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The WikiFX Score of this broker is reduced because of too many complaints!

WCG Markets

Hong Kong|5-10 years|
Type A1 License|MT4 Full License|Regional Brokers|High potential risk|

https://www.wcgmarkets.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

17
Server Name
WCGGroupLtd-Demo MT4
Server Location Singapore

Contact

+852 38963600
cs@wcgmarkets.com
https://www.wcgmarkets.com/
香港九龙湾伟业街38号富临中心B座22楼D室
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+852 38963600

Broker Information

More

Company Name

WCG Markets Ltd.

Company Abbreviation

WCG Markets

Platform registered country and region

Hong Kong

Company website
Facebook
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Pyramid scheme complaint

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WikiFX Risk Alerts
Previous Detection : 2024-06-16
  • The number of the complaints received by WikiFX have reached 21 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

WCG Markets · WikiFX Survey
Good A Visit to WCG Markets in Hong Kong - Office Found
Hong Kong

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Expose

    WCG Markets · Company Summary

    Registered Country/Region Hong Kong
    Regulation CGSE
    Minimum Deposit $50
    Maximum Leverage 1:100
    Trading Platform MT4 trading platform
    Demo Account Available
    Trading Assets London Gold & London Silver
    Payment Mehods Internet banking
    Customer Support Email & Telephone

    General Information

    WCG Markets is a registered broker on the Hong Kong Gold and Silver Exchange (trade number: 012) and holds a Class A1 trading license. The company prides itself on its adherence to industry regulations and operates within the legal framework established by the regulatory authorities. As a provider of gold and silver trading services, WCG Markets caters to both institutional clients and individual investors. All transactions conducted through WCG Markets are closely regulated by the Hong Kong Gold and Silver Exchange and adhere to the legal framework set by Hong Kong laws.

    WCG Markets provides investors with access to the dynamic and highly popular MT4 trading platform. One of the key advantages of WCG Markets is its low minimum deposit requirement of $50, making it accessible to a wide range of investors. Additionally, the company offers a high leverage ratio of up to 1:100, allowing traders to amplify their trading positions and potentially maximize their profits.

    WCG Markets offers both real and demo accounts, both of which are available for free use. Whether investors choose to trade with real funds or practice their strategies with virtual funds, WCG Markets caters to their needs. Moreover, the company provides a series of customer support services, ensuring that clients can seek assistance when they need. Investors can reach out to WCG Markets through email, telephone, or online chat, and the customer support team is available 24/5 to address their queries and provide assistance.

    basic-info

    Is WCG Markets legit or a scam?

    WCG Markets operates as a legitimate entity within the financial landscape, holding registration as a trader on the Hong Kong Gold and Silver Exchange (trade number: 012) and possessing a Class A1 trading license. Its compliance with the regulatory framework set by the Hong Kong Gold and Silver Exchange and adherence to Hong Kong laws demonstrate its commitment to operating within the legal boundaries.

    regulation

    With a remarkable history spanning over a century, the Hong Kong Gold and Silver Exchange was established in 1910 and remains the most influential gold exchange in the Asia-Pacific region. The exchange assumes the vital responsibility of supervising and regulating the trading activities of bankers. Furthermore, it conducts regular audits to ensure the safety and security of bankers' funds, making it an essential component in maintaining the integrity of the marketplace.

    regulation

    Pros and Cons

    In summary, WCG Markets presents several advantages as well as a few limitations. On the positive side, the company is regulated by the CGSE, and its low minimum deposit requirement of $50 makes it accessible to a wide range of investors. WCG Markets offers demo accounts for practice trading and does not charge any commissions. They also provide 24/5 online customer support and a high leverage ratio of 1:100, enabling investors to maximize their trading potential. Moreover, the platform offers flexibility in the deposit and withdrawal processes.

    On the downside, WCG Markets has a limited product range, primarily focusing on gold and silver trading. The platform lacks comprehensive investment education resources, which may be a disadvantage for individuals seeking educational materials.

    Pros Cons
    Regulated by CGSE Limited product range
    Low minimum deposit of $50 Lack of investment education resources
    Provides demo accounts
    No commission charges
    24/5 online customer support
    High leverage of 1:100
    Flexible 24-hour deposit and withdrawal

    Market Instruments

    WCG Markets provides investors with trading instruments for gold and silver. These instruments enable investors to participate in the trading and speculation of gold and silver in the financial markets. With WCG Markets' trading tools and platform, investors can easily engage in gold and silver trading, capitalizing on potential market opportunities and diversifying their investment portfolios. The availability of these trading instruments allows investors to actively participate in the precious metals market and potentially benefit from the price fluctuations of gold and silver.

    Accounts Types

    WCG Markets offers two types of accounts, real accounts and demo accounts, both of which are available for free use.

    For real accounts, WCG Markets offers three tiers: Basic, Superior, and Premium. When it comes to gold trading, the Bid-Ask spreads are as follows: 0.5 (fixed) for the Basic account, 0.4 (fixed) for the Superior account, and 0.3 (fixed) for the Premium account. For silver trading, the Bid-Ask spreads are: 0.04 (fixed) for the Basic account, 0.03 (fixed) for the Superior account, and 0.02 (fixed) for the Premium account.

    Investors who make an initial deposit of USD 20,000 can enjoy the privileged spread rates of the premium account for the first three months. Additionally, they need to trade a minimum of 1,000 lots within one month, and subsequently, every three months, to maintain access to the premium account spreads.

    Investors who make an initial deposit of USD 10,000 can benefit from the superior account spreads for the first three months. To retain the superior account spreads, they need to trade a minimum of 500 lots within one month, and then every three months following the initial deposit. This ensures that they continue to enjoy the advantageous trading conditions provided by the superior account.

    How to open an account?

    Opening an account with WCG Markets is a straightforward and user-friendly process. Here are the steps to follow:

    1. Begin by visiting the official WCG Markets website and selecting the option to open either a demo account or a real account.

    open-accoun

    2. Provide the necessary registration information, including your full name, nationality, phone number, email address, and referrer. It is important to set a secure password during this step.

    open-accoun

    3. Enter your personal details, such as your full name, gender, date of birth, and identification document number (such as your ID card or passport number). You will also be required to submit supporting documents to verify your identity and upload images of your bank card.

    open-accoun

    4. Choose the trading platform and leverage that suits your preferences. WCG Markets exclusively offers the MT4 platform with a leverage ratio of 1:100. Additionally, carefully read and agree to the terms outlined in the “User Agreement and Risk Disclosure” document by checking the designated box.

    open-accoun

    5. Review the information you have provided before submitting your application. Ensure all details are accurate, and if everything looks correct, select the submit button to finalize the process.

    6. Once your account application is approved, you will need to deposit funds into your account to start trading. The minimum deposit requirement is $50.

    By following these steps, you can efficiently open an account with WCG Markets and begin your trading journey.

    Leverage

    WCG Markets offers investors a substantial leverage of up to 100 times, providing them with the opportunity to maximize their trading potential. This significant leverage allows investors to magnify their trading positions and potentially boost their profits. However, it is crucial to recognize that while leverage can create favourable trading conditions, it also entails increased risk. Investors should exercise caution and employ prudent risk management strategies to mitigate potential losses.

    Spreads & Commissions

    The contract size for gold is 100 ounces per lot, while for silver, it is 2500 ounces per lot. When trading gold, the floating spread is $50 per lot, and for silver, it is $100 per lot. It's worth noting that there are no commissions charged for trading. Regarding the overnight interest rate, it stands at -3.25% for buying and 0.75% for selling.

    WCG Markets offers three levels of real accounts, each with its corresponding fixed minimum spreads. For gold trading, the Basic account has a spread of 0.5, the Superior account has a spread of 0.4, and the Premium account has a spread of 0.3. For silver trading, the Basic account has a spread of 0.04, the Superior account has a spread of 0.03, and the Premium account has a spread of 0.02.

    Furthermore, premium and superior account holders can enjoy spread privileges by meeting specific conditions. Investors who initially deposit $20,000 can benefit from premium account spreads for the first three months. To maintain this privilege, they need to trade a minimum of 1,000 lots within one month, repeating this requirement every three months. Similarly, investors who deposit $10,000 can enjoy superior account spreads for the first three months, and to retain these spreads, they must trade a minimum of 500 lots within one month, every three months.

    trading-rules
    trading-rules

    Non-Trading Fees

    WCG Markets applies overnight interest charges or payments on Monday, Tuesday, Thursday, and Friday, covering a duration of one day after the market closes. However, on Wednesdays, the overnight interest is charged or paid for a period of three days. It's important for investors to note that interest rates may be subject to adjustments based on market fluctuations. To obtain the most current information, it is advisable for investors to refer to the product list available within the trading platform.

    Trading Platforms

    WCG Markets offers traders the most popular MT4 trading platform on the market today. MT4 trading platform supports smart trading, allows multiple pending orders, has powerful charting tools and technical analysis, and has a lock function.

    Deposit and Withdrawal

    Investors who have opened internet banking can complete a 10-minute fund injection at their own initiative on the official website of WCG Markets, and access their funds at any time 24 hours a day, to improve the utilization of funds. Cross-border remittances can also be handled through bank counters, with an arrival time of approximately 1-3 business days.

    Customer Support

    WCG Markets provides a comprehensive range of customer support services, ensuring that investors can easily communicate with the platform when they need assistance. Clients have access to 24/5 online customer service through the official website, enabling them to receive prompt support and address any queries they may have. Additionally, WCG Markets can be contacted through various channels, including telephone, email, and WeChat, offering investors multiple avenues to seek support and guidance.

    customer-support
    customer-support
    customer-support

    Educational Resources

    Unfortunately, WCG Markets does not provide educational resources for investors, and relevant content cannot be found on its official website.

    Conclusion

    In conclusion, WCG Markets is a regulated trading platform that specializes in gold and silver trading. It offers both demo and live accounts, with three levels of real accounts: Basic, Superior, and Premium. With a low minimum deposit of $50 and a generous leverage of up to 1:100, investors can access the highly popular MT4 trading platform and benefit from 24/5 customer support.

    However, it's worth noting that WCG Markets has a limited product range, focusing exclusively on gold and silver trading instruments. Additionally, there is a lack of comprehensive investment education resources, which may require investors to seek additional educational materials from other sources.

    FAQs

    Q: Is WCG Markets a regulated broker?

    A: Yes, WCG Markets is a regulated broker. It is regulated by CGSE (Chinese Gold and Silver Exchange) and holds the necessary trading licenses.

    Q: What leverage does WCG Markets provide?

    A: WCG Markets offers leverage of up to 1:100.

    Q: What is the minimum deposit amount for WCG Markets?

    A: The minimum deposit requirement for WCG Markets is $50.

    Q: What trading instruments does WCG Markets offer?

    A: WCG Markets offers trading services for gold and silver to investors.

    Q: Does WCG Markets charge commissions?

    A: No, WCG Markets does not charge any commissions.

    Q: Does WCG Markets provide demo accounts?

    A: Yes, WCG Markets offers free demo accounts for investors.

    News

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    WCG Markets:2024-03-20

    User Reviews

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    caca落B
    more than one year
    Deposits are very smooth, the platform is stable, and withdrawals are smooth.
    2024-06-12 18:08
    Reply
    0
    0
    dsuihdi
    more than one year
    I was trading the commodity USOIL on Friday, the stock quotes suddenly froze for no reason, all other stock quotes were moving, when I contacted support, the agent was not only rude and untrained, he said it was my internet, despite no one else complaining, even though I sent a video screen recording showing everything else was moving, that day I lost a lot of money, even the positions I closed at the frozen price, they refused to recheck its correct price.
    2024-03-20 18:25
    Reply
    0
    0
    Henz
    more than one year
    This broker is one of the best broker I have ever seen
    2022-12-07 09:33
    Reply
    0
    1
    201955405
    more than one year
    So far, I think that the service provided by this company is satisfactory for me, and I can trade the financial instruments that I like! When I trade, I tend to choose a platform that provides MT4 services, and WCG fulfills this need of mine.
    2022-11-23 10:20
    1
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    ※ The content of this website abides with local laws and regulations.
    You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
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