WOCOM

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 WOCOM？

WOCOM is a global financial service company based in Hongkong. It provides traders with access to a wide range of trading products including Local Securities (Margin Financing), China Connect, IPO (Margin, International Placing), Stock Options, Foreign Stocks, Unit Trust, Local Futures, Foreign Futures, Forex. It is currently under dual regulation by SFC (Securities and Futures Commission of Hong Kong) with License No.: AAH843 (Dealing in futures contracts) and License No.: ACL076 (Leveraged foreign exchange trading).

In the following article, we will analyze the characteristics of this broker 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 broker's characteristics at a glance.

Pros & Cons

Is WOCOM Safe or Scam？

When considering the safety of a financial service company like WOCOM 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 service company:

Regulatory sight: It is currently under dual regulation by SFC (Securities and Futures Commission of Hong Kong) with License No.: AAH843 (Dealing in futures contracts) and License No.: ACL076 (Leveraged foreign exchange trading) which makes it appears to be reliable and reputable. But it is important to note that experience alone does not guarantee the legitimacy or security of a financial service company.

• User feedback: Read reviews and feedback from other clients to get an understanding of their experiences with the financial service company. Look for reviews on reputable websites and forums.

• Security measures: WOCOM adheres to relevant regulatory requirements and industry best practices to maintain a high level of security. Compliance ensures that client investments are handled within the framework of established rules and regulations.

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

Products

WOCOM offers a comprehensive range of financial products to cater to the diverse investment needs of its clients. Their offerings include:

Local Securities (Margin Financing): WOCOM facilitates margin financing for local securities, allowing clients to leverage their investments and potentially amplify their returns.

China Connect: WOCOM provides access to the China Connect program, enabling clients to trade and invest in securities listed on the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) through the Hong Kong Exchanges and Clearing Limited (HKEX) platform.

IPO (Margin, International Placing): WOCOM assists clients in participating in initial public offerings (IPOs), offering margin financing for IPO subscriptions and access to international IPOs through international placing services.

Stock Options: WOCOM offers trading and investment opportunities in stock options, allowing clients to engage in options strategies and potentially benefit from price movements in the underlying stocks.

Foreign Stocks: Clients of WOCOM can invest in foreign stocks listed on major global exchanges, expanding their investment portfolio to include international equities.

Unit Trust: WOCOM provides access to unit trust investments, allowing clients to invest in a diversified portfolio of securities managed by professional fund managers.

Local Futures: WOCOM offers trading services in local futures markets, allowing clients to participate in futures contracts tied to various underlying assets, such as stock indices, commodities, or interest rates.

Foreign Futures: WOCOM facilitates trading in foreign futures markets, providing clients with opportunities to engage in futures contracts based on international assets, indices, or commodities.

Forex: WOCOM enables clients to participate in the foreign exchange (forex) market, providing access to major currency pairs and opportunities to speculate on currency price movements.

With this comprehensive suite of products and services, WOCOM offers its clients with a diverse range of investment opportunities across multiple asset classes and markets. It's important for clients to thoroughly understand the risks associated with each investment product and consider their own risk tolerance and financial goals before engaging with Wocom's offerings.

How to Open a WOCOM Account？

WOCOM offers two types of accounts: individual accounts and company accounts.

To open an individual account, client need to provide following documents to the company:

• Proof of identity such as Hong Kong ID card(s) or National Identification document(s) or passport(s)

• Proof of residential address within the last 3 months such as bank statement, utility bill or letter issued by compliance, audit or human resources department of your employer

• Bank account proof such as ATM card or bank statement

To open a company account, client need to provide following documents to the company:

Proof of identity such as Hong Kong ID card(s) or passport(s) of all Authorised Persons, Ultimate Beneficial Owner (who hold 10% or more) and Directors

• Proof of address within the last 3 months of each Director / Authorised Person such as bank statement, utility bill or letter issued by compliance, audit or human resources department of the employer

• Certified true copy of the latest accounts and Balance Sheet

• Certified true copy of the Memorandum & Articles of Association

• Minutes of Meeting / Resolution of Board of Directors for opening the account

• Details of the ownership and structure control of the company, e.g. an ownership chart

For corporate client incorporated or registered in Hong Kong

• Certified true copy of the Business Registration

• Certified true copy of the result of a Company issued by the Company Registry

For corporate client incorporated or registered overseas

• Certified true copy of the Certificate of Incorporation

• Certified true copy of a Certificate of Incumbency or its equivalent issued by the companys registering agent in the place of incorporation

* All certified documents must have been issued within the last 6 months

* All copy has to be certified by designated persons (e.g. lawyer, certified public accountant)

Trading Platforms

WOCOM provides its clients with a web-based trading platform and mobile apps which allows clients to access and manage their investment portfolios, execute trades, and stay updated on market movements and account information. With the platform's user-friendly interface and comprehensive features, clients can monitor their investments and take advantage of trading opportunities at their convenience. WOCOM Securities Limited's service hours are from Monday to Friday (excluding public holidays), extending from 8:30 a.m. to 9:30 p.m. This service period enables clients to engage with the platform and seek support during most trading hours, ensuring that their investment needs are attended to promptly and efficiently.

Deposits & Withdrawals

WOCOM offers a range of convenient deposit methods to accommodate their clients' funding needs. The available deposit methods include:

Faster Payment System (FPS): Clients can utilize the Faster Payment System, a real-time interbank electronic payment system in Hong Kong, to make fast and secure deposits into their trading accounts. The method is applicable for Securities and Stock Options Account.

Payment by Phone Service (PPS): WOCOM supports the Payment by Phone Service, allowing clients to conveniently deposit funds using their PPS accounts through designated channels. The method is applicable for Securities and Stock Options Account.

Bank Transfer and Cheque Deposit: Clients have the option to deposit funds through bank transfer or cheque deposit, which can be done through online banking, bank counters, ATMs, or cheque deposit machines, providing flexibility and accessibility. The method is applicable for Securities, Stock Options, Futures and Forex Accounts.

Telegraphic Transfer: For overseas clients, WOCOM facilitates deposits via telegraphic transfer, enabling funds to be transferred from international bank accounts.

While specific withdrawal methods are not available on their webpage, clients are encouraged to directly consult with WOCOM for comprehensive details regarding withdrawal options and procedures. The financial company's customer service team can provide accurate and up-to-date information tailored to individual client needs.

It is important for clients to be aware of any associated fees, processing times, and documentation requirements that may apply to each deposit method.

Comission & Fees

WOCOM applies commissions and trading fees to its services, although the specific details of these charges may vary according to different products and services. To obtain accurate and up-to-date information regarding commissions and related trading fees, clients are encouraged to visit the relevant page on WOCOMs website or directly consult with the company. By doing so, clients can obtain comprehensive details on the commission structure, any applicable fees, and any other trading costs associated with their specific investment activities.

https://wocom.com.hk/commission-and-fee/

Customer Service

WOCOM provides multiple customer service options to assist its clients. Customers can reach out to WOCOM through various channels to address their queries and concerns as below:

Address: Room 1002 Wing On Centre, 111 Connaught Road Central, Hong Kong

Tel: (852)2853-0111

Fax: (852)2854-3822

Email: cs@wocom.com.hk.

Office Hours: 9:00am to 6:00pm (Mon – Fri) Closed On Saturday, Sunday and Public Holiday

Besides of above, WOCOM also offers online WhatsApp chat for clients who want to communicate with customer service representatives in real time.

Conclusion

According to available information, WOCOM is an SFC-regulated Hongkong -based financial service company. It provides traders with a range of financial products and services including Local Securities (Margin Financing), China Connect, IPO (Margin, International Placing), Stock Options, Foreign Stocks, Unit Trust, Local Futures, Foreign Futures, Forex. Even though its dual- egulation status makes the broker appears reliable, it is critical that potential clients exercise caution, conduct thorough research and seek up-to-date information directly from WOCOM before making any investment decisions.

Frequently Asked Questions (FAQs)