Table of Content
Shangquan Review – Stay Away From ShangquanFx.Com
Table of Content
Shangquan is a brokerage company situated in Hong Kong. The current state of the broker’s website is non-functional, so we can already assume this broker disappeared with their clients’ funds.
The trading conditions offered by this broker do not seem overly attractive. Some of them are high leverage of 1:400, undefined spreads, no minimum deposit amount announced, and unclear terms of withdrawal.
Although the software used at Shangquan is the incredible MetaTrader 5, due to a lack of license, this broker cannot be trusted.
Read our Shagquan review in detail to find out everything related to this suspicious business.
|Minimum Deposit||500 $|
|Broker Type||Forex, CFD|
Is Shangquan Broker a Reliable Financial Investment?
The first warning sign about this broker is the lack of regulation proof. Licensed brokers provide full transparency concerning their company info. Legal documents are a must, to confirm their regulation. Shangquan provides none of these.
If the address of the company’s headquarters is indeed Hong Kong, you’d expect them to be licensed by the jurisdictional regulator – SFC. Unfortunately, SFC’s public register of licensed persons and registered institutions contains no information about Shangquan.
The only reasonable conclusion is that Shangquan did not meet the necessary conditions to be regulated. In the EU and AU, brokers are obligated to keep the leverage to 1:30 as a part of risk-reduction measures. In the USA, the leverage limit is kept to 1:50.
Regulated brokers ensure the safety of funds, compensation scheme, and negative balance protection. Operating under the radar of financial authorities, Shangquan cannot be considered to be a reliable broker to invest with.
Overview of Shangquan Trading Platforms
Shangquan provides trading on the astonishingly advanced MT5. Trading software like MT5 provides access to the most advanced options today and cutting-edge technology. Users can enjoy the latest features designed to help clients build their strategies and achieve their trading goals.
The fact that Shangquan offers the latest trading platform doesn’t change the fact that this broker is unauthorized to provide financial services. For that reason, new traders interested in investing here should be most careful.
Account Types Available for Shangquan
With the site malfunction, we failed to determine which are the exact account types that Shangquan offers. It is certain, however, that users are urged to deposit. It seems getting their clients to invest is the main goal that this unscrupulous broker focuses on.
Regulated brokers usually offer at least several kinds of accounts. Each sort of account is designed for some traders. Therefore, every trader can pick an account that is best suited to their trading preferences. The demo account is usually available, too. Shangquan provides none of these.
Trading Instruments Available
Shangquan encourages traders to pick whichever instruments they would most like to buy and sell. Their offer of instruments wouldn’t be so bad if they were a regulated broker. Other than that, groups of tradable assets are divided as follows:
- Forex (EUR/USD, USD/GBP, EUR/GBP)
- Shares (Facebook, Tesla, Amazon, Apple)
- Commodities (Coffee, Sugar, Cotton, Corn)
- Indices (Dow Jones, S&P 500, NASDAQ 100)
- Crypto (BTC, LTC, ETH)
Deposit and Withdrawal
Shangquan advertises quite a few ways of possible account funding. These include credit/debit cards, bank transfers, and several E-wallets. Trying to deposit, the client area shows differently, though. You can only choose between bank transfer and crypto depositing. Attop of that bank transfer cannot be done due to lack of information, so only BTC depositing is enforced. Characteristic of every scammer of this type.
The minimum deposit amount remains unknown, as well as the withdrawal terms. Clients are urged to deposit but any information on withdrawal processing time and possible conditions are not revealed. This lack of transparency is alarming!
How Do I Get a Refund from Shangquan if I was Scammed?
Please do not rush into investing with a shady brokerage firm like this one before reading our Shangquan review.
Avoid investing in crypto! All these suspicious brokers enforce crypto depositing to keep their anonymity. Instead, depositing with credit/debit cards will make the chargeback process a lot easier.
As soon as you’ve started suspecting your broker of choice is a fraud, go to your credit card issuer and report the fraudulent activity. You can start the refund process and prevent further misuse of your hard-earned money.
Government authorities will know what course of action is needed to trace and submit the scammer to the law, so don’t hesitate to seek help.
- High leverage
- Imprecise trading conditions
- Crypto depositing enforced
- Undisclosed withdrawal terms
FAQs About Shangquan Broker
What Is the Minimum Deposit for Shangquan Broker?
The minimum deposit amount required at Shangquan remains undisclosed.
How Long Do Shangquan Withdrawals Take?
Any details on the withdrawal process are left unexplained by the broker.
Is My Money Safe with Shangquan?
This unscrupulous broker operating illegally cannot guarantee you the safety of funds, so be careful when dealing with Shangquan.