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 contained in this article is for general information purposes only.
General Information
What is igold？
igold is headquartered in Hong Kong and is a regulated e-trading member of the Chinese Gold and Silver Exchange (CGSEC, No.145), holding the highest-grade type AA Marketing Trading License and Certificate of Accredited Refineries for 999.9 Gold. The broker can legally operate electronic trading of 99 Gold, HKD Kilo Gold, Loco London Gold/Silver and RMB Kilobar Gold, and offers trading through the MetaTrader 4 platform.
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
igold has some advantages such as being regulated by CGSE, offering the popular MT4 platform, low spreads, and commission-free precious metals trading.
However, there are some concerns about the broker's reputation due to negative client reviews regarding severe slippage and withdrawal issues. It is important for traders to carefully consider these factors before choosing to trade with igold.
Note: This table is based on the information provided and may not include all possible pros and cons of igold.
igold Alternative Brokers
There are many alternative brokers to igold depending on the specific needs and preferences of the trader. Some popular options include:
JustForex - a popular online forex and CFD broker that offers a wide range of trading instruments, including forex, cryptocurrencies, and metals, with competitive spreads and commissions, but its customer service can be inconsistent.
LiteForex - a global forex and CFD broker that provides access to various trading instruments, including forex, metals, and cryptocurrencies, with competitive spreads and a user-friendly trading platform.
NordFX - a forex and CFD broker that offers access to a wide range of trading instruments, including forex, metals, and cryptocurrencies, with competitive spreads and commissions, but its customer service can be slow and unresponsive at times.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is igold Safe or Scam？
The Chinese Gold & Silver Exchange Society (CGSE) is a recognized and reputable regulatory authority in the precious metals industry, which adds a level of credibility to igold's operations. Additionally, the broker has been in operation for several years.
However, negative client reviews regarding severe slippage and withdrawal issues suggest that there may be some concerns with the broker's services. It is important to thoroughly research and consider all available information before deciding to trade with any broker, including igold.
Market Instruments
igolds business scope ranges from e-trading of Loco London Gold/Silver to transaction and minting of 99 Gold, HKD Kilo Gold and Renminbi Kilobar Gold.
Accounts
igold offers two different types of trading accounts for investors: General Investor Accounts and Advanced Investor Accounts. The minimum amount for deposit to start trading is $50, whileno maximum amount limitation.
igold also offers a free $200,000 demo account. Using a free demo account is a great way to practice online trading at live market conditions, without risking any money.
Margin & Leverage
The initial margin is fixed for each lot LLG/LLS is $1000. The leverage is 1:50 for both Loco London Gold and Loco London Silver in the General Investor accounts, 1:200 for 0-100 lots of Loco London Gold, 1:100 for 100-200 lots, 1:50 for over 200 more lots in the Premium Investor Accounts. The leverage for Loco London Silver is 1:120 for trading 0-20 lots, 1:60 for trading 20.01 to 40 lots, and 1:30 for trading over 40 lots.
Spreads & Commissions
Standard spread for Loco London Gold is $0.5/ounce while it is $0.03/ounce for Loco London Silver. The spread is variable and may vary due to drastic fluctuations in the market. Clients could trade with a minimum contract size of 0.01 lot and the spread rebate is up to $26 per lot. There is no commission charged.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: Spreads can vary depending on market conditions and volatility.
Trading Platforms
igold provides traders with the market-leading and popular MT4 trading platform, as well as MT4 Mobile to meet a wide range of trading needs.
MT4 is widely used by traders around the world. The MT4 platform provides a user-friendly interface and advanced charting tools for technical analysis. Traders can customize their charts and use various technical indicators and drawing tools to analyze price movements and identify trading opportunities. In addition, MT4 allows traders to automate their trading strategies using Expert Advisors (EAs), which are essentially algorithms that can enter and exit trades based on pre-defined rules.
The MT4 mobile app also allows traders to access their accounts and trade on the go, providing a convenient option for those who need to manage their trades while away from their computer.
See the trading platform comparison table below:
Trading Hours
The LLG/LLS Can be traded 24 hours a day on the international market and the market will only be closed during weekends and international holidays. The trading time in this company is:
Deposits & Withdrawals
There is very little information on deposits and withdrawals on igolds website. It seems that it only supports Wire transfer.
The minimum amount for deposit to start trading is $50. The minimum trading volume for each order is 0.05 lot. Therefore, the minimum amount for deposit for the trading is $50 (0.05 X $1000). It is suitable for common investors.
Igold minimum deposit vs other brokers
Deposits by wire transfer can take several business days, depending on your bank. Withdrawal requests will be processed in the next working day. When the fund is credited to your bank account depends on the bank processing.
Fees
Apart from spreads, igold charges an overnight interest fee. Fees for deposits and withdrawals are not revealed openly on the website. Once a position (bid or ask) is opened and held overnight (03:29 a.m. GMT+8), an overnight interest will be charged. The overnight interest rate of a buy position (Long) is -1.75% while the overnight interest rate of a sell position (Short) is -0.15%.
See the fee comparison table below:
Customer Service
If clients have any inquiries, they can get in touch with igold through the following contact channels:
FAQ section is also available.
Note: These pros and cons are subjective and may vary depending on the individual's experience with igold's customer service.
User Exposure on WikiFX
On our website, you can see that some users have reported severe slippage and unable to withdraw. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Conclusion
On the whole, igold is a regulated precious metals broker that offers a low minimum deposit requirement, tight spreads, and commission-free trading. The availability of the popular trading platform MT4, and a high leverage of 1:200 may also be attractive to some traders.
However, there are concerns raised by some clients about severe slippage and withdrawal issues, which could be a cause for caution. Overall, traders should carefully consider these factors and conduct their due diligence before deciding to trade with igold.
Frequently Asked Questions (FAQs)
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