HUNGSING
Pros and Cons
Pros
- Diverse financial services including debt financing, investment products, and asset management
- Access to the Hongsheng Securities trading platform in both web and mobile versions
- Multiple customer support channels including email and phone
- Range of trading instruments across Forex, Commodities, Indices, Stocks, and Cryptocurrencies
- Minimum deposit requirement of 50 HKD or equivalent
Cons
- Not regulated by any recognized financial authority
- Revoked securities dealing license raises credibility concerns
- No demo account available for practice trading
- Limited information on account types and trading fees
- Potential withdrawal and inactivity fees not disclosed
Basic Information
User Reviews
HUNGSING Overview
HUNGSING, officially known as 鸿升金融集团, is a financial firm founded in 1999 and registered in Hong Kong. The broker has been operating for approximately 5-10 years, providing a range of financial services, including debt financing, investment products, asset management, and IPO subscriptions. Although HUNGSING has previously held a license from the Securities and Futures Commission (SFC), it is important to note that its securities dealing license has been revoked, raising concerns about its regulatory status and credibility in the forex trading market.
The broker offers clients access to the Hongsheng Securities platform, available in both web and mobile versions, facilitating a variety of trading activities. While HUNGSING provides multiple channels for customer support, including phone and email, there is limited information on account types and trading fees. Potential clients should exercise caution, given the broker’s questionable regulatory standing and the absence of a demo account, which may limit their ability to evaluate the trading environment effectively.
Is HUNGSING Safe? Regulation Analysis
Regulatory Information
HUNGSING is not regulated by any recognized financial authority. The lack of regulation raises significant concerns regarding the safety of client funds and the overall credibility of the broker. Trading with an unregulated broker can expose investors to various risks, including insufficient investor protection and a higher potential for fraudulent activities.
Trading Products and Services
What Trading Instruments Does HUNGSING Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | Varies |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US, UK | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
HUNGSING provides a range of trading instruments across various asset categories, including Forex, Commodities, Indices, Stocks, and Cryptocurrencies. This diversity allows traders of all experience levels—be they beginners, professionals, technical analysts, or long-term investors—to find suitable products that match their trading strategies and risk profiles. By offering multiple asset classes, HUNGSING supports portfolio diversification, enabling clients to adapt their trading approaches according to market conditions. This flexibility is essential in today’s dynamic trading environment, making HUNGSING a potential option for those looking to engage in diverse market activities.
Account Types and Trading Conditions
What Account Types and Fees Does HUNGSING Offer?
| Account Type | Target User Group | Key Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners, casual traders | Access to diverse trading instruments | Suitable for individuals starting in trading |
| Professional Account | Experienced traders | Potential for higher leverage, tailored services | Eligibility may depend on trading volume |
| Corporate Account | Corporate clients | Customized solutions for business needs | Requires corporate documentation |
| Islamic Account | Traders requiring swap-free options | Compliant with Sharia law | Documentation verifying eligibility required |
| Demo Account | New traders | Practice trading without real funds | Not available at HUNGSING |
Account Opening Process
To open an account with HUNGSING, clients typically need to follow several steps. First, they must submit personal information, including identity verification documents such as an ID and proof of address. Additionally, financial and employment information may be required to assess the suitability for various account types. Clients should be aware that after the initial setup, there may be options to upgrade to a professional account depending on trading activity and experience.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | Varies | Tight spreads for major pairs |
| Forex (Minor Pairs) | Varies | Varies | Wider spreads compared to major pairs |
| CFDs (Stocks) | Varies | Varies | Dependent on stock volatility |
| CFDs (Indices) | Varies | Varies | Reflects market conditions |
| CFDs (Commodities) | Varies | Varies | Includes popular commodities like gold and oil |
| Cryptocurrencies | Varies | Varies | Based on market fluctuations |
Other Fees
HUNGSING may charge various fees beyond trading costs. These can include deposit and withdrawal fees, inactivity fees for dormant accounts, and platform usage fees if applicable. Additionally, clients should be aware of potential overnight interest (swap rates) and any currency conversion fees that might apply when trading different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does HUNGSING Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| Hongsheng Securities (Web Version) | Windows, macOS | Secure login (encryption), market search, various order types, price alerts | No demo account |
| Hongsheng Securities (Mobile App) | iOS, Android | Secure login (biometrics), symbol lookup, push notifications, technical indicators | No demo account |
The Hongsheng Securities web platform provides a comprehensive interface suitable for various trading activities, featuring essential tools like market search and price alerts. The mobile app enhances trading flexibility, offering secure login options and real-time notifications for traders on the go. HUNGSING’s platforms support efficient order execution and secure access, making it a potential choice for traders who prioritize mobile trading capabilities.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min 100, Max 50,000 | HKD, USD |
| Credit/Debit Card | Instant | No platform fee | Min 50, Max 20,000 | HKD, USD |
| Cryptocurrency | Instant | No platform fee | Min 50, Max 10,000 | USD |
| e-Wallet (e.g., PayPal) | Instant | 1.5% charge | Min 50, Max 15,000 | HKD, USD |
Minimum Deposit
HUNGSING requires a minimum deposit of 50 HKD or equivalent in other currencies. This requirement is consistent across all payment methods and account types, ensuring ease of access for new traders.
How to Withdraw
- Log in to your HUNGSING account.
- Navigate to the ‘Withdrawal’ section in the account dashboard.
- Select your preferred payment method for withdrawal.
- Enter the amount you wish to withdraw, adhering to the limits set by HUNGSING.
- Submit your request and wait for processing. The time taken will depend on your selected payment method.
Customer Support
HUNGSING Customer Support Overview
Support Channels
HUNGSING offers various contact methods to assist clients with their inquiries. Clients can reach out via:
- Email: Clients can send their queries to settlement@hungsing.org.
- Telephone: Support is available at +852 3589 1623, allowing for direct communication with customer service representatives.
Service Availability
Customer support is available Monday to Friday from 9:00 a.m. to 6:00 p.m. HUNGSING does not operate on Saturdays, Sundays, or public holidays. There is currently no indication of multilingual support being offered.
Frequently Asked Questions
HUNGSING is not regulated by any recognized financial authority. Its securities dealing license has been revoked, which raises significant concerns regarding the safety of client funds and the broker’s overall credibility.
HUNGSING offers a variety of trading instruments including Forex, Commodities (like Gold and Oil), Indices (such as S&P 500 and NASDAQ), Stocks (from the US and UK), and Cryptocurrencies (including BTC and ETH). This diversity supports various trading strategies.
HUNGSING requires a minimum deposit of 50 HKD or equivalent in other currencies. This requirement applies across all payment methods and account types, providing ease of access for new traders.
Clients can reach HUNGSING’s customer support via email at settlement@hungsing.org or by phone at +852 3589 1623. Support is available Monday to Friday from 9:00 a.m. to 6:00 p.m., excluding weekends and public holidays.
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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.