SHANGQUAN Review 2024 – Is SHANGQUAN legit or a scam?
Note: Report Scam Community has conducted much research before flagging SHANGQUAN as a possible scam in this SHANGQUAN Review.
Is SHANGQUAN a scam or a legit broker? Read SHANGQUAN Review
SHANGQUAN is an offshore or unreliable broker that is not regulated by any reputed regulation authority in its region. This broker offers trading and investment services in many countries without having a license from any regulatory authority in its country like CySec, ASIC, FCA, CNMV, etc. The broker got many Complaints and negative SHANGQUAN reviews and other possible scam features can also be the reason. Your funds may not be safe if you are trading with this broker.
Website – https://shangquanfx.com/
Address – RM4,16/F,HO KANG COMM CTR,2-16 FAYUEN ST,MONGKOK KL HONG KONG
Warned By – Not Recommended By Review Website Like Report Scam
Despite SHANGQUAN’s attempts to look legit and trustworthy, we can’t disregard the alerts that SHANGQUAN giving us. There are many brokers like it, and we can quickly recognize the kind of specialist we are dealing with by stepping into the site. We also reviewed comparative-looking broker sites in our scam brokers 2024 list, the vast majority of them are unlicensed and obscure. Find more about the scam broker in our review list.
SHANGQUAN Review: Intrduction
SHANGQUAN, operating under SHANGQUAN INTERNATIONAL SHARE CO., LIMITED, purportedly offers forex and CFD trading services. Founded in 2016 and headquartered in Hong Kong, it claims to offer a vast array of over 2,100 tradable financial instruments with leverage up to 1:400 on platforms like Webtrader and MetaTrader5. However, alarming reports reveal it lacks proper licensing for operations, raising suspicions about its legitimacy. It’s suspected to operate from offshore locations known for facilitating scams, urging caution among potential investors.
Numerous traders have voiced grievances about their experiences with SHANGQUAN. Complaints primarily revolve around difficulties in withdrawing funds from the platform, indicating potential malpractices. Such testimonies underscore the risks associated with engaging with unregulated brokers like SHANGQUAN. Investors are strongly advised to steer clear of such entities to safeguard their finances and avoid falling victim to fraudulent schemes. Conducting thorough due diligence and only engaging with licensed and reputable brokers is paramount to mitigate the inherent risks prevalent in the forex and CFD trading industry.
Possible scam activities of scam SHANGQUAN
Here are some of the very possible reasons why we have flagged this broker as a scam broker in this SHANGQUAN review.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The broker makes continuous calls to the traders and urges them to invest higher and higher amounts.
- The broker may have made several false claims through its website.
- The broker promises returns that are too good to be true.
- The risk warnings may not be disclosed on their webpage or would be hidden.
- The broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes the name and website URL without any notice to existing traders.
- The broker may be located in countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are havens for scam brokers.
- This broker provides you with good chances of making profits. When you decide to withdraw your money, they will state their illegitimate rules of withdrawals, and ultimately you cannot make a withdrawal.
Negative SHANGQUAN Reviews and Complaints
SHANGQUAN has got many negative reviews and traders who traded with this broker have raised many complaints against it. ReportScam has investigated a lot about this broker and based on the negative reviews, complaints and other scam features, we have listed this broker in the list of scam brokers 2024.
Example of Negative SHANGQUAN Review
After Searching the internet, you will find many negative SHANGQUAN Reviews. Users have frustrations and feel cheated after trading with this broker. ReportScam does not recommend traders to trade with this broker and your funds may not be safe with this broker and SHANGQUAN reviews are negative. Instead, we recommend looking for regulated and reputed brokers who can help in growing your investments.
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SHANGQUAN Review: Conclusion
To begin with, SHANGQUAN is a mysterious site that needs validity. It isn’t authorized to offer trading services as it does not hold any valid license and is targeting clients of different nations. So, we advise you to stay away from a such brokers as your money may be at high risk with them.
Also, to prevent yourself from scams like – Forex scams, Binary scams, Romance/Dating scams, Cryptocurrency scams, or any other scams, you should pick a broker or company regulated by some major regulators like FCA, FINMA, SEC, FMA, ASIC, etc. Check the reviews of brokers and also read the policies and terms and conditions. These small details will prevent you from becoming a victim of broker scams.
Get more Information about Scam Brokers VisitScam Brokers 2024 Page to avoid Cryptocurrency trading scams, Forex trading scams, or other online scams. Also, check the Envi FX review.
Domain Age Information of SHANGQUAN
| Domain Name | shangquanfx.com |
|---|---|
| Date Registered | December 15, 2021 |
| Domain Age | 8 months, 28 days, 4 hours, 33 minutes, 30 seconds |
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Note: The SHANGQUAN review written above is influenced by the other SHANGQUAN reviews already present on the web. We are not liable for any legal action from the SHANGQUAN company. In case of any query please mail us at info@reportscam.tempurl.host.
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