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United States|5-10 years|
Regulated in United States|Suspicious Regulatory License|MT4/5 White Label|Regional Brokers|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|


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MT4/5 Identification

MT4/5 Identification

White Label

Server Name
ShanghaiCapital-Demo MT4
Server Location United States

27 Old Gloucester Street, London, WC1N3AX, UNITED KINGDOM


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No restriction on the broker account. Support service provided by WikiFX

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Warning: Low score, please stay away! 3
Previous Detection : 2024-03-01
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • United StatesNFA (license number: 0518299) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!

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SCG · Company Summary

Aspect Information
Company Name SCG
Registered Country/Area United States
Founded Year 2018
Regulation Unregulated
Minimum Deposit $100
Spreads 0.5%-2%
Trading Platforms MT4
Tradable Assets Forex,commodities
Account Types personal account
Demo Account Available
Customer Support Phone, email
Deposit & Withdrawal Debit card,credit card,bank transfer

Overview of SCG

Royal Gold FX, established in 2021, is a Forex broker located in Marshall Island. Offering a range of tradable assets including Forex, commodities, and indices, the company seeks to cater to traders with varying interests and investment strategies. The platform allows traders to engage in the market using renowned trading platforms MT4 and MT5.

With a minimum deposit requirement of $200, traders can open a personal account and explore trading opportunities in various markets. Additionally, a demo account is available to those who wish to practice trading without financial risk. The company supports different methods for deposit and withdrawal, and provides customer support through multiple channels including phone, email, and social media.

Overview of SCG

Is SCG Legit or a Scam?

SCG, although currently unregulated, was once overseen by the National Futures Association (NFA) in the United States, bearing the license number 0518299. The status of being previously regulated suggests that the company has engaged with compliance to regulatory standards in the past.

Its imperative for prospective clients and traders to acknowledge the present unregulated status of SCG, which signifies that the firm is not currently bound by any regulatory authority's rules and standards designed to protect investors.

Thus, while engaging in trading activities with SCG, customers may lack the safeguard and remediation avenues typically provided by regulatory bodies, and should, therefore, exercise caution, thoroughly evaluate all associated risks, and possibly seek independent financial advice before initiating any trading activities.

Is SCG Legit or a Scam?

Pros and Cons


  1. Variety of MSG Assets:SCG provides a selection of tradable assets, such as Forex and commodities, offering traders multiple options and the ability to diversify their investment portfolio.

  2. Accessible Trading Platform:Utilizing the MT4 trading platform, which is popular and well-regarded in the trading community, SCG enables its users to navigate a familiar and globally-accepted trading environment.

  3. Low Minimum Deposit: With a low entry threshold of $100, SCG makes trading accessible to a wide range of investors, including those who prefer to start with a smaller investment.

  4. Demo Account Availability:The availability of a demo account allows users to familiarize themselves with the platform and test trading strategies without risking real capital.

  5. Various Payment Options:Offering multiple deposit and withdrawal options like debit card, credit card, and bank transfer, SCG provides flexibility and convenience in managing transactions.


  1. Lack of Regulation:Currently unregulated, SCG does not offer the level of investor protection and adherence to certain operational standards that are typically provided by regulatory bodies.

  2. Limited Account Types:Offering only personal accounts may limit the options for different kinds of traders, such as institutional investors or those looking for varying trading conditions and benefits.

  3. Potential for Variable Spreads: With spreads ranging from 0.5% to 2%, traders might encounter fluctuating trading costs which can impact profitability, especially for those who engage in high-frequency trading.

  4. Limited Information:The absence of comprehensive details about the companys trading conditions, policies, and operational aspects may make thorough assessment and decision-making challenging for potential clients.

  5. Customer Support Channels: While SCG provides customer support via phone and email, the absence of live chat or 24/7 support might limit immediate assistance and could be a drawback for traders operating in different time zones or requiring instant help.

pros Cons
Variety of MSG Assets Lack of Regulation
Accessible Trading Platform Limited Account Types
Demo Account Availability Potential for Variable Spreads
Low Minimum Deposit Limited Information
Various Payment Options Customer Support Channels

Market Instruments

SCG allows trading in the following market instruments:

Forex (Foreign Exchange)

  • Currency Pairs: SCG permits traders to engage in the foreign exchange market, where currencies are traded against one another. While the specific pairs available are not detailed, Forex trading generally involves major, minor, and exotic currency pairs.

  • Trading Environment: Utilizing the MT4 platform, traders can explore Forex trading with various tools and indicators to analyze market movements and formulate strategies.


  • Variety: Traders have the opportunity to invest in a range of commodities, though the specific types (e.g., metals, energy, agriculture) are not specified in the provided details.

  • Diversification: Commodities trading allows investors to diversify their portfolio beyond Forex and can be utilized as a hedge against inflation or currency movements.

Market Instruments

Account Types

SCG introduces its Personal Account type, characterized by a notably low minimum deposit of $100, designed to be inclusive for traders from various financial backgrounds and expertise levels. Participants can delve into a selection of market instruments, namely Forex and commodities, while utilizing the widely-recognized MT4 trading platform.

This encourages traders to navigate through different market scenarios using a familiar and user-friendly interface. Although SCG offers customer support through phone and email, assisting users in their trading journey and addressing potential inquiries, it's crucial to note the company's current unregulated status. This factor accentuates the necessity for traders to undertake meticulous scrutiny and apply prudent trading actions while engaging with SCG's offerings, thereby ensuring that their trading decisions are in harmony with their risk tolerance and investment objectives.

How to Open an Account?

Opening an account with SCG involves a series of steps designed to establish your trading profile and secure your account. Here is a simplified 5-step guide:

  1. Visit the Official Website:Navigate to SCG's official website.Locate and click on the “Open an Account” or similar button, usually prominently displayed.

  2. Complete the Registration Form:Fill out the registration form with accurate details, such as name, email address, phone number, and any other requested personal information.Create a secure password and confirm your email address if required.

  3. Submit Verification Documents:Provide necessary documents to verify your identity and address. This could include a government-issued ID, a utility bill, or any other documentation requested by SCG.Wait for the verification approval from SCG. The time for this process can vary and may take a few days.

  4. Deposit Funds: Once verified, log into your new trading account.Navigate to the deposit section and choose a payment method (credit card, debit card, or bank transfer).Transfer the minimum deposit ($100) or more into your SCG account to activate it for trading.

  5. Begin Trading:Access the MT4 trading platform through SCG.Choose from the available Forex pairs and commodities, and set up your trading preferences.Begin trading, ensuring to employ risk management strategies and possibly consult with a financial advisor, especially given SCGs unregulated status.

Spreads &Commissions


  • SCG offers variable spreads ranging from 0.5% to 2%.

  • Spreads are essentially the difference between the bid and ask price of a trading instrument and serve as a cost that traders incur during trading.

  • Its important for traders to be cognizant of the spread widths, as these can impact trade profitability, especially in short-term or high-frequency trading strategies.


  • There is no specific information provided about the commissions charged by SCG.

  • In general, trading platforms may impose a commission on trades in addition to or instead of spreads. This might be a flat fee per trade or a percentage of the trade volume.

  • Given the lack of explicit information about SCG's commission structure, potential and existing traders should explore SCGs official website or contact their customer support to glean detailed insights into whether commissions are applicable and, if so, their precise structure.

It is paramount that traders thoroughly understand the cost structure (including spreads and any potential commissions) of any platform they engage with, as these costs directly impact net trading profitability. Additionally, with SCGs unregulated status, exercising diligence and possibly consulting with a professional financial advisor to comprehend the embedded risks and cost structures effectively becomes even more critical. Always ensure to clarify all relevant trading conditions before embarking on trading activities.

Spreads &Commissions

Trading Platform

SCG employs the MetaTrader 4 (MT4) trading platform, offering traders a well-established and widely recognized trading environment. Heres a more detailed perspective:

MetaTrader 4 (MT4)

  • User-Friendly Interface: MT4 is renowned for its intuitive and user-friendly interface, which accommodates both beginner and experienced traders. The platform provides a clean layout and facilitates ease of navigation through various functionalities.

  • Technical Analysis Tools: MT4 provides an expansive array of technical analysis tools. Traders can utilize various indicators, charting tools, and analytical resources to evaluate market trends and formulate their trading strategies.

  • Automated Trading: With its capability to support Expert Advisors (EAs), MT4 allows for automated trading where traders can implement algorithms to execute trades on their behalf, based on predefined criteria.

  • Security: MT4 emphasizes a secure trading experience, implementing data encryption and security protocols to safeguard user information and transaction details.

  • Customization: The platform allows traders to customize charts, indicators, and other trading tools to create a personalized trading environment that aligns with their strategies and preferences.

  • Multilingual Support: MT4 provides support in various languages, enhancing accessibility for traders from different linguistic backgrounds.

  • Mobile Trading: MT4 is available on mobile devices, offering flexibility for traders who wish to manage their portfolios on the go, ensuring continuous access to the markets.

Despite the robust and comprehensive trading environment provided by MT4, traders utilizing SCG's platform must bear in mind the company's unregulated status.

Trading Platform

Deposit & Withdrawal

SCG outlines a minimum deposit benchmark of $100, thereby establishing a relatively low entry barrier for individuals desiring to venture into its trading environment. While the fundamental conduits for financial transactions, encompassing debit/credit cards and bank transfers, are acknowledged, the minutiae surrounding SCGs deposit and withdrawal procedures and policies are not distinctly delineated in the provided details.

Notably absent are clarifications on pivotal elements such as transaction durations, potential fees, and perhaps the availability of alternative transaction methods. The efficacy and clarity in administering financial transactions, especially those pertaining to deposits and withdrawals, are crucial in cultivating a fluid and unimpeded trading experience, shielding traders from unforeseen impediments or complexities.

Customer Support

Shanghai Capital Group (SCG), without a distinct regulation and operating ostensibly from a London address, proffers its customer support primarily through email at Though stationed physically in the United Kingdom, the platform is registered in the United States, creating a potentially international clientele whose support needs might vary significantly.

Additionally, while engaging, it's imperative for users to exercise due diligence, considering SCG's unregulated status and ensuring that all communications and transactions are conducted securely and thoughtfully. Visiting their website might also offer additional insights or updates on their customer support framework and operational details.


SCG provides a trading environment, facilitated by the popular MT4 platform, with a notably accessible entry point through a $100 minimum deposit. While offering straightforward and electronically facilitated customer service via email, it stands unregulated, spotlighting vital caution for prospective traders.

The absence of regulatory oversight and detailed customer support channels underscore a critical need for cautious, well-informed trading and potentially, the seeking of independent financial counsel before engaging with the platform.


Q: What is the minimum deposit to open an account with SCG?

A: The minimum deposit to open an account with Shanghai Capital Group (SCG) is $100.

Q: Is SCG a regulated platform?

A: No, SCG is not currently regulated. It is crucial for potential investors to consider the implications and risks associated with trading on an unregulated platform.

Q: Which trading platform does SCG use?

A: SCG utilizes the MetaTrader 4 (MT4) trading platform, which is widely recognized for its user-friendly interface, comprehensive technical analysis tools, and automated trading capabilities through Expert Advisors (EAs).

Q: What types of assets can I trade with SCG?

A: SCG allows trading in Forex and commodities, providing opportunities for traders to diversify their investment strategies across different market instruments.

Q: What are the spreads associated with trading on SCG?

A: SCG has variable spreads ranging between 0.5% and 2%. Spreads, which are the differences between bid and ask prices, can impact profitability and are crucial to understand and consider in trading strategies.

Broker Information

Company Name

Shanghai Capital Group

Company Abbreviation


Regulatory Status

No Regulation

Platform registered country and region

United States

Phone of the company










Company address
  • 27 Old Gloucester Street, London, WC1N3AX, UNITED KINGDOM









Customer Service Email Address

Company Summary

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