On-line since: About the company: SHK Forex is a brokerage company located in Hong Kong which offers online trading with 40 currency pairs, futures, stock options, and shares, as well as provides access to the Shanghai and Shenzhen Stock Exchanges. Company. Security of funds The broker is included in the Sun Hung Kai Financial Group (SHKF), one of the first financial companies which offer online trading and are licensed by the Securities and Futures Commission of Hong Kong (SFC). The group has a wide network of branches and offices in Hong Kong, Macau, and mainland China. The licensing procedure of the SFC is long and complicated. Every claimant should have a certain equity capital on his account and carry out activities for accounting and control of all financial operations. In addition, in December 2015, changes were made to the Regulatory Bulletin, according to which the SFC license holders are under an obligation to include in the clients' contracts the terms, which allow investors to demand compensation for damages if a mediator sells or recommends a financial product that is inappropriate for the client. Trading terms SHK Forex offers a united commission account with the NDD execution, a leverage of up to 1:20, variable spreads, and an opportunity of trading microlots. Minimum initial deposit Traders should deposit at least $5,000 to open an account in SHK Forex. This is a very large amount that will stop many traders. In comparison, in many regulated companies you can open an account with $100. Spreads and commissions The broker offers variable spreads and does not charge any commission. Spreads vary depending on a platform where traders operate. On the MT4 trading platform, spreads are on average 1.6 pips on EUR/USD (under secure market conditions). For customers who choose to trade stocks there is a flexible system of commissions: the rate between 0.138% and 0.088% with a minimum transaction fee $88. Leverage While most brokerage companies provide the leverage from 1:200 to 1:400, SHK Forex offers a leverage of up to 1:20 that is very low. Trading platforms A client can choose between two platforms depending on his trading style: EBSHK MT4 — an individual version of the popular MetaTrader4 trading platform FX Trader Pro MT4 gains in popularity among traders thanks to a wide range of experts, a variety of indicators for technical analysis, and a set of diagrams. You can get access to the platform through PC and mobile phone. So a customer can trade from anywhere in the world provided he has Internet connection. FX Trader Pro is available in a web browser and on mobile devices. The platform provides direct access to prices from major investment banks, useful instruments and functions, as well as API trading. Special offers There is no information about promotional campaigns on the website. Support service The customer service works from Monday to Friday from 8 a.m. to 10 p.m. (GMT+8). You can connect the company representatives by email and phone. Specialists provide consultations in the Chinese and English languages. The function of live chat is not available. You can also follow the company's news on social networks. Payment options SHK Forex customers can deposit and withdraw funds through credit or debit cards, bank wire, and electronic funds transfer (EFT) through PPS. Detailed instructions for every method are represented on the website. Advantages:
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I joined SHK Forex with a fairly large deposit because the trading requirements with them are quite large deposits, but this broker does provide many benefits and advantages, one of which is a regulated broker and they have various trading platforms, including MT4. I have felt many benefits so I am sure that in the future I will be able to get a lot of profit with them.
I had to stop trading with SHK Forex. I am using their paid EA and they charge 8 to 14 pips, and if it makes 30 pips, one-third of the profits are taken as their commissions, if it makes below 10 pips, then nothing is left. The second thing they widened spreads of 15 pips in a few minutes. Nothing good from SHK Forex. My advice Choose a broker wisely with good trading conditions and better avoid SHK Forex.
They are very volatile and spreads change all the time, so orders are not respected. I was trading with this broker for long time, but I faced several difficulties with it. Their system executes trades poorly. There’s often requoting and I was also unable to close a profitable trade, when it was winning, and as soon as it went down in the lows. And my orders and positions in trading platform have been closed without any reason. Recently my money was reduced, from $5,000 USD to $1,500 USD due to very bad trading conditions.
Do not open an account at SHK Forex if you do not want your money to be wasted. I had an account with them for a few months but I had no choice but to close it down because I get no progress. I kept losing my trades not because of my mistakes, but because of their terrible platform. It ignores any SL and TP, it does not execute orders properly, and there is always a slippage. Give yourself a favor and stay away from this broker.
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