Overview of GOLDAY PRECIOUS METALS
GOLDAY PRECIOUS METALS, a Hong Kong-based company founded in 2014, offers trading in London Gold and Silver through the MT4 platform. While they previously held a CGSE Type AA License, their current regulatory status is “Suspicious Clone.”
They offer VIP and Standard accounts with a $200 minimum deposit. Spreads start at $50/lot for Gold and $200/lot for Silver, but can be discounted. Educational resources and 24/7 customer support are available. However, be aware of the potential risks associated with their regulatory status.
Pros and Cons
Pros
Competitive Spreads: GOLDAY PRECIOUS METALS offers competitive spreads for London Gold and Silver, with discounts available for VIP account holders. This can translate to lower trading costs, especially for active traders.
Variety of Funding Methods: GOLDAY PRECIOUS METALS supports various funding methods, including bank wire transfer, credit card, and PayPal. This flexibility allows clients to choose the most convenient and cost-effective method for depositing and withdrawing funds.
MT4 Trading Platform: The MT4 trading platform is a widely recognized and user-friendly platform. It satisfies both novice and experienced traders by offering a comprehensive suite of features, including market analysis tools, charting capabilities, and order execution functionalities.
Educational Resources: GOLDAY PRECIOUS METALS provides a range of educational resources, including webinars, seminars, and online materials like “Gold Knowledge” and “Silver Knowledge” sections. These resources can be helpful for clients who want to learn more about gold and silver investment before they start trading.
24/7 Customer Support: GOLDAY PRECIOUS METALS offers 24/7 customer support via phone and online chat. This ensures that clients can receive assistance with their inquiries and concerns whenever needed.
Cons
Suspicious Clone Regulatory Status: GOLDAY PRECIOUS METALS' current regulatory status is “Suspicious Clone,” which raises concerns about the safety and security of client funds. This lack of clear regulatory oversight can be a significant risk for potential investors.
$3 Withdrawal Fee: A $3 fee applies to each withdrawal, regardless of the amount. This fee can become a significant burden for frequent withdrawals or smaller transactions, potentially impacting overall profitability.
Inactivity Fees: Inactivity fees of $10 per month apply to accounts that remain inactive for over 6 months. These fees can erode account balances for clients who are not actively trading.
Currency Conversion Fees: When converting non-USD currencies into USD, currency conversion fees apply. These fees can eat into potential profits, especially for clients who deposit or withdraw funds in currencies other than USD.
Potential Market Volatility Risks: GOLDAY PRECIOUS METALS reserves the right to adjust spreads during periods of high market volatility. This can lead to unpredictable trading costs and potentially affect profitability, especially for traders who rely on tight spreads.
Regulatory Status
GOLDAY PRECIOUS METALS operates under the regulation of the Chinese Gold & Silver Exchange Society (CGSE), a recognized regulatory authority in Hong Kong. The company holds a Type AA License issued by the CGSE, indicating its compliance with stringent regulatory standards.
However, it's important to note that the current regulatory status of GOLDAY PRECIOUS METALS is classified as “Suspicious Clone,” suggesting potential concerns regarding its operations.
Market Instruments
GOLDAY PRECIOUS METALS, a member of the Hong Kong Gold and Silver Exchange, specializes in electronic trading of London Gold and London Silver, alongside physical gold delivery. London Gold and London Silver are tradable 24/5, with prices set daily by major market players.
Clients can also opt for physical gold delivery, while futures and T+D options offer further trading versatility. With low minimum deposits and potential for high returns, GOLDAY attracts a diverse investor base. The firm's flexible platforms accommodate different trading preferences, and round-the-clock trading hours provide convenience and accessibility for investors.
Account Types
GOLDAY PRECIOUS METALS offers two types of accounts for trading London Gold (XAU) and London Silver (XAG): VIP Account and Standard Account.
The VIP Account is designed for traders who seek enhanced benefits and privileges. To open a VIP Account, a minimum deposit of $200 is required. VIP account holders receive a higher point spread rebate, which means they get more money back on each trade. They also have a lower minimum trading hand size, which means they can trade with smaller amounts of money.
The Standard Account is designed for traders who are new to forex trading or who have a smaller trading budget. To open a Standard Account, a minimum deposit of $200 is required. Standard account holders receive a point spread rebate, which means they get some money back on each trade. They also have a lower minimum trading hand size, which means they can trade with smaller amounts of money.
Both the VIP and Standard Accounts have the same trading hours: 24 hours a day, 5 days a week. They also have the same margin requirements and commission rates.
How to Open an Account？
Opening an account with GOLDAY PRECIOUS METALS involves several steps:
Step 1: Click on the “Open Real Account” button in the account opening section on the website homepage.
Step 2: Fill out the account opening application form with the required personal and financial information.
Step 3: Review the account opening data returned by the system to ensure accuracy. If everything is correct, click on “Register” to complete the account opening process.
Step 4: After successful registration, remember the user center, platform account, and password. You can access the user center to modify your user password and download the platform to change the platform password.
Spreads & Commissions
The spreads and commissions structure of GOLDAY PRECIOUS METALS is designed to provide competitive trading conditions for clients. Spreads for London Gold are set at $50 per lot, while for London Silver, it's $200 per lot. However, clients can benefit from spread discounts, with reduced spreads of $30 per lot for London Gold and $100 per lot for London Silver.
Additionally, there's no commission charged, offering traders a cost-effective trading environment.
The company adjust spreads during specific trading periods, such as the half-hour before and after weekend market closure, with adjustments based on market conditions. GOLDAY PRECIOUS METALS reserves the right to modify spreads without prior notice, maintaining flexibility to adapt to changing market dynamics while ensuring transparency in fee structures.
Trading Platform
GOLDAY PRECIOUS METALS offers the widely acclaimed MT4 trading platform, known for its comprehensive features satisfying both novice and experienced traders. MT4 combines market analysis, charting tools, and trade execution capabilities, allowing users to place orders, set limits, and manage positions efficiently.
With functions like stop-loss and take-profit orders, traders can mitigate risks and safeguard profits without constant monitoring. The platform provides real-time quotes, intuitive interface, and a range of technical analysis tools for informed decision-making.
Whether accessed via desktop, iOS, or Android devices, MT4 ensures ease of installation, low system resource usage, and flexibility in trading operations, making it a preferred choice for investors seeking reliable and user-friendly trading solutions.
Deposit & Withdrawal
GOLDAY PRECIOUS METALS offers multiple convenient methods for funding your account. Bank wire transfer, the most common option, is typically free of charge, although it takes a few days for funds to be credited. Alternatively, you can use your credit card, although there's a 3% fee associated with this method. PayPal is also accepted, with a 2% fee applied. These options provide flexibility for clients to choose the most suitable funding method based on their preferences and convenience.
As for withdrawing, you can withdraw funds from your GOLDAY PRECIOUS METALS account using the same methods that you used to fund your account. However, there is a $3 fee for each withdrawal.
GOLDAY PRECIOUS METALS also charges a number of other fees. Trading coding fees apply for utilizing the trading coding service, with rates of $0.5 per 0.1 hands for trades under 1 hand and $1.5 per hand for larger trades. Currency conversion fees are incurred for converting non-USD currencies into USD at prevailing market rates. Moreover, inactivity fees amount to $10 per month if an account remains inactive for over 6 months.
Additional Fees:
Customer Support
GOLDAY PRECIOUS METALS provides comprehensive customer support services to assist clients with their inquiries and concerns. Clients can reach the company's 24-hour hotline at +852-3758 2228 to speak directly with a representative for immediate assistance.
Educational Resources
GOLDAY PRECIOUS METALS prioritizes investor education, offering a comprehensive array of online resources and educational tools focused on gold and silver investment.
Through sections like Gold Knowledge and Silver Knowledge, clients can delve into the historical significance, uses, and investment strategies related to these precious metals.
The Investment Q&A section addresses common queries, while the Industry Encyclopedia provides valuable insights into the gold and silver sectors.
Furthermore, the company organizes webinars and seminars facilitated by industry experts, providing clients with real-time market insights and expert guidance to navigate the dynamic landscape of gold and silver investment.
Conclusion
GOLDAY PRECIOUS METALS offers competitive spreads, a user-friendly platform (MT4), and educational resources for investors interested in London Gold and Silver trading. However, their “Suspicious Clone” regulatory status raises concerns.
While they boast various funding methods and 24/7 customer support, a $3 withdrawal fee and potential inactivity fees can erode profits. Carefully weigh the advantages, like educational resources and the MT4 platform, against the potential risks associated with their regulation and fees before making a decision.
FAQs
Question: Is GOLDAY PRECIOUS METALS a safe and reliable company to trade with？
Answer: GOLDAY PRECIOUS METALS' current regulatory status is “Suspicious Clone,” which raises some concerns.
Question: What trading platform does GOLDAY PRECIOUS METALS offer？
Answer: GOLDAY PRECIOUS METALS utilizes the MT4 platform, a popular choice among traders for its user-friendly interface and comprehensive features.
Question: What investment options does GOLDAY PRECIOUS METALS provide？
Answer: The company focuses on electronic trading of London Gold and London Silver. They also offer the option for physical gold delivery for those seeking tangible assets.
Question: How much do I need to start trading with GOLDAY PRECIOUS METALS？
Answer: The minimum deposit to open an account with GOLDAY PRECIOUS METALS is $200.
Question: Are there any fees associated with depositing and withdrawing funds？
Answer: Bank wire transfer is typically free for deposits. Credit card and PayPal deposits come with fees of 3% and 2%, respectively. A $3 fee applies to all withdrawal requests.
Question: Does GOLDAY PRECIOUS METALS offer any educational resources for new investors？
Answer: Yes, GOLDAY PRECIOUS METALS provides a variety of educational resources, including online articles, webinars, and seminars, to help clients learn about gold and silver investment.
2023-03-24 13:56
