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Contract reading

What On Shun legally published, but does not want you to read

Every clause below is published by On Shun itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: ON SHUN GOLDEN HOLDINGS LIMITED

disclosuresole discretionhidden feemissing documentliability exclusionstop lossclient agreementconflictcountry restrictioncurrency conversion

On Shun Golden Holdings Limited publishes three short legal pages and no client agreement. Its own risk warning says you must accept a client agreement that appears nowhere on the site. Its disclaimer says it is not responsible for errors, for negligence, or for failing to execute your order. One page says there is no minimum deposit, another says every deposit must be at least $5,000.

Contract risk

Money at risk
7.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
2
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
15
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
7
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 15 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical2
Warning10
Notice3

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

What the documents say

15 clauses worth knowing about, worst first, each quoted from On Shun's own files

01

The disclaimer says On Shun is not responsible for errors, for negligence, or for failing to execute an order. It also rules out any direct, indirect, consequential or incidental loss caused by its online order system. The same page says On Shun handles orders with care, and then removes the consequence of not doing so.

Why this matters

If your closing order never reaches the market and the price runs against you, this wording says the loss is yours. No page On Shun publishes gives you a complaints route, a deadline for a reply, or anyone to escalate to beyond a customer service mailbox.

Exhibit 2CriticalHarder than usual

安信金控不會為錯誤、疏忽及未能執行訂單而負責。
Clause 追訴時效責任 in 免責聲明
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must execute client orders promptly and fairly and cannot contract away the duty of care they owe a retail client. On Shun's disclaimer says it is not responsible for errors, negligence or failure to execute an order.

On Shun is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 1The disclaimer removes the remedy while the agreement that would set out any other remedy is not published.
02

On Shun's risk warning bans its own staff from trading for you and from signing any private agreement or undertaking with you. It then says you bear all the economic and legal responsibility that a private arrangement or authorisation brings. Give anyone your trading password, including an On Shun employee, and the cost is yours.

Why this matters

An account manager who trades your balance away is the loss this wording hands to you. On Shun names the conduct, forbids it, and keeps none of the cost when it happens.

Exhibit 3CriticalRarely seen

本公司員工不允許及不接受任何授權代替客戶操作,也絕不允許私下與客戶簽署任何協定及承諾書。
Clause 5 in 風險提示
Read from the broker's site on Open the reference
Our own capture of osgold85.com, taken on Sep 3, 2026You carry the loss if anyone else trades your account (clause 5)Visit this page on the broker's siteDownload the full size image file

Our readingMost agreements leave a firm answerable for what its own staff do while working for it. This one names the conduct, bans it, and moves the whole economic and legal cost of it onto the client.

  • Worse together with Exhibit 2One clause hands you the loss from anyone else touching the account, the other removes On Shun's liability for what its own system does with it.
03

On Shun's risk warning opens by telling you to read the client agreement and accept every word of it. That agreement is on no page of osgold85.com, in either language. The three legal pages On Shun does publish are a risk warning, a disclaimer and a privacy policy.

Why this matters

You cannot read the contract before you sign it, so you cannot see what it says about fees, refusing a withdrawal, closing your account or complaining. If a dispute starts later, On Shun holds the only copy of the terms you are told you agreed to.

Exhibit 1WarningHarder than usual

客戶必須閱讀及明白客戶協議書內所有內容並同意接受其約束。
Clause 1 in 風險提示
Read from the broker's site on Open the reference
Our own capture of osgold85.com, taken on Sep 3, 2026The client agreement you must accept is not published (clause 1)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the terms of business in a durable form before that client trades. On Shun requires you to accept a client agreement it does not publish.

On Shun is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 13With no agreement published, the only statement of how you get your money out is an FAQ answer On Shun can rewrite at any time.
04

On Shun's trading rules page says there is no minimum deposit when you open an account. Its FAQ says every single funding of an account must be at least $5,000. Both pages are live on osgold85.com today.

Why this matters

You may open the account on the promise of a small first deposit and then find the smallest payment the system takes is $5,000. Nothing On Shun publishes says which page wins.

Exhibit 4WarningHarder than usual$5000

安信在創建新帳戶時對客戶沒有最低存款要求。
Clause 交易細則 in 交易細則
Read from the broker's site on Open the reference

What it costsA client planning a $1,000 trial deposit under the trading rules page has to send five times that to fund the account under the FAQ.

05

You pay in and take out in renminbi, and your account is held in US dollars. On Shun says its system converts the money for you on the way in. No page says what rate it uses, where that rate comes from, or what it charges for the conversion.

Why this matters

You pay a currency spread twice, once going in and once coming out, and you cannot check either one against a market rate. The cost is taken before your first trade and never appears as a fee.

Exhibit 5WarningHarder than usual

交易帳戶注資和提款均使用人民幣,因倫敦金/銀買賣是使用美元計價,線上入金時系統會自動將人民幣兌換成美元存入您的交易帳戶。
Clause 帳戶注資和提款可以使用人民幣嗎? in 常見問題
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must tell a retail client the costs and charges of a service before that client trades, including the cost of converting currency. On Shun names neither a rate nor a source for it.

On Shun is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

On Shun's pages disagree about what it costs to start

On Shun's trading rules page says there is no minimum deposit and its FAQ says every deposit must be at least $5,000. The account is also sold in English while every rule that governs it, including the one that cancels your stop loss each Friday, is published in Traditional Chinese only.

Two answers1 clause flagged

On Shun runs an English landing page selling the account, the platform and the membership. Every rule behind it is in Traditional Chinese only: the trading rules, the FAQ, the risk warning, the disclaimer and the privacy policy. Asking the site for English content returns the same Chinese pages.

Why this matters

If English is the language you were sold in, you cannot read the rule that deletes your stop loss on a Friday or the one that charges you interest both ways. On Shun still treats you as bound by all of it.

Exhibit 14WarningHarder than usual

若客戶帳戶淨值不足,本公司會以收市價為客戶減低持倉量(鎖倉或平倉)直至帳戶淨值有足夠保證金過市,而不作另行通知。
Clause 注意:限價單及跳空安排 in 交易細則
Read from the broker's site on Open the reference
Our own capture of osgold85.com, taken on Sep 3, 2026The claim, on English home page, main bannerVisit this page on the broker's siteDownload the full size image file
Our own capture of osgold85.com, taken on Sep 3, 2026What the contract says, clause 注意:限價單及跳空安排Visit this page on the broker's siteDownload the full size image file

On Shun charges you to hold a position in either direction

London gold costs 2% a year to hold long and 1% to hold short, worked out on the full contract value and charged on weekends too. Deposits and withdrawals move between renminbi and US dollars at a rate On Shun never publishes. No fee schedule exists on the site, so the conversion cost never appears as a charge.

Cost disclosure1 clause flagged

Hold London gold past the daily settlement and On Shun charges you 2% a year on a long position and 1% on a short one. The charge is worked out on the full contract value, not on the margin you put up, and it runs on weekends and public holidays too.

Why this matters

Both sides pay, so there is no direction you can hold for free. On a one lot gold position the nightly charge is more than the spread you paid to open it, and it keeps running while the market is shut.

Exhibit 6WarningHarder than usual2%

買入-2%
Clause 買賣所需利息 in 交易細則
Read from the broker's site on Open the reference

What it costsOne lot of London gold bought at $3,000 an ounce is a $300,000 contract that needs $6,000 of margin. Under On Shun's formula the overnight charge is $16.67 a night, and it is charged for Saturday and Sunday as well.

On Shun's next-day payout promise is an FAQ answer

One working day is what On Shun promises for a withdrawal, with a Friday request named as Monday's payment. That promise appears only in the FAQ, and On Shun's own deposit and withdrawal page is published with a heading and no content. No published document says on what grounds a payment can be held back.

Exit terms1 clause flagged

On Shun says you can ask for your money at any hour and it lands the next working day, with a Friday request arriving on Monday. That promise lives in an FAQ answer. Its own deposit and withdrawal page, at osgold85.com/depositwithdraw.html, carries a heading and nothing under it.

Why this matters

Nothing published binds On Shun to one working day, and nothing published says on what grounds it may hold, delay or refuse a payment. An FAQ can be rewritten between your deposit and your withdrawal.

Exhibit 13WarningHarder than usual1 working days

您可以24小時官網線上提交出金申請,但出金時間為T+1,出金會在下一個工作天到賬(週五申請的出金會於下週一才到賬)
Clause 出金方便嗎? in 常見問題
Read from the broker's site on Archived copyOpen the reference

On Shun can remove your protection and cut your position

All pending orders, including the ones that close a position, are cancelled before every weekend and international holiday. On Shun then reduces or locks a short-funded position at the closing price with no notice, and its system closes everything below 20% margin. In the hour before big data releases, no order may sit closer than $8 an ounce to the price.

Trading limits3 clauses flagged

On Shun cancels all pending orders at the close of the last trading day before a weekend or an international holiday. The rule names closing orders as well as new ones, so the stop loss protecting an open position goes with them. You carry the position into the break with nothing under it.

Why this matters

Gold gaps on Sunday night on news that broke while the market was shut. Your protection was removed on Friday, and putting it back is your job, not On Shun's.

Exhibit 7WarningHarder than usual

週末最後一個交易日或國際假期前最後一個交易日收盤後,所有限價單(包括新單或平倉)自動取消。
Clause 注意:限價單及跳空安排 in 交易細則
Read from the broker's site on Open the reference
  • Worse together with Exhibit 8The stop that would have capped your loss is cancelled on Friday, and the clause that cuts the position on Monday needs no notice to you.

When your equity falls short, On Shun reduces your position at the closing price until enough margin is left to carry the account over, and it says it does this without telling you first. Its system also closes everything automatically once equity falls below 20% of the margin in use.

Why this matters

You can go to bed with a position and wake up with it closed or locked at a price you did not choose. No message is promised before it happens, and no page says how the closing price is set.

Exhibit 8WarningHarder than usual20%

若客戶帳戶淨值不足,本公司會以收市價為客戶減低持倉量(鎖倉或平倉)直至帳戶淨值有足夠保證金過市,而不作另行通知。
Clause 注意:限價單及跳空安排 in 交易細則
Read from the broker's site on Open the reference

For the hour before major data such as US non-farm payrolls, or a Federal Reserve rate decision, On Shun requires every pending order to sit at least $8 an ounce away from the current price. The rule stays until the news is out and the market has settled.

Why this matters

A tight stop is not allowed in the hour it matters most, so the smallest loss you can pre-set on one lot of gold is $800. On Shun decides when the market counts as settled again.

Exhibit 10NoticeHarder than usual$8

每當各大資料(如非農等)或美國議息結果公佈前一小時,掛單與現價最少差距為8美元以上,直至消息公佈完畢,市況轉為穩定為止。
Clause 3 in 交易細則
Read from the broker's site on Open the reference

What it costsOne lot of London gold is 100 ounces, so a stop held $8 an ounce away is $800 of risk you cannot reduce during that hour.

On Shun can pass your file to companies outside the group

The privacy policy lets On Shun share the identity, address, job, asset and income data you gave at account opening with outside service providers and with promotional companies not affiliated with it. It promises notice and enough time to opt out, and never says how long that is.

Data sharing1 clause flagged

The privacy policy lets On Shun share the personal data you gave at account opening with outside service providers and with promotional companies that are not part of On Shun. It promises to tell you before data goes to an unconnected third party and to allow enough time to opt out. It never says how long enough time is.

Why this matters

The file you hand over includes your identity document, your address, your job, your assets and your income. An opt-out window with no length is a window On Shun measures.

Exhibit 11WarningHarder than usual

安信金控提供的一些金融產品和服務,可能需要和第三者服務提供者以及一些不隸屬安信金控的推廣公司共用上述的個人資料,這些包括以合約形式代表安信金控提供服務的公司,例如預備及郵寄月結單的公司,維護及開發資料處理的軟件公司等。
Clause 安全技術 in 隱私政策
Read from the broker's site on Open the reference

On Shun sets the quote it sells as dealing-desk free

On Shun's front page advertises an NDD account with no dealing desk behind it. Its trading rules reserve the right to adjust the spread, the order distance and the lots available at each price, and its risk warning says quotes may run wider than the basic spread. Nothing published says whether On Shun is the other side of your trade.

Price control1 clause flagged

On Shun's home page sells an NDD account, meaning no dealing desk stands between you and the market. Its trading rules keep the right to change the spread, the distance your orders must sit from the price, and how many lots trade at each price. Its risk warning adds that quotes may be wider than the basic spread when the market moves.

Why this matters

The price you trade on is set by On Shun and can be widened when it suits, which is the opposite of the promise on the front page. No page tells you whether On Shun is the other side of your trade, and it publishes no conflict of interest policy.

Exhibit 9WarningHarder than usual

本公司在一般情況下均以基本買賣差價作為交易報價標準。當市場處於波動或受其他因素影響時,交易報價可能會較基本差價為大。
Clause 11 in 風險提示
Read from the broker's site on Open the reference
Our own capture of osgold85.com, taken on Sep 3, 2026The claim, on English home page, under the heading Safe and stableVisit this page on the broker's siteDownload the full size image file
Our own capture of osgold85.com, taken on Sep 3, 2026What the contract says, clause 11Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 10On Shun sets the quote and also sets how far from that quote your protective order is allowed to sit.

On Shun writes itself out of every loss its system causes

On Shun's disclaimer says it is not responsible for errors, for negligence, or for failing to execute an order, and rules out direct, indirect, consequential and incidental loss. Its risk warning puts all economic and legal responsibility on you if anyone else touches your account, including its own staff. No complaints procedure is published, and the only contact given is a customer service mailbox.

No remedy1 clause flagged

The same site runs a shop selling physical gold, up to a 1kg bar at HK$1,230,000, with an add to cart button. On Shun publishes no terms of sale, no delivery terms, no refund policy and no statement of when ownership passes to you.

Why this matters

If the bar is late, wrong or never arrives, nothing On Shun publishes tells you what you can ask for. The disclaimer it does publish points the other way.

Exhibit 15NoticeHarder than usual

HK$1,230,000.00
Quoted in 賀利氏 999.9 金條 1公斤
Read from the broker's site on Open the reference
  • Worse together with Exhibit 2On Shun sells goods with no sale terms while its only published liability wording says it is not responsible.

On Shun asks you to accept a client agreement it does not publish

Three legal pages exist on osgold85.com: a risk warning, a disclaimer and a privacy policy. The first of them tells you to read and accept the client agreement, and that agreement is on no page of the site in either language. On Shun names AA membership of the Hong Kong Gold Exchange and a Hong Kong Customs dealer registration, and says nothing anywhere about where client money is held.

Missing contract1 clause flagged

On Shun names two credentials: AA class member number 85 of the Hong Kong Gold Exchange, and a Class B precious metals and stones dealer registration from Hong Kong Customs. One is exchange membership, the other is a dealer registration. No page it publishes says where client money is held, whether it is kept apart from the company's own funds, or what happens to your balance if the company fails.

Why this matters

You send money to a Hong Kong company that has told you nothing about who holds it. No compensation scheme is named anywhere on the site, so there is no fund to claim from.

Exhibit 12NoticeHarder than usual

安信金控為香港黃金交易所 AA 類成員(編號 85),同時持有香港海關頒發的貴金屬及寶石交易商 B 類註冊牌照(註冊號碼:B-B-23-09-01273),嚴格遵循交易所及香港金融市場的準則,憑藉權威的資質和規範的運營,是投資者首選的可靠平台。
Clause 公司介紹 in 關於安信
Read from the broker's site on Open the reference
Our own capture of osgold85.com, taken on Sep 3, 2026The claim, on English home page, the line under the heading Fund guaranteeVisit this page on the broker's siteDownload the full size image file
Our own capture of osgold85.com, taken on Sep 3, 2026What the contract says, clause 電子下單系統引發風險的披露及免責權Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold retail client money in segregated accounts and tell clients which protection scheme covers them. On Shun's pages describe exchange membership and a dealer registration and say nothing about client money.

On Shun is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

On Shun advertises no minimum deposit on one page and a $5,000 minimum on another.

Said in public, in Chinese

安信在創建新帳戶時對客戶沒有最低存款要求。

Word for word in English: On Shun has no minimum deposit requirement for clients when opening a new account.

Trading rules page, opening paragraph

In the contract · clause 入金限額是多少?

帳戶注資單筆最少5000美金。

02

The advert promises no dealing desk while the rules keep On Shun's right to widen its own quote.

Said in public, in English

NDD trading mode, no background processing

English home page, under the heading Safe and stable

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of osgold85.com

In the contract · clause 11

本公司在一般情況下均以基本買賣差價作為交易報價標準。當市場處於波動或受其他因素影響時,交易報價可能會較基本差價為大。

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of osgold85.com

03

The heading promises a fund guarantee, the line under it covers data rather than money, and the disclaimer accepts no responsibility for loss.

Said in public, in English

Bank-level security system fully protects customer information

English home page, the line under the heading Fund guarantee

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of osgold85.com

In the contract · clause 電子下單系統引發風險的披露及免責權

安信金控不會對任何因透過使用我們的在線電子下單系統,無論是直接的、間接的、相應的或附帶的損失負責。

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of osgold85.com

04

The page that sells the account is in English and the rule that cancels your stop loss is published in Chinese only.

Said in public, in English

Make your investment more stable and reliable

English home page, main banner

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of osgold85.com

In the contract · clause 注意:限價單及跳空安排

週末最後一個交易日或國際假期前最後一個交易日收盤後,所有限價單(包括新單或平倉)自動取消。

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of osgold85.com

The documents this reading is based on

7 files, all published by On Shun. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording On Shun publishes.

How this reading was done

Every clause above was read out of a document On Shun publishes itself

This reading was published on .

Documents
7 of 7downloaded from the broker's site, and 7 read in full
Pages opened
22pages walked to find those documents, footer links included
Marketing pages
3public pages set against what the contract says
Languages
EN vs ZH-HANTthe language it advertises in, against the language it contracts in

Who the contract is with

ON SHUN GOLDEN HOLDINGS LIMITED

You contract with 安信金控有限公司, On Shun Golden Holdings Limited, Hong Kong company number 2640534, at Room 201, 2/F, Empire Centre, 68 Mody Road, Tsim Sha Tsui. Its About page names two credentials: AA class member number 85 of the Hong Kong Gold Exchange, and a Class B precious metals and stones dealer registration issued by Hong Kong Customs. One is exchange membership. The other is a dealer registration. Neither is a licence from a securities or futures regulator, and no page names a compensation scheme or says where client money is held. No second company appears anywhere on the site, so the Hong Kong entity is the one taking your money. For what the credentials themselves are worth, read the scam report.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

The withdrawal promise is plain and quick: submit online at any hour, money the next working day, with a Friday request named as Monday's payment. Most brokers hide that behind a login. The trading rules put the spread, the contract size, the margin rate and the close-out level in one public table. The privacy policy commits On Shun not to give non-public client information to any individual except where the law allows, and it says On Shun will not sell or rent client names.

On Shun publishes three legal pages: a risk warning, a disclaimer and a privacy policy. We read all three from top to bottom. Everything else we quote is an ordinary web page on the same site rather than a contract: the trading rules, the FAQ, the company profile and the online gold shop. We could not find a client agreement anywhere on osgold85.com, in either language, and no earlier copies of any of these pages were available to compare against. On Shun's own deposit and withdrawal page, at osgold85.com/depositwithdraw.html, carries a heading and nothing under it.

How to check any of this yourself

Every quote above links to the On Shun file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document On Shun publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge On Shun on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 3, 2026.

If you represent On Shun and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on On Shun. Whether its licence is real and current is a separate check on the broker profile.