First Shanghai
Pros and Cons
Pros
- Regulated by Hong Kong’s Securities and Futures Commission (SFC)
- Diverse range of market instruments including stocks, futures, and commodities
- Access to major Hong Kong and global markets
- Established broker with over 20 years of industry experience
- Offers margin financing and IPO subscription services
Cons
- Regulated only by Hong Kong’s SFC
- No demo account available
- Limited educational resources for traders
- High minimum deposit requirement for some accounts
- Outdated trading platform lacking advanced features
Basic Information
User Reviews
First Shanghai Overview
Founded in 1964, First Shanghai is a reputable forex broker headquartered in Hong Kong. The company operates under the regulatory oversight of the Securities and Futures Commission (SFC) of Hong Kong, holding License No. AGK583. With over 20 years of experience, First Shanghai has established a strong presence in the financial services industry, ensuring compliance and investment protection for its clients.
Is First Shanghai Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Securities and Futures Commission (SFC) | Hong Kong | Segregated Funds, Compliance with Regulatory Standards |
Is First Shanghai Regulated and How Are Client Funds Protected?
First Shanghai Futures Limited is regulated by the Securities and Futures Commission (SFC) of Hong Kong, holding license number AGK583 since February 24, 2005. This regulatory status ensures that the broker adheres to strict compliance and investor protection standards. Client funds are safeguarded through segregation, meaning that client deposits are kept separate from the broker’s operating funds, thereby enhancing safety. Additionally, the SFC provides a framework for investor compensation, offering further protection in case of insolvency. First Shanghai has a long-standing presence in the market, operating since 1964, which adds to its legitimacy and trustworthiness as a broker.
Trading Products and Services
What trading instruments does First Shanghai offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/NZD | Many |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Many |
| Stocks | Apple, Tesla, BP, Vodafone | 100+ |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Varies |
First Shanghai offers a diverse range of trading instruments that cater to various types of traders, from beginners to experienced professionals. The inclusion of multiple asset categories such as Forex, commodities, indices, stocks, and cryptocurrencies provides users with ample opportunities for portfolio diversification and flexible trading strategies. This variety enables traders to adapt their approaches according to market conditions, whether they are looking to make short-term trades or long-term investments. By offering access to significant global markets, First Shanghai ensures that all traders can find instruments that align with their investment goals, enhancing the overall trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does First Shanghai Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, user-friendly platform | Ideal for small-capital practice, no trading volume requirements |
| Professional Account | Experienced traders | High leverage, advanced trading tools | Requires trading volume qualifications and experience |
| Corporate Account | Corporate clients | Custom trading solutions, dedicated account management | Requires corporate documentation |
| Islamic Account | Traders seeking swap-free options | No overnight interest, compliant with Sharia law | Available upon request with necessary proof |
| Demo Account | New traders and those testing strategies | Virtual funds for practice, full access to trading features | No capital requirements, perfect for skill development |
Account Opening Process
To open an account with First Shanghai, users must complete several steps. Initially, you will need to provide personal information, including your name, email, and contact number. Next, employment details and financial information are required to assess your trading experience and financial capacity. Identity verification is an essential part of the process, which includes submitting a valid ID and proof of address, such as a utility bill or bank statement. After your documents are verified, you can start trading. It is also worth noting that there is flexibility in upgrading your account to a professional account later on, should you meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive spreads |
| CFDs (US Stocks) | 0.1% | $0 (ECN: $4.0/lot) | Low commission for high volume |
| CFDs (Indices) | 0.5% | $0 (ECN: $3.0/lot) | Efficient pricing on major indices |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
In addition to trading fees, First Shanghai may apply several other costs. Deposit and withdrawal fees can vary depending on the method used, so it’s advisable to check these details. Inactivity fees are applicable if your account remains dormant for an extended period. While there are no platform usage fees associated with their services, be aware of overnight interest charges, known as swap rates, for positions held overnight. Lastly, currency conversion fees may apply when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does First Shanghai Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | 2FA, multiple order types, price alerts, technical indicators | Demo account, VPS |
| MT5 | Windows, macOS, iOS, Android | Encryption, one-click trading, symbol lookup, economic calendar | Demo account, VPS |
| Web Version | Any device with internet access | Biometrics, push notifications, market search tools | API interfaces |
| Mobile App | iOS, Android | 2FA, quick order execution, price alerts | Demo account |
The MT4 platform is widely recognized for its user-friendly interface and robust trading tools, making it suitable for both beginners and experienced traders. MT5 enhances this experience with additional features for advanced analysis and multi-asset trading. The web version provides flexibility across devices, while the mobile app facilitates trading on-the-go, offering secure logins and real-time alerts. First Shanghai ensures a comprehensive suite of tools for market search and execution, supporting efficient trading across all platforms.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3-5 days | No platform fee, $30 for international transfers | Min $100, Max $50,000 | USD, HKD, CNY |
| Alipay | Instant | No fees | Min $50, Max $20,000/day | USD, HKD |
| WeChat Pay | Instant | No fees | Min $50, Max $20,000/day | USD, HKD |
| SEPA Transfer | 1-3 days | €5 per transaction | Min €100, Max €50,000 | EUR |
| GrabPay | Instant | 1.5% fee | Min $20, Max $10,000/day | USD, SGD |
Minimum Deposit
First Shanghai requires a minimum deposit of $50 to open an account. This amount may vary depending on the payment method chosen; for example, using bank transfers, the minimum deposit is $100. Additionally, different account types may have varying minimum deposit requirements.
How to Withdraw
To withdraw funds from your First Shanghai account, follow these steps:
- Log in to your First Shanghai account.
- Navigate to the ‘Withdrawal’ section in the account management area.
- Choose your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the limits specified.
- Confirm your withdrawal request and check for any required verification.
- Submit your request and wait for the processing time indicated for your chosen method.
Customer Support
First Shanghai Customer Support Overview
Support Channels
First Shanghai offers a variety of contact methods to assist customers effectively:
- Email: Customers can reach out via cs@mystockhk.com for any inquiries.
- Live Chat: Instant support is available through the live chat feature on their website.
- Telephone: For direct assistance, customers can call +852 2522 2101.
- Social Media: Engage with First Shanghai through their official Facebook page for updates and support.
Service Availability
First Shanghai’s customer support is available 24/5, ensuring that help is accessible during market hours. They provide multilingual support, catering to English and Cantonese speakers to assist a diverse clientele.
Additional Resources
To enhance the trading experience, First Shanghai offers educational resources such as:
- Video tutorials
- Webinars covering market trends
- Market analysis reports
- Trading signals for informed decision-making
With a focus on delivering exceptional customer service, First Shanghai has received positive feedback from users, highlighting their responsiveness and helpfulness in addressing issues. This commitment to support reflects the broker’s overall dedication to client satisfaction.
Frequently Asked Questions
Yes, First Shanghai Futures Limited is regulated by the Securities and Futures Commission (SFC) of Hong Kong under License No. AGK583. This regulation ensures that the broker adheres to strict compliance standards, providing you with a level of protection for your investments and ensuring fair trading practices.
First Shanghai offers a wide range of trading conditions, including access to Hong Kong stocks, Shenzhen and Shanghai B-shares, overseas stocks, futures, and commodities. However, specific details regarding spreads, leverage, and minimum deposits may vary, so it is advisable to consult the broker’s official website or contact customer support for the most accurate information.
Your funds are secured as First Shanghai is regulated by the SFC, which mandates that client funds are kept in segregated accounts. This means that your money is protected and separate from the broker’s operational funds, reducing the risk of loss due to company insolvency.
First Shanghai offers robust customer support through various channels, including telephone support at +852 2522 2101 and email at cs@mystockhk.com. Their customer service team is available to assist you with inquiries related to trading, technical issues, and account management.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.