What is CHCF？
Chong Hing Commodities & Futures Limited (CHCF), a wholly-owned subsidiary of Chong Hing Bank, is a Hong Kong-based financial establishment concentrated on services in the financial sector. Its principal offerings include Futures and Options Contracts. With a sharp focus on maintaining credibility, CHCF operates under the regulation of the Securities and Futures Commission of Hong Kong (SFC), bearing the licence number AAJ506.
In the ensuing article, we will assess and delineate the various aspects of this financial entity, presenting information in an accurate and structured format. If this content resonates with your interests, we encourage you to continue reading. Concluding the article, we will provide a succinct summary, highlighting the unique traits of this financial institution, thus facilitating you with a swift understanding of its prominent characteristics.
Pros & Cons
Pros:
Cons:
Trading Fees: CHCF charges different types of fees depending on the type of contract and mode of transaction. This could impact the profitability of trades for some clients.
Margin Requirement: CHCF mandates a specific margin requirement for each contract. This can be a considerable monetary commitment, which may not be ideal for all traders, especially those with limited capital.
Negative reviews from their clients: A significant con is the presence of negative client reviews, which could indicate potential service or operational issues at CHCF.
Is UAXI FUTURES Safe or Scam？
When considering the safety of a financial company like CHCF 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 financial company:
Regulatory sight: CHCF operates under the regulatory supervision of SFC (Securities and Futures Commission of Hong Kong) with license no. AAJ506, enhancing its reliability and reputation. This regulatory compliance indicates that their offerings align with the stipulated legal and ethical norms. However, one should bear in mind that despite this compliance, the experience of a financial entity does not vouch for its legitimacy or security.
User feedback: Four reports found on WikiFX regarding issues such as inability to withdraw funds and app crashes raise concerns about CHCF's operational reliability and customer service efficiency.
Security measures: CHCF adopts security measures such as stop-loss/stop-limit orders to protect against extreme market fluctuations, 128-bit encryption for data security, and automatic logout features to prevent unauthorized access, ensuring a secure trading environment.
Eventually, the choice to engage in trade with CHCF or not deeply relies on individuals. It's crucial for you to carefully balance the potential risks and advantages before coming to a decision.
Financial Instruments & Services
CHCF offers a variety of market instruments including Futures Contracts and Options Contracts, each with distinct margin requirements to suit specific trading strategies. These margin requirements are structured to reflect the respective risks and potential returns associated with each instrument to satisfy the diverse risk-return appetites of traders. Clients should choose an instrument aligning with their financial goals and risk tolerance only.
How to Open an Account？
To open a futures trading account with Chong Hing Commodities & Futures Limited, clients must first have a current account with Chong Hing Bank for settlement. Clients need to visit the head office or branches personally with the necessary documents.
Individuals require identity proof, recent address proof, and financial/income proof.
Corporate clients need business certificates, the Memorandum and Articles of Association, Recent auditorial “Profit & Loss Statement and Balance Sheet” amd management accounting statement, a guarantee letter, meeting minutes that approve account opening, and HKID copies of authorized operators.
For more information, you can visit http://www.chcf.com.hk/eng/open_account_eng.pdf or call 3768 9988.
Trading Platform
In the past, CHCF utilized the i-Future trading platform for its trading operations. However, in a shift towards upgrading its technological interface, the financial organization transitioned to the SPTrader System from March 26, 2018.
The SPTrader System, compatible with Windows operating systems version 7 and higher, enables CHCF to adapt to modern technological trends and provide a more streamlined, user-friendly trading experience to its customers.
Deposit & Withdrawal
At CHCF, payments are made through Chong Hing Bank transfers. Clients need to uphold the margin requirements in their portfolios or follow their specified instructions, as CHCF can exercise rights over the funds in the clients' designated settlement accounts held at Chong Hing Bank before placing any orders. Clients must ensure enough available margin in their designated account for trade of futures contracts.
For withdrawals from futures accounts, clients should notify the Sales Department staff at CHCF and personally visit the head office or branches to fill the 'Client Fund Withdrawal Request Form'. Typically, fund withdrawal requests are processed on the next working day.
Fees
CHCF charges varied fees based on contract type and transaction mode.
Phone transaction fees for Futures Contracts range between HKD80.54 and HKD130.54, whereas internet transactions provide lower costs between HKD70.54 and HKD120.54.
Options Contracts cost more, with fees between HK62.10 and HK 160.54 for phone transactions and HKD32.10 to HKD110.54 for internet transactions.
Fees include commission, Commission Levy, and Exchange Fee. Margin requirements apply to both Futures and Options Contracts and can change based on HKFE adjustments. If you would like to get more information, you can visit http://www.chcf.com.hk/eng/A06_service_charge_and_margin.pdffor details or contact with the company for direct clarification.
User Exposure on WikiFX
On WikiFX, there are four reports regarding unable to withdraw and app crash which raises concerns and serves as a cautionary signal to traders. We strongly recommend that traders carry out a comprehensive review of all relevant details before making a decision. Our platform is designed to serve as an important resource in your trading journey. If you ever encounter any fraudulent brokers or have personally experienced such malpractices, we strongly urge you to report it in our “Exposure” section. Your contributions are invaluable in helping us achieve our mission, and our expert team will make every effort to respond to your concerns promptly.
Customer Service
CHCF's customer service can be reached at their physical address or through the hotline. Unfortunately, more modern methods of communication such as live chat and email are not currently available.
Head Office: 2/F, Chong Hing Bank Centre, 24 Des Voeux Rd. Central, Hong Kong.
Tel/hotline : 3768-9988.
Kwun Tong Branch: Flat B, Upper G/F, Speedy Industrial Bldg. 114 How Ming Street, K owloon.
Tel: 3768-9628.
Conclusion
CHCF, a financial firm based in Hong Kong, provides financial services like futures and options contracts, under the regulatory watch of the SFC (Securities and Futures Commission of Hong Kong), marking its credibility. But, we still recommend you to proceed with utmost caution, ensuring a thorough investigation are made and seeking firsthand information from CHCF before making any investment decisions.
Frequently Asked Questions (FAQs)
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.
2024-01-19 23:32
2023-12-29 18:04
