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SHENGHUI

United Kingdom|2-5 years|
MT5 Full License|Regional Brokers|Australia Appointed Representative(AR) Revoked|High potential risk|

https://shgroupltd.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
ShenghuiGroup-Live MT5
Server Location Singapore

Contact

shenghuigroupltd@gmail.com
https://shgroupltd.com/

Licenses

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

Single Core

1G

40G

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Broker Information

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Company Name

SHENGHUI GROUP LTD

Company Abbreviation

SHENGHUI

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

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Pyramid scheme complaint
Expose
Unable to Withdraw

They care about only themselves

On the 20th of May 2022, I requested a $300,000 withdrawal! They haven't released the withdrawal yet... In reality, they constantly asking me to recharge more money, and I did so approximately $90,000 2 weeks ago, and now they're asking for an extra $40,000 for recharging....but I just ignore them. So I had to register a chargeback with Assetsclaimback/ com, and my money was sent to my wallet quickly. Shenghui is the exchange platform, however they change names quickly. I invested over $80,000 and made a profit of $750,000.

2022-06-20 19:02
Scam

Do not withdraw and requires partners to pay handling fee

Shenghui group does not allow withdrawals! It is said that my personal account can only be withdrawn after the teammates who have participated in the teammate's activities have paid the deposit! In June, a total of 50W Hong Kong dollars was deceived into gold. When I applied for a withdrawal for the first time, the customer service asked me to transfer 10W Hong Kong dollars to ensure that it could be unblocked! But after turning 10W, it was said that teammates also need to pay a deposit to unfreeze! This company is 100% a capital company, and I hope that Forex Tianyan will seriously handle the affairs of this platform! Let all investors no longer be defrauded by this platform! I don't want to take out all the money, at least take out my principal to pay off the debt I owe the bank now! The following are scam calls: 91579767 64324185 21580625

2022-07-15 23:59
Unable to Withdraw

I never meet someone who can sweettalk like them.

I will not in any way allow these criminals to con any more people. I was enticed to invest with SHENGUI by their numerous advertisements, which they bombarded me with daily until I made a sizable amount. They acknowledged receiving my $75000 via Bitcoin , but insisted it never appeared on their end.there was no way for me to demonstrate that they had truly received that payment. The fact that SHENGUI is regulated should not be a source of comfort; rather, it begs the issue of how they have gotten away with deceiving their customers for so long. SHENGUI trades against us and has the ability to manipulate prices.

2022-07-07 18:49
Unable to Withdraw

No withdrawals, keep asking for money

I recently invested in a platform, ID: 210881. People I met on the Internet asked me to participate in their activities, with a stored value of 300,000 US dollars and a gift of 33,000 US dollars. He said that he would help me to complete it together. At that time, the activity content did not explain the activity After I completed the stored value task with my friends, the customer service staff said: "There are multiple three-party cross-border fund deposits in your account, the total amount is: 259,000 USD. According to the International Financial Management Regulations, you need to pay 5% of the funds. The total amount of income tax is: 12950USD. Please complete the payment within 7 working days after applying for withdrawal. After payment, you can withdraw normally. Overdue payment will result in a high late payment fee, which will affect your financial reputation. Please pay taxes on time! "According to Taiwan's normal, the tax is directly deducted and then the remaining money is given (and I also checked the Internet), so I asked to deduct the tax from it, but the customer service staff said: "We are a legal transaction with a formal financial license. It is strictly regulated by international financial management regulations, any deduction of funds from user accounts will be severely punished by financial regulatory authorities or even revoked financial licenses, so we have no right to deduct taxes from your account.” In desperation, I only I can pay the tax, and I also asked the customer service if this is the only payment. The customer service also said yes. After paying the tax, the customer service staff said that the headquarters thought I was suspected of money laundering, but after investigation I did not launder money, but it damaged their reputation. The fine is 10,000 dollars. The problem is that the rules of the game were not informed at the beginning, and then they said that I damaged my reputation, and I couldn’t show the proof of damage to my reputation. I don’t know how the fine is calculated. What reason would I use to keep asking me to pay and not withdraw it, and then the netizen kept asking me to put money in, with a little threat, but when I really had no money and was unwilling to invest any more, others followed suit. Disappeared, I hope you will not be deceived like me again

2022-07-11 10:04

    SHENGHUI · Company Summary

    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.

    SHENGHUI Review Summary in 10 Points
    Founded 2-5 years
    Registered Country/Region United Kingdom
    Regulation ASIC revoked
    Market Instruments Foreign Exchange, Indices, Commodities, Metals, Shares
    Demo Account Available
    Leverage Up to 1:500
    EUR/USD Spread Start from 0.0 pips
    Trading Platforms MT4
    Minimum Deposit USD 100
    Customer Support Email

    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.

    What is SHENGHUI?

    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

    Pros Cons
    • Wide range of trading instruments across multiple asset classes • ASIC revoked
    • MT4 trading platforms • Website dysfunctional
    • Multiple account types • Limited details on payment
    • Low spread • Limited customer support channels
    • Zero commission • Negative reviews from their clients
    • Acceptable minimum deposit

    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.

    revoked ASIC license
    • 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.

    User Exposure on WikiFX

    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)

    Q 1: Is SHENGHUI regulated?
    A 1: No. It has been verified that this broker is currently under ASIC revoked condition.
    Q 2: What kind of trading instruments does SHENGHUI offer?
    A 2: SHENGHUI is a UK-based brokerage firm offers Foreign Exchange, Indices, Commodities, Metals, Shares as market instruments to traders.
    Q 3: Is SHENGHUI a good broker for beginners?
    A3: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of the lack of transparency and 43 reports of scams/unable to withdraw on WikiFX.
    Q 4: Whats the minimum deposit does SHENGHUI require?
    A 4: The minimum deposit of SHENGHUI is $100.
    Q 5: Does SHENGHUI offer the industry leading MT4 & MT5?
    A 5: Yes, it offers MT4 platform.

    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.

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    Tennerra
    more than one year
    Oh, man, let me tell you about my experience with SHENGHUI – it's been a total nightmare. I was part of their so-called bonus campaign, and after it ended, things went downhill real quick. I tried to withdraw my money, but it's like they vanished into thin air. The company changed its name, and I can't even log in anymore. It's like they pulled a disappearing act.
    2023-12-12 12:00
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    galicigo
    more than one year
    Relying solely on email for customer support is a downside. Real-time assistance is crucial in trading, and having limited channels for support can be inconvenient
    2023-12-08 18:47
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    Nguyễn Linh
    more than one year
    I recently attempted to access SHENGHUI's website, but found that it was displaying a 403 Forbidden error. This was frustrating, as I was interested in learning more about the company and potentially becoming a customer. However, I was able to find some information online that raised some concerns for me. Several users reported difficulties with account verification and withdrawals, which is a red flag.
    2023-03-23 09:59
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    能量超人I田飛¹⁴¹³¹⁹
    more than one year
    I don't know why when I open this company's website, it shows that access is forbidden. I see so many complaints on wikifx, horrible scam company!
    2022-12-08 10:43
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