GWGOLD Forex Broker

GWGOLD Review SummaryFounded2013Registered Country/RegionChina Hong KongRegulationCloneMarket InstrumentsSpot gold & silverDemo Account❌MarginNot less than 2%Spread$0.50/oz (Spot gold)$0.04/oz (Spot silver)Trading PlatformMT4 and goodwillgold4Minimum Deposit/Customer SupportLive chat (24 hours)Tel: (852) 3978 8188 (Hong Kong); 4001 206 668 (Domestic toll-free hotline)Address: Flat 29, 1/F, jade plaza, canton Road, Kowloon Established in 2013 and headquartered in Hong Kong, GWGOLD is a financial company that specializes inspot gold and silver trading.The company offers trading on the popular MT4 platform and its own goodwillgold4 platform. However, it operates under a clone license.Pros and ConsPros Cons MT4 platformClone licenseClear trading rulesNo demo accountsIs GWGOLD Legit? No, GWGOLD is not a regulated entity. The firm purports to be regulated by the China Hong Kong CGSE with a license number 050, but this claim has been verified as false and is associated with a clone firm.Regulated CountryRegulated AuthorityCurrent statusRegulated EntityLicense TypeLicense NumberThe Chinese Gold and Silver Exchange Society (CGSE)Clone 鴻豐金業集團(香港)有限公司Type A1 License050What Can I Trade on GWGOLD? GWGOLD primarily offers trading in Spot gold and Spot silver.Tradable Instruments Supported Spot gold & silver✔Forex❌Commodities❌Indices ❌Stocks❌Cryptocurrrencies❌Trading RulesSpot goldSpot silverContract unit (per lot)100 ounces5000 ouncesTransaction spread$0.50/oz$0.04/ozMinnumber of transactions per transaction0.05 contractsMaxnumber of transactions per transaction5 contractsMarginNot less than 2%Daily interestNot applicableDaily warehouse rentBuy: -1.75%; Sell: -1.25% (annual interest rate here)Pending order distanceAt least 250 points away from the market priceTrading Hour/Settlement TimeSummerWinterTrading hoursFrom Monday 07:01 am to Saturday 04:45 amFrom Monday 07:01 am to Saturday 05:45 amSettlement timeDaily from 5 a.m. to 6 a.m. Hong Kong timeDaily from 6 a.m. to 7 a.m. Hong Kong time Note: US winter time is from 2 a.m. on the first Sunday in November to 2 a.m. on the second Sunday in March; U.S. Daylight Saving Time runs from 2 a.m. on the second Sunday in March to 2 a.m. on the first Sunday in November. The transaction time will be changed according to international holidays. Any changes will be announced on the company's website. If the position is held past Friday, Saturday, or Sunday, three days of interest will be charged.Trading Platform GWGOLD offers MT4 and goodwillgold4 as trading platfroms. For iPhone users, you can either scan the QR code or click to download the iPhone version. For Android users, you can scan the QR code to download the Android version. If there is no Google Store on your mobile phone, you can directly download the installation files. Additionally, there is an option to download the desktop trading platform of goodwillgold4.Trading PlatformSupported Available Devices Suitable for goodwillgold4✔Desktop/MT4✔iPhone, Android, DesktopBeginnersMT5❌/Experienced tradersDeposit and Withdrawal Deposit ProcessLog in to the Hongfeng Bullion website.Select domestic card deposit from the deposit information on the website.UnionPay deposit fees will be waived if you use domestic card deposit methods.Deposit using a domestic card and “no need” to submit screenshots of documents. Withdrawal ProcessSubmit withdrawal application online:You need to use the online account and password provided by Goodwill to log in to the Goodwill website. The company claims that the funds will arrive within 1 hour.In person: Youcan visit the company to submit a withdrawal application during Goodwill office hours.Mail/Email/QQ: You can submit the signed and filled-out application form to Goodwill by mail/email/QQ.