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Hong Kong’s SFC warns of OSG Forex

Oct 04 2017
By
Jonathan Smith

Hong Kong’s Securities and Futures Commission (SFC) has published a warning against the forex broker OSG Forex.


According to the regulator, the owner of the brokerage Optimum Standard International Group Limited, is falsely claiming to be located at an address in Hong Kong. Furthermore, SFC notes, unlicensed entities often use names similar to legitimate companies to confuse investors.


In our review of OSG Forex, we note that the broker claims it is regulated by the “Hong Kong government”, but in fact is not regulated by the SFC, as required.


In the category “Regulatory environment” on the broker’s site, it says its liquidity providers are “regulated FCA (UK) , DGCX (UAE) and FSC (New Zealand)”, but this in fact does not relate in any way to the regulation of the broker itself. We get the impression that this statement is with the sole purpose of misleading the potential clients on the broker. 


As a general rule, unregulated brokers or ones making false claims, are to be avoided, as often they are a scam. It is better to deal with reputable and properly regulated brokers, like the ones supervised by the FCA or ASIC.


TAGS: hong kong  sfc  osg forex 
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