Basic Information
Pros and Cons
Pros
- Operates under Type AA license
- Focus on trading gold and silver
- Minimum deposit of $70
- Available on proprietary platform and MT4
Cons
- Limited transparency in operations
- Negative reputation among users
- Difficulties reported in fund withdrawals
- No participation in investor compensation schemes
Is WZG Safe and Legit?
WZG, officially known as Wanzhou Gold Group Limited, is a Hong Kong-based brokerage established in 2017. It operates under a Type AA license from the Chinese Gold and Silver Exchange Society, focusing primarily on trading London gold and silver, with a minimum deposit of $70 and spreads of $20 for gold and $100 for silver. The broker offers trading via a proprietary platform and MetaTrader 4 (MT4).
WZG is regulated in Hong Kong, which provides a certain level of oversight, yet concerns regarding its regulatory status have arisen due to the broker’s limited transparency and lack of participation in investor compensation schemes. Overall, while it operates legally, its safety remains questionable.
User feedback on WZG indicates a generally negative reputation, with frequent complaints about withdrawal difficulties, customer service responsiveness, and allegations of untrustworthy practices. Many users report challenges in accessing their funds, particularly during withdrawal requests, which raises significant concerns about the broker’s operational integrity and trustworthiness.
Is WZG a Regulated Broker?
What Are the Regulatory Licenses Held by WZG?
WZG, officially known as Wanzhou Gold Group Limited, operates under a Type AA license from the Chinese Gold and Silver Exchange Society. While it is regulated in Hong Kong, concerns about its regulatory status have been raised due to limited transparency and a lack of participation in investor compensation schemes. Therefore, while WZG operates legally, it does not hold any mainstream regulatory licenses, and its regulatory status may be considered questionable.
| Regulator Abbreviation | Full Name of Regulator | Regulated Company Entity | Regulatory Status | License Number |
|---|---|---|---|---|
| CGSES | Chinese Gold and Silver Exchange Society | Wanzhou Gold Group Limited | Active | Type AA |
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
WZG does not provide specific details regarding the segregation of client funds in independently regulated bank accounts. As it operates under a Type AA license from the Chinese Gold and Silver Exchange Society, there is no participation in investor compensation funds or insurance schemes, leaving the coverage of client funds unclear.
WZG Leverage
WZG’s leverage details are not specified in the Canonical Reference. Therefore, comparisons against legal limits in jurisdictions related to its Type AA license cannot be made. Client classifications regarding retail or professional status are also not defined, leaving leverage configurations unspecified.
WZG Withdrawal Review
How to Contact WZG?
User feedback on WZG reveals significant concerns, particularly regarding withdrawal issues. Many complaints focus on difficulties accessing funds, with reports indicating that users struggle to withdraw their money. Credible sources of these complaints include online forums and review platforms, highlighting a pattern of dissatisfaction among clients. Responses from WZG to these complaints appear inadequate, with slow response times and minimal resolution efforts reported. The prevalence of these issues suggests a troubling trend, though there are no records of regulatory penalties against the broker thus far. Overall, these circumstances raise questions about the broker’s legitimacy and safety.
Frequently Asked Questions
A1: WZG, also known as Wanzhou Gold Group Limited, operates under a Type AA license from the Chinese Gold and Silver Exchange Society, which allows it to trade gold and silver. However, concerns about its safety have been raised due to limited transparency, negative user feedback, and withdrawal difficulties, leading to questions about its operational integrity and trustworthiness.
A2: WZG operates under a Type AA license from the Chinese Gold and Silver Exchange Society. While it is regulated in Hong Kong, the broker has faced scrutiny regarding its regulatory status due to a lack of transparency and its non-participation in investor compensation schemes.
A3: WZG does not provide specific details about the segregation of client funds in independently regulated bank accounts. It operates under a Type AA license, but there is no participation in investor compensation funds or insurance schemes, leaving the protection of client funds unclear.
A4: User feedback indicates significant difficulties with withdrawing funds from WZG, with many clients reporting challenges in accessing their money, particularly during withdrawal requests. Slow response times and minimal resolution efforts from the broker have contributed to a troubling trend in user satisfaction.
A5: While specific contact channels are not detailed in the provided information, users have reported inadequate responsiveness from WZG’s customer service. Prospective clients should be prepared for potential delays in communication when seeking assistance.
Related Forex Brokers
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.