Overview of HK DEER INFORMATION CONSULTING LIMITED
HK DEER INFORMATION CONSULTING LIMITED is based in Hong Kong and offers a diverse range of market instruments for traders. They provide access to the Forex market, commodities, Contracts for Difference (CFDs), and indexes. Traders can engage in various trading activities using the MetaTrader 4 (MT4) platform, known for its user-friendly interface and advanced features. While the broker presents opportunities for diversification and leveraged trading, it's essential to consider potential concerns, such as the lack of valid regulation and limited transparency regarding their actual business location in China. Traders are advised to conduct thorough due diligence and carefully evaluate their options before engaging with this broker.
Is HK DEER INFORMATION CONSULTING LIMITED legit or a scam？
HK DEER INFORMATION CONSULTING LIMITED is a broker that currently operates without valid regulation, posing potential risks for investors. It is essential for individuals considering their services to exercise caution and be aware of the associated risks. The claim of being regulated by the United States' NFA (National Futures Association) with license number 0549219 is under suspicion of being a clone or fraudulent, further increasing the uncertainty surrounding the broker's legitimacy.
Traders should exercise extreme caution when dealing with unregulated brokers, as they may lack the necessary oversight and investor protections that regulated entities provide. It is advisable for investors to consider alternative options with established regulatory credentials to ensure their financial security and minimize potential risks when participating in the financial markets
Pros and Cons
This broker offers a user-friendly MetaTrader 4 platform, known for its advanced features and versatility. It provides a range of market instruments, including Forex, commodities, CFDs, and indexes, allowing for diversification. Additionally, the availability of 24-hour weekday customer support and a free first withdrawal per month can be advantageous for traders. The broker's leverage options may appeal to those seeking higher risk-reward opportunities in trading.
On the downside, the broker lacks valid regulation, which could raise concerns about the safety of traders' funds. The absence of educational resources may hinder the development of traders' skills and strategies. Furthermore, the unclear fee structure, especially regarding spreads and commissions, can make it challenging for traders to assess the true cost of trading. The limited availability of payment methods for deposits and withdrawals can also be a drawback. Additionally, the broker's actual business address being in China, while registered in Hong Kong, may raise transparency and accountability questions.
Market Instruments
HK DEER INFORMATION CONSULTING LIMITED offers a range of market instruments, including Forex, commodities, CFDs (Contracts for Difference), and indexes. Forex, short for foreign exchange, involves the exchange of one country's currency for another, enabling traders to speculate on currency movements between different nations. It's a highly liquid and popular market, offering opportunities for profit through currency pair fluctuations.
Commodity trading on this platform involves the buying and selling of raw materials used for industrial and agricultural production, such as oil, gold, or agricultural products. These commodities serve as essential components of various industries and can be influenced by factors like supply and demand dynamics, geopolitical events, and economic conditions. Additionally, CFDs are available, which are over-the-counter financial derivatives that allow traders to speculate on price movements in various markets without owning the underlying asset. Finally, traders can also explore indexes, which represent the performance of a group of related assets, providing a broad overview of market trends.
How to open an account in HK DEER INFORMATION CONSULTING LIMITED？
To open an account with this broker, follow these steps:
Prepare the necessary account opening materials, including identification documents (front and back of ID card) and address proof documents (such as utility bills or official government documents) issued within the last 3 months.
Fill out the real account application form, ensuring that all required information is provided in either Pinyin or English.
Submit the application form online.
Check your email inbox for further instructions and verification steps from the broker.
Complete any additional verification or documentation requests from the broker to confirm your identity and account details.
Once the verification process is successfully completed, your trading account with the broker will be opened, and you can proceed with funding and trading.
Spread and Commission Fees
The absence of clear and transparent information regarding spread and commission fees with this broker can significantly affect traders' ability to make informed decisions. Understanding the costs associated with trading is fundamental to effective risk management and profit calculation. Without readily available details on spreads and commissions, traders may find it challenging to assess the true cost of their trades, potentially leading to unexpected expenses and reduced profitability.
Leverage
HK DEER INFORMATION CONSULTING LIMITED offers leverage trading with a maximum leverage of 200:1 for index trading and up to 50:1 for major commodities. Leverage can amplify potential profits, but it also increases the risk of substantial losses. Traders are advised to exercise caution, implement effective risk management strategies, and carefully assess their risk tolerance when utilizing leverage in these markets.
Trading Platform
This broker offers the popular MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and robust features. MT4 is a versatile platform that caters to both novice and experienced traders. Its main features include real-time price quotes, advanced charting tools, and a wide range of technical indicators for in-depth market analysis. Traders can execute orders with ease, including market, limit, and stop orders, and benefit from one-click trading functionality.
MT4 also supports automated trading through Expert Advisors (EAs), allowing traders to implement algorithmic strategies and perform backtesting. The platform is highly customizable, allowing users to create personalized trading templates and indicators. With mobile versions available, traders can stay connected and manage their positions on the go.
Deposit & Withdrawal
HK DEER INFORMATION CONSULTING LIMITED facilitates deposits and withdrawals through bank cards, offering a convenient and widely-used method for clients to manage their funds. When it comes to withdrawals, the platform processes them promptly, typically within 2-3 working days, allowing traders to access their profits efficiently.
It's worth noting that the broker extends a cost-saving benefit to its clients by offering the first withdrawal per month at no charge. However, subsequent withdrawals within the same month will incur a fee of USD 25 each time. Traders should be mindful of this fee structure when planning their withdrawals and consider consolidating their withdrawal requests to minimize costs.
Customer Support
This broker provides customer support services to assist its clients with their inquiries and concerns. The registered address is in Hong Kong, and clients can reach out to the broker via email at support@derwe.com or by phone at +86 0510-88761700, with support available on weekdays around the clock, ensuring accessibility for clients in different time zones.
However, it's important to note that the broker's actual business address is in Wuxi, Jiangsu Province, China, which may raise questions for clients seeking support or information regarding their accounts or trading activities. It's advisable for traders to verify the broker's customer support channels and response times to ensure they can receive timely assistance when needed.
Educational Resources
This broker appears to have a notable absence of educational resources, which can potentially impact traders in several ways. Educational resources, such as tutorials, webinars, articles, and trading guides, play a crucial role in helping traders of all experience levels improve their skills and make informed decisions. Without access to such resources, traders, especially those new to the financial markets, may face challenges in understanding the intricacies of trading, technical analysis, risk management, and market dynamics.
Conclusion
HK DEER INFORMATION CONSULTING LIMITED offers a range of trading opportunities through its user-friendly MetaTrader 4 platform, catering to traders interested in Forex, commodities, CFDs, and indexes. The availability of 24-hour weekday customer support and a free first withdrawal per month can be appealing, and the leverage options provide the potential for higher returns.
However, there are significant concerns surrounding this broker. It lacks valid regulation, which raises questions about fund safety. Moreover, the absence of educational resources and limited payment methods for deposits and withdrawals can pose challenges for traders. Additionally, the ambiguity regarding its business location, with registration in Hong Kong and an actual address in China, raises transparency and accountability concerns. Traders should exercise caution and conduct thorough research before considering this broker for their trading activities.
FAQs
Q: Is this broker regulated？
A: No, this broker currently operates without valid regulation, posing risks for traders.
Q: What market instruments are available for trading？
A: This broker offers Forex, commodities, CFDs, and indexes as trading instruments.
Q: How can I contact customer support？
A: You can reach customer support via email at support@derwe.com or by phone at +86 0510-88761700, with 24-hour weekday service.
Q: What trading platform does this broker use？
A: This broker uses the MetaTrader 4 (MT4) platform, known for its user-friendly interface and advanced features.
Q: What is the maximum leverage offered？
A: The maximum leverage is 200:1 for index trading and up to 50:1 for major commodities, but traders should use leverage cautiously due to increased risk.
