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SHANGQUAN -

Score

1.37 /10
Danger

SHANGQUAN

Hong Kong

2-5 years

Suspicious Regulatory License

High potential risk

https://shangquanfx.com/#/

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Comparison

Quantity 9

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index5.94

Risk Management Index0.00

Software Index4.00

License Index0.00

The WikiFX Score of this broker is reduced because of too many complaints!
Open Account
Website

Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

SHANGQUAN LTD

Company Abbreviation

SHANGQUAN

Platform registered country and region

Hong Kong

Company website

Company summary

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 2
Previous Detection : 2024-09-28
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 9 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

Exposure

9 pieces of exposure in total
Pyramid scheme complaint
Expose
Unable to Withdraw

unable to withdraw

Shangquan plaform can't login again and the platform is off now in MT5. i never can't withdraw. i lost my initial capital around 165903$(US). My final benefit is 1368154$(US). They asked me to deposit 15% of all funds.  Now the company is gone. i lost my everything 

2022-11-13 10:18
Unable to Withdraw

They couldn’t get away with the funds

Fraud warning This fictitious company is the best in the world at what it does, which is scamming helpless people. After losing $89,000 to them, my old father notified the police and FCA, but nothing was done. SHANGQUAN employees are skilled talkers who convey a sense of reliability. Please do not trust them. They will take anything you have from your funds. We file a grievance with assetsclaimback advisory, which triple-checked my dad investment. They stopped communicating with me after that, they think they were intelligent but not as bright as the advisory, which caused the con artists to flee engaging with SHANGQUAN is like a waste of time and money.

2022-07-22 16:07
Unable to Withdraw

Scam Alert

I attempted to invest a sizable sum of money through this broker. It was really successful in the first month, but after a few months, it becomes nearly hard to close a typical trade. It is very comparable to a casino. They have the ability to just tell you with an excuse after taking all of your money. till AssetsClaimback picked up my ease and assured restoration, customer service was unable to answer promptly this firm have defrauded a lot of people stay away from them

2022-10-26 03:03
Unable to Withdraw

Fraudulent broker

This is one platform to be avoided at all cost, the broker steals money from my account and ask me to make a new subscription to get the old investment back, imagine my disappointment when i realised it was a lie withdrawal comes outside of Shangquan The broker only said that to get me to invest. I had a terrible experience with this broker and they've made it difficult to talk about it

2022-10-31 14:01
Unable to Withdraw

Horrific to say the least

I requested a withdrawal since may and they assured me I would get it within 2 weeks. I figured no problem since i was not in a hurry i waited for months but nothing still i stoped getting a response from them with made me take action against them by filling for a refund with Tassettrace^org.

2022-07-12 14:38
Scam

shangquan should be avoided

Shangquan is that broker to be avoided at all cost because of the manner in which they operate and the bad part is they never allow withdrawals to happen. My trading account was funded from my crypto exchange and after receiving notification of deposit in my MT5, I started trading and grew my investment portfolio to a stage where I got satisfied to withdraw. the very strange part happened when I requested withdrawal and I was told that I have to reach a certain amount in trading balance before I could withdraw. this raised the first red flag and I emailed them why? they responded that it is the usual but my instincts told me otherwise which was why I researched into Shangquan existence as a broker and I found that they have scammed a lot of people . I feel bad to be a victim but I am glad to expose them. I have shown my deposits in the pictures below to their wallet address and as well validation from the relevant authorities that they are running a scam scheme which would be helpful.

2022-10-26 02:51
Unable to Withdraw

This firm can’t be trusted.

I wish I had looked into this fake investment platform called SHANGQUANFX more or read the news on their fraudulent Metatrader5. There are so many things that we regret only attempting to make money. Please be forewarned this platform isn’t even licensed but In the end, I only had to legally declare my money as stolen to Assetsclaimback Advisory in order to get them back. They were helpful, a brief web search revealed. I would have suffered a irreversible loss of 57967usdt. Because this business is unregulated and cannot be held accountable because we don’t know who is behind this company and their office is no where to found.

2022-07-12 12:56
Unable to Withdraw

Avoid at all cost

This a scam company which is a joke in terms of regulations, and will take your money, they did that with me after which I was unable to withdraw Companies like this will take your money and never get it back unless you seek professional assistance that is fintrack/ org rendered which was the only way I could get my money back The trading company were very nice first couple of months until I stopped injecting money into their platform

2022-07-12 15:29
Unable to Withdraw

made the right decision against broker

They had my investment stuck in the account for over a month they were stubborn about releasing it which changed with my picture proof, we use to have daily phone and email contacts until i asked to take out some of my investment in which case they gradually stopped responding to me i don't understand how a broker can be so heartless

2022-11-03 06:50
    SHANGQUAN · Company summary
    SHANGQUAN Basic Information

    General Information

    Established in 2022, SHANGQUAN is an online forex broker registered in Hong Kong, allegedly offering its clients access to diversified range of trading instruments, such as forex, Metals, Bonds, Sahres and more through the leading MT5 trading platform.

    Besides, SHANGQUAN provides multiple payment options for its clients to make a deposit and withdrawal.

    Is Blaze Markets safe to trade with？

    When it comes to regulation, SHANGQUAN disappoints us due to the lack of authorization and licenses to operate forex and CFD trading services.

    The regulatory status of SHANGQUAN on the WikiFX website is marked as “No License” and it only receives a quite low score of 1.07/10.

    Bear in mind that trading with an unregulated and offshore forex broker contains a high level of risk. Before you deciding on any broker, you are strongly recommended to check out a forex brokers regulatory licenses on WikiFX.

    WikiFX

    Market Instruments

    SHANGQUAN claims to offers its clients access to diversified range of trading instruments, such as Forex, Indices, Bonds, EFTs, Commodities, Shares, Cryotocurrency.

    Market Instruments

    Leverage

    With the SHANGQUAN platform, the maximum trading leverage that traders can use is up to 1:400, which is much above the levels considered appropriate by the vast majority of regulators.

    Margin trading involves a high level of risk, and it can cause serious fund losses, especially to inexperienced traders. Therefore, it is important for traders to choose the proper amount that they feel most at ease.

    Spreads & Commissions

    SHANGQUAN hypes that it offers extremely low point difference (Spreads), but it does not specify spread on particular instrument.

    Trading Platform

    SHANGQUAN offers its clients access to the advanced MT5 trading platform, which can be accessed on any device, Windows, Desktop, Android and IOS. The MT5 trading platform is among the most popular trading platforms around the world, featuring robust charting package, multiple technical indicators, and more importantly, it supports EA, allowing traders to automate trading themselves.

    Deposit & Withdrawal

    The minimum deposit amount is not disclosed and SHANGQUAN allows its clients to make a deposit and withdrawal through the following channels:

    • VISA/MasterCard/Maestro

    • Maestro

    • Skrill & Neteller

    • OZOW

    Deposit & Withdrawal

    Further information about withdrawal and processing time is not shared.

    Customer Support

    Traders with any inquiries or trading-related issues can get in touch with SHANGQUAN through the following channels:

    Telephone: +852 46380612

    Email: info@shangquanfx.com

    Online Chat (filling in your email address)

    Registered Company Address: RM4,16/F,HO KANG COMM CTR,2-16 FAYUEN ST,MONGKOK KL HONG KONG

    Risk Warning

    There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved, and it is not suitable for all investors.

    The information presented in this article is intended solely for reference purposes.

    User Reviews

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    User comment

    10

    Comments

    Write a review

    pathman
    more than one year
    don’t invest here because they’re very terrible and awful. they’ll take all your money and scam your hard earn money but I couldn’t seat back and watch my money gone I had to take action by filing a complaint against them with the help of Traderep0rt… 0rg. I got my rec0up with their help and it was successful
    don’t invest here because they’re very terrible and awful. they’ll take all your money and scam your hard earn money but I couldn’t seat back and watch my money gone I had to take action by filing a complaint against them with the help of Traderep0rt… 0rg. I got my rec0up with their help and it was successful
    Translate to English
    2023-01-08 16:40
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    Yueh
    more than one year
    The company should be providing a good and honest service to clients not tricking clients. Tried to withdraw for months and the customer service didn't respond to any of my emails.
    The company should be providing a good and honest service to clients not tricking clients. Tried to withdraw for months and the customer service didn't respond to any of my emails.
    Translate to English
    2022-12-14 15:35
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    9