Overview of FirstGold
FirstGold, operated by 第一亞洲商人金銀業有限公司, is a Hong Kong-based entity regulated by the Chinese Gold & Silver Exchange Society (CGSE) under license type AA with license number 114. It offers investment opportunities in market instruments like Spot Precious Metal Contracts, including Spot Gold (LLG) and Spot Silver (LLS), known for their reasonable leverage ratios. Additionally, FirstGold presents a 5-Tael 9999 Gold Bar, a collectible gold product, and collaborates with Argor-Heraeus to offer the First Gold Coin for the Greater China market, boasting advanced anti-counterfeiting technology.
FirstGold provides a single account type for traders and offers various trading platforms, including MetaTrader 5 (MT5) and mobile options. Traders can access educational tools like a Trading Calculator, Golden Academy, and a Financial Calendar to aid in their investment decisions. Customer Support is readily available through phone, email, live chat, and hotlines, emphasizing security and technical support for traders.
Pros and Cons
FirstGold, a Hong Kong-based trading platform, boasts a regulated status and offers a variety of trading instruments, including Spot Precious Metal Contracts, collectible 5-Tael 9999 Gold, and 999.9 fine First Gold Coins. It provides traders with multiple platform choices, including the popular MT5. On the downside, the platform lacks transparency regarding trading fees, commissions, and leverage options. Educational resources are available but somewhat limited, and there's also a restricted choice of deposit methods, with no information provided on withdrawal methods.
Is FirstGold Legit？
FirstGold, operated by 第一亞洲商人金銀業有限公司, is regulated in Hong Kong under license type AA. It is a privately licensed entity with license number 114. The regulating authority for FirstGold is the Chinese Gold & Silver Exchange Society. More information about their regulatory status and additional details can be found on their website at http://www.firstbullion.com/.
Market Instruments
Spot Precious Metal Contract:
FirstGold offers Spot Precious Metal Contracts, which are common investment instruments known for their reasonable leverage ratios and flexible operation. Examples include Spot Gold (LLG) and Spot Silver (LLS). Each contract for Spot Gold represents 100 ounces and has a price unit of 0.10, with a minimum price fluctuation of USD 10 and an initial margin requirement of 2%. For Spot Silver, each contract represents 5000 ounces, with a price unit of 0.01, a minimum price fluctuation of USD 50, and an initial margin requirement of 2%.
5-Tael 9999 Gold:
FirstGold presents the 5-Tael 9999 Gold Bar, a collectible souvenir product commemorating the 100th anniversary of the CGSE (Chinese Gold & Silver Exchange Society). This gold bar, weighing 5 tael (Hong Kong metering system), is available for trading at a relatively low price. It is verified by the CGSE as a 999.9 fine gold product, meeting international standards. This product is designed to appeal to both public banks and dealers, making it attractive to investors due to its popularity, low trading cost, and high value of collection.
First Gold Coin:
FirstGold collaborates with Argor-Heraeus, a renowned Swiss gold refinery, to offer the First Gold Coin, a 999.9 fine gold coin designed for the Greater China market. These coins come with certificates issued by Argor-Heraeus and are endorsed by the CEO of the refinery, attesting to their high quality. Each coin bears a unique serial number and features advanced anti-counterfeiting technology, including KINEGRAM labels, making it a rare and secure product. Manufacturing processes are completed in Switzerland, and the coins are directly delivered to Hong Kong, emphasizing their Swiss accreditation. This product gained significant commercial success and high demand in the Greater China market upon its launch.
Pros and Cons
Account Types
FirstGold offers a single account type for its traders, with the option of a demo account for practice purposes.
How to Open an Account？
To open an account with FirstGold, follow these steps:
Click on the “account opening” or “Register” button on the website.
Fill in the mandatory fields, including your IB Code (if applicable), username, email, and mobile number.
Upload a copy of your ID card.
Provide your full name, gender, birthday, nationality, address, ID card number, and ID card expiry date.
Indicate whether you were born in the U.S. and whether you are a U.S. citizen or resident.
Answer questions related to FATCA compliance.
Enter your bank card information, including the issuing bank, branch, bank address, account number, currency, and SWIFT code. Upload a copy of your bank card.
Provide details about your total annual income, liquid net worth, preference for investment risk, and investment experience.
Share information about your occupation title, the nature of your business, and the number of years you've been in your occupation.
Complete the captcha verification.
Read and agree to the terms and conditions in the Client Account Agreement, Account Opening Terms & Conditions, and Disclaimer.
Click “Submit” to initiate the account opening process.
Spreads
FirstGold's spreads and commissions for Spot Gold and Spot Silver are as follows: Spot Gold has a spread of 2.25, with an opening price of 1923.62 and a closing price of 1921.37. For Spot Silver, there is a spread of 0.09, with an opening price of 23.16 and a closing price of 23.07.
Deposit & Withdrawal
To deposit funds with FirstGold, clients can use Bank Wire and Bank Transfer methods. The deposit processing time typically ranges from 1 to 4 business days. First Gold does not impose any deposit fees; however, fees may apply depending on the client's bank. Deposits should be made to The Hong Kong and Shanghai Banking Corporation Limited, with the beneficiary listed as First Asia Merchants Bullion Ltd, and the beneficiary account number 813-218328-838 available in USD, HKD, and RMB. The SWIFT Code is HSBCHKHHHKH, and the branch address is G/F Hay Wah Building, 71-85B Hennessy Road, Wanchai, Hong Kong. It's important to note that FirstGold only accepts deposits via wire transfer/remittance from the client's own bank account and does not accept cash deposits. Clients should include their name, account number, and contact mobile on the wire/transfer receipt and upload the remittance slip to the Client portal. Third-party deposits are not accepted by the company.
Pros and Cons
Trading Platforms
FirstGold provides a range of trading platforms to accommodate diverse client needs. These include the MetaTrader 5 (MT5) platform for PC users, mobile trading platforms for both iPhone and Android devices, a platform compatible with Mac OS, and a web-based Client Portal for account management. Clients can select the platform that aligns with their preferred devices and trading preferences.
Pros and Cons
Educational Tools
FirstGold provides a range of Educational Tools to assist traders in their investment decisions. These tools include:
Trading Calculator: The Trading Calculator allows users to calculate profit and loss for various trading scenarios. Traders can input parameters such as the product bought and sold, prices, commission per contract, and the number of contracts to determine the resulting profit or loss. Additionally, the calculator can help estimate interest payments based on the close price and interest rate.
Golden Academy: FirstGold's Golden Academy offers educational resources to enhance traders' knowledge. It includes glossaries, general teachings, and advanced teachings. Users can access information on various topics, such as Loco London Gold, Gold Standard, Margin Trading, Buy and Sell strategies, Stop/Loss and Take/Profit orders, Locking positions, Overnight Interest, Spread, Contract Units, and Nonfarm Payroll, among others.
Financial Calendar: The Financial Calendar provides users with important financial events and economic indicators. It includes data on various currencies and their associated events, such as BoJ M2 Money Stock, BoJ M3 Money Stock, BoJ L Money Stock, PBC New Loans, and PBC M2 Money Stock, with corresponding values and times. This information can be crucial for traders to stay informed about market-moving events.
Customer Support
FirstGold's Customer Support is readily accessible through various channels. They are located at 8th Floor, W Square, 314-324 Hennessy Road, Wan Chai, Hong Kong, with a telephone number of (852) 2868 9919 and a fax number of (852) 3106 0770. For inquiries, you can reach them via email at enquiry@firstbullion.com or visit their website at www.firstbullion.com. Live chat is available, and they offer a hotline at (852) 6404 9195 (Hong Kong Hotline) and a Customer Service Hotline at (852) 2114 6111 (Hong Kong Hotline). Additionally, they provide technical support to address any technical issues related to the trading platform, installation, network connectivity, and more, ensuring traders receive prompt assistance. FirstGold places a strong emphasis on security, employing advanced encryption and firewall protection to safeguard user data and trading records. They have also implemented backup systems and contingency plans to mitigate server-related problems and preserve trading data.
Conclusion
In conclusion, FirstGold, operated by 第一亞洲商人金銀業有限公司 and regulated in Hong Kong, offers a range of market instruments, including Spot Precious Metal Contracts, 5-Tael 9999 Gold Bars, and First Gold Coins. The platform provides a single account type and multiple trading platform. While it offers educational tools like the Trading Calculator, Golden Academy, and Financial Calendar, its customer support is readily accessible through various channels. However, it's important to note that certain specific details about advantages and disadvantages were not explicitly mentioned in the provided information.
FAQs
Q: Is FirstGold a legitimate company？
A: Yes, FirstGold, operated by 第一亞洲商人金銀業有限公司, is a licensed and regulated entity in Hong Kong under license type AA by the Chinese Gold & Silver Exchange Society.
Q: What are the market instruments offered by FirstGold？
A: FirstGold offers Spot Precious Metal Contracts, including Spot Gold and Spot Silver, as well as collectible products like the 5-Tael 9999 Gold Bar and the First Gold Coin.
Q: What account types are available at FirstGold？
A: FirstGold offers a single account type for traders, along with a demo account for practice.
Q: How can I open an account with FirstGold？
A: To open an account, visit their website, fill in the required information, upload necessary documents, and agree to the terms and conditions.
Q: What are the deposit and withdrawal methods at FirstGold？
A: You can deposit funds through Bank Wire and Bank Transfer methods. Withdrawal fees may apply depending on your bank, and only wire transfers/remittances from your own bank account are accepted.
2023-12-19 18:46
2023-11-17 17:33
