On Shun Forex Broker
Basic Information
Hong Kong
5-10 years Suspicious Regulatory License MT5 Full License Regional Brokers High potential riskCompany profile
Rating Index
On Shun Forex Broker - Complete Information Guide
1. Broker Overview
On Shun Golden Holdings Limited, commonly referred to as On Shun broker, was established in 2018 and is headquartered in Hong Kong. The company operates as a privately held entity, focusing primarily on the retail forex market and catering to a diverse clientele that includes individual traders interested in gold and currency-based trading.
Since its inception, On Shun has emphasized its services in the investment of physical gold and currency-based gold trading, aiming to provide a unique trading experience for its clients. The company has made significant strides in its operational capabilities, having developed a strong market presence in Hong Kong and surrounding regions.
Despite being relatively new in the industry, On Shun has managed to establish a presence with a focus on gold investments. However, it is important to note that the company has faced scrutiny due to its regulatory status, which raises concerns about its legitimacy and operational practices.
The business model of On Shun primarily revolves around retail forex trading, offering clients access to various gold investment products and currency trading options. This model is designed to attract traders looking for specialized investment opportunities in precious metals.
2. Regulatory and Compliance Information
On Shun broker claims to be regulated by the Hong Kong Chinese Gold & Silver Exchange Society (CGSE), holding a Type AA license (license number: 085). However, this license is marked as a suspicious clone, indicating potential fraud risks. The regulatory status has raised red flags among investors, as the broker's name may not align with the licensed entity, which is 安信金控有限公司 (On Shun Financial Limited).
The lack of proper regulation is a significant concern, as it implies that On Shun may not be subject to the same level of oversight as other regulated brokers. The company does not participate in any investor compensation schemes, which further heightens the risk for clients.
In terms of compliance, On Shun has not provided clear information regarding its Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. This lack of transparency regarding compliance practices poses additional risks for potential investors.
3. Trading Products and Services
On Shun broker offers a limited range of trading products, primarily focusing on physical gold investments and currency-based gold trading. The broker does not provide a wide array of forex currency pairs, which may limit trading opportunities for clients seeking diverse investment options.
The company does not appear to offer Contract for Difference (CFD) products or other asset classes such as indices, commodities, stocks, or cryptocurrencies. This narrow focus on gold trading may appeal to specific investors but could deter those looking for a more comprehensive trading experience.
The frequency of product updates and the introduction of new trading instruments have not been disclosed, which may indicate a lack of innovation or responsiveness to market demands. Additionally, On Shun does not provide any services tailored for institutional clients or asset management solutions.
4. Trading Platform and Technology
On Shun broker utilizes the MetaTrader 5 (MT5) trading platform, which is compatible with various devices, including Windows, iOS, and Android. This platform is known for its comprehensive tools for technical analysis, charting, and trading functionalities.
However, the company does not offer a proprietary trading platform, and its web-based trading capabilities have not been detailed. The absence of advanced features such as API access for automated trading may limit the appeal for more sophisticated traders.
The execution model of On Shun is not clearly defined, raising questions about whether it operates as an ECN, STP, or Market Maker. Additionally, the server location is reported to be in Hong Kong, which may affect latency and execution speed for international traders.
5. Account Types and Trading Conditions
On Shun broker requires a minimum deposit of USD 5,000 for trading accounts. The conditions for standard accounts include spreads of $0.5 per ounce for London gold and $0.04 per ounce for London silver. However, the details regarding commissions and other account types, such as VIP or professional accounts, are not provided.
The broker does not appear to offer specialized accounts, such as Islamic accounts or corporate accounts, which may limit its attractiveness to a broader audience. The leverage offered by On Shun is not explicitly stated, and potential clients should inquire directly for detailed information.
The minimum trade size and overnight fees have not been disclosed, which may pose challenges for traders looking to understand the cost structure associated with their trading activities.
6. Funds Management
On Shun broker supports a minimum deposit of USD 5,000, which can be made via various methods, including bank transfers and possibly credit cards or electronic wallets. However, specific details about the deposit methods are not clearly outlined.
Deposits are processed immediately upon confirmation, while withdrawals are typically processed within one working day. If a withdrawal request is made on a Friday, it will be handled the following Monday. There are no fees associated with deposits or withdrawals, but the lack of transparency regarding withdrawal methods and potential limitations raises concerns.
7. Customer Support and Educational Resources
On Shun broker provides customer support through various channels, including phone, email, and potentially online chat. The primary contact number is +852 3909 6999, and the support email is cs@osgold85.com. However, the availability of support in multiple languages is not specified, which may limit accessibility for non-Chinese speaking clients.
The broker does not appear to offer a wealth of educational resources, such as webinars, tutorials, or e-books, which are often crucial for new traders. Additionally, there is no mention of market analysis services or trading tools that could enhance the trading experience for clients.
8. Regional Coverage and Restrictions
On Shun broker primarily serves clients in Hong Kong, but it is unclear whether it has a broader international reach. The broker's website does not specify any regional offices outside of Hong Kong, which may limit its operational capacity.
There is no information available regarding countries or regions from which clients are not accepted, but given the regulatory concerns, potential investors should exercise caution. The lack of clear communication about regional restrictions may impact the broker's credibility and attract scrutiny from potential clients.
In conclusion, while On Shun broker offers specific trading opportunities in gold and currency-based products, its regulatory status, limited product offerings, and lack of transparency raise significant concerns for potential investors. It is advisable for individuals to conduct thorough research and consider alternative, more established brokers that prioritize compliance and client safety.
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