Wocom

What is Wocom？

　　Established in the 1970s as a branch of an international commodities trading house and registered in Hong Kong, Wocom has a rich history in the financial industry. The Wing On Group became an investor and ultimately acquired Wocom in 1986. Today, Wocom offers a range of financial services, including local securities with margin financing, China Connect, IPOs with margin and international placing, stock options, foreign stocks, unit trusts, local and foreign futures, and forex trading.

Regulation

　　Wocom is currently licensed and regulated by the China Hong Kong Securities and Futures Commission (SFC) with license numbers AAC230, AAH843, and AAG705.

Pros & Cons

　　Wocom operates under the regulatory oversight of the SFC in Hong Kong, ensuring adherence to stringent financial standards and investor protection measures. Despite its regulatory compliance, the brokerage lacks live chat support, potentially impacting customer service accessibility. However, Wocom provides access to forex trading, offering clients the opportunity to diversify their investment portfolios. Nevertheless, the platform lacks comprehensive educational resources, which may hinder the ability of traders to make informed decisions. On a positive note, Wocom offers access to initial public offerings (IPOs), enabling clients to participate in lucrative investment opportunities. Additionally, the brokerage provides a variety of payment methods, enhancing convenience and flexibility for clients when funding their accounts or making withdrawals.

Tradable Securities and Services

　　Wocom provides a diverse array of trading instruments and services tailored to meet the needs of its clientele. These include local securities with margin financing, China Connect for accessing Chinese markets, and participation in initial public offerings (IPOs) with options for margin trading and international placing. Clients also have the opportunity to trade stock options, foreign stocks, unit trusts, local and foreign futures, and engage in forex trading.

Commissions & Fees

　　Securities Trading (Hong Kong Securities)

　　For Securities Trading (Hong Kong Securities), Wocom applies a brokerage commission that is negotiable with the client. Additionally, there's a transaction levy of 0.0027% of the transaction amount. The investor compensation levy, typically 0.002% of the transaction amount, is waived. A trading fee of 0.00565% of the transaction amount is also applied. Moreover, a stamp duty of 0.1% of the transaction amount, rounded up to the nearest dollar, is charged.

　　Securities Trading(China Stock Connect)(RMB)

　　For Securities Trading (China Stock Connect) denominated in RMB, Wocom applies a negotiable brokerage commission. Additionally, there's a handling fee based on the transaction amount for securities and ETFs traded on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). For securities, the handling fee is 0.00341%, while for ETFs, it's 0.004%. Wocom also charges a securities management fee, which is 0.002% of the transaction amount for securities and is waived for ETFs. Moreover, a transfer fee is imposed, comprising 0.001% charged by ChinaClear and 0.002% charged by HKSCC for securities, and a flat 0.002% fee charged by HKSCC for ETFs. Additionally, a SAT stamp duty of 0.05% of the transaction amount, applicable to sell trades only, is levied on securities, whereas ETFs are exempt from this duty.

　　Futures, Options, Overseas Market and Other Financial Product

　　For details regarding commission and fees for Futures, Options, Overseas Market, and other financial products, clients are encouraged to reach out to Wocom's Credit Control & Client Administration Department at 2853 0111.

Account Types

　　Wocom offers two main types of account: Individual Accounts and Company Accounts.

　　Individual Accounts are tailored for personal investors who wish to trade securities, futures, and other financial products on their own behalf. Company Accounts, on the other hand, are designed for corporate entities and organizations seeking to conduct trading activities.

Platforms

　　Wocom offers an online stock trading platform accessible through both desktop and mobile devices. With the Electronic Trading Platform, clients can enjoy extended service hours from Monday to Friday, excluding public holidays, spanning from 8:30 a.m. to 9:30 p.m.

Deposit & Withdrawal

　　Wocom offers a variety of convenient payment methods to facilitate deposits into clients' accounts. These include the Faster Payment System (FPS), Payment by Phone Service (PPS), Bank Transfer and Cheque Deposit, and Telegraphic Transfer.

　　With the FPS service, deposits made before 4:00 pm on trading days from Monday to Friday are processed and updated to accounts on the same day, providing swift access to funds.

　　Similarly, the PPS option ensures same-day processing for deposits made before 7:00 pm on trading days.

　　For Bank Transfer and Cheque Deposit, deposits made before 4:00 pm on trading days are processed and updated to accounts on the same day, covering various channels such as online banking, bank counters, ATMs, and cheque deposit machines.

　　However, for overseas clients utilizing Telegraphic Transfer, deposits may take 2-3 working days for processing, with the actual arrival time subject to the bank's processing timelines.

Customer Service

　　Clients can reach out to the Wocom team via multiple channels, including telephone at (852) 2853-0111, fax at (852) 2854-3822, WhatsApp at (852) 5616-0672, and email at cs@wocom.com.hk. The dedicated customer support team operates during office hours from 9:00 am to 6:00 pm, Monday to Friday, ensuring prompt assistance and efficient resolution of queries.

Conclusion

　　Overall, Wocom is regulated by the SFC in Hong Kong, ensuring compliance with strict financial standards. However, the lack of live chat support may impact customer service accessibility. On the positive side, Wocom offers forex trading and access to IPOs. Yet, the platform lacks comprehensive educational resources. Despite these limitations, Wocom provides various payment methods for client convenience.

FAQs

　　Is Wocom a safe and reliable brokerage？

　　Wocom is regulated by the SFC in Hong Kong, offering investor protection in case of brokerage failure. They employ security measures like two-factor authentication. However, traders should exercise extra caution when dealing with online brokerages.

　　Does Wocom offer commission-free trading？

　　Wocom applies negotiable brokerage commissions for both Securities Trading (Hong Kong Securities) and Securities Trading (China Stock Connect) denominated in RMB.

　　What kind of trading platform does Wocom offer？

　　Wocom provides an online stock trading platform accessible through desktop and mobile devices.

　　 Is Wocom suitable for beginners？

　　Wocom lacks educational resources, which may pose challenges for beginners.

Risk Warning

　　Engaging in online trading carries significant risks, including the potential for complete loss of invested capital, and may not be suitable for all traders or investors. It's essential to thoroughly understand these risks before participating in any trading activities. Additionally, the information provided in this review may change over time as the company updates its services and policies. The creation date of this review is important, as the information contained within may become outdated. Before making any investment decisions, readers are strongly advised to verify the most up-to-date information directly with the company. The reader bears sole responsibility for acting upon the information presented in this document.