First Gold
Pros and Cons
Pros
- Regulated by the Chinese Gold & Silver Exchange Society (CGSE)
- Trading platform: MT5 with full functionality
- Focus on precious metals: spot gold and spot silver
- Fixed spread of 5 for all trades
- Multiple customer support channels: email, phone, and live chat
Cons
- Not regulated by major authorities like FCA or ASIC
- Limited trading products (only spot gold and silver)
- High fixed spread of 5 pips
- No clear information on leverage offered
- Limited educational resources and market analysis
Basic Information
User Reviews
First Gold Overview
First Gold, established in 2008 and headquartered in Hong Kong, operates under the regulatory oversight of the Chinese Gold & Silver Exchange Society (CGSE), holding a Type AA license. This broker is recognized for its commitment to regulatory compliance and transparency, ensuring that traders can engage in a secure trading environment. With a focus on precious metals, First Gold caters specifically to traders looking for a reliable platform to trade spot gold and silver while maintaining strict adherence to established financial regulations.
Is First Gold Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Chinese Gold & Silver Exchange Society (CGSE) | Hong Kong | Segregated Funds |
Is First Gold Regulated and How Are Client Funds Protected?
First Gold is a legitimate broker regulated by the Chinese Gold & Silver Exchange Society (CGSE) under a Type AA License in Hong Kong. This regulatory status indicates that the broker adheres to specific compliance and operational standards, providing a level of trust for potential clients. Client funds are protected through segregation, ensuring that the funds are held separately from the broker’s operational funds. This means that in the event of financial distress, client funds remain safeguarded. Additionally, the broker’s established presence in the market and the use of reputable trading platforms like MT4 and MT5 further enhance the safety and reliability of trading with First Gold.
Trading Products and Services
What Trading Instruments Does First Gold Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Spot Gold, Spot Silver | 2 |
| Commodities | Gold, Silver | 2 |
| Indices | ||
| Stocks | ||
| Cryptocurrencies |
First Gold provides a focused range of trading instruments, primarily in the precious metals sector. With offerings that include spot gold and spot silver, traders can engage in trading with fixed spreads. This limited product range may particularly appeal to those looking to specialize in commodities while also allowing for straightforward trading strategies. Although the platform does not support a diverse array of asset categories like Forex or stocks, it meets the needs of various trader types, from beginners to experienced investors, by facilitating focused trading on valuable commodities. This concentration can enhance portfolio diversification and provide flexibility for traders who prefer a more specialized approach to the markets.
Account Types and Trading Conditions
What Account Types and Fees Does First Gold Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard Account | Retail traders, including beginners | Fixed spreads, user-friendly platform | Suitable for small-capital practice |
| Professional Account | Experienced traders | Higher leverage options, lower spreads | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Customized services, dedicated account management | Requires corporate documentation |
| Islamic Account | Traders requiring Sharia-compliant options | Swap-free trading | Eligibility based on personal declaration |
| Demo Account | All user groups | Practice trading with virtual funds | No financial commitment required |
Account Opening Process
To open an account with First Gold, you will need to follow a straightforward process. First, submit your personal information, including your name, address, and contact details. Next, provide employment and financial information to assess your trading experience and capacity. You will also need to verify your identity by submitting a valid ID and proof of address. Once your account is opened, you have the flexibility to upgrade to a professional account later if your trading volume increases or if you meet the necessary qualifications.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 1.0 | $0 | Competitive spreads available |
| CFDs (Gold) | 5.0 | $60 per lot | Fixed spread on gold trading |
| CFDs (Silver) | 5.0 | $60 per lot | Fixed spread on silver trading |
| Cryptos (BTC/USD) | 1.5% | $0 | Varies based on market conditions |
Other Fees
In addition to trading fees, First Gold may charge other fees such as deposit and withdrawal fees, which may vary depending on the payment method used. There is also an inactivity fee applied if your account remains dormant for an extended period. Users should be aware of potential platform usage fees if applicable, as well as overnight interest (swap rates) for positions held overnight. Currency conversion fees may also apply when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does First Gold Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | Two-factor authentication, multiple order types, market search, technical indicators, price alerts | Demo accounts, VPS |
| MT5 | Windows, macOS, iOS, Android | Two-factor authentication, one-click trading, symbol lookup, economic calendar, push notifications | Demo accounts, VPS |
| Web Version | All browsers | Encryption, multiple order types, market search, technical indicators | None |
| Mobile App | iOS, Android | Biometrics, one-click trading, price alerts, push notifications | None |
First Gold provides a variety of trading platforms suited for different trader needs. MT4 and MT5 are robust platforms favored by experienced traders, offering advanced tools for market analysis and trade execution. The web version ensures accessibility from any browser, while the mobile app enhances trading convenience on the go.
Security is a priority across all platforms, featuring options like two-factor authentication and encryption. Traders benefit from fast order execution, real-time alerts, and efficient market search tools, ensuring a comprehensive trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP, JPY, AUD |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. First-time large withdrawals (typically over 2,000 USD) require identity documents (passport) and address proof (utility bill), with additional scrutiny for suspicious transactions.
Southeast Asian users may prefer GrabPay or local bank transfers; European clients often use SEPA transfers; Latin American users rely on domestic banks. US users cannot use Skrill; some Middle Eastern countries limit PayPal. Partner banks in Japan may offer zero-fee transfers.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
To withdraw funds from your account, follow these steps:
- Log into your trading account.
- Navigate to the withdrawal section.
- Select your preferred withdrawal method.
- Enter the amount you wish to withdraw.
- Submit your request and, if necessary, provide verification documents.
- Wait for processing, which may take up to 5 business days, depending on the method.
Customer Support
First Gold Customer Support Overview
Support Channels
First Gold offers multiple contact methods to ensure that customers receive the help they need. Clients can reach out through:
- Email: Send inquiries to enquiry@firstbullion.com for assistance.
- Live Chat: Engage with a support representative directly on the website for immediate help.
- Telephone: Call +852 2868 9919 for direct support during business hours.
- Social Media: Connect with First Gold on platforms like Facebook for updates and support.
Service Availability
First Gold provides customer support 24 hours a day, five days a week (24/5). The team is equipped to assist clients in multiple languages, including English and Mandarin, ensuring comprehensive support for a diverse clientele.
Additional Resources
To enhance the trading experience, First Gold offers valuable educational resources such as video tutorials, webinars, and market analysis. These resources help clients make informed decisions and improve their trading skills.
Many users have praised First Gold’s customer service for being responsive and helpful, making it easier for clients to navigate their trading needs effectively.
Frequently Asked Questions
Yes, First Gold is regulated in Hong Kong under license type AA by the Chinese Gold & Silver Exchange Society (CGSE). This regulation ensures that we adhere to local trading standards and practices.
First Gold offers trading primarily on spot gold and spot silver with a fixed spread of 5. The trading platform we use is MT5, which provides a reliable trading environment. Note that we currently do not offer forex, indices, or other asset classes.
First Gold places a high priority on fund security. We maintain client funds in segregated accounts to ensure that they are protected and separate from company operational funds. Additionally, we follow strict compliance and regulatory requirements to safeguard your investments.
First Gold provides multiple channels for customer support, including email, phone, and live chat. You can reach us at enquiry@firstbullion.com or call us at +852 2868 9919. Our customer service team is dedicated to assisting you with any queries or issues you may encounter.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.