igold-Overview Guide of This Broker

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 contained in this article is for general information purposes only.

General Information

What is igold?

igold is headquartered in Hong Kong and is a regulated e-trading member of the Chinese Gold and Silver Exchange (CGSEC, No.145), holding the highest-grade type AA Marketing Trading License and Certificate of Accredited Refineries for 999.9 Gold. The broker can legally operate electronic trading of 99 Gold, HKD Kilo Gold, Loco London Gold/Silver and RMB Kilobar Gold, and offers trading through the MetaTrader 4 platform.

Pros & Cons

Is igold Safe or Scam?

The Chinese Gold & Silver Exchange Society (CGSE) is a recognized and reputable regulatory authority in the precious metals industry, which adds a level of credibility to igold's operations. Additionally, the broker has been in operation for several years.

Market Instruments

igolds business scope ranges from e-trading of Loco London Gold/Silver to transaction and minting of 99 Gold, HKD Kilo Gold and Renminbi Kilobar Gold.

Accounts

igold offers two different types of trading accounts for investors: General Investor Accounts and Advanced Investor Accounts. The minimum amount for deposit to start trading is $50, whileno maximum amount limitation.

igold also offers a free $200,000 demo account. Using a free demo account is a great way to practice online trading at live market conditions, without risking any money.

Margin & Leverage

The initial margin is fixed for each lot LLG/LLS is $1000. The leverage is 1:50 for both Loco London Gold and Loco London Silver in the General Investor accounts, 1:200 for 0-100 lots of Loco London Gold, 1:100 for 100-200 lots, 1:50 for over 200 more lots in the Premium Investor Accounts. The leverage for Loco London Silver is 1:120 for trading 0-20 lots, 1:60 for trading 20.01 to 40 lots, and 1:30 for trading over 40 lots.

Spreads & Commissions

Standard spread for Loco London Gold is $0.5/ounce while it is $0.03/ounce for Loco London Silver. The spread is variable and may vary due to drastic fluctuations in the market. Clients could trade with a minimum contract size of 0.01 lot and the spread rebate is up to $26 per lot. There is no commission charged.

Below is a comparison table about spreads and commissions charged by different brokers:

Trading Platforms

igold provides traders with the market-leading and popular MT4 trading platform, as well as MT4 Mobile to meet a wide range of trading needs.

MT4 is widely used by traders around the world. The MT4 platform provides a user-friendly interface and advanced charting tools for technical analysis. Traders can customize their charts and use various technical indicators and drawing tools to analyze price movements and identify trading opportunities. In addition, MT4 allows traders to automate their trading strategies using Expert Advisors (EAs), which are essentially algorithms that can enter and exit trades based on pre-defined rules.

The MT4 mobile app also allows traders to access their accounts and trade on the go, providing a convenient option for those who need to manage their trades while away from their computer.

See the trading platform comparison table below:

Trading Hours

The LLG/LLS Can be traded 24 hours a day on the international market and the market will only be closed during weekends and international holidays. The trading time in this company is:

• Daylight Saving Time (GMT +8): 6:30 am Monday to Saturday 3.30 am
• Winter Time (GMT +8) : 6:30 am Monday to Saturday 4:00 am

Deposits & Withdrawals

There is very little information on deposits and withdrawals on igolds website. It seems that it only supports Wire transfer.

The minimum amount for deposit to start trading is $50. The minimum trading volume for each order is 0.05 lot. Therefore, the minimum amount for deposit for the trading is $50 (0.05 X $1000). It is suitable for common investors.

Igold minimum deposit vs other brokers

Deposits by wire transfer can take several business days, depending on your bank. Withdrawal requests will be processed in the next working day. When the fund is credited to your bank account depends on the bank processing.

Fees

Apart from spreads, igold charges an overnight interest fee. Fees for deposits and withdrawals are not revealed openly on the website. Once a position (bid or ask) is opened and held overnight (03:29 a.m. GMT+8), an overnight interest will be charged. The overnight interest rate of a buy position (Long) is -1.75% while the overnight interest rate of a sell position (Short) is -0.15%.

See the fee comparison table below:

Customer Service

If clients have any inquiries, they can get in touch with igold through the following contact channels:

• Telephone: (852)2276 8862 (English), (852) 2276 8888 (HK);
• Email: cs@igoldhk.com

FAQ section is also available.