Score

1.38 /10
Danger

SHANGQUAN

Hong Kong

2-5 years

Suspicious Regulatory License

High potential risk

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Comparison

Quantity 9

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index6.01

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

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Warning: Low score, please stay away! 3
Previous Detection : 2024-11-11
  • 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

Pyramid scheme complaint
Expose
    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