Overview of New Castle
Founded in 2017 in Hong Kong, New Castle operates in the financial markets, specializing in a diverse range of trading assets, including precious metals like gold and silver. Regulated by CGSE (The Chinese Gold & Silver Exchange Society) and holding a Type B License, the platform provides a secure and transparent trading environment. With competitive spreads and leverage, New Castle caters to traders seeking cost-effective options. However, the absence of visible customer support information and unavailable educational resources on the current inaccessible website raise concerns about user assistance and educational support.
Is NEW CASTLE legit or a scam？
NEW CASTLE conducts its operations within the regulatory framework overseen by the Chinese Gold & Silver Exchange Society (CGSE) and holds a Type B License. As of the present, NEW CASTLE maintains a regulated status, signifying compliance with regulatory standards enforced by the Hong Kong jurisdiction. The company operates under the regulatory umbrella of CGSE, emphasizing its commitment to adhering to established industry regulations and standards. The Type B License held by NEW CASTLE, with License No. 224, is a testament to its authorization to engage in specified financial activities.
NEW CASTLE Bullion Limited, as the licensed institution, operates within the bounds of this regulatory framework, providing a level of oversight and assurance for clients and stakeholders. This oversight helps establish a level of trust and credibility for the institution, providing investors and stakeholders with confidence in the integrity of its operations. Furthermore, regulatory compliance often involves stringent financial standards, risk management protocols, and customer protection measures, contributing to a more secure and stable trading environment.
Pros and Cons
Pros:
Regulated by CGSE:
New Castle operates under the regulatory oversight of CGSE (The Chinese Gold & Silver Exchange Society), ensuring compliance with industry standards and promoting transparency in its operations.
2. Diverse Trading Assets:
3. Competitive Spreads and Leverage:
4. MetaTrader 4 (MT4) Platform:
5. Transparent Commission Structure:
6. Accessible Minimum Deposit:
Cons:
Absence of Visible Customer Support Information:
The official website lacks visible contact details for customer support, raising concerns about transparency and accessibility for users seeking assistance.
2. Unavailable Educational Resources:
3. Inaccessible Official Website:
Market Instruments
New Castle engages in a variety of trading assets, encompassing both public quotation products and electronic trading products.
99 Gold and Hong Kong Dollar Kilobars: New Castle engages in the trading of 99 Gold, denoting gold products with a purity of 99%, and Hong Kong Dollar Kilobars, emphasizing its involvement in high-quality gold trading denominated in Hong Kong Dollars.
London Gold and Silver: The company participates in the trading of London Gold and Silver, suggesting its connection to the London Bullion Market Association (LBMA) and involvement in the global precious metals market.
Renminbi Kilobars: New Castle is involved in the trading of Renminbi Kilobars, indicating its presence in the Chinese Renminbi market and participation in international trade.
Hong Kong Dollar 999.9 Gold: The company trades in Hong Kong Dollar 999.9 Gold, highlighting its focus on high-purity gold denominated in Hong Kong Dollars.
Local Silver Trading: New Castle diversifies its portfolio by engaging in local trading of Silver, contributing to its presence in both local and international markets.
Account Types
The Standard account at New Castle caters to traders seeking a balanced and flexible trading experience.
It offers leverage of up to 1:400, allowing traders to amplify positions, potentially increasing profits and risks.
Competitive spreads starting from 0.01 pips provide a favorable pricing structure.
A commission of 0.03% is applied to Precious Metal CFDs within this account type.
The minimum deposit for a Standard account is $250, ensuring accessibility for a broad range of traders.
A demo account is available for users to practice and refine strategies with virtual funds before engaging in live trading.
Equipped with the MetaTrader 4 platform, the Standard account enhances the trading experience with advanced charting tools and technical analysis features, catering to traders of varying skill levels. Overall, it combines competitive conditions, comprehensive support, and robust trading tools.
How to Open an Account？
Initiate Your Trading Journey with New Castle:
Visit the New Castle Official Website:
Open your web browser and navigate to the official website of New Castle. This is the initial step to initiate the account opening process.
2. Click on “Open an Account”:
3. Complete the Online Registration Form:
Fill out the online registration form with accurate and up-to-date personal information. This may include your full name, contact details, date of birth, and a valid email address. Ensure that all information provided is correct, as this will be used for identity verification purposes.
It's important to note that specific steps and document requirements may vary, and it's crucial to carefully follow the instructions provided by New Castle during the account opening process.
Leverage
Within the Standard account at New Castle, traders have access to a maximum leverage of up to 1:400.
This leverage ratio signifies the extent to which traders can control positions relative to their initial investment. With a leverage of 1:400, traders can potentially amplify their exposure in the market, allowing for increased profit potential.
However, it's crucial to note that higher leverage also entails higher risk, as losses can be magnified.
Spreads & Commissions
Delving into Gold trading, New Castle offers competitive spreads starting from as low as 0.5 pips. This minimal spread underscores our commitment to facilitating favorable conditions for traders engaged in Gold transactions, ultimately enhancing the cost-effectiveness of their activities.
Similarly, for Silver trading, our platform provides attractive spreads commencing at just 0.01 pips. This low spread contributes to a more economical trading experience, particularly beneficial for Silver traders.
Moving to Platinum, our spreads start from 1 pip, slightly wider than Gold and Silver but remaining relatively competitive. This ensures that traders enjoy reasonable pricing for their Platinum transactions.
Lastly, Palladium trading on New Castle comes with spreads starting from 1.5 pips, offering transparency and clarity for traders involved in Palladium transactions.
For Precious Metal CFDs, New Castle implements a straightforward commission structure. Traders engaging in Precious Metal CFDs are subject to a commission of 0.03% of the trade value. This transparent fee calculation applies to trades involving various precious metals, ensuring clarity and simplicity in understanding the costs associated with the trade.
Trading Platform
New Castle employs the MetaTrader 4 (MT4) platform, a highly prevalent and favored trading tool within the brokerage industry.
Renowned for its widespread adoption, MT4 is acknowledged for its intuitive design, making it accessible to a broad spectrum of traders, irrespective of their experience levels. The platform is equipped with an array of features, notably encompassing an assortment of charting tools and indicators tailored for robust technical analysis.
Traders can capitalize on Expert Advisors (EAs), which are automated trading programs within the MT4 framework, facilitating the automatic execution of trades. Another noteworthy functionality is the ability to backtest trading strategies using historical data, a valuable tool empowering traders to evaluate and enhance their approaches based on past market conditions.
The multifaceted capabilities of MT4, as harnessed by New Castle, contribute to a comprehensive trading experience that caters to the diverse needs of traders in navigating the financial markets.
Deposit & Withdrawal
New Castle provides a variety of payment methods to accommodate the diverse preferences of its traders.
Bank Transfer: A widely used and secure method with a processing time of 2-5 business days.
Credit/Debit Cards: Convenient and instantaneous, though potential limitations on specific card types or regions may apply.
E-wallets: Featuring popular options like Skrill, Neteller, or WebMoney for quicker transaction processing.
The Standard account at New Castle mandates a minimum deposit of $250, providing access to a range of account features, including competitive spreads and leverage.
Payment Processing Times:
Bank Transfers: Takes 2-5 business days for funds to reflect in the trading account.
Credit/Debit Cards: Offers instant processing for immediate access to deposited funds.
E-wallets: Ensures near-instantaneous processing, typically within 24 hours, facilitating faster fund availability.
Customer Support
The official website of New Castle does not provide any contact information, making it challenging to evaluate its customer support. The absence of accessible contact details raises concerns about the platform's transparency and responsiveness to user inquiries or concerns. Efficient customer support is crucial for traders to address issues promptly. Without clear contact information, users may face difficulties seeking assistance or resolving queries, impacting the overall user experience. It is recommended for platforms to offer visible and reliable communication channels to instill trust and ensure timely support for their user base.
Educational Resources
The official website of New Castle is currently inaccessible, and it does not provide any educational resources. The unavailability of the website prevents access to potential learning materials, tutorials, or educational content that could aid traders in understanding financial markets and refining their trading skills. Accessible and comprehensive educational resources are essential for traders to make informed decisions, and the absence of such materials on the New Castle website may limit the educational support available to its user base.
Conclusion
In conclusion, New Castle presents itself as a trading platform founded in Hong Kong in 2017, offering a range of market instruments, notably in precious metals. Regulated by CGSE with a Type B License, it ensures a level of oversight. The platform's Standard Account, with a minimum deposit of $250, provides competitive spreads and leverage, enhancing trading possibilities.
However, notable disadvantages include the absence of visible customer support information, an inaccessible official website, and the unavailability of educational resources. These drawbacks raise concerns about user assistance, transparency, and educational support. Traders considering New Castle should carefully weigh these factors against the platform's advantages to make informed decisions.
FAQs
Q: Is New Castle regulated？
A: Yes, New Castle is regulated by CGSE (The Chinese Gold & Silver Exchange Society) and holds a Type B License.
Q: What is the minimum deposit for a Standard account on New Castle？
A: The minimum deposit for a Standard account is $250.
Q: What market instruments does New Castle offer？
A: New Castle offers various trading assets, including precious metals like gold and silver.
Q: Which trading platform does New Castle use？
A: New Castle utilizes the MetaTrader 4 (MT4) platform.
Q: Are educational resources provided by New Castle？
A: Currently, the website is inaccessible, and educational resources are unavailable.
