Wikilix
Contract reading

What Goldman Sachs Futures legally published, but does not want you to read

Every clause below is published by Goldman Sachs Futures 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: Goldman Sachs Futures (Shenzhen) Co., Ltd.

stale documentexit frictionin person onlysegregationaccount closurebrand identityclient agreementclient informationcommissioncomplaints

The broker filed here as Qian Kun Futures no longer uses that name. It is now Goldman Sachs Futures (Shenzhen) Co., Ltd., and qkfutures.com redirects to the Goldman Sachs China site. The firm warns that anyone using the QK name is unconnected to Goldman Sachs, yet its own client FAQ still carries it. That same FAQ sets your withdrawal limits and lists trading hours from before night sessions existed.

Back to Goldman Sachs Futures

Contract risk

Harder than average
4.5/10

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.
1
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
13
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
76
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
3

How the 13 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.

Critical1
Warning9
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.

1 of these 4 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical3In the contract. Jump to the clause this comes from.Broker disowns the name its own documents still use80%Withdrawal limit. Jump to the clause this comes from.Withdrawal capped at 80% of your available funds60%Account limit. Jump to the clause this comes from.Firm sets its own margin, notices stopped in 202115 working daysDocument deadline. Jump to the clause this comes from.Fifteen working days to answer a data request

What the documents say

13 clauses worth knowing about, worst first, each quoted from Goldman Sachs Futures's own files

01

You are dealing with Goldman Sachs Futures (Shenzhen), not Qian Kun Futures. The firm warns that any business using one of three names, 乾坤, Qian Kun or QK, is unconnected to Goldman Sachs. Its own client FAQ still uses that name as the company's name.

Why this matters

The firm handed you a test for spotting a fake, then failed it with its own paperwork. Apply the warning to the FAQ and the real document looks like the forgery.

Exhibit 1CriticalRarely seen3New

自2026年3月20日起，高盛及其关联方已不再使用与“乾坤”、“Qian Kun” 、“QK”相关的任何商号；任何使用该等商号的机构或个人均与高盛无关，请留意甄别。
Quoted in 高盛期货 (futures homepage and notices)
Read from the broker's site on Open the reference
Our own capture of goldmansachs.cn, taken on Sep 11, 2026Broker disowns the name its own documents still useVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 3The document carrying the retired name is the same one carrying trading hours that changed years ago, so neither its name nor its content can be trusted as current.
02

You cannot move all of your withdrawable money in one transfer. The client FAQ caps each withdrawal at 80% of what the account can release, and at RMB 1,000,000. Three withdrawals a trading day is the limit.

Why this matters

Emptying the account takes repeated transfers, or a phone call on a day you do not trade at all. Your balance may never drop below RMB 100.

Exhibit 2WarningHarder than usual80%

银期转账当日出金最高限额为300万元，超过此限的须提前半天向期货公司预约。每个交易日最多办理3次出金，单笔提款最高限额为其账户可提资金的80%且金额不得超过100万元。
Clause 三、11 in 常见问题 (client FAQ, customer service centre)
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Each withdrawalCapped at 80% of the funds the account can release.
Each withdrawalHard ceiling of RMB 1,000,000 on one transfer.
Each trading dayThree withdrawals a day at most.
Each trading dayRMB 3,000,000 a day, above which you book half a day ahead.
Account floorThe balance may not fall below RMB 100.
  • Worse together with Exhibit 3The only published source for your withdrawal limits is the same document whose trading hours and product list stopped being true years ago.
  • Worse together with Exhibit 5A floor you cannot transfer out and an in person closing rule together mean the account cannot be ended remotely.
03

The FAQ that sets your withdrawal limits tells you the commodity market closes at 3pm and never mentions night trading. Its stock index hours ended in 2016. Its contract code list names products retired years ago.

Why this matters

You would plan around a market timetable that stopped being true long ago. The same document is the only published source for how much you can take out.

Exhibit 3WarningHarder than usual

大连商品交易所、郑州商品交易所、上海期货交易所交易时间为：上午9:00-10:15，10:30-11:30（有15分钟的非交易时间）下午1:30-3:00。
Clause 二、4 in 常见问题 (client FAQ, customer service centre)
Read from the broker's site on Open the reference
04

The published complaint procedure prints labels for the company complaint line, the fax and the email, then leaves all three empty. The only number filled in belongs to the Shenzhen regulator. Nothing in the six steps promises you a reply by any date.

Why this matters

The document that is supposed to tell you how to complain does not tell you where to send it. The firm's complaint line does appear on its contact page, so look there instead.

Exhibit 4WarningHarder than usual

公司投诉电话：
Quoted in 客户投诉处理流程图 (customer complaint handling flow chart)
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must acknowledge a complaint and give a final answer within a published deadline, and must point the client to an independent scheme. This procedure sets no deadline for replying to the client.

Goldman Sachs Futures is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Step 1The firm publishes a complaint phone, fax and email on its website and at its premises.
Step 2Any employee receiving a complaint reports it to compliance or legal immediately.
Step 3Compliance opens a file and reports it to management.
Step 4Compliance and legal give the relevant departments an opinion on the complaint.
Step 5Compliance coordinates the departments that will speak to you.
Step 6On closing, compliance files the regulatory return and the internal record.
05

You have to appear in person at the office to close your futures account. The firm's own disclosure page says it has no branches at all. Everything must be withdrawn first and the bank transfer agreement cancelled.

Why this matters

Anyone living outside Shenzhen pays for a trip to stop being a client. The published process offers no form, no post and no online route.

Exhibit 5WarningHarder than usual

客户如需注销在我司的期货账户，须亲自到我司办理销户手续。在我公司办理销户手续之前，客户须将本人期货账户的资金全额出金，并注销银期转账协议。
Clause 二、20 in 常见问题 (client FAQ, customer service centre)
Read from the broker's site on Open the reference
  • Worse together with Exhibit 6A trip you must make in person is worth less when the firm publishes three different addresses for the office you have to reach.

The firm warns you against a name its own documents still carry

Goldman Sachs Futures warns that any business using the Qian Kun or QK name is unconnected to Goldman Sachs. Its own client FAQ uses that name throughout, lists trading hours from before night sessions existed, and gives a different head office address from the contact block. The same FAQ tells you your margin carries no risk whatsoever.

Brand and identity2 clauses flagged

The office you must visit has three published addresses. The contact block gives Kerry Plaza Tower 3. One client FAQ sends you to Kerry Plaza Tower 1. The other sends you to the Investment Building in Futian.

Why this matters

You need the right address to close an account or reset a password in person. Two of the three will waste your journey.

Exhibit 6WarningRarely seen

深圳市福田区福田街道福安社区中心四路1-1号 嘉里建设广场第三座T3座 3302,3303A
Quoted in 高盛期货 (futures homepage and notices)
Read from the broker's site on Open the reference
Our own capture of goldmansachs.cn, taken on Sep 11, 2026The claim, on Contact us block on the futures homepageVisit this page on the broker's siteDownload the full size image file

Asked whether client margin is safe, the FAQ answers that funds are safe with no risk whatsoever. The firm's own homepage tells investors to raise their risk awareness and keep enough margin in reserve.

Why this matters

The sentence carries no limit, so it reads as a promise about your whole account. The firm's other pages withdraw exactly that promise.

Exhibit 10WarningRarely seen

期货资金存管于指定的期货保证金存管银行及保证金专用账户。
Clause 一、5 in 常见问题 (client FAQ, customer service centre)
Read from the broker's site on Open the reference
  • Limited by Exhibit 13Client margin genuinely does sit in monitored accounts you can check yourself, which is the grain of truth the sentence overstates.

No page on the site says what trading costs you

Goldman Sachs Futures publishes no commission rate anywhere on its site. The settlement formulas in its client FAQ subtract a fee from your balance every day, and no page states what that fee is. The only charge the FAQ mentions is bank transfer, which it says four named banks do not charge for now.

Cost disclosure1 clause flagged

You cannot find out what Goldman Sachs Futures charges before you open an account. The settlement formulas in its FAQ subtract a fee from your balance daily, and no page states the rate. The only charge the FAQ mentions is bank transfer, free for now at four named banks.

Why this matters

Commission comes out of your balance on every trade you make. You learn the rate after you have signed.

Exhibit 8WarningHarder than usual

当日结存（逐日盯市）＝上日结存（逐日盯市）
Clause 六、2 in 常见问题 (client FAQ, customer service centre)
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the costs and charges of a trade before it happens. No rate appears on any published page here.

Goldman Sachs Futures is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 7No published rate and no published contract together mean the cost of trading is unknowable until you are at the counter.

You sign unpublished documents in person and close the same way

Closing a Goldman Sachs Futures account means attending the office in person, and the firm's own disclosure page says it has no branches. The documents you sign at that counter, the futures brokerage contract, the risk disclosure statement and the client notice, are published nowhere. The firm also sets its own margin rate, which its notices show reaching 60%.

Opening and closing2 clauses flagged

You sign the futures brokerage contract, the risk disclosure statement and the client notice at the counter. None of them appears anywhere on the site. The FAQ names them and stops there.

Why this matters

You cannot read the agreement that governs your money before the day you sign it. No summary of its terms is published either.

Exhibit 7WarningStandard wording

客户签署《期货交易风险说明书》和《客户须知》，开立股指账户还需签署《股指期货交易特别风险揭示》。
Clause 一、3 in 常见问题 (client FAQ, customer service centre)
Read from the broker's site on Open the reference

Goldman Sachs Futures sets its own margin rate above the exchange minimum. Its published notices show that rate reaching 60% on some contracts. The last notice on that page is dated September 2021.

Why this matters

A margin rise means posting more money or watching positions close. The page meant to warn you has said nothing for five years.

Exhibit 9WarningStandard wording60%

合约：今日
Quoted in 交易提示 (trading notices)
Downloaded from the broker's site on Open the reference

Email and browsing can be monitored, kept and sent abroad

Goldman Sachs Futures reserves the right to intercept, monitor and retain email reaching or leaving its systems. The group privacy policy allows your personal information to travel to Goldman Sachs headquarters in the United States. A request about what the firm holds on you is answered within 15 working days of an identity check.

Your data2 clauses flagged

Goldman Sachs Futures reserves the right to intercept, monitor and retain email reaching or leaving its systems. The group's website terms add that it may monitor your browsing and use what it learns for its own business.

Why this matters

Anything you send the firm by email can be read and stored. Its disclaimer suggests you pick another channel if that troubles you.

Exhibit 11NoticeStandard wording

保留对
Clause 关于邮件使用条款 in 免责声明 (disclaimer)
Downloaded from the broker's site on Open the reference

Goldman Sachs China answers a request about your personal information within 15 working days of confirming who you are. It can charge for requests it treats as repeated, and refuse ones it calls impractical.

Why this matters

Asking what the firm holds on you starts a clock that runs from the identity check, not from the day you asked.

Exhibit 12NoticeStandard wording15 working days

我们将尽快处理您的合理请求，并在验证您的身份后的15个工作日内予以回复。
Clause 六、8 in 隐私政策
Read from the broker's site on Open the reference

A Goldman Sachs subsidiary with margin you can verify yourself

Goldman Sachs Futures (Shenzhen) Co., Ltd. holds your account, and Goldman Sachs (China) Securities owns all of it. It is a member of all five mainland futures exchanges, with CFFEX membership number 0308. Client margin is kept apart from the firm's own money and can be checked by you at the futures margin monitoring centre.

Who holds your money1 clause flagged

Goldman Sachs Futures (Shenzhen) Co., Ltd. holds your account, and Goldman Sachs (China) Securities owns all of it. Client margin sits in dedicated accounts, separate from the firm's own money, under the futures margin monitoring centre.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

You can confirm your own balance with a body that is not the broker. That is the strongest protection in this document set.

Exhibit 13NoticeStandard wording

中国金融期货交易所交易和结算会员，会员号：0308
Quoted in 公司简介 (company profile)
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must keep retail client money separate from their own. This firm says it does the same, and adds verification by an outside monitoring centre that clients can query directly.

Goldman Sachs Futures 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

The firm tells the public that the Qian Kun name marks an impostor, while its own live client FAQ uses that name as the company's name.

Said in public, in Chinese

自2026年3月20日起，高盛及其关联方已不再使用与“乾坤”、“Qian Kun” 、“QK”相关的任何商号；任何使用该等商号的机构或个人均与高盛无关，请留意甄别。

Word for word in English: From 20 March 2026, Goldman Sachs and its affiliates no longer use any trade name related to 乾坤, Qian Kun or QK. Any institution or individual using such trade names has no connection with Goldman Sachs. Please take care to tell them apart.

Notice at the top of the futures homepage

In the contract · clause 一、6

乾坤期货当前可交易哪些品种？

02

The address you must attend in person to close an account differs between the contact block and the client FAQ.

Said in public, in Chinese

深圳市福田区福田街道福安社区中心四路1-1号 嘉里建设广场第三座T3座 3302,3303A

Word for word in English: Rooms 3302 and 3303A, Tower T3, Kerry Plaza, No. 1-1 Zhongxin Fourth Road, Fu'an Community, Futian Street, Futian District, Shenzhen.

Contact us block on the futures homepage

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

In the contract · clause 一、2

深圳市福田区中心四路1号嘉里建设广场第一座第十六层02B,03A2 室

03

One document tells you your funds carry no risk at all, while the homepage tells you to raise your risk awareness and reserve more margin.

Said in public, in Chinese

资金安全，无任何风险。

Word for word in English: Funds are safe, with no risk whatsoever.

Answer to question 5 in the account opening section of the client FAQ

In the contract

“尊敬的投资者，近期国际形势复杂多变，影响市场运行的不确定难预料因素增多，价格波动较大。请提高风险防范意识，合理控制仓位，预留充足保证金，理性投资，合规交易。”

What changed quietly

First reading of this broker, so there is nothing to compare it against.

  • REWRITTENClause

    The company that signs the disclaimer changed its name from Qian Kun Futures Co., Ltd. to Goldman Sachs Futures (Shenzhen) Co., Ltd.

    高盛期货（深圳）有限公司

The documents this reading is based on

76 files, all published by Goldman Sachs Futures. 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 Goldman Sachs Futures publishes.

How this reading was done

Every clause above was read out of a document Goldman Sachs Futures publishes itself

This reading was published on .

Documents
5 of 76downloaded from the broker's site, and 5 read in full
Pages opened
46pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
2public pages set against what the contract says

Who the contract is with

Goldman Sachs Futures (Shenzhen) Co., Ltd.

Goldman Sachs Futures (Shenzhen) Co., Ltd. holds your futures account. Its own company profile gives that English name beside the Chinese 高盛期货（深圳）有限公司. The company was called 乾坤期货有限公司, Qian Kun Futures, until March 2026. Goldman Sachs (China) Securities Company Limited owns all of it, and the Goldman Sachs Group is the controlling party. It is a member of all five mainland futures exchanges, and its CFFEX trading and clearing membership number is 0308. Its disclosure page states it has no branches.

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 information disclosure page is fuller than most brokers manage. Goldman Sachs Futures publishes its business licence, its futures business permit, its margin account list, its directors, its shareholders, its staff register and its subordinated debt in one place. Client margin sits in dedicated accounts under the futures margin monitoring centre, and the company profile tells you that you can check your own balance there yourself. The rename and the warning about the old brand sit at the top of the futures homepage rather than in a footer.

Most of the files on this shelf are reprints of government and industry investor education material, not the firm's own terms. We did not read those. We read the firm's own documents: the disclaimer, both client FAQs, the complaint flow chart, the trading notices, the privacy policy, the website terms, the company profile and the information disclosure page. The fund safety bulletin would not open, so nothing here rests on it. The futures brokerage contract, the risk disclosure statement and the client notice are published nowhere on the site, so we could not read what you sign. We read the one earlier copy of the disclaimer that exists, from October 2025. No earlier copy of either FAQ or of the complaint document is available, so we cannot say when they last changed.

How to check any of this yourself

Every quote above links to the Goldman Sachs Futures 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 Goldman Sachs Futures 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 Goldman Sachs Futures 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 11, 2026.

If you represent Goldman Sachs Futures 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 Goldman Sachs Futures. Whether its licence is real and current is a separate check on the broker profile.

What traders say about Goldman Sachs Futures

Comments on Goldman Sachs Futures are posted on its profile

Nobody has commented on Goldman Sachs Futures yet. If you have traded with them, your experience helps the next reader decide.

Write the first comment
Back to the Goldman Sachs Futures profile