SHENGHUI

Note: SHENGHUIs official site - https://shgroupltd.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

What is SHENGHUI？

SHENGHUI, with full name SHENGHUI GROUP LTD, is a United Kingdom -based global brokerage firm who also offers trading services for clients in European, Asia, South America, Africa. It offers Foreign Exchange, Indices, Commodities, Metals, Shares as its market instruments to traders. However, it is important to note SHENGHUI currently has a revoked ASIC (Australia Securities & Investment Commission) license with number 001293752 which raises concerns when trading.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

SHENGHUI provides several advantages such as offering a broad variety of trading instruments across multiple asset classes, availability of popular MT4 trading platforms, the provision of multiple account types, low spread and zero commission, which could be appealing to a wide spectrum of traders. The platform also sets an acceptable minimum deposit, making it accessible to a variety of investors.

However, it does come with notable drawbacks. The revocation of its ASIC license raises significant concerns regarding its regulatory adherence. Its dysfunctional website detracts from the user experience and could hinder access. Additionally, the lack of detailed information on payment methods, limited customer support channels, and negative reviews from clients further dents its appeal. Therefore, prospective users should rigorously weigh these pros and cons before considering SHENGHUI for trading.

Is SHENGHUI Safe or Scam？

When considering the safety of a brokerage like SHENGHUI or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

• Regulatory sight: Its ASIC (Australia Securities & Investment Commission) license no. 001293752 is revoked, whichindicates that there is no guarantee that it is a safe platform to trade with. Besides, the official website of the broker is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky.

• User feedback: 43 reports regarding scams and unable to withdraw on WikiFX should be taken into consideration as potential red flags. It is recommended to conduct thorough research and due diligence before engaging with any broker or investment platform.

• Security measures: So far we cannot find any security measures info on Internet for this broker.

Ultimately, the decision of whether or not to trade with SHENGHUI is a personal one. You should weigh the risks and benefits carefully before making a decision.

Market Instruments

SHENGHUI offers diverse array of trading instruments that cater to various investor preferences and trading styles. These instruments span across six distinct classes, allowing for a comprehensive trading experience.

Some of the prominent classes on their platform include Foreign Exchange, which offers robust opportunities for currency trading, and Indices, facilitating trading based on changes in groups of stocks.

They also offer Commodities, effectively diversifying a trader's portfolio. Additionally, Metals and Shares are available, offering trading possibilities in tangible assets and company stakes respectively.

Accounts

Sheng Hui Group Ltd offers three types of accounts to suit different types of traders: the demo account, Standard account, and the Professional account.

The broker provides a demo account, perfect for beginners looking to familiarize themselves with trading dynamics without the risk of losing real money. It is also useful for experienced traders testing new strategies. It allows users to practice trades under real-market conditions before transitioning to a live trading environment.

The Standard account, requiring a minimum deposit of just $100, is designed with most traders in mind.

On the other hand, the Professional account also requires a minimum deposit of $100 but is specifically tailored for seasoned traders. This account benefits traders seeking tighter spreads and lower trading costs, ultimately enhancing their trading efficiency.

Both live accounts permit trading across more than 100 products and provide a said Margin Level of 50%.

Leverage

SHENGHUI offers its clients leverages up to 1:500. Leverage is a powerful tool that allows traders to control a larger position in the market with a relatively smaller amount of capital. With a leverage ratio of 1:500, clients have the potential to amplify their trading positions substantially, thus increasing the potential for both profits and losses.

While higher leverage can enhance trading opportunities, it also comes with increased risk, as market fluctuations can have a more significant impact on account balances. Traders are advised to approach leveraged trading with a thorough understanding of the associated risks and to implement risk management strategies diligently.

Spreads & Commissions

Sheng Hui Group Ltd advertises that it offers a trading environment with zero commissions, which on the surface sounds highly attractive. This is compounded by the fact that the minimum spread for both the Standard account and the Professional account supposedly starts from an impressive 0.0 pips.

However, it is always a best practice for prospective investors to first open a demo account, enabling them to get acquainted with the trading platform and test the authenticity of the advertised commission structure and spread.

Trading Platforms

SHENGHUI provides access to one of the most popular and widely used trading platforms – MetaTrader 4 (MT4).

MT4 is highly esteemed due to its ease of use, robust functionality, and a comprehensive arsenal of analytical tools. It aids traders in executing and managing trades efficiently while offering advanced charting capabilities, customizability, algorithmic trading, and compatibility with a multitude of devices. With MT4, SHENGHUI provides its clients the ability to engage the markets with superior speed, optimal versatility, and effective analysis.

Deposits & Withdrawals

Sheng Hui Group Ltd has set the minimum deposit at $100 but have not disclosed any specifics regarding the minimum withdrawal amount.

The company provides clients with a variety of payment options, notably Credit Cards (including VISA, Maestro, and Mastercard), and online platforms such as Skrill and Vpay. These offer a level of versatility and convenience to accommodate various client preferences.

Still, important payment details are, unfortunately, left ambiguous. Elements like service fees for transactions and the processing time required for deposits and withdrawals have not been specified. As these details are missing, potential users are encouraged to contact the customer service of Shenghui for accurate information before proceeding with any transactions.

User Exposure on WikiFX

On our website, you can see that total 43 reports of scams and unable to withdraw on WikiFX which should be marked as red flag. We highly recommend all traders to meticulously scrutinize all available information before risking their hard-earned money. Our platform serves as an extensive information resource aimed at helping traders make informed decisions. If you unfortunately encounter any fraudulent activity by brokers or become a victim of such an incident, we strongly encourage you to report this in our 'Exposure' section. We highly value your input. Our expert team is committed to addressing these issues and will vigorously work towards establishing a resolution for such problematic situations.

Customer Service

SHENGHUI's customer support is limited to email. Though ensuring structured communication, it may restrict real-time assistance and could potentially extend response times.

Email: shenghuigroupltd@gmail.com.

Conclusion

According to available information online, SHENGHUI is a UK-based brokerage firm who operates in the UK. It offers Foreign Exchange, Indices, Commodities, Metals, Shares as market instruments to traders.

However, the fact that its ASIC revoked regulatory status is an immediate red flag, as regulated brokers are subject to oversight and compliance with established financial regulations, providing clients with a level of assurance and protection. The lack of proper regulation and oversight increases the potential risks for traders, leaving them vulnerable to potentially fraudulent activities or misconduct. Additionally, an unfunctional website indicates a lack of professionalism and attention to details, which further erodes confidence in the company's ability to provide reliable and efficient services. Besides, 43 reports of scams and unable to withdraw that also raise concerns.

As such, individuals considering SHENGHUI as their brokerage firm should exercise extreme and thoroughly research alternative, regulated options that prioritize transparency, security, and accountability.

Frequently Asked Questions (FAQs)

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.