Wing Fung Forex Broker
Basic Information
Hong Kong
15-20 years Regulated in Hong Kong Regulated in Hong Kong Regulated in Hong Kong Type AA License Dealing in futures contracts Dealing in securities Self-developed Suspicious Scope of Business Hong Kong Leveraged foreign exchange trading Revoked Suspicious Overrun Medium potential riskCompany profile
Rating Index
Wing Fung Forex Broker - Comprehensive Information Guide
1. Broker Overview
Wing Fung Financial Group, commonly referred to as Wing Fung, was established in 1987 and is headquartered in Hong Kong. The company operates as a private entity, providing a range of financial services primarily targeting retail clients and institutional investors. Wing Fung has evolved significantly since its inception, originally focusing on precious metals trading and gradually expanding its offerings to include forex trading, securities, and futures.
The firm has made notable strides in the financial sector, becoming a recognized name in the forex and CFD trading markets. Over the years, Wing Fung has achieved several milestones, including its membership in the Chinese Gold and Silver Exchange Society (CGSE) and obtaining various regulatory licenses. As a CFD and forex broker, Wing Fung operates on a market-making model, allowing it to facilitate trades for its clients while also providing liquidity in the market.
The companys commitment to customer service and education is evident in its comprehensive range of resources available to traders. This includes educational materials, market analysis, and trading tools, all aimed at enhancing the trading experience for its clients.
2. Regulatory and Compliance Information
Wing Fung is regulated by multiple authorities, primarily the Securities and Futures Commission (SFC) of Hong Kong and the Chinese Gold and Silver Exchange Society (CGSE). The firm holds the following licenses:
- SFC License Number: AAV 717 (for dealing in securities)
- SFC License Number: AMU 683 (for dealing in futures contracts)
- CGSE License Number: 034 (Type AA License)
These licenses ensure that Wing Fung adheres to strict regulatory standards, promoting transparency and security in its operations. The regulatory licenses are valid as of their issuance dates, with the SFC license effective since November 1, 2005, and the CGSE license being a long-standing membership.
In terms of client protection, Wing Fung implements a robust Know Your Customer (KYC) policy and adheres to Anti-Money Laundering (AML) regulations. This ensures that the identities of clients are verified, and suspicious activities are monitored, safeguarding both the broker and its clients from potential fraud.
Additionally, the firm maintains a client fund segregation policy, ensuring that client funds are kept separate from the companys operational funds. This practice enhances the safety of client deposits. However, details regarding participation in an investor compensation fund were not specified in the available resources.
3. Trading Products and Services
Wing Fung offers a diverse range of trading products to its clients, primarily focusing on the following categories:
Forex Trading: The broker provides access to a wide array of currency pairs, including major, minor, and exotic currencies. The exact number of forex pairs available was not specified, but it includes popular pairs such as EUR/USD, GBP/USD, and AUD/USD.
Contracts for Difference (CFDs): Clients can trade CFDs on various underlying assets, including:
Precious Metals: Gold and silver trading is a significant part of Wing Fungs offerings, reflecting its roots in the precious metals market.
Securities: The broker facilitates trading in stocks and shares, providing clients access to both local and international markets.
Futures: Wing Fung allows trading in various futures contracts, catering to clients interested in hedging or speculative trading.
Special Products: Wing Fung has established itself as a liquidity provider for the Loco London Gold Market, further enhancing its product offerings in precious metals.
The firm regularly updates its product offerings, although specific details on the frequency of updates or newly introduced products were not provided. Wing Fung also caters to retail traders while offering tailored services for institutional clients, including white-label solutions and asset management services.
4. Trading Platforms and Technology
Wing Fung provides its clients with access to a variety of trading platforms, including:
- MetaTrader 4 (MT4): The broker supports MT4, a popular trading platform known for its user-friendly interface and extensive charting capabilities.
- MetaTrader 5 (MT5): Wing Fung also offers MT5, which includes additional features, such as advanced order types and more comprehensive market analysis tools.
In addition to these platforms, Wing Fung has developed its proprietary trading applications, allowing clients to trade on-the-go. The Wing Fung Official App is available for both iOS and Android devices, providing traders with access to their accounts, real-time quotes, and market analysis.
The broker operates on a Market Making execution model, which allows for fast order execution and competitive spreads. The servers are located in Hong Kong, ensuring low latency for clients trading in the region. Furthermore, API access is available, enabling automated trading solutions for more experienced traders.
5. Account Types and Trading Conditions
Wing Fung offers a variety of account types to cater to different trading needs:
Standard Accounts: The minimum deposit for a standard account is not explicitly mentioned, but traders can expect competitive spreads with no commissions on forex trades. For example, spreads for the EUR/USD currency pair start from 1 pip, while GBP/USD and AUD/USD pairs start from 2 pips.
Advanced Accounts: For more experienced traders, Wing Fung may offer advanced account types, although specific details on VIP or professional accounts were not provided.
Special Accounts: The broker does not explicitly mention the availability of Islamic or corporate accounts. However, it is advisable for prospective clients to inquire directly with Wing Fung for any specific account needs.
Demo Accounts: Wing Fung provides a demo account option, allowing traders to practice their strategies in a risk-free environment. The leverage offered varies by account type and product, with typical ratios ranging from 1:10 to 1:20.
Minimum Trade Size: The minimum lot size for trading was not specified in the available resources, but it is generally standard in the industry.
Overnight Fees: Information regarding overnight fees or swap rates was not detailed, and clients are encouraged to check with the broker for specific conditions.
6. Fund Management
Wing Fung supports a variety of deposit methods, ensuring convenience for its clients:
Deposit Methods: Clients can deposit funds using bank transfers, credit cards, and electronic wallets. Specific details on the supported electronic wallets were not provided.
Minimum Deposit Requirements: The minimum deposit requirement varies by account type, but it is generally competitive.
Deposit Processing Time: The processing time for deposits can vary, with bank transfers typically taking longer than credit card deposits.
Deposit Fees: Wing Fung does not charge deposit fees, making it cost-effective for clients to fund their accounts.
Withdrawal Methods: Withdrawals can be made through similar methods as deposits, although specific withdrawal limits were not mentioned.
Withdrawal Processing Time: Withdrawal requests are usually processed within a few business days, but clients should verify with the broker for exact timelines.
Withdrawal Fees: Information on withdrawal fees was not provided, and clients are advised to check the brokers policies directly.
7. Customer Support and Educational Resources
Wing Fung places a strong emphasis on customer support, offering multiple channels for clients to reach out for assistance:
Support Channels: Clients can contact the support team via phone, email, live chat, and social media platforms.
Service Hours: Customer support is available during standard business hours in Hong Kong, but specific hours of operation were not detailed.
Multilingual Support: The broker provides support in both English and Chinese, catering to a diverse client base.
Educational Resources: Wing Fung offers a range of educational materials, including webinars, tutorials, and e-books, aimed at enhancing traders' knowledge and skills.
Market Analysis Services: Clients benefit from daily market analysis, research reports, and news updates, which help inform trading decisions.
Trading Tools: The broker provides various trading tools, including calculators, economic calendars, and signal services, to assist clients in their trading activities.
8. Regional Coverage and Restrictions
Wing Fung primarily serves clients in Hong Kong and Singapore, with a focus on the Asian market. The broker has a well-established presence in these regions, supported by its local offices.
Regional Offices: The main office is located at 20/F, Wing On House, No. 71, Des Voeux Road Central, Hong Kong.
Countries Not Accepted: Wing Fung does not accept clients from certain jurisdictions, including the United States and countries under international sanctions. Specific countries were not listed in the available resources.
Special Restrictions: Clients are encouraged to check the broker's website or contact customer support for any specific restrictions that may apply to their region.
In summary, Wing Fung operates as a reputable broker offering a range of financial services, including forex trading, CFDs, and precious metals. With regulatory oversight from the SFC and CGSE, clients can trade with confidence, knowing their investments are protected by stringent compliance measures. The broker's commitment to customer service, education, and technology ensures that it remains a competitive player in the financial services industry.
Wing Fung Similar Brokers
Latest Reviews
Aung Myohlaing
Spain
I have been trading with this Hong Kong based broker for about 5 months now and I think it is a good fit for me! We know that because everyone's trading habits are different, there is no trading platform that is right for everyone, but I think wingfung is very suitable for me. I am very pleased with the spreads, commissions and accounts you provided.
Positive
2022-11-22
FX1024642656
Hong Kong
All is ok. Trading cost is very transparent although the transaction fee is very high. And they seem to offer various tradable products and services, specializing in trading in precious metals and production of gold and silver jewelry. If someone has interests in precious metals trading, it can be a good choice.
Positive
2022-11-18
～格局~1
Hong Kong
I originally made money to close the position today, but I didn’t know that the function of closing the position was invalid, so I immediately called the service number ☎Because I rarely use the manual phone to close the position, so I checked the phone password and couldn’t close the position, and then transferred eight other calls for me, and some said no He is in charge, and some say he only handles stocks and futures, throwing me around for more than an hour before calling me to reset my password, which is frighteningly efficient. I have used this software for more than a year and it frequently breaks down. In addition, setting the chase point before placing an order will not automatically close the position. Call ☎4001201080 to complain: How to deal with making money and losing money due to software failure? Will you compensate me? The reply I got: I The company has checked the software and there is no problem! Yongfeng's software and customer service levels are really not good.
Exposure
2022-12-14