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SHKFOREX

SHKFOREX
About company:

SHK Forex is a Hong Kong-based brokerage that offers online trading in 40 currency pairs, futures, stock options and stocks, as well as access to the Shanghai and Shenzhen Stock Exchanges.

 

Company. Fund security

The broker is part of the Sun Hung Kai Financial (SHKF) group, which is one of the first financial companies to offer online trading and is licensed by the Hong Kong Securities and Futures Commission (“SFC”). The group has an extensive network of branches and offices in Hong Kong, Macau and mainland China.

 

The SFC licensing procedure is long and complex. Each applicant must have a certain share capital in his account and carry out activities to record and control all monetary transactions.

 

In addition, in December 2015, the Code of Regulated Companies was amended to require SFC license holders to include clauses in client contracts allowing investors to claim damages if an intermediary sells or recommends a financial product that is not suitable for the client.

 

Trading conditions

SHK Forex offers a single commission account with NDD execution, up to 1:20 leverage, variable spreads and the ability to trade micro lots.

 

Minimum initial deposit

Traders need to deposit a minimum of $ 5,000 to open an account with SHK Forex. This is a very large amount that will stop many traders. In comparison, many regulated companies can open an account with $ 100.

 

Spreads and commissions

This broker offers floating spreads and does not charge any commission. The spreads differ depending on the platform the trader is working on. On MT4, spreads average 1.6 pips on EUR / USD (under stable market conditions).

 

For clients who choose to trade stocks, a flexible commission system is available: from 0.138% to 0.088% commission rate with a minimum transaction fee of $ 88.

 

Leverage

While most brokerages provide leverage levels from 1: 200 to 1: 400, SHK Forex offers up to 1:20 leverage, which is very low.

 

Trading platforms

The client can choose between two platforms, depending on their trading style:

 

EBSHK MT4 - customized version of the popular MetaTrader4

 

FX Trader Pro

 

MT4 has gained popularity among traders due to a wide range of experts, a variety of indicators for technical analysis, and a set of charts. The terminal can be accessed via PC and mobile phone. So the client can trade from anywhere in the world, provided that he has an Internet connection.

 

FX Trader Pro is available from both a web browser and mobile devices. The terminal provides direct access to prices from major investment banks, provides useful tools and features, and API trading.

 

Promotions

There is no information on the promotions on the company's website.

 

Support service

Open Monday through Friday from 8 am to 10 pm (GMT + 8). You can contact employees of the company by e-mail, phone. Experts advise in Chinese and English. The live chat function is not available. You can also follow the company's news on social networks.

 

Ways of payment

SHK Forex customers can make deposits and withdrawals through credit or debit card payments, bank transfers and electronic funds transfer (EFT) through PPS. Detailed instructions for each method are presented on the website.

 

Pros:

 

regulated broker; competitive spreads; demo version; choice of trading platforms, including MT4 available.

 

Minuses:

 

high initial deposit.

 

 

SHKFOREX is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.

In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.

The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.

What is the benefit of a broker?  

 

The broker SHKFOREX makes profit from traders' transactions, as a rule, in two main ways.

The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.

The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.

Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.

 

Ways to cheat customers  

 

We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.

The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.

Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.

In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.

 

Where are brokerage companies registered?

 

One of the key points is the place of registration and regulation of the company's activities.

Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.

However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.

If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.

But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.

And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization,   considering disputes between its members - brokers and their clients.

If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.

 

What else to pay attention to?

 

When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.

It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.

Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.

Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.

Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.

FAQ - broker questions

  • 1. Do the trader reviews impact on a rating of SHKFOREX ?

    Any feedback can raise or lower the rating company. To read reviews, go into the rating and select your broker.

  • 2. How to leave a comment about SHKFOREX on the website 4ex.review ?

    In order to leave a review about the broker, go down page, enter a valid email and Your review with an overall score. Reviews are moderated and tracked by the number of comments from the same IP or email. Tech support may request the actual documents that prove that the user was or is a customer of the broker. This rule applies to negative and positive reviews. We want our portal to be honest and independent.

  • 3. Can we assume the broker SHKFOREX decent?

    Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. SHKFOREX received a score of 1 of 5 on our resource.

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