What is SinoSound？
SinoSound is a financial company based in Hongkong. Its a precious metal trading platform that was established in 2012 and provides traders with access to financial products including Electronic trading for London Gold/Silver, Gold & Silver bars. It is currently under CGSE (The Chinese Gold & Silver Exchange Society) regulation with license no. 208.
In the following article, we will analyze the characteristics of this financial company from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the companys characteristics at a glance.
Pros & Cons
Is SinoSound Safe or Scam？
When considering the safety of a financial company like SinoSound or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a financial company:
User feedback: Total 12 pieces of exposures on WikiFX of scam and fraud are red flags that cannot be overlooked, immediate attention and caution in any financial dealings with this company is suggested when traders consider trading.
Security measures: SinoSound enhances security by implementing segregated accounts, ensuring that clients' funds are kept separate from the company's operational funds, which provides an added layer of protection and safeguards clients' investments in the event of unforeseen financial circumstances.
Ultimately, the decision of whether or not to trade with SinoSound is a personal one. You should weigh the risks and benefits carefully before making a decision.
Financial products
SinoSound offers a comprehensive range of financial products, with a primary focus on electronic trading in the London Gold and Silver markets. Through their electronic trading platform, investors gain access to these precious metal markets, enabling them to trade efficiently and in real-time, capitalizing on price fluctuations and market trends.
Additionally, SinoSound provides opportunities for investors to acquire physical Gold and Silver bars, offering a tangible and secure means of investing in these valuable commodities.
This combination of electronic trading and physical asset acquisition caters to a diverse range of investors, from active traders to those seeking a reliable store of value in the form of precious metals.
Accounts
SinoSound caters to traders with a flexible account structure, offering both Demo and Live accounts.
Demo account provides an opportunity for traders to practice and familiarize themselves with the trading platform and strategies without risking real money.
What sets their Live account apart is the remarkable ease of access; there's no minimum deposit required to open one, making trading accessible to all. Additionally, the straightforward online account opening process takes just two minutes, ensuring that traders can swiftly transition from the Demo to the Live environment when they are ready to engage with real capital.
Spreads & Commissions
SinoSound offers competitive spreads in line with market standards.
For London Gold, the spread is set at $0.5, and for London Silver, it's as narrow as $0.05 per ounce. This means that traders can efficiently manage transaction costs, as even small price movements can potentially offset the spread when executing buy orders.
Additionally, SinoSound charges a commission of $50 per lot for London Gold and London Silver transactions.
Trading Platforms
SinoSound provides traders with the highly regarded MetaTrader 4 (MT4) platform, available on a range of devices, including Windows as well as Android, and iOS mobile devices. MT4 is known for its user-friendly interface, advanced charting tools, technical analysis capabilities, and automated trading features through expert advisors (EAs).
This multi-platform accessibility empowers traders to access their accounts and execute trades seamlessly from their preferred devices, whether they are at home, in the office, or on the go.
Overall, SinoSound trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders.
Trading Tools
SinoSound enhances its traders' decision-making process by providing an Economic Calendar as an essential trading tool. This calendar serves as a valuable resource for staying informed about key economic events, announcements, and data releases that can significantly impact financial markets. Traders can use the Economic Calendar to anticipate market movements, plan their trading strategies accordingly, and manage risk effectively.
Deposits & Withdrawals
SinoSound provides various funding methods, including online payment methods for instant transactions and cross-border remittances, which may take 1-3 working days depending on the bank's processing speed.
Under normal circumstances, withdrawals are free, but fees apply in specific cases:
1. If the trading volume is less than 30% of the latest injection, a fee of at least 6% of the withdrawal amount is charged.
2. Withdrawals less than $10 incur a $2 fee.
3. Withdrawals less than 100 RMB face a 20 RMB fee.
Withdrawal time vary based on bank processing speeds, with some withdrawals taking as little as 2 hours during bank office hours. Customers can apply for one withdrawal per day between 09:00-17:00.
Fees
SinoSound follows a transparent and straightforward fee structure.
For overnight interest rates, buy and open orders incur a rate of 2.5%, while sell orders face a rate of 0.5%. The actual cost is calculated based on various factors, including lot size, opening price, and order direction. As an example, if a trader opens a buy order for 1 lot of London Gold with an opening price of 1200.00 and holds it overnight for 1 day, the interest cost would be approximately $8.33.
User Exposure on WikiFX
Encountering a total of 12 pieces of exposures on WikiFX, most related to scams and frauds, these serve as an alarming signal that cannot be ignored when considering this particular platform. These serious red flags are indicative of potential risks and malpractices within the company's operations. Traders and investors must exercise extreme caution and conduct thorough due diligence before engaging with the company.
If you find such fraudulent financial company or have been a victim of one as well, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Customer Service
SinoSound provides multiple customer service options to assist its clients. Customers can reach out to SinoSound through various channels to address their queries and concerns as below:
24-hour customer service hotline: (852) 2902 9998
Email：cs@gold2u.com.
QQ: 800 083 365.
Switchboard: (852) 2902 9999.
Fax: (852) 2902 9989.
Address: Room 100, 8/F, Harbour Crystal Centre, 811 East Galianway Old Road, Tsim Sha Tsui, Kowloon, Hong Kong.
Moreover, SinoSound also provides a helpful FAQ page as an additional resource for customer support, addressing common questions and inquiries.
Education
SinoSound goes the extra mile in supporting traders of all levels with its comprehensive Investment Encyclopedia page for precious metals under its investment guideline section.
Whether you're a beginner looking to grasp the fundamentals, an intermediate trader seeking to refine your strategies, or an experienced trader aiming to stay ahead of market developments, this resource offers valuable insights and educational content tailored to your needs. It covers a wide spectrum of trading topics, from basic concepts of precious metals to advanced techniques, providing a wealth of knowledge to help traders navigate the financial markets confidently.
Conclusion
According to available information, SinoSound is a CGSE-regulated Hongkong-based financial company who offers financial products such as Electronic trading for London Gold/Silver, Gold & Silver bars to traders. However, it is important to consider certain factors such as exposures of scams and frauds on WikiFX that may raise concerns. It is critical that potential clients exercise caution, conduct thorough research and seek up-to-date information directly from SinoSound before making any investment decisions.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-07-22 11:31
2024-06-27 15:22
