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Chuangfu Yinghui Review

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This is a Hong Kong-based broker that is dealing with Chinese clients only. It is a part of Chuangfu Yinghui Group. An interestingly named company, Mega Rich Global Financial Limited, is their overseas subsidiary. The company nourishes its so-called “creating wealth and sharing the wealth” slogan or philosophy. There is nothing special to this as it promotes common ideas like having leverage, stable platform, fast transactions, many products, etc.

This broker does not offer the same level of service as other brokers that accept clients across the globe. China is very enclosed to these kinds of business, none of the foreign brokers managed to get approved in China. Therefore, this is another market that cannot be compared. Chuangfu Yinghui is specialized in the London Gold and Silver trading only. This review will cover what could be useful and interesting to Chinese clients.

Account Types

Chuangfu Yinghui does not have account types. What we have noticed is that trading is focused on Gold, “London Gold”. London Gold and Silver is a spot contract common in Hong Kong that has 100 ounces as 1 contract or 1 lot. For London Silver 1 lot is 5000 ounces This is an OTC market that should be open 24h. Everything is under a single account. Leverage could be selected during the registration. Chuangfu Customer Service will conduct a call back to ensure the registration details are correct. The documents needed are ID card/passport, bank account, and other information, Proof of address (water, electricity, coal, telephone bill, bank statement or policy) not older than three months.

Platforms

Metatrader 4 platform is the only one provided. It is registered to Mega Rich Group and updated to the latest version. Everything is set to defaults. The servers show a ping rate of around 220ms. The information about the assets is filled with key trading figures enough to understand what is offered. MT4 is available for desktop and mobile versions. Also in web-accessible form without installation.

Leverage

The leverage can be selected, up to 1:100 level.

Trade Sizes

Some information could be obtained on the Chuangfu web site. The stated minimum trade size of 0.01 lots is in line with the figures in the MT4 platform. The step volume is also 0.01 lots. The maximum trading level is 40 lots. The Stop Out level is set to 30%, although traders should be careful that this level can be breached in the weekend gap and even go beyond the Stop Out level. The maintenance margin is $300/lot Monday to Friday and is changing for the weekend to $1,000/lot. During the weekend there could be some OTC offers that can cause volatile price movements. Note that trading with this broker is not 24h and the following schedule applies: Beijing time from 6:31 am to 3:30 am on Saturday (during summertime); Beijing time Monday 7:01 am to Saturday 4:00 am (Winter season).

Trading Costs

According to the trading Rules Page, there are no commissions. The swaps exist for both assets. Buy swap is 1.75% and sell: 0.15%. This figure can be divided by 360 for daily swap percentage. All non-US dollar deposits will be converted into US dollars.

Assets

Chuangfu Yinghui is specialized to London Gold and Silver. This is very similar to the spot Gold market in terms of pricing and movements. At the moment of this review, the broker offered $1455.78 per ounce. No other assets are available. As we are informed by the support, Forex and other assets are not in the near term plan.

Spreads

The spreads are fixed and controlled by the broker. The spread for London Gold is 0.5 USD/ounce and For Silver 0.03 USD/ounce. When recalculated, this is $50 per lot or close to 3.5%. The spread could be changed by the broker as stated, half an hour before the market closes and the first half-hour of the market opening. Also modified according to the market conditions. The company has the right to change the spreads without notice.

Minimum Deposit

This broker does not have set minimum deposit although based on their model, traders would need at least $10 to open the minimum trading size of 0.01 lots, including the 1:100 leverage.

Deposit Methods & Costs

There is only one method to invest – Bank Transfer. The usual banking rates will apply to the client. For China clients, there is also an option to use the card free of charge. The cross-border fee could be applied to clients outside China. The account deposit currency could be in USD, HKD, and CNY.

Withdrawal Methods & Costs

At the time of withdrawal, the company will exchange the account currency according to the market exchange rate. There are no fees charged by the broker.

Withdrawal Processing & Wait Time

Chuangfu Yinghui Group promotes fast withdrawal times. Time to withdrawals is 2 hours and this is very fast comparing to the average in the industry.

Bonuses & Promotions

No bonuses or promotions are offered. The Affiliate programs are also absent.

Educational & Trading Tools

Chuangfu put some effort to bring trading closer to the Chinese clients. The educational structure is well developed and features News, analysis, Signals service, Gold encyclopedia and more.

The Gold Encyclopedia is a form of a blog page. It covers the history of Gold, Characteristics of precious metals investment, How to grasp short positions in gold trading, The impact of NFP on Gold, What is the relationship between London gold and spot gold and so on. The topics could be repeating as they have very similar headlines, although the articles are fresh. Each page contains a dozen of articles, and there are many pages. As this is a Gold and Silver broker only, almost all of the articles are about Gold trading.

Under the Strategy section, Chuangfu displays comprehensive analysis based on the Technicals and Fundamentals. It is updated daily. The reports are very professional, deep and the analysis of the chart is based on the moving averages and other custom projections. Of course, the focus assets are Gold and Silver.

The strategies are a form of advice published daily by the broker team. The analyst team backgrounds are presented along with their trading type, success rate and the total amount earned. The published signals appear to be very good, although we are not certain in their success rate. This service does not come from third parties and it is not common to see in the industry.

The News is not that fresh, the last report was 2 months old. They are all related to Gold and global main events that the majority of people already know. The quality is decent with interesting views on how it may affect the Gold prices.

Non-Farm Payroll event has a special section on the Chuangfu web site. It is divided into a few key elements that represent a complete analysis. These include the historic movements of the NFP, long term arguments for bullish and bearish sentiment, and also counter until the next report.

Finally, the economic calendar is much better than the usual from MetaQuotes. It has filters, day selection toolbar, impact meter and the impact direction on the asset. Although the design is good, we did not find any explanation about the even or its historic level movements.

Customer Service

Chuangfu Yinghui has a 24h support line, work phone, chat, and email. The quality is one of the best we had encountered in the industry. The agents are extremely fast typers we had an impression we are speaking with an automated response AI. There is no waiting for more than 10 seconds until the agents accept your chat request. Answers they provide are very detailed and carry respect to the visitor, showing professionalism and level of service similar to 5-star luxury hotels. This level of Customer Service confirms the usual Chinese approach with customers anywhere.

Demo Account

The self-service demo account in the MT4 trading platform is not available. You must obtain a demo account from the customer service or apply for a demo account on the Chuangfu Yinghui website. The registration process requires to enter the SMS code that will be sent to the number provided. This is an additional step that filters fake accounts with the broker. There is no information about the Demo account expiry time.

Chuangfu Yinghui demo account form.

Countries Accepted

China clients only.

Conclusion

The broker delivers the additional value for specialized Gold traders in forms of various analysis, personal training assistant, and great customer service this broker has. For China, Chuangfu Yinghui is a great choice as security of the trader’s account is protected and supervised by the Chinese Government, and it is widely known how effective their control measures are. The spread and trading conditions are not great, although taking into consideration that China is very restrictive for the CFD industry, clients may enjoy having the possibility to trade Gold with leverage that is unavailable in the EU or the United States.

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