, such as leveraged foreign exchange trading without such authorization is a serious offense. There is a set of basic approval criteria which includes:

Being able to satisfy the SFC that the applicant is fit and proper Being assessed for financial status and solvency, educational and other qualifications as well as industry experience Being able to carry out the regulated activity competently A corporation wanting to be HKSFC regulated brokers will have to have a proper business structure, qualified personnel, and good internal systems Satisfy capital requirements.

The history of HKSFC.

The Hong Kong Securities and Futures Commissions came about in 1989, following the stock market crash in October 1987. Known as Black Money it was the day when stock markets all over the world crashed and shed truckloads of value in a very short space of time. The origin of the crash was Hong Kong, from where it spread to Europe and hit the USA after other markets had already lost a significant margin. In Australia and New Zealand, it is also known as Black Tuesday because of the time zone difference. Towards the end of October stock markets across the world had fallen. For example, in the UK it fell by 26.45%, Australia by 41.8% and in Hong Kong it fell by 45.5%. In 1997 came the Asian financial crisis which led to further improvements in the regulatory framework. The crisis began with the financial collapse of the Thai baht. This collapse happened because the Thai government was forced to float the baht because there was a lack of foreign currency to support its peg to the US dollar. The situation wasn’t helped by the burden of foreign debt which was making the country virtually bankrupt. Hong Kong was affected by speculative pressure because of its significantly high inflation rate. More than $1 billion was used by monetary authorities to defend the Hong Kong dollar. Luckily Hong Kong had more than $80 billion in foreign reserves and the Hong Kong Monetary Authority was able to maintain the HK dollar’s peg to the US dollar. 2008 saw a further global financial crisis and from then on regulators around the world have been working to introduce measures to overhaul the financial system. The Hong Kong Securities and Futures Commission is a member of the International Organization of Securities Commissions and plays a leading role in looking at the impact of reforms, not just in the Asia-Pacific region but globally as well. The HKSFC also works in close collaboration with mainland China to improve the financial service industry for all involved.

What are your rights if you have a complaint concerning an HKSFC Forex broker?

A wholly owned subsidiary of the SFC is the Investor Compensation Company Ltd. It was established to administer claims against the Investor Compensation Fund. Its job is to receive, assess and determine whether any claims against the Fund are valid, make payments and try to recover any losses. The functions of this company have been set out in an official Order – the Securities and Futures (Transfer of Functions – Investor Compensation Company) Order. They include:

Managing and administering the Fund Publishing Notices Inviting Claims Deciding whether a claim has been lodged within the required time limit Accepting the lodging of a claim Determining whether there is a valid claim for compensation Asking for the production of relevant records Issuing a Notice of Determination Paying compensation and deciding the order of the payments.

You will be eligible to make a claim if you suffer pecuniary losses due to the default of an HKSFC regulated broker or authorized financial institution. It is also possible to lodge a complaint with the HKSFC itself. It is possible to file complaints on a number of different aspects. For example, if you suspect market misconduct, or are dissatisfied with the level of service from the SFC. If you want to make a complaint regarding an HKSFC regulated broker the commission is able to investigate the complaint and penalize any wrongdoers either with a prosecution or by taking disciplinary action. The commission, however, is unable to act as a legal advisor, unable to get involved in private civil disputes or get your money back.

Other Forex Brokers by regulation authority.

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Hong Kong Forex Brokers.

The regulatory body responsible for the licensing and supervision of forex brokers in Hong Kong is the Hong Kong Securities and Futures Commission (SFC).

The SFC licensing procedure is a long and complicated one, involving submission of various documents, fit and proper test for officials representing the firm, and maintaining adequate accounting and control systems. The commission also exercises supervision over licensed companies, performing on-site reviews and off-site monitoring to assess and monitor their financial soundness and ascertain and supervise whether their business conduct is in line with regulatory requirements.

What is more, Hong Kong forex brokers must maintain a minimum paid-up share capital and liquid capital of HK$5 million (or an equivalent amount in any other approved currency) and should keep adequate accounting and control systems.

As most reputable financial jurisdictions, the Hong Kong one also has established an Investor Compensation Fund to compensate investors who suffer losses as a result of defaults of licensed intermediaries or authorized financial institutions. The compensation limit is $150,000 per investor for trading in securities and futures contracts. Unfortunately, only exchange-traded products are covered.

In addition, amendments to the Code of Conduct for regulated companies were introduced in December 2015, according to which SFC license holders are obliged to include a clause in client agreements, allowing investors to claim damages if the intermediary is selling or recommending a financial product that is not reasonably suitable for the client.

SFC keeps a Public Register of Licensed Persons and Registered Institutions - a database of securities, futures and leveraged foreign exchange intermediaries which are licensed by, or registered with the SFC to carry on business in Hong Kong. The commission updates the register on a daily basis and anyone can easily check whether a certain broker is duly regulated by the Hong Kong Commission.

Hong Kong Forex Brokers.

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Asia: Hong Kong.

Below is a list of online forex brokers which are incorporated or registered in Hong Kong. Click on the links in the left column menu for forex brokers in other countries.

(1) The icon designates multiple languages. Clicking on the icon will show or hide the additional languages available. Clicking on the broker name before the language will bring you to their site in that language.

(2) When possible, clicking on the Regulatory Authority will direct you to the regulatory authority's site on either the page for that broker, a list of brokers licensed by that authority, or to a page where you can do a licensed entities search.

Forex Brokers in Hong Kong.

Hong Kong (SFC) Regulation News.

5 Oct 2017, Hong Kong - AtoZ Forex - The Hong Kong financial regulatory authority has been regularly issuing warnings against fraud companies to the investors. Keeping a close eye on forex brokers, SFC warning against OSG . . .

12 Jun 2017, Hong Kong - Hong Kong Securities and Futures Commission - The Securities and Futures Commission (SFC) today issued a Restriction Notice on IDS Forex HK Limited prohibiting the firm from carrying on all . . .

27 Apr 2017, Hong Kong - Finance Magnates - SFC keeps investors informed by drawing attention to suspicious operations and unregulated entities. Hong Kong's Securities and Futures Commission (SFC) today updated its Alert List . . .

18 Apr 2017, Hong Kong - LeapRate - Hong Kong's financial regulator the Securities and Futures Commission (SFC) has updated its Alert List, which features the names of businesses that are unlicensed in Hong Kong and are . . .

29 Mar 2017, Hong Kong - Finance Magnates - The SFC is clamping down on unauthorised investment providers, saying investors should go for regulated brokers instead. The Securities and Futures Commission (SFC), Hong Kong's . . .

9 Feb 2017, Hong Kong - Hong Kong Securities and Futures Commission - The Securities and Futures Commission (SFC) has reprimanded and fined GMO-Z Forex HK Limited (GMOHK) $1. 6 million for deficiencies in its order . . .

28 Dec 2016, Hong Kong - Blackwell Global Press Release - Hong Kong-China stock connect a boost to the multi-asset brokerage. International forex and CFDs brokerage Blackwell Global announces today the acquisition of 2 new . . .

30 Nov 2016, Hong Kong - FinanceFeeds Press Release - British electronic trading company One Financial Markets has today announced its new Securities and Futures Commission (SFC) regulatory status in Hong Kong, further . . .

19 Oct 2016, Hong Kong - Hong Kong Securities and Futures Commission - The Securities and Futures Commission (SFC) has reprimanded and fined FXCM Asia Limited (HK FXCM) (now known as Rakuten Securities Hong Kong Limited) . . .

13 Oct 2016, Hong Kong - SMN Weekly - The Securities and Futures Commission (SFC) of Hong Kong issued on Thursday a statement, informing that it is checking on the security processes of brokers' online trading systems. The . . .

8 Nov 2017, Hong Kong - FinanceFeeds News - The application for KVB Kunlun's listing transfer to the Main Board is being considered by the Stock Exchange, the broker said today, as it published its results for the third . . .

20 Sep 2016, Hong Kong - LeapRate - Rakuten Securities Hong Kong Limited (Rakuten Securities HK) announced today Rakuten FX, a brand new forex account service for clients to trade through a proprietary trading platform. With . . .

14 Sep 2015, Hong Kong - ADS Securities Press Release - Retail offering of award-winning Abu Dhabi-based financial services company now available to Hong Kong customers. Representatives from the financial services . . .

29 May 2015, Hong Kong - Finance Magnates - The companies announced the completion of the deal, with CITIC agreeing to pay $100 million for almost 60% of KVB Kunlun. KVB Kunlun and Chinese company CITIC Securities announced . . .

27 Apr 2015, Hong Kong - Business Wire - The 5th Annual IAIR Awards® took place on 10th March 2015 in Hong Kong, preceded by a conference entitled "Asia CEO Summit". More than 50 companies have been recognized for their . . .

10 Aug 2012, London, UK - Business Wire - KON Group is awarded as the Best ECN Broker Asia 2012 by the Global Banking & Finance Review website. Based on the massive online readership review from around 180 countries, IKON . . .

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Best Forex Brokers in Hong Kong 2017.

Despite the fact Hong Kong is part of China, it is one of the biggest strongholds of capitalism, investing and one of the key centers of financial markets. If you have not yet found a broker to trade with we do recommend working with HKSFC regulated ones. Inside you will find our list of the very best brokers.

Hong Kong 2017.

How to Choose a Forex Broker as a Hong Kong trader.

Despite the fact that Hong Kong has a strict regulator, there are still plenty of scammers around trying to lure customers to trade with them and then run off with their money. There are a few things you have to consider while in search of a Forex broker in Hong Kong.

Firstly, it has to be regulated by HKSFC. Then, it has to provide its customers with an easy to use trading platform. It also has to offer low commissions, as trading with high commissions eats up your profit. You should also expect to be offered a number of accounts to choose from depending on the amount of money you are planning to invest. The broker must have excellent customer service. And, although it is not compulsory, a lot of additional valuable services should be there. They show the broker‘s attitude towards you and their willingness to invest their own money in the business.

General Regulation & Hong Kong Regulation.

The world has been moving forward in terms of the regulation of financial markets. Despite the fact that in some developing countries Forex regulation is not clear and in some it is even considered to be illegal to trade currencies, in the Western world it is legal and strictly regulated. Each financial crash around the globe has brought about stricter rules for brokers, lowered maximum leverage, increased margin requirements and ousted lots of unregulated brokers. Some countries, which did not have any regulation in the area have already started forming a legal framework for supervision and monitoring of local Forex markets.

As Hong Kong is one of the centers of financial markets it does have a strict regulator – HKSFC, which stands for Hong Kong Securities and Futures Commission. It came about in 1987 after stock markets around the World crashed. The crash started with the Hong Kong stock market and spread to the rest of the World. So, the newly founded regulator introduced strict regulatory measures so that similar events would not happen again. HKSFC issues licenses to brokers who want to operate in the area and then supervises and monitors those brokers how they comply with the rules set by the agency. It carefully monitors all markets operations in Hong Kong and authorizes every product before it is offered by its regulated brokers to their customers. It also analyses complaints from investors about their brokers and punishes the guilty party according to its transgression.

Trading Platform & Software.

The trading platform will be your tool to trade currencies or any other securities so you need to check what a regulated broker offers you. First of all, you will have to download a demo version from their website and familiarize yourself with it. You will be able to see if it is good enough, easy enough to use and if it has all the necessary features that you need. If not, you can go to another broker and see what platform he has. Nowadays, most brokers will offer the popular Metatrader 4 platform and a browser version of their own webtrader. Choose whichever platform you want, but do not forget to test it before opening a real money account.

Commissions & Spreads.

On each trade you make a broker gets paid. How? By means of a spread. A spread is the difference between the buy and sell price. The most popular pair EUR/USD typically has 1 or 2 pip spread between buy and sell prices. So, when you open a buy or sell position in the pair you have a loss of those 1 or 2 pips. That is your broker‘s commission. The same is true with other pairs with higher spreads. You should choose a broker with the lowest spreads because each operation reduces your profits and if spreads are high your profits will decrease significantly.

Account Types.

After you have tried a demo account and got to know how things work on your best broker‘s platform you may proceed to open a real money account and you may start with a micro.

Micro account.

The account is good for those who have very little money to invest ($100-500). Most brokers will offer you that and you will be able to trade real money with small risk. One micro lot size is 1 thousand US dollars and one pip price is just $0.10.

Mini account.

If you have tried micro or you simply want to trade bigger amounts of money a mini account could be just for you. You can open it with $500-2000 (recommended amount is $2000) and start trading mini lots (the size $10 000).

Standard account.

If you intend to become an independent trader and have over $10000 you may consider opening a standard account. The recommended amount for it is 20 thousand US dollars and a standard lot size is 100k. As you may understand risks increase exponentially with trading such big volumes, so you need to control your risks or you may lose all of your invested money.

Customer Service.

Not all brokers treat their customers equally. You need to find a broker who shows the greatest care for his clients. The minimum that you should expect is service in your local language or dialect, online live help customer line that is there 24 hours on the working days and a functional problem-solving team that will reply to your request in a fast, caring and efficient manner.

Additional Services.

Forex brokers often offer a lot of extra free services. That is a sign of good business culture. They invest their own money to give their clients as much in return as possible. They hire economists and financial people to write or record various analytical materials, give insights into the state of global economy and predictions about changes in policy of Central Banks. You may get free Ebooks on a variety of topics and with some brokers can even participate in trading contests and get big money prizes.

Conclusion.

A Hong Kong trader has excellent opportunities to find a regulated broker and more or less safely invest in the biggest market of the World. The article outlined the key points which will help you to choose the best brokers among the regulated ones. We have created a list of the very best Hong Kong brokers below based on our own in depth research. We wish you great success in your career as a trader.