Wing Fung

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

What is Wing Fung？

Since its establishment in the 1980s, Wing Fung has developed into a diversified financial business, including physical trading of precious metals, precious metals margin, bullion retail, securities, futures, foreign exchange, asset management, and credit services. The Group's members have expanded to include Wing Fung Precious Metals Limited, Wing Fung Bullion Investment Limited, and Wing Fung Futures Limited, among which the precious metals trading business is well known and reputable.

Wing Fung is a member of the Chinese Gold and Silver Exchange in Hong Kong (CGSE) (Member No. 34) and enjoys the status of Bullion Group, casting 999.9 and 99 gold bars under the “Wing Fung” brand recognized in Hong Kong. Additionally, Wing Fung has been appointed by the Chinese Gold and Silver Exchange as a liquidity provider for the loco London gold market.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

Wing Fung is a regulated broker with a long history and a wide range of trading products. They offer flexible margin requirements and low initial margin for trading Hong Kong stocks and leverage up to 1:100 for forex trading.

However, there are some concerns about the company's customer service and software stability, which have been reported by some users. Additionally, there are fees for depositing and withdrawing funds. Overall, Wing Fung may be a good choice for experienced traders who are looking for a diverse range of trading products and flexible margin requirements, but beginners or those looking for low fees and excellent customer service may want to look elsewhere.

Wing Fung Alternative Brokers

There are many alternative brokers to Wing Fung depending on the specific needs and preferences of the trader. Some popular options include:

• InstaForex - A well-known forex broker with a wide range of trading instruments, competitive spreads, and excellent educational resources.

• JFD Bank - A reputable broker with a focus on transparency, offering a diverse range of trading instruments and platforms, and excellent customer support.

• LQDFX - A forex broker with low spreads and fast execution, but with limited trading instruments and limited regulation.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is Wing Fung Safe or Scam？

Being regulated by CGSE & SFC is a positive sign for Wing Fung, indicating that it operates within the regulatory framework. However, the reports of terrible customer service and unstable software are concerning and suggest that the broker may have room for improvement in these areas. Further research and due diligence are recommended before making a decision on whether Wing Fung is safe or not.

Market Instruments

Wing Fung offers a wide range of products to its clients, mainly Hong Kong stocks, IPO subscriptions, global stocks and funds, bonds, Shanghai-Hong Kong/Shenzhen-Hong Kong Stock Connect, Hong Kong and global futures, forex, asset management, credit, wholesale precious metals physical, precious metals margin trading, and retail precious metals physical gold.

Accounts

Investors can choose between 368 Cash Account and Margin Account for trading Hong Kong stocks. The 368 Cash Account charges 0.05% of the transaction amount (minimum charge of HK$38 per transaction). The Margin account charges are 0.1% of the transaction amount (minimum charge of HK$38 per transaction).

How to open an account with Wing Fung？

Three easy steps to open an account with Wing Fung:

Step 1: Complete the online application form

Step 2: Upload documents for this company's verification

Step 3: Receive SMS/Email approval

Margin & Leverage

Wing Fung offers a margin account for trading Hong Kong stocks with up to 90% margin and initial margin as low as HK$1,200. This means that traders can trade with a margin of up to 90% of the value of their stocks, which can increase the potential for profit, but also the potential for losses.

The leverage provided by Wing Fung is up to 1:100, which means that traders can control positions that are up to 100 times the amount of their investment capital. However, traders must be aware of the risks involved in trading on margin and with leverage, and should carefully manage their positions to avoid significant losses.

Spreads & Commissions

Wing Fung offers competitive spreads on its forex instruments. For forex instruments, the spread on the EUR/USD pair starts from 1 pip, GBP/USD pair from 2 pips, AUD/USD pairs from 2 pips. The broker does not charge any commissions on forex trades, which makes it attractive for traders who do not want to incur extra fees.

Below is a comparison table about spreads and commissions charged by different brokers:

It is important to note that spreads may vary depending on market conditions, and traders should keep an eye on their positions to avoid unexpected costs.

Trading Platforms

Wing Fung offers its clients a variety of trading platforms to choose from, each designed to meet their specific trading needs. Wing Fung Official APP provides traders with efficient, diversified financial services, allowing investors to grasp the latest financial information and provide trading strategies for gold, stocks, futures, and foreign exchange on trading days. The platform offers direct access to a full line of service trading platforms, including securities, futures, bullion investment, forex, bullion trading, and real gold trading, allowing traders to adjust their trading strategies and switch to different investment instruments at any time.

Additionally, for securities trading, Wing Fung offers Wing Fung Securities for Online and App. And for futures trading, the broker gives Wing Fung Futures SP Trader Pro.

Overall, Wing Fung's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:

Note: This table may not be exhaustive and there could be other trading platforms offered by these brokers as well.

Deposits & Withdrawals

Wing Fung offers traders three deposit methods.

The first one is banking deposit, and traders need to deposit funds (cash, cheque, transfer or wire transfer) to Bank of China (Hong Kong) / Bank of East Asia / China Construction Bank (Asia) / DBS Bank (Hong Kong), OCBC Wing Hang Bank where Wing Fung Precious Metals has opened accounts, all cheques must be crossed.

The second way is to deposit via PPS. Customers need to open a PPS account and complete the relevant account opening procedures. Then they can immediately transfer funds to their securities account with the company online or using the PPS system over the phone (for deposits via PPS, HK$5 will be charged for each deposit of less than HK$5,000).

The third way is to fast payment system (FPS). Regarding refunds, some bank branches may suspend or shorten the service hours due to the current epidemic. The customer's withdrawal request will be changed from Monday to Friday from 2:00 pm to 12:00 noon.

Wing Fung minimum deposit vs other brokers

Fees

Traders who want to hold positions overnight should be always consider overnight interest rates as an additional trading cost.

Here is the detail interest table provided by Wing Fung:

See the deposit & withdrawal fee comparison table below:

Note: Fees and charges are subject to change and traders should always check the official website for the latest information.

Customer Service

If clients have any inquiries or trading-related issues, they can get in touch with Wing Fung through the following contact channels:

• Telephone: (852) 2303 8690, 400 120 1090

• Email: cs@wfgold.com

• Online Chat

• FAQ section

Or you can also follow this broker on Facebook and YouTube.

It's important to note that these are based on user reports and may not be indicative of every customer's experience.

User Exposure on WikiFX

Based on the reported user experiences, it seems that Wing Fung's customer service and software stability may have some issues. The reports of poor service attitude, lack of response to deposit and withdrawal requests, and unstable software operation leading to losses are concerning.

Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Conclusion

On the whole, Wing Fung provides a range of financial products and services to its clients. The company is regulated by the SFC and CGSE, ensuring a level of security and transparency for investors. Wing Fung offers competitive spreads and no commissions, as well as flexible margin options, providing traders with a range of choices for trading. However, the company's customer service has received mixed reviews, with some users reporting poor service and slow response times. Additionally, the software stability has also been criticized, which can lead to losses for traders.

Frequently Asked Questions (FAQs)