Online trading has become increasingly popular over the years, with more and more people turning to brokers to make investments with their hard-earned money. However, as the demand for online trading grows, so do the risks of falling prey to fraudulent brokers. One such broker is Shenghui Group Ltd. In this article, we will provide a review of this notorious alleged scam broker, including its services and products, trading platform, license status, and client feedback.
Company OverviewÂ
| Broker Name | Shenghui Group Ltd |
| Website | https://shgroupltd.com/ |
| Location | United Kingdom |
| Regulation | Not regulated |
| Warning | Multiple |
TeamÂ
Upon perusing their website, we noticed that there’s no information provided about the people behind Shenghui Group Ltd, making it difficult to ascertain the expertise and experience of its team members.Â
Services and ProductsÂ
Shenghui Group Ltd claims to provide a wide range of financial instruments to trade with, such as forex pairs, cryptocurrencies, stocks, commodities, and indices. However, there’s no information provided about their account types, leverage levels, minimum deposit requirements, or any unique trading conditions.Â
Trading PlatformÂ
Shenghui Group Ltd claims to offer a proprietary trading platform that is intuitive and user-friendly. There’s no information provided about any third-party trading platforms they might support, but they do have a mobile application available on both iOS and Android platforms.
License and RegulationÂ
License StatusÂ
Shenghui Group Ltd claims to be based out of the UK and Cyprus. However, upon conducting a search of the respective government authorities responsible for issuing financial licenses, we could not find any meaningful results regarding its licenses.Â
Regulation StatusÂ
Additionally, in conducting in-depth research, Shenghui Group Ltd has not been regulated by reputed regulatory agencies like CySEC, FCA, ASIC, or any other globally recognized financial regulatory authority. We found a revoked license from ASIC. That means ASIC first gave the license but then revoked it due to their unusual activity.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Should You Not Trust An Unlicensed Broker?Â
The main reason not to trust an unlicensed broker is the very fact that they are not regulated and are therefore more likely to mismanage client funds or engage in dishonest practices. Moreover, if an issue arises with the broker, you would have little to no recourse to complain or seek redress, as regulatory bodies cannot intervene on your behalf if the broker is unlicensed.
Legal Warnings Against Shenghui Group LtdÂ
The UK’s Financial Conduct Authority (FCA) has issued a warning against Shenghui Group Ltd, advising the public not to trade with the firm. The FCA warning states that Shenghui Group Ltd “is not authorized by the FCA,” and “is believed to be offering Forex trading services or products in the UK without its authorization.” Importantly, this warning demonstrates the company’s lack of legitimacy, regulatory oversight, and professionalism, hence, clients are enjoined to desist from using their services.Â
Client Feedback About Shenghui Group LtdÂ
About Their TradingÂ
Several clients have complained about sudden changes in their trading account balances, as well as aggressive trading from the broker’s side on their behalf. These complaints indicate that Shenghui Group Ltd manipulates its clients’ trades to benefit the broker at the cost of their client’s financial well-being.Â
About Their Customer ServiceÂ
Customer service provided by Shenghui Group Ltd is reportedly problematic, with clients complaining of rude and unresponsive customer support representatives, difficulty in reaching customer service personnel, and lack of follow-up on complaints.Â
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Final ThoughtsÂ
Shenghui Group Ltd is an unregulated and unlicensed online broker that has received numerous complaints from clients who have suffered financial losses. The company’s reputation is far from commendable, and the regulatory warnings against them and customer complaints attest to this fact. As such, it is highly recommended that investors and traders stay clear of Shenghui Group Ltd to protect their funds and financial well-being.
