GWGOLD

What is GWGOLD？

GWGOLD is a financial trading platform that allows users to trade in a variety of financial markets. It offers options for trading in different asset classes including spot gold, spot silver, and RMB kilogram strips. The platform provides its users with the opportunity to leverage their trades, from 1 to 50 times the initial investment, potentially increasing their returns. However, it's important to note that there have been concerns about their licensing under the Chinese Gold & Silver Exchange Society (CGSE).

Pros & Cons

Pros:

• High Leverage: BT Markets offers a high maximum leverage of 1:500 that allows traders to control large positions with a relatively small amount of capital, providing the potential for higher returns on investment.

• Multiple account types: The platform offers diverse account types, including the STANDARD Account, ECN Account, PRO Account and ISLAMIC Account, catering to various trading needs and experience levels.

• Multiple Customer Support Channels: BT Markets provides various customer support channels including phone, email, contact form and so on, enhancing accessibility and assistance for clients.

Cons:

• Suspicious Clone CGSE License: The lack of valid regulation raises significant safety and trust concerns, as regulatory oversight is crucial for ensuring customer protection and platform transparency. There are also reports of being unable to withdraw and scams, adding to the cons of the platform.

Is GWGOLD Safe or Scam？

• Regulatory sight: Presently, GWGOLD has the sole authority of a suspicious clone license under the Chinese Gold & Silver Exchange Society (CGSE), bearing license number 050 in China Hong Kong.

• User feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.

• Security measures: GWGOLD serves clients in multiple jurisdictions while maintaining the same regulatory standards in each region.

Ultimately, the decision of whether or not to trade with GWGOLD is a personal one. You should weigh the risks and benefits carefully before making a decision.

Market Instruments

GWGOLD provides a range of trading instruments spanning across several asset classes to cater to diverse trading interests. This includes:

Spot Gold: With GWGOLD, you can trade Spot Gold. This type of trading involves the buying or selling of gold at its current market price, offering the potential for lucrative returns for experienced and responsive traders.

Spot Silver: Similar to Spot Gold, Spot Silver trading also allows you to buy or sell silver at its real-time market prices. Spot trading can be beneficial for those who have a solid understanding of the market and effective strategies in place.

RMB Kilogram Strips: This instrument refers to the trading of gold kilogram bars in terms of Chinese Yuan (RMB). It provides an option for those interested in larger volume trading with a direct relation to the Chinese market.

How to Open an Account？

To open an account with GWGOLD, you would want to follow these general steps. Please note, the specific steps may vary a bit based on GWGOLD's unique process:

• Visit GWGOLD's Official Website: Begin by navigating to the official GWGOLD website.

• Click the ''Open Live Account'' Button: This button is visible on the guideline of the homepage.

• Complete the Registration Form: Fill in the required fields with accurate information. These fields include name, gender, identification number, Copy of lD card (front), and Holding a photo of your lD.

• Read and Accept Terms and Conditions: Before proceeding, ensure you read and understand the platform's terms and conditions.

• Verify Your Account: You would likely receive an email or SMS from GWGOLD to verify your account. Follow the instructions provided in the message.

• Add Security Measures: Depending on the platform, they may encourage or require you to enable additional security measures, such as two-factor authentication (2FA), to further secure your account.

• Deposit Funds: Once all prior steps have been completed, you should be able to deposit funds into your newly created account.

• Start Trading: After the funds have been deposited, you can begin trading.

Leverage

GWGOLD offers a leverage system ranging from 1 to 50 times, allowing you to trade with a value significantly higher than the amount of money in your account. This leverage can optimize potential profits, but it's important to remember that it can also magnify the potential losses.

With regards to London Gold trading, the functioning of the margin system means that for each 1 fluctuation in the price of gold, there could be a profit or loss of 1 fluctuation in the price of gold, and there could be a profit or loss of 100 per lot. Essentially, a single lot's value changes by $100 for each dollar movement in the gold price.

Trading Platforms

GWGOLD offers MetaTrader 4 (MT4) trading platform to clients. With its advanced charting and analytical tools, as well as its capability for automated trading through Expert Advisors (EAs), MT4 provides a comprehensive and user-friendly trading experience. Additionally, the clients can benefit from mobile trading and access to trading signals, facilitating seamless and informed decision-making.

Deposits & Withdrawals

Deposit funds

Hongfeng Bullion provides its customers with several convenient methods for depositing funds, such as:

• Domestic Card Deposit: This method involves using a locally issued card for direct depositing.

• Hong Kong Bank Deposit/Telegraphic Transfer: Funds can also be transferred via Hong Kong banking systems or through a telegraphic transfer.

However, it must be noted that apart from domestic card deposit, customers are required to submit proof of transaction. This can be in the form of a remittance slip or a screenshot of the receipt. These proofs ought to be submitted to the customer service department either by email, fax or through an online submission process.

Following submission, there is a verification process, after which the funds are credited to the customer's trading account within approximately 10 minutes. It's important to note that third-party deposits are not accepted by Hongfeng Bullion. Therefore, all deposits should be made from accounts that are registered under the same name as the customer's trading account with Hongfeng Bullion.

Withdraw funds

Hongfeng Bullion offers various ways for clients to request a withdrawal of funds from their accounts. These are the steps:

• Online Submission: Clients can request a withdrawal by submitting an application online.

• In-Person Submission: Clients can also go to one of Hongfeng Bullion's physical locations and request a withdrawal in person.

• Mail or Email: Clients can mail or email their withdrawal request.

• QQ: Clients may also use the QQ platform to submit a withdrawal request.

Pay attention that withdrawal applications should be placed before 4:30 p.m. each day. Any requests received after this cut-off time will be held and processed on the following business day.

In terms of fees, if the withdrawal amount exceeds USD 50, the disbursing and receiving banks may apply an administration fee for the transfer. All applicable handling fees will be deducted from the withdrawal sum.

Customer Service

GWGOLD provides a comprehensive and accessible customer support network. Their support team can be reached through different channels for ultimate convenience.

• Hong Kong Tel: (852) 3978 8188;

• Domestic toll-free line: 4001 206 668;

• Fax: (852) 3978 8198;

• Email: cs@gwgold.com.hk;

• Wechat subscription number: GWGOLD;

• Wechat service number: GoodwillGoldGroup

• Address: 1st Floor, Jade Exchange Square, 513-531 Canton Road, Kowloon, Hong Kong

• Contact form

Conclusion

In conclusion, GWGOLD offers a range of trading instruments located in various asset classes including spot gold, spot silver, and RMB kilogram strips, with a leverage system that ranges from 1 to 50 times, potentially enhancing trading opportunities. Positive aspects include multiple methods for deposit and withdrawal of funds, varied customer support channels, and the allowance for high leverage.

However, concerns have been raised regarding the licensing and validity of GWGOLD under the Chinese Gold & Silver Exchange Society (CGSE). While GWGOLD offers an array of trading options with attractive features like high leverage, users should remain cautious and make informed decisions given the raised concerns about the platform's licensing status.

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.