Warning! HK Golden Crown is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
HK Golden Crown Trading Ltd, or HK Golden Crown for short, is an impossible broker for one main reason. Continue reading to see what it is.
The broker has stated that its main headquarters are in Hong Kong. This puts it directly with the local financial regulator, namely the Securities and Futures Commission whose main focus is is on providing the necessary means of protecting traders’ money and interests.
Brokers regulated by SFC participate in the ICC compensation fund covering up to $150 000 per client. However only securities and futures trading accounts are covered and not forex. The official SFC database does not include HK Golden Crown Trading Ltd.
However, the broker never claimed that it was regulated by the SFC. Its assertion is much more ludicrous. According to it, the NFA is the license issuer.
The NFA is by far the strictest regulator, and as such it only authorizes US based broker that maintain headquarters within the States. What’s more is that only a handful of brokers are regulated by it. We can very safely conclude that HK Golden Crown Trading Ltd is most definitely NOT REGULATED.
If traders wish to trade with US brokers, they must make sure that they are NFA licensed. For a broker to operate in the US it must be a member of the National Futures Association (NFA) and has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC). These two entities, the NFA and CFTC, are considered to be the most austere regulatory agencies in the world.
Otherwise, traders should invest in brokers that are regulated by the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The leverage we got from the trading platform was 1:100. We are reminding readers that the US has maximized all leverages to 1:50.
The EUR/USD spread is 2.7 which is not favorable for anyone.
The trading assets we got are Forex Pairs and Gold. At least here there is a hint of some consistency since HK Golden Crown on occasions claims to be mainly a precious metals’ trader, even though silver is nowhere to be found on the trading terminal.
The only language that the website is in right now is English.
HK GOLDEN CROWN LOGIN
Even with the inclusion of an MT4 trader this broker remains as shady as one can be.
MT4 encompasses a to-the-point look and feel without sacrificing any accessibility. With MT4 you can set automated bots to trade instead of you. MT4 also comes with over 50 customizable trading indicators, great options for managing your charts, a drag and drop feature and many more pros.
However with HK Golden Crown’s MT4 things stand differently.
There was no way to register, and so the MT4 we were using was accessed without prior registering. So any of the information concerning a leverage or spread is probably applicable to another 3rd party broker. We even have proof; the MT4 does not go by the HK Golden Crown name:
The MT4 can be accessed on an Android or Apple device, as well as a separate desktop trader.
HK GOLDEN CROWN MINIMUM DEPOSIT
The minimum deposit is $100.
To deposit traders go to the Deposit “application” which is nothing more than three blank spaces for traders to fill:
And this is it. This is the only way to deposit funds.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way
HK GOLDEN CROWN WITHDRAWAL TIME AND FEES
The minimum withdrawal amount is $100.
The broker says that all requests will be excepted between 09.00 am to 16.00 pm, but it does not detail the time it takes to process a request.
There are no withdrawal fees according to the FAQs.
ADDITIONAL FEES AND TAXES
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
HK Golden Crown Trading Ltd at time does not behave like a functioning broker. This is appropriate since it kind of isn’t really a broker, for there is no real way to register. It feel as if though the only thing one is barely able to do it to deposit. We strongly are against this. Investing here will only lead to problems!