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SHK Forex Review - Is it scam or safe?

SHK Forex Review - is shkforex.com scam or good forex broker?

RATING: 3 / 0 REVIEWS SHK Forex
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 Trading Accounts

 

Account type

Minimum deposit

Minimum trade size

Maximum leverage 

Spreads  

Trading platform 

Standard

$5 000

0.01

1:20

1.1 pips /1.6 pips

MT4/FX Trader Pro

 

SHK Forex offers a single commission-free account with NDD execution, leverage up to 1:20, variable spreads, and option to trade in micro lots.

 

The Company. Security of Funds

 

Company

Country

Regulation

Sun Hung Kai Forex Limited

Hong-Kong

SFC

 

SHK Forex is a Hong Kong based brokerage that offers trading in around 40 currency pairs, futures, stock options and shares, as well as access to Shanghai-Hong Kong and Shenzhen Hong Kong Exchanges.

 

The broker is a member of the Sun Hung Kai Financial (‘SHKF’) group, one of the first FX financial institutions to be approved by the Securities and Futures Commission of Hong Kong (“SFC”). It holds a Type-3 leveraged foreign exchange trading license issued by SFC. It also holds a money remitters license. The group has an extensive branch and office network in Hong Kong, Macau and Mainland China.

 

The SFC licensing procedure is a long and complicated one, and each applicant must maintain a minimum paid-up share capital and liquid capital of HK$5 and should keep adequate accounting and control systems.

 

In addition, amendments to the Code of Conduct for regulated companies were introduced in December 2015, according to which SFC license holders are obliged to include a clause in client agreements, allowing investors to claim damages if the intermediary is selling or recommending a financial product that is not reasonably suitable for the client. 

 

Trading Conditions

 

Minimum Initial Deposit

Traders are required to deposit $5 000 in order to open an account with SHK Forex, which is a high minimum initial amount. By comparison, one may open an account with forex giant HYCM by investing $100.

 

Average Spreads & Commissions

This broker offers variable spreads, and charges no commission fees. The spreads vary on the two platforms supported by SHK Forex, and the ones on the MT4 appear to be comparatively low, averaged 1.1 pips on EUR/USD.

For purposes of comparison, Rakuten (also Hong Kong-based broker) offers spreads averaged 0.7 pips on EUR/USD on its commission-free accounts. For further information and comparison, you may look up real-time spreads of 15 leading brokers here.

 

Maximum Leverage

Leverage is a powerful tool that allows traders to gain large exposure to diversified markets with a relatively small amount of invested capital. While most brokerages provide leverage levels within the range of 1:200 – 1:400, SHK Forex offers leverage up to 1:20, which is a very low ratio.  By comparison, HYCM offers leverage up to 1:400.

 

Trading Platforms

 

SHK Forex offers a customized version of the popular MetaTrader 4, called SKMT4, and FX Trader Pro.

 

MT4 is the most popular forex trading platform, because users are able to entirely automate their trades by choosing from a wide range of Expert Advisors (EA) and let the program do all the work. What is more, it offers a variety of technical analysis indicators, extensive back-testing environment and advanced charting package. With this broker, it is available as downloadable PC version and mobile applications.

 

FX Trader Pro is available as a downloadable and as web-based version. It provides access to live pricing provided by major investment banks, Interactive charting, API trading, and other useful tools and features.

 

 

Methods of Payment

 

Clients of SHK Forex are able to make deposits and withdrawals via credit or debit card payments, bank transfers, and Electronic Fund Transfer (EFT) via PPS.

 

Conclusion

 

SHK Forex is a reliable Hong-Kong based brokerage, offering wide range of instruments to trade on two trading platforms. What we don't like about this broker is the high initial deposit required and the fact that it offers very low leverage levels. Here are, in a nutshell, the advantages and drawbacks with regards to SHK Forex:

 

Pros Cons
Regulated brokerage High initial deposit required
Competitive spreads   Low leverage levels
Commission-free trading  
Choice of trading platforms, MT4 available         

 

Latest news about SHK Forex
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Traders` reviews for SHK Forex

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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