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The WikiFX Score of this broker is reduced because of too many complaints!

FEPM

Hong Kong|2-5 years|
Regulated in Hong Kong|Type A1 License|MT4/5 White Label|Global Business|Medium potential risk|

https://en.fepm62.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

7
Server Name
FarEast-Demo MT4
Server Location Germany

Contact

+852 22860800
cs@fepm62.com
https://en.fepm62.com/
10/F WOON LEE COMMERCIAL BUILDING NOS 7-9 AUSTIN AVENUE KLN
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

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

Single Core

1G

40G

Open Now

Contact number

English

+852 22860800

Broker Information

More

Company Name

Far East Precious Metal (HK) Limited

Company Abbreviation

FEPM

Platform registered country and region

Hong Kong

Company website
Facebook

Pyramid scheme complaint

Expose

Check whenever you want

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WikiFX Risk Alerts
Previous Detection : 2024-03-29
  • The number of the complaints received by WikiFX have reached 4 for this broker in the past 3 months. Please be aware of the risk!

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Pyramid scheme complaint
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Scam

Induced fraud, serious slippage

I became an agent of the company in 2017 and opened several gold and silver trading accounts in February of this year. The company told me that the commission for February would be paid to my bank card in March. My superior Mr. Liang, the businessman of the company, told me that I should rest assured that I would receive my commission on time. On March 8, however, my superior informed me that two accounts were trading illegally and the commission would not be paid to me for the time being, telling my clients to close their positions and withdraw from the accounts and the company would deal with them later. On March 9, my superior told me by WeChat that the company had ruled that I was a partner in the speculation and the commission was not paid to me so far. For Feb. and Mar. the company should have paid me a commission of CNY 100k, but they paid none. Poorly, I have liver cancer and I have done surgery three times, so my financial situation is particularly bad. Moreover, I have lost more than 100,000 RMB on 3 trading accounts and my clients are looking for me to compensate for their loss. In addition, the slippage on the company's trading software is particularly serious, with a first-hand slippage of up to 157 USD, both open and closed positions. Please help me, help me to recover the 3 accounts' slippage loss and my due funds, and remind other partners to recognize the true nature of this company, so as not to cause unnecessary loss of funds.

327
2023-03-31 10:17

FEPM · Company Summary

Key Information Details
Company Name Far East Precious Metal (HK) Limited
Years of Establishment 2-5 years ago
Headquarters Kowloon, Hong Kong
Office Locations 10/F Woon Lee Commercial Building, Nos 7-9 Austin Avenue, Kowloon, Hong Kong
Regulations/Licenses Chinese Gold & Silver Exchange Society (Regulated)
Tradable Assets Gold, Silver, Crude Oil
Account Types Standard, Demo
Minimum Deposit N/A
Trading Platforms MetaTrader 4
Customer Support Options Email

Overview of FEPM

Far East Precious Metal (HK) Limited is a Hong Kong-based company specializing in the trading of precious metals, including gold and silver, as well as crude oil. Established within the past 2-5 years, the company is regulated under the Chinese Gold & Silver Exchange Society.

They offer two account types, Standard and Demo, with a specific minimum deposit requirement not provided. Trading activities are facilitated through the MetaTrader 4 platform. Customer support is available through email communication.

basic-info

Regulation

Far East Precious Metal (HK) Limited operates under the regulation of the Chinese Gold & Silver Exchange Society with a Type A1 License. The license number for this regulatory authority is 062. This licensing signifies that the company has met the necessary requirements and standards set by the regulatory agency in Hong Kong. The current status of the license is regulated, indicates that Far East Precious Metal (HK) Limited is operating within the regulatory framework and is authorized to provide its services as a precious metal trading firm. Clients can have confidence that the company is subject to regulatory oversight, which helps ensure adherence to certain guidelines and safeguards.

regulation

Missing Information

The website of Far East Precious Metal (HK) Limited provides limited information regarding minimum deposits, spreads, and leverages. The lack of comprehensive details in these areas can impact the clarity and transparency of the company's offerings. Potential clients may find it challenging to determine the minimum amount required to open an account, evaluate the competitiveness of the spreads offered, and understand the leverage options available for their trading activities. The limited information in these key areas can create uncertainty and may hinder potential clients from making informed decisions about engaging with the company.

Pros and Cons

Far East Precious Metal (HK) Limited offers several advantages as a precious metal trading firm. Firstly, their focus on gold, silver, and crude oil allows investors to access and trade in these valuable commodities, providing potential diversification opportunities in their investment portfolios. Additionally, the company's use of the MetaTrader 4 (MT4) platform offers advanced tools for technical analysis and efficient trade execution. Furthermore, being a member of the Golden Soar Limited International Group provides Far East Precious Metal with the advantage of a strong business network and diverse expertise in financial investment services, wealth management, immigration investment, mining production, and commodity trading.

However, despite its advantages, there are certain drawbacks associated with Far East Precious Metal (HK) Limited. The absence of provided information on key aspects such as minimum deposit requirements, leverage, spread, and deposit/withdrawal methods limits transparency and may pose challenges for potential clients in evaluating the suitability of the company's services.

Pros Cons
Focus on gold, silver, and crude oil Limited transparency on key aspects like minimum deposit and leverage
Utilization of MetaTrader 4 platform Potential challenges in evaluating service suitability
Membership in Golden Soar Group

Market Instruments

Far East Precious Metal (HK) Limited offers a range of market instruments for trading, including gold, silver, and crude oil. Gold is a popular choice for investors seeking a safe haven asset. Silver, often considered a more affordable alternative to gold, also presents opportunities for investors. Crude oil, a vital energy resource, provides exposure to the dynamics of the oil market. These instruments enable investors to participate in the fluctuations of these valuable commodities and potentially benefit from their price movements.

The following table is a compares the market instruments available by Far East Precious Metal to that of similar competitors:

Broker Names Market Instruments
Far East Precious Metal Gold, Silver, Crude Oil
FXPro Gold, Silver, Cryptocurrencies, Indices, Stocks
IC Markets Gold, Silver, Crude Oil, Cryptocurrencies, Indices
FBS Gold, Silver, Cryptocurrencies, Stocks
Exness Gold, Silver, Cryptocurrencies
products

Account Types

Far East Precious Metal (HK) Limited offers different account types to cater to the needs of various investors. While specific details about the account types were not provided, They offer at least two types: Standard Account and Demo Account. The Standard Account is designed for live trading with real funds, providing access to the company's trading services and features.

On the other hand, the Demo Account is typically used for practice and educational purposes, allowing users to trade in a simulated environment with virtual funds. Demo Accounts are for beginners or individuals who want to test trading strategies without risking real money. These account types offer different experiences and benefits, giving clients the flexibility to choose based on their trading objectives and preferences.

Account Features
Standard Account Live trading with real funds
Demo Account Simulated trading with virtual funds
account-types

How to make an account?

Here's a step-by-step guide on how to set up an MT4 account with Far East Precious Metal (HK) Limited:

  1. Visit the official website of Far East Precious Metal (HK) Limited.

  2. Locate the account creation or registration section on the website.

open-account
  1. Choose the option for “MT4 account” or “Open MT4 Account.”

  2. Fill in the required information accurately in the account registration form. This may include personal details such as name, email address, phone number, and country of residence. Ensure that all information is entered correctly.

    1. open-account
  3. Select the account type that suits your trading needs. If there are different account types available, carefully review the features and conditions to choose the most suitable option for you.

  4. Read and accept the terms and conditions, as well as any risk disclaimers or client agreements provided by Far East Precious Metal (HK) Limited.

  5. Submit the completed registration form.

  6. Wait for the account verification process to be completed. This may involve verifying your identity and supporting documents, depending on the company's requirements.

  7. Once your account is verified, you will receive login credentials, including a username and password.

  8. Download the MetaTrader 4 (MT4) trading platform from the official website or the provided link.

  9. Install the MT4 platform on your computer or mobile device.

  10. Launch the MT4 platform and enter your login credentials.

  11. Familiarize yourself with the platform's features and tools.

  12. Deposit funds into your MT4 account to start trading. Follow the company's instructions for deposit methods and funding options.

  13. You are now ready to trade on the MT4 platform with your Far East Precious Metal (HK) Limited account.

Deposits & Withdrawal

Far East Precious Metal (HK) Limited provides various deposit and withdrawal methods for clients. The company's bank account is held at Hang Seng Bank in Hong Kong. Deposits can be made through a real account interface or by directly sending money to the Hang Seng Bank account. Withdrawals are initiated through the real account interface, with funds credited back to the registered bank account in the same currency. Withdrawal processing time depends on the banks involved, and services are not available on holidays and weekends. Wire transfer is used for non-Chinese Renminbi (RMB) withdrawals, with administrative expenses deducted. The company charges a 3% handling fee for unused deposits and applies withdrawal fees based on the withdrawal amount. Transactions of US$4,000 or more have the handling fee covered by the company, while transactions below that amount incur customer fees.

deposit

Trading Platforms

Far East Precious Metal (HK) Limited offers the MetaTrader 4 (MT4) trading platform for its clients. MT4 is a widely recognized and popular platform known for its comprehensive features, advanced charting tools, and extensive range of technical indicators. Traders can access real-time market quotes, execute trades, and manage positions with ease. MT4 also supports automated trading through the use of expert advisors (EAs).

The following is a table which compares FEPM's available trading platforms to that of FXTM, Exness, Pepperstone and FP Markets.

Broker Names Trading Platforms
Far East Precious Metal MetaTrader 4 (MT4)
FXTM MetaTrader 4 (MT4), MetaTrader 5
Exness MetaTrader 4 (MT4), MetaTrader 5
Pepperstone MetaTrader 4 (MT4), cTrader
FP Markets MetaTrader 4 (MT4), MetaTrader 5
trading-platform

Customer Support

Clients can contact Far East Precious Metal (HK) Limited's customer support team through the hotline, website, and email, offering direct phone support, online access to resources, and convenient written communication for prompt assistance and inquiries.

Hotline: Clients can contact the customer support team by dialing the provided hotline number, +852-22860800. This direct phone support allows for real-time communication with the company's representatives, enabling clients to seek assistance, ask questions, or address any concerns promptly.

Website: Clients can visit the company's official website, www.fepm62.com, to access information about their services, account management, and other relevant resources. While the website serves as an informative platform, it may also provide contact forms or live chat options for clients to reach out to the customer support team.

Email: Clients can send inquiries, requests, or any other communication to the designated email address, cs@fepm62.com. Email support provides a convenient and written means of contacting customer support, allowing clients to express their concerns or seek assistance at their convenience.

customer-support

Customer Feedback

Customer feedback regarding Far East Precious Metal (HK) Limited is mixed, with some negative experiences reported. One customer alleges adverse recommendations from the company's agent, resulting in significant financial losses. They also express concerns about personal payee accounts and the failure to receive promised commissions. Another customer claims that the company engaged in recruitment practices and trading activities that violate regulations, potentially harming the interests of investors and leading to liquidation. These feedbacks highlight potential issues related to transparency, regulatory compliance, and customer support.

Conclusion

In summary, based on the available information, Far East Precious Metal (HK) Limited is a financial company that offers online investment services in gold, silver, and crude oil. The company operates from its headquarters in Hong Kong and provides services to global investors through the MetaTrader 4 (MT4) trading platform.

While the company's website lacks comprehensive details on account types, minimum deposits, spreads, and leverage, it does provide contact information for customer support via hotline, email, and physical address. However, it is important to note that there are mixed customer feedback and allegations of misconduct, including adverse recommendations, delayed commission payments, and potential regulatory violations.

FAQs

Q: What financial instruments does Far East Precious Metal (HK) Limited offer for trading?

A: Far East Precious Metal (HK) Limited provides trading services for gold, silver, and crude oil.

Q: What trading platform does the company offer to its clients?

A: The company offers the MetaTrader 4 (MT4) trading platform for its clients.

Q: How can clients contact the customer support team of Far East Precious Metal (HK) Limited?

A: Clients can reach the customer support team through the hotline, email, or by visiting the company's physical address.

Q: What regulatory licenses does Far East Precious Metal (HK) Limited hold?

A: Far East Precious Metal (HK) Limited is regulated and holds a Type A1 license issued by the Chinese Gold & Silver Exchange Society with license number 062.

Q: What are the minimum deposit requirements for opening an account with Far East Precious Metal (HK) Limited?

A: The specific details regarding minimum deposit requirements are not provided on the company's website.

Q: Are there any specific trading conditions mentioned, such as spreads or leverage?

A: The website does not provide comprehensive information on trading conditions such as spreads or leverage.

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