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Score

1.52 /10
Danger

GWGOLD

Hong Kong

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

Clone Firm Hong Kong

High potential risk

https://gwgold.hk

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Score

Regulatory Index0.00

Business Index7.11

Risk Management Index0.00

Software Index4.00

License Index0.00

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Warning: Low score, please stay away!
Previous Detection : 2025-01-01
  • The claimed China Hong Kong CGSE regulation (license number: 050) is verified as a clone firm. Please pay attention to the risk!

WikiFX Verification

GWGOLD · Company summary
GWGOLD Review Summary
Founded2013
Registered Country/RegionChina Hong Kong
RegulationClone
Market InstrumentsSpot gold & silver
Demo Account❌
MarginNot less than 2%
Spread$0.50/oz (Spot gold)
$0.04/oz (Spot silver)
Trading PlatformMT4 and goodwillgold4
Minimum Deposit/
Customer SupportLive 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.

GWGOLD's homepage

Pros and Cons

Pros Cons
MT4 platformClone license
Clear trading rulesNo 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 CountryRegulated AuthorityCurrent statusRegulated EntityLicense TypeLicense Number
Hong Kong
The Chinese Gold and Silver Exchange Society (CGSE)Clone 鴻豐金業集團(香港)有限公司Type A1 License050
Clone CGSE license

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 goldSpot silver
Contract unit (per lot)100 ounces5000 ounces
Transaction spread$0.50/oz$0.04/oz
Minnumber of transactions per transaction0.05 contracts
Maxnumber of transactions per transaction5 contracts
MarginNot less than 2%
Daily interestNot applicable
Daily warehouse rentBuy: -1.75%; Sell: -1.25% (annual interest rate here)
Pending order distanceAt least 250 points away from the market price

Trading Hour/Settlement Time

SummerWinter
Trading hoursFrom Monday 07:01 am to Saturday 04:45 amFrom Monday 07:01 am to Saturday 05:45 am
Settlement timeDaily from 5 a.m. to 6 a.m. Hong Kong timeDaily 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 PlatformSupported Available Devices Suitable for
goodwillgold4✔Desktop/
MT4✔iPhone, Android, DesktopBeginners
MT5❌/Experienced traders
Trading Platform

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.
Deposit Process

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.

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Ytun
more than one year
Worst broker as they've been dragging the withdrawals.Need 24 hours to review and another 48 hours for withdrawal.Then on Friday they will ask us to resubmit withdrawals.
Worst broker as they've been dragging the withdrawals.Need 24 hours to review and another 48 hours for withdrawal.Then on Friday they will ask us to resubmit withdrawals.
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2024-04-17 11:08
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