Overview of GWGOLD
GWGOLD is a trading firm based in Hong Kong, established in 2013, offering services in spot gold, spot silver, and RMB kilobar gold trading. It is notably recognized as a clone firm, lacking legitimate regulatory oversight, which undermines its credibility within the financial trading industry. The firm promotes itself by providing a range of educational resources focusing on market analysis and economic data, and it has set up a variety of contact methods for customer support, including phone and WeChat. Despite this facade of services, potential traders should be wary of its unregulated status and the substantial risks it poses.
Is GWGOLD Legit？
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. Potential clients and investors should exercise caution and be aware of the risks involved when dealing with an unregulated firm posing as a regulated entity.
Pros and Cons
GWGOLD is a Hong Kong-based trading firm claiming to offer commodities trading services since 2013. Its legitimacy is highly questionable due to its unregulated status and its association with a clone firm misrepresenting its regulatory standing, which significantly undermines the trustworthiness of its operations.
Products and Services
GWGOLD offers trading services for spot gold, spot silver, and Renminbi kilobar gold.
How to Open an Account
To open an account with GWGOLD, follow these steps.
Visit the GWGOLD website. Look for the “Open Account Online” button on the homepage and click on it.
Sign up on websites registration page.
Receive your personal account login from an automated email
Log in
Proceed to deposit funds to your account
Download the platform and start trading
Fees
GWGOLD's fees for trading include a spread of $0.50/oz for local spot gold (LLG) and $0.04/oz for local spot silver (LLS), with a basic margin of $2500 per contract. The minimum trade size is 0.05 of a contract, and the maximum is 5 contracts. There is a transaction fee of $50 per contract. Overnight interest is charged at -1.00% for buying and -2.00% for selling (annual rates), and no daily storage fee applies. The hedge margin required is $1250 (half of the basic margin).
Customer Support
GWGOLD's customer support is reachable via their Hong Kong phone line at (852) 3978 8188, China toll-free at 4001 206 668, fax at (852) 3978 8198, email at cs@gwgold.com.hk, and through WeChat at GWGOLDWechat and GoodwillGoldGroup.
Deposit & Withdraw Methods
GWGOLD accepts deposits via domestic cards without charging UnionPay fees and requires no deposit slip proof. For Hong Kong bank transfers, proof of deposit is needed via email or fax. The credited funds are available for immediate trading. The bank used is China Construction Bank (Asia) with accounts for various currencies and the remittance code CCBQHKAX.
Educational Resources
GWGOLD provides educational resources that include economic news, economic data, professional analysis, and daily exchange rate information.
Conclusion
GWGOLD presents itself as a commodities trading platform specializing in precious metals and operates from Hong Kong since 2013. However, its status as a clone firm and the absence of any genuine regulatory oversight cast significant doubts on its reliability and the safety of funds invested through it. While it offers comprehensive educational resources and multiple methods for customer interaction, these advantages are overshadowed by the inherent risks associated with trading on an unregulated platform. Potential investors should approach GWGOLD with caution and conduct thorough due diligence.
FAQs
Q: Is GWGOLD a regulated trading platform？
A: No, GWGOLD is not regulated by any recognized financial regulatory authority. It claims to be regulated under a license from the China Hong Kong CGSE, but this has been verified as a false claim associated with a clone firm. Potential clients should be aware of the risks involved when dealing with unregulated entities.
Q: What types of commodities can I trade with GWGOLD？
A: You can trade in spot gold, spot silver, and Renminbi kilobar gold through GWGOLD.
Q: How can I contact customer service at GWGOLD？
A: GWGOLD provides customer support through telephone, fax, email, and WeChat.
Q: Does GWGOLD offer any resources for learning about trading？
A: Yes, GWGOLD offers various educational resources, including economic news updates, data analysis, and professional market commentary.
Q: How can I deposit funds into my GWGOLD account？
A: Deposits can be made using domestic credit cards or through Hong Kong bank transfers, as per GWGOLD's deposit methods.
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.
