Jrjway

Overview of Jrjway

Jrjway, operating as 金荣中国金融业有限公司 in Hong Kong, offers trading services with a focus on Spot Gold (XAU/USD) and Spot Silver (XAG/USD). Claiming to be regulated by the China Hong Kong CGSE with License No. 084, there is, however, skepticism surrounding its regulatory credentials. The company provides traders with various account options, including the Standard Account, which requires a minimum deposit of $70 and offers a point spread discount of $22 per lot. Additionally, Jrjway offers VIP Accounts (Levels 0 to 8) with differing deposit and trading volume requirements, providing point spread discounts of $24 per lot. It's important to note that there have been reports of difficulties in fund withdrawals and concerns about the authenticity of Jrjway's regulatory status, warranting careful consideration before engaging with the platform.

Pros and Cons

Jrjway presents a mixed landscape of pros and cons. On the positive side, it provides trading opportunities in Spot Gold (XAU/USD) and Spot Silver (XAG/USD), offers multiple account types, including VIP accounts with point spread discounts, and supports mobile trading with the “金荣APP” and MetaTrader 4 (MT4) platform. However, there are doubts surrounding its regulatory legitimacy, notable complaints regarding fund withdrawals, limited educational resources, unclear payment method information, lack of specified leverage details, and the absence of a demo account option. These factors necessitate careful consideration for those interested in engaging with Jrjway.

Is Jrjway Legit？

Jrjway, also known as 金荣中国金融业有限公司, claims to be regulated by the China Hong Kong CGSE with License No. 084. However, it has been verified that this broker currently lacks valid regulation, and its claimed regulatory status is suspected to be a clone or fraudulent. Traders are advised to exercise caution and be aware of the associated risks when dealing with this institution.

Market Instruments

1. Spot Gold (XAU/USD): This product allows traders to engage in the trading of gold against the US dollar. For this instrument, the contract unit is set at 100 troy ounces, with a point spread calculation of 50 US dollars per contract. The trading margin is 2% of the contract value, and the price fluctuation is measured at 0.01 US dollars. Order sizes can range from a minimum of 0.05 lots to a maximum of 20 lots for standard accounts and 50 lots for high-end accounts. There is no total position limit for either account type.

2. Spot Silver (XAG/USD): The second product type offered is spot silver trading against the US dollar. This instrument uses a contract unit of 5,000 troy ounces and calculates point spreads at 200 US dollars per contract. Similar to spot gold, the trading margin is set at 2% of the contract value, and the price fluctuation is 0.001 US dollars. Traders can place orders with a minimum size of 0.05 lots and a maximum of 20 lots for standard accounts or 50 lots for high-end accounts, with no total position limit for both account types.

Pros and Cons

Account Types

STANDARD ACCOUNT: JRJway offers a Standard Account type for traders, with specific requirements and benefits. To open a Standard Account, a minimum deposit of 70 US dollars is required. The point spread discount for this account type is 22 US dollars per lot. Traders can execute trades with a size ranging from 0.05 to 20 lots. Standard Account holders also have access to general customer support.

VIP ACCOUNT (Levels 0 to 8): JRJway provides VIP Accounts with varying levels (VIP 0 to VIP 8), each with its own entry requirements and advantages. VIP 0 requires a single deposit of 20,000 US dollars or a trading volume of 1,000 lots. VIP levels 1 to 8 require a cumulative deposit starting at 40,000 US dollars and a trading volume of 2,000 lots. VIP accounts enjoy a point spread discount of 24 US dollars per lot and can trade with sizes ranging from 0.05 to 50 lots. VIP clients benefit from priority withdrawal processing and personalized one-on-one customer service. Additionally, depending on their VIP level, they may receive birthday bonuses, upgrade bonuses, monthly red envelopes, extra rebates, access to an exclusive funding channel, and special promotions.

Pros and Cons

How to Open an Account

To open an account with JRJway, follow these steps:

1. Phone Verification: Begin by clicking on “Open an Account”, and providing your mobile phone number. You will receive a verification code via SMS.

1. Identity Verification: Proceed with the real-name authentication process. You will need to provide the required identification documents as per regulatory requirements.

2. Set Login Password: Create a secure login password for your account.

3. Account Opening Success: Once you have completed the verification steps and set your password, your account will be successfully opened.

Spreads & Commissions

JRJway provides clear information regarding spreads and commissions: they offer a spread of 50 US dollars per contract for London Gold (伦敦金) and 200 US dollars per contract for London Silver (伦敦银). Additionally, traders who open standard accounts can benefit from a spread discount of 22 US dollars per contract for both London Gold and London Silver, while high-end account holders enjoy an even lower spread discount of 24 US dollars per contract. JRJway emphasizes that there are no opening fees, zero commissions, and spread discounts for traders.

Deposit & Withdrawal

JRJway facilitates fund deposits and management through their “金荣钱包” (JRJway Wallet) system. The initial deposit for 1 lot of London Gold is $1,000, and for 1 lot of London Silver, it's $650, calculated as 1 lot's deposit multiplied by the required lots. Compliance with banking regulations mandates that account names must match the account holder's name. The JRJway Wallet allows seamless fund transfers between MT4 trading accounts and physical gold accounts, ensuring timely transactions. It offers advantages such as swift deposits, high deposit limits, free account activation, unrestricted fund transfers between the wallet and trading accounts, and robust security measures akin to those employed by banks.

Pros and Cons

Trading Platforms

金荣APP: JRJway offers a client trading app called “金荣APP” which is built around the core of MetaTrader 4 (MT4). This app is available on both the App Store and Android devices, allowing users to access their trading accounts on the go. It offers real-time synchronization of trading data with MT4, ensuring that traders have access to the latest information. The app provides features such as real-time international market quotes, advanced technical indicators, rapid order execution, one-click closing of positions, and an interactive international investment community where traders can share their experiences.

MetaTrader 4 (MT4): JRJway also offers the MetaTrader 4 (MT4) trading platform, which is known for its powerful trading, analysis, algorithmic trading, and mobile trading capabilities. MT4 allows traders to implement complex trading strategies with ease, offering features such as market orders, pending orders, instant execution, trading from charts, stop-loss orders, and trailing stop orders. It supports three execution modes, two market orders, four pending orders, two types of stop-loss orders, and one trailing stop order. Additionally, MT4 provides a wide range of analytical tools, including interactive charts with nine timeframes, 23 analytical objects, and 30 built-in technical indicators. Traders can also automate their strategies using MQL4, the trading strategy language, and access a free library of automated trading programs. MT4 is available for various platforms, including Windows, Mac OS, iOS, Android, and Linux.

Pros and Cons

Educational Tools

JRJway offers a range of educational tools across various categories, including “新手入门” (Newbie's Guide), “基本知识” (Basic Knowledge), “市场透视” (Market Insights), “投资百科” (Investment Encyclopedia), “技术分析” (Technical Analysis), and “投资问答” (Investment Q&A). These tools provide valuable resources and information for individuals interested in investment, with topics such as gold trading, CFDs, market analysis, and investment strategies. Additionally, JRJway promotes its services with offers like “炒黄金 0元开户 送$30000赠金” (Gold Trading: $0 Account Opening with $30,000 Bonus).

Trading Hours

JRJway's trading hours are as follows: From Monday 06:00 (DST) to Saturday 04:45 (DST) during daylight saving time, excluding statutory holidays and international market closures. From Monday 07:00 (standard time) to Saturday 05:45 (standard time) during non-daylight saving time, excluding statutory holidays and international market closures. It's important to note that trading is not available during the formal settlement time from 5:00 to 5:59 (DST) and from 6:00 to 6:59 (standard time) every Tuesday to Friday, except on international holidays.

Customer Support

JRJway provides customer support through multiple channels, including a contact phone number (+852) 2385 0868 and a customer service email address (cs@jrjr.com). The customer support team operates during regular working hours from Monday to Friday, from 9:00 AM to 5:00 PM, with holidays as exceptions. For additional assistance, there is also an option for online customer service. The company is located at 21/F, Full Floor, Phase 2, 如心广场 (Lee Garden Two), 8 Yan King Road, Tsuen Wan, New Territories, Hong Kong.

Reviews

There is one exposure on WikiFX regarding JRJway, which involves a complaint about a pyramid scheme and difficulties in withdrawing funds. The exposure suggests an issue with the ability to withdraw money and mentions a fraud case involving 450,000. The exposure provides web links related to the issue and was posted on September 18, 2022.

Conclusion

In conclusion it's important to consider both its advantages and disadvantages. On the positive side, Jrjway offers a variety of account types, including Standard and VIP Accounts, which cater to different trader preferences and levels of engagement. They also provide access to educational resources for those seeking to enhance their understanding of investment. However, it's worth noting that concerns have been raised regarding the legitimacy of their regulatory claims, and there is one notable complaint involving difficulties with fund withdrawals, suggesting a potential issue in this area. As with any financial institution, individuals should exercise caution and conduct thorough research before engaging with Jrjway.

FAQs

Q: Is Jrjway a legitimate company？

A: Jrjway, also known as 金荣中国金融业有限公司, claims to be regulated by the China Hong Kong CGSE with License No. 084. However, it lacks valid regulation, and its claimed regulatory status is suspected to be fraudulent. Exercise caution when dealing with this institution.

Q: What market instruments can I trade with Jrjway？

A: Jrjway offers trading in Spot Gold (XAU/USD) and Spot Silver (XAG/USD). The contract details and margin requirements vary for these instruments.

Q: What are the different account types offered by Jrjway？

A: Jrjway provides Standard and VIP Accounts (Levels 0 to 8) with varying requirements and benefits. Standard Account requires a minimum deposit of $70, while VIP Accounts have higher entry requirements and offer more advantages.

Q: How can I open an account with Jrjway？

A: To open an account with Jrjway, follow these steps: phone verification, identity verification, setting a login password, and successful account opening.

Q: What are the trading platforms available at Jrjway？

A: Jrjway offers the “金荣APP” trading app and MetaTrader 4 (MT4).