GWGOLD Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-12-10 11:05

Abstract：Established in 2013 and headquartered in Hong Kong, GWGOLD is a financial company that specializes in spot gold and silver trading. The company offers trading on the popular MT4 platform and its own goodwillgold4 platform. However, it operates under a clone license.

GWGOLD Review Summary
Founded	2013
Registered Country/Region	China Hong Kong
Regulation	Clone
Market Instruments	Spot gold & silver
Demo Account	❌
Margin	Not less than 2%
Spread	$0.50/oz (Spot gold)
Spread	$0.04/oz (Spot silver)
Trading Platform	MT4 and goodwillgold4
Minimum Deposit	/
Customer Support	Live chat (24 hours)
	Tel: (852) 3978 8188 (Hong Kong); 4001 206 668 (Domestic toll-free hotline)
	Address: Flat 29, 1/F, jade plaza, canton Road, Kowloon

　　Established in 2013 and headquartered in Hong Kong, GWGOLD is a financial company that specializes inspot gold and silver trading.The company offers trading on the popular MT4 platform and its own goodwillgold4 platform. However, it operates under a clone license.

Pros and Cons

Pros	Cons
MT4 platform	Clone license
Clear trading rules	No demo accounts

Is GWGOLD Legit?

　　No, GWGOLD is not a regulated entity. The firm purports to be regulated by the China Hong Kong CGSE with a license number 050, but this claim has been verified as false and is associated with a clone firm.

Regulated Country	Regulated Authority	Current status	Regulated Entity	License Type	License Number
	The Chinese Gold and Silver Exchange Society (CGSE)	Clone	鴻豐金業集團(香港)有限公司	Type A1 License	050

What Can I Trade on GWGOLD?

　　GWGOLD primarily offers trading in Spot gold and Spot silver.

Tradable Instruments	Supported
Spot gold & silver	✔
Forex	❌
Commodities	❌
Indices	❌
Stocks	❌
Cryptocurrrencies	❌

Trading Rules

	Spot gold	Spot silver
Contract unit (per lot)	100 ounces	5000 ounces
Transaction spread	$0.50/oz	$0.04/oz
Minnumber of transactions per transaction	0.05 contracts
Maxnumber of transactions per transaction	5 contracts
Margin	Not less than 2%
Daily interest	Not applicable
Daily warehouse rent	Buy: -1.75%; Sell: -1.25% (annual interest rate here)
Pending order distance	At least 250 points away from the market price

Trading Hour/Settlement Time

	Summer	Winter
Trading hours	From Monday 07:01 am to Saturday 04:45 am	From Monday 07:01 am to Saturday 05:45 am
Settlement time	Daily from 5 a.m. to 6 a.m. Hong Kong time	Daily from 6 a.m. to 7 a.m. Hong Kong time

　　Note: US winter time is from 2 a.m. on the first Sunday in November to 2 a.m. on the second Sunday in March; U.S. Daylight Saving Time runs from 2 a.m. on the second Sunday in March to 2 a.m. on the first Sunday in November. The transaction time will be changed according to international holidays. Any changes will be announced on the company's website. If the position is held past Friday, Saturday, or Sunday, three days of interest will be charged.

Trading Platform

　　GWGOLD offers MT4 and goodwillgold4 as trading platfroms.

　　For iPhone users, you can either scan the QR code or click to download the iPhone version.

　　For Android users, you can scan the QR code to download the Android version.

　　If there is no Google Store on your mobile phone, you can directly download the installation files.

　　Additionally, there is an option to download the desktop trading platform of goodwillgold4.

Trading Platform	Supported	Available Devices	Suitable for
goodwillgold4	✔	Desktop	/
MT4	✔	iPhone, Android, Desktop	Beginners
MT5	❌	/	Experienced traders

Deposit and Withdrawal

　　Deposit Process

Log in to the Hongfeng Bullion website.
Select domestic card deposit from the deposit information on the website.
UnionPay deposit fees will be waived if you use domestic card deposit methods.
Deposit using a domestic card and “no need” to submit screenshots of documents.

　　Withdrawal Process

Submit withdrawal application online:You need to use the online account and password provided by Goodwill to log in to the Goodwill website. The company claims that the funds will arrive within 1 hour.
In person: Youcan visit the company to submit a withdrawal application during Goodwill office hours.
Mail/Email/QQ: You can submit the signed and filled-out application form to Goodwill by mail/email/QQ.