XCH Finance Limited is an online trading platform claiming to be based in Hong Kong, specializing in providing forex and precious metals trading. The company's official website lists some contact methods and services, but there are issues with regulation and transparency. Specifically, the platform's registration information is linked to a deregistered company, raising doubts about its legitimacy and credibility. Moreover, its customer support options are limited, possibly insufficient to meet all user needs.
Background of XCHFXHK:
XCH Finance Limited, operating at https://www.xchfxhk.com, is an online trading platform claiming to be located in Hong Kong, specializing in forex and precious metals trading services. The platform registered its domain name on March 7, 2024, and claims its business operates in Hong Kong. However, its registration information in Hong Kong has not been found in relevant official business registration agencies, and its registration details remain unclear.
Regulation Information of XCHFXHK:
XCHFXHK claims to be registered with the Financial Services Authority (FSA) in the UK, but note that the FSA has been renamed to the Financial Conduct Authority (FCA). Upon verification with the FCA, it was found that the registration information related to XCHFXHK actually belongs to another company named SVS Securities Plc, whose license was canceled on August 31, 2023. Such misuse of a canceled license shows a clear risk of fraud, and investors should avoid any financial transactions with this platform.
Account Registration Process of XCHFXHK:
The process to register with XCHFXHK is relatively straightforward:
- Visit the official website and click the register button.
- Complete the application form with the necessary personal information.
- Submit identity verification documents.
- Deposit funds and commence trading.
Account Types of XCHFXHK:
XCHFXHK offers various account types to meet different levels of investor needs:
- MINI Account: Minimum deposit requirement of $10,000.
- Standard Account: Minimum deposit requirement of $100,000.
- VIP Account: Minimum deposit requirement of $1,000,000.
- Demo Account: No minimum deposit required, offers virtual funds for practice.
Trading Software of XCHFXHK:
The XCH-MT5 trading platform used by XCHFXHK is a comprehensive trading environment designed for forex, CFDs, and futures markets. The platform integrates powerful market analysis tools and supports automated trading via Expert Advisors. XCH-MT5 supports multiple languages, offers advanced charting options, real-time data updates, and ensures trading security with 128-bit encryption technology. The platform can operate on a variety of operating systems, including Windows, Mac OS, iOS, and Android, and supports seamless switching between demo and live accounts.
Trading Products of XCHFXHK:
In terms of trading products, XCH offers a diverse investment portfolio including futures, options, gold trading, and forex services, suitable for both institutional and individual clients for hedging risks or market speculation.
What are the Spreads, Leverage, and Commissions at XCHFXHK?
XCHFXHK offers a default leverage ratio of 1:100, allowing traders to control larger market positions with smaller amounts of capital. While this increases potential returns, it also correspondingly increases risks. The platform charges a fixed trading commission of 5 pips and claims to offer competitive market spreads, but specific spread information is not disclosed in detail.
Deposit and Withdrawal Methods at XCHFXHK:
Regarding deposit and withdrawal methods, XCHFXHK does not provide detailed information on its website. According to the platform's FAQ, online deposits usually reflect in the trading account within two hours, but may take up to seven hours. Bank wire transfers take 2-3 business days. Fund withdrawals require an application form, with processing times of 1-3 business days. Withdrawals over $100,000 require additional identity and address verification documents.
Customer Support of XCHFXHK:
Customer support provided by XCH Finance is limited, mainly through email (service@xchfxhk.com) and a physical office address in Hong Kong. The office is located at Suite 1810, 18/F, Cheung Kong Center, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. Additionally, the FAQ section on its website offers basic information, which may not be sufficient to meet all customer needs.
Conclusion:
Despite offering a range of trading accounts and advanced trading platforms, the lack of transparency in XCHFXHK’s regulatory information and potential fraud risks should alert potential investors. Before considering trading with this platform, investors should conduct thorough research and evaluate all associated risks. XCHFXHK is listed as "Suspected Fraud" on TraderKnows.
