SHACOM FUTURES LIMITED Spreads, leverage, minimum deposit Revealed

　　Shacom, established in 2004 and headquartered in Hong Kong, is a company involved in futures trading, particularly on the Hong Kong Futures Exchange Limited. The company operates under the regulation of SFC. Shacom's product portfolio primarily revolves around futures contracts. But it does not provide demo accounts and 24/7 customer service for their traders.

Pros and Cons

Is Shacom Legit?

　　Shacom is regulated by the Securities and Futures Commission of Hong Kong. The company holds a license for dealing in futures contracts, and its current status is marked as regulated. The specific license number provided is AAJ283.

What Can I Trade on Shacom?

　　Shacom offers extensive broking services for futures trading on the Hong Kong Futures Exchange Limited, including Hang Seng Index, Hang Seng China Enterprises, and Hang Seng TECH Index futures and options.

　　Additionally, their trading channels include counter trading, manned phone-in trading, and a user-friendly automated electronic platform for direct Internet orders with real-time quotes.

Account Type

　　Shacom only offers one type of account- the Future account and there is no minimum deposits. But they do not provide demo accounts for their traders.

　　Besides, to open a Futures trading account with Shacom, you must first maintain a current or savings account in HK Dollar with Shanghai Commercial Bank under the same name as your intended futures trading account. This designated account will be used for all transactions. Please bring the required documents to our office in person to complete the account opening process.

　　Documents Required

• For Individual Clients:

　　Hong Kong Identity Card (for Hong Kong Permanent Residents) or Passport (for non-Hong Kong Permanent Residents) of all account holders.

　　Residential address proof issued within the last 3 months (include permanent address proof if different). Acceptable documents include bank statements, water bills, electricity bills, or gas bills.

• For Corporate Clients:

　　Certificate of Incorporation and any subsequent Certificate of Change of Name (if applicable).

　　Valid Business Registration Certificate.

　　Business address proof (if different from the registered office address).

　　Memorandum of Association and Articles of Association / Articles of Association.

　　Certified Copy of Particulars of Directors (form D) and/or the latest shareholders Annual Return.

　　Certified Copy of Minutes of the Meeting regulating the bank account OR Certified Extract of Minutes of Resolutions (The Company Form).

　　Identification documents of beneficial owners, authorized signatories, and directors.

　　Residential address proof issued within the last 3 months of beneficial owners, authorized signatories, and directors (include permanent address proof if different).

　　Company Chop (official seal).

　　In all, the process of opening account is rather complex. You have to own an specified saving accounts and prepare for many documents.

Trading Platform

　　Shacom offers the Internet trading platform and mobile trading App. On their website, they provide videos to introduce the two trading platform. You can browse through their website or directly click: https://www.shacomfutures.com.hk/TPD_ETS

Deposit and Withdrawal

　　Shacom offers several methods for fund deposit including bank transfer or cheque deposit, ATM transfer, and Internet or phone banking transfer.

　　For a Bank Transfer or Cheque deposit, with the payee's name specified as Shacom Futures Limited and the Shanghai Commercial Bank account number provided as 328-82-33668-8. Funds deposited via cheque will only be available after the cheque has been cleared, a process that may take up to two days.

　　Secondly, an ATM Transfer option uses the designated account number 328-82-33668-8. Thirdly, it is advised to be aware of the varying charges and settlement durations for fund transfers via Internet or Phone banking among different banks. Clients can seek clarification by contacting the Customer Service Hotline at (852) 2290 3860.

　　For fund withdrawals, clients need to inform Shacom Futures Limited by either calling (852) 2207 2708 or visiting the office in person to complete the fund withdrawal request form. Typically, fund withdrawal requests take one to two working days to process. Instructions received before 12 noon on each working day (prior to the cut-off time) will be processed on the same day.