LTG GoldRock Forex Broker
Basic Information
Australia
Above 20 years Regulated in Australia Straight Through Processing (STP) MT4 Full License Regional BrokersCompany profile
Rating Index
LTG GoldRock Forex Broker - Comprehensive Information Guide
1. Overview of the Broker
LTG GoldRock, officially known as LTG Gold Rock Pty Ltd, was established in 2009 and is headquartered in Maroochydore, Queensland, Australia. This broker operated as a private entity, focusing primarily on providing trading services and educational resources to its clients.
Throughout its operational history, LTG GoldRock aimed to cater to a diverse clientele, including retail investors and aspiring traders looking to enhance their financial skills. The company was known for offering various trading products, including Forex, CFDs, and educational materials designed to empower traders with knowledge and tools for successful trading.
LTG GoldRock's business model revolved around retail Forex trading, providing clients with access to foreign exchange markets and educational resources. The company emphasized a commitment to trader education, offering live trading sessions and market analysis to support its clients in making informed trading decisions.
However, the broker's reputation has been marred by numerous complaints and concerns regarding its operations, culminating in its eventual liquidation in March 2022. This significant milestone marked a downturn in the company's trajectory, leading to a loss of trust among its clientele.
2. Regulatory and Compliance Information
LTG GoldRock claimed to be regulated by the Australian Securities and Investments Commission (ASIC), with a license number of 286510. However, concerns regarding the legitimacy of this regulation arose, particularly after the company's liquidation.
The broker's regulatory status was ambiguous, as it operated without the necessary oversight from recognized regulatory bodies, raising significant doubts about the safety of client funds. The absence of a credible regulatory framework left investors vulnerable to potential scams and financial losses.
In terms of client fund protection, LTG GoldRock did not provide clear information regarding the segregation of client funds or participation in investor compensation schemes. Furthermore, the broker's adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations was not adequately documented, further contributing to the skepticism surrounding its operations.
3. Trading Products and Services
LTG GoldRock offered a variety of trading products, primarily focusing on Forex currency pairs. The broker provided access to numerous major, minor, and exotic currency pairs, allowing traders to engage in diverse trading strategies.
In addition to Forex, LTG GoldRock facilitated trading in Contracts for Difference (CFDs) across various asset classes, including indices, commodities, stocks, and cryptocurrencies. However, the specifics regarding the number of available CFDs and the frequency of product updates were not transparently communicated to clients.
The broker's retail trading services were designed to cater to individual traders, while institutional services and white-label solutions were not prominently featured in their offerings. The lack of detailed information regarding asset management services also raised concerns among potential investors.
4. Trading Platforms and Technology
LTG GoldRock provided its clients with a proprietary trading platform, which was designed to be user-friendly and accessible on both desktop and mobile devices. Unfortunately, the platform did not support popular trading software such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which are widely preferred by traders for their advanced features and functionalities.
The broker's execution model was primarily based on Straight Through Processing (STP), which aimed to provide clients with direct access to the interbank market. However, there were reports of technical issues and inefficiencies in trade execution, which led to dissatisfaction among users.
Regarding the technological infrastructure, LTG GoldRock did not provide detailed information about its server locations or the robustness of its technological framework, leaving potential clients uncertain about the reliability of the trading environment.
5. Account Types and Trading Conditions
LTG GoldRock offered various account types tailored to meet the needs of different traders. The standard account typically required a minimum deposit, with specific details about spreads and commissions not clearly outlined on the broker's website.
For more experienced traders, LTG GoldRock provided advanced account options, including VIP or professional accounts, although the features and benefits of these accounts were not comprehensively detailed.
The broker also claimed to offer special accounts, such as Islamic accounts for traders adhering to Sharia law, but there was limited information available regarding the specifics of these account types.
Leverage ratios varied across different products, with high leverage options available to traders. However, this presented a risk for inexperienced traders who may not fully understand the implications of high leverage on their trading capital.
6. Fund Management
LTG GoldRock supported various deposit methods, including bank transfers, credit cards, and electronic wallets. The minimum deposit requirements varied depending on the account type, but specific figures were not consistently communicated.
Deposit processing times were reported to be relatively swift, although some users experienced delays. Additionally, the broker's fee structure for deposits was not clearly articulated, leading to confusion among clients regarding potential costs associated with funding their accounts.
Withdrawal methods were also available, but numerous complaints indicated that clients faced challenges when attempting to access their funds. Reports of delayed withdrawals and unclear withdrawal policies further contributed to the negative perception surrounding LTG GoldRock.
7. Customer Support and Educational Resources
LTG GoldRock offered several customer support channels, including phone, email, and online chat. However, the effectiveness of their customer service was frequently criticized, with many users reporting unresponsive support and difficulties in resolving issues.
The broker claimed to provide educational resources, including webinars, tutorials, and eBooks, aimed at enhancing traders' knowledge and skills. Market analysis services were also offered, with daily updates and research reports intended to keep clients informed about market trends.
Despite these offerings, the quality and accessibility of educational materials were questioned, as many users felt that the support provided did not meet their expectations.
8. Regional Coverage and Restrictions
LTG GoldRock primarily served clients in Australia, with a significant portion of its user base located in the United States, Turkey, Japan, and Canada. However, the broker imposed restrictions on clients from certain countries, including the United States, Canada, Israel, and Iran, preventing them from opening accounts.
The company's regional offices were concentrated in Australia, and specific details regarding international operations were not clearly outlined. This lack of transparency regarding regional coverage and restrictions raised concerns for potential investors seeking to engage with the broker.
In conclusion, LTG GoldRock's operational history has been marked by significant challenges, leading to its eventual liquidation. The absence of regulatory oversight, coupled with numerous complaints from clients, has cast a shadow over the broker's credibility in the financial industry. As a result, potential investors are advised to exercise caution and conduct thorough research before engaging with any trading platform.
The information presented in this guide aims to provide a comprehensive overview of LTG GoldRock and its services, but prospective clients should remain vigilant and informed about the risks associated with trading through unregulated entities.
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Latest Reviews
uhwh
Pakistan
Old trading platform is easy to operate, the new platform has more features which I don't really need. Staff are usually friendly and helpful.
37130
2024-05-17
y8250
Malaysia
If the credit score is lower than 100, I can’t withdraw. If the deposit is less than 200 usdt, the platform will deduct 5 points from me. I made two deposits and the platform will deduct 10 points. I asked the customer service why the credit score was deducted and the deposit was less than 200 usdt. The first time I asked him how to add it back, he said deposit 120 I can withdraw normally. I only add 5 points after I entered. I was looking for him, and he told me that this was because he applied for it. So I added 5 points, and if I want to add 200, I will add 5 points after a few days. I didn’t make a deposit and it was a new month. I logged in and found that the platform deducted another point. I asked the customer service why he deducted my credit points. He told me that the credit points were low because of the platform’s monthly self-inspection. 1-10 points will be deducted if it is less than 100. I asked him how to add it back and he told me that now you apply for a deposit of 200 and it will return to 100 credit points for normal withdrawals. I made a deposit and my deposit exceeded 200. He told me that the platform froze me fund, and the reason was that the platform required me to deposit 200 yuan. When I deposited 200 yuan at a time, he told me that the platform would charge 25% of the handling fee, which was 100+. It was frozen so it couldn't be automatically deducted. I had to deduct 25% of the handling fee from the total amount earned in my account. I gave it, and the customer service told me that the system showed that my funds have not been transferred to my accoun. From the beginning to the end, I kept asking the customer service, how much he kept telling me the same amount. I kept asking him if there were other ways besides depositing money, and he kept telling me that the system stipulated that we couldn't change it. From the beginning to the end, he tricked me into depositing money. He didn't tell me that when I used this platform at the beginning, and 5 credit points would be deducted if the deposit was less than 200.
Exposure
2023-06-09
Raphaël Durand
France
So, LTG GoldRock staff tried to give me some investing tips.However, honestly, their advice just didn't work on me. In the end, I decided to move on and find a brokerage that better matched my investing style.
37130
2024-06-28