On Shun Forex Broker

On Shun Review SummaryFounded2019Registered Country/RegionHong KongRegulationSuspicious Clone (Hong Kong CGSE - Chinese Gold & Silver Exchange Society, License No. 085)Market InstrumentsPhysical Gold Investment, Currency-Based Gold TradingDemo Account/Leverage/SpreadLondon Gold: $0.5/oz, London Silver: $0.04/ozTrading PlatformMT5 (MetaTrader 5)Min DepositUS$5,000Customer SupportPhone: (852) 3909 6999Fax: (852) 3909 6966Email: cs@osgold85.comAddress: Room 9, 10/F, Wing On 62, Mody Road, Tsim Sha Tsui East, Hong KongOn Shun Information On Shun emphasises gold investments, both actual gold and currency-based gold trading. It claims regulated by the Hong Kong Chinese Gold & Silver Exchange Society (CGSE), however its licence is a suspicious clone, signalling fraud risks.Pros and ConsPros Cons NoneUnregulated (Suspicious Clone)Is On Shun Legit? On Shun claims a Type AA Hong Kong Chinese Gold & Silver Exchange Society (CGSE) licence (licence number: 085). However, this licence is marked “Suspicious Clone,” implying fraud. The broker's name may not match the licenced organisation, “安信金控有限公司,” and may use alternative contact details or domains, indicating unregulated status.Regulatory StatusSuspicious cloneRegulated byHong Kong (Chinese Gold & Silver Exchange Society - CGSE)Licensed Institution安信金控有限公司 (On Shun Financial Limited)License TypeType AA LicenseLicense Number085What Can I Trade on On Shun? On Shun provides services with an eye on actual gold and options depending on currencies. These products let customers trade two major kinds of gold and invest in it.Tradable Instruments Supported Physical Gold Investment✔Currency-Based Gold Trading✔On Shun Fees On Shun has cheap spreads, commissions, and swap rates compared to industry standards. London Gold and London Silver spreads are $0.5 and $0.04 per ounce, respectively. London Gold has a -2% swap rate for purchase positions and -1% for sell ones, while London Silver has -1.5% for both.InstrumentSpreadBuy Swap RateSell Swap RateLondon Gold$0.5/oz-2%-1%London Silver$0.04/oz-1.50%-1.50%Trading PlatformTrading PlatformSupported Available Devices Suitable for what kind of tradersMT5✔Windows, iOS, AndroidTraders needing comprehensive tools for technical analysis, charting, and trading on multiple devicesDeposit and Withdrawal On Shun requires a US$5,000 minimum amount for fee-free deposits and withdrawals. RMB deposits and withdrawals are translated to USD for trading. For Friday withdrawals, the following Monday is handled. Withdrawals can be requested 24/7 online. Overnight positions incur interest, and forced liquidation occurs if the margin ratio dips below 20% to reduce risk.Transaction MethodMin. AmountCurrencyFeesProcessing TimeDepositUS$5,000RMBNoneImmediate upon confirmationWithdrawalUS$5,000RMBNoneT+1 (Next working day); if applied on Friday, it arrives on the following Monday