RONG HUI foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website http://www.ronghui.club/en, about the company's legal and temporary regulatory information, the company's address 4D SALISBURY ROAD, WESTON-SUPER-MARE, UNITED KINGDOM, BS22 8EW.
RONG HUI Forex Broker
Basic Information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Rong Hui Forex Broker - Complete Information Guide
Overview of the Broker
Rong Hui, also known as Rong Hui Group Co., Ltd., is an unregulated forex broker that has emerged in the trading market. Established in an unspecified year, the company claims to have its headquarters in the United Kingdom. However, the validity of this claim is questionable due to the lack of credible information available. The broker operates privately, which raises concerns about its transparency and accountability.
Rong Hui primarily targets retail forex traders and claims to provide a range of services, including forex trading, commodities, and indices. Despite its assertions of being a leading independent forex broker, many reports indicate that it lacks the necessary regulatory oversight, which is crucial for ensuring the safety of client funds and fair trading practices.
The broker's development history is marked by ambiguity, as there are no significant milestones or achievements documented in credible sources. The business model appears to focus on retail forex trading, but the absence of proper licensing and regulatory framework suggests that it may not be a legitimate financial services provider.
Regulation and Compliance Information
Rong Hui operates without any regulatory oversight, which poses significant risks for investors. The primary regulatory bodies that oversee forex brokers include the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, and the Australian Securities and Investments Commission (ASIC). However, Rong Hui is not registered with any of these authorities, which means it does not have a valid regulatory number or license.
The lack of regulation implies that clients of Rong Hui are not protected under any investor compensation schemes, and there are no policies in place for the segregation of client funds. This absence of regulatory compliance raises red flags, as legitimate brokers typically adhere to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols to ensure the safety and security of their clients.
Furthermore, the broker does not provide access to any legal documentation or terms and conditions, making it difficult for potential clients to understand the risks associated with trading with Rong Hui. The absence of such essential information is a strong indicator of the broker's unreliability.
Trading Products and Services
Rong Hui claims to offer a variety of trading products, including forex currency pairs, commodities, indices, and possibly cryptocurrencies. However, the exact number of forex pairs available and the specific conditions for trading these products are not clearly outlined on their website.
In terms of Contract for Difference (CFD) products, the broker reportedly offers trading in indices, commodities, and precious metals. Nevertheless, there is a lack of comprehensive information regarding the terms of trade, which is a standard practice among legitimate brokers. This lack of transparency raises concerns about the authenticity of the trading products offered by Rong Hui.
Retail trading services are emphasized, but the absence of detailed information about account types and trading conditions further complicates the assessment of the broker's offerings. There are no indications that Rong Hui provides institutional client services or any white-label solutions, which are typically offered by established brokers.
Trading Platforms and Technology
Rong Hui claims to support the widely used MetaTrader 5 (MT5) trading platform. However, users have reported difficulties in accessing the platform, with non-functional download links and issues with account registration. This raises doubts about the broker's technical capabilities and the reliability of its trading infrastructure.
While Rong Hui promotes the MT5 platform, it does not offer any proprietary trading solutions or web-based platforms that are commonly found among reputable brokers. Additionally, there is no mention of mobile application support for iOS or Android devices, which is a significant drawback in today's trading environment where mobile access is crucial.
The execution model employed by Rong Hui remains unclear, with no information available on whether it operates as an ECN (Electronic Communication Network), STP (Straight Through Processing), or Market Maker. This lack of clarity further complicates the assessment of the broker's trading environment.
Account Types and Trading Conditions
Rong Hui requires a minimum deposit of $1,000 to open an account, which is significantly higher than many reputable brokers that offer accounts starting from as low as $5. The trading conditions, including spreads and commissions, are not adequately disclosed on their website, making it challenging for potential clients to evaluate the cost of trading with this broker.
There is no detailed information regarding the types of accounts available, such as standard accounts, VIP accounts, or Islamic accounts. Furthermore, the absence of a demo account option limits the ability for new traders to practice before committing real funds.
Leverage offered by Rong Hui is advertised at a high ratio of 1:400, which is considerably above the limits set by many regulatory authorities. This high leverage can lead to significant risks, especially for inexperienced traders who may not fully understand the implications of leveraged trading.
Fund Management
Rong Hui's website lacks transparency regarding the deposit and withdrawal methods available to clients. While it is mentioned that some payment methods may include bank transfers and credit/debit cards, the specifics are not provided. This lack of clarity is concerning, particularly in an industry where secure and reliable payment options are essential.
The minimum deposit requirement of $1,000 is a significant barrier for many potential clients, especially when compared to other brokers that offer lower entry points. Additionally, the processing times for deposits and withdrawals are not specified, leaving clients in the dark about how quickly they can access their funds.
There is no information available regarding any fees associated with deposits or withdrawals, which could lead to unexpected costs for clients. Furthermore, the absence of clear withdrawal policies raises concerns about potential difficulties in accessing funds after trading.
Customer Support and Educational Resources
Rong Hui claims to offer customer support through various channels, including email and possibly live chat. However, the lack of direct contact methods such as phone support or social media engagement limits the accessibility of assistance for clients facing issues.
The service hours and time zone coverage are not explicitly stated, which could pose challenges for clients in different regions seeking help. Additionally, the broker's website does not provide information on multilingual support, which is essential for catering to a diverse client base.
In terms of educational resources, there is little to no information available about the types of training or resources offered to clients. This absence of educational materials, such as webinars, tutorials, or market analysis, is a significant drawback, especially for novice traders seeking to enhance their trading skills.
Regional Coverage and Restrictions
Rong Hui's primary service markets are not clearly defined, leading to uncertainty about where the broker operates. The absence of information regarding regional offices or local support further complicates the understanding of the broker's market presence.
Moreover, it is crucial to note that Rong Hui does not accept clients from certain countries, although specific restrictions are not detailed on their website. This lack of transparency could lead to potential legal issues for clients who may inadvertently register with the broker from restricted regions.
In conclusion, while Rong Hui presents itself as a forex broker offering various trading services, the lack of regulation, transparency, and comprehensive information raises significant concerns. Potential clients should exercise caution and consider seeking out more reputable and regulated alternatives in the market. The risks associated with trading with an unregulated broker like Rong Hui can outweigh the potential benefits, making it imperative to conduct thorough research before engaging with such platforms.
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Latest Reviews
左撇子3643
Taiwan
I met a woman on Clubhouse, and during the chat, I mentioned information such as the profit of the foreign exchange platform from time to time. He said he works at Zhongzhi Capital International in Hong Kong. When I asked him about proper terms related to the foreign exchange market, he could also answer. I thought I had met a professional investor. Later, I made a deposit of 20,000 US dollars, and after a month of operation, I really doubled my profit, and I was very happy. However, when the amount needs to be settled after a month, and when you want to withdraw money, it is said that you need to pay another 15% of the profit, and it cannot be directly deducted from the account. That's when I knew I had been scammed. The person who cheated me has been trying to convince me to give the money to the platform. I asked him if he could prove that he worked at Zhongzhi Capital International, and he disappeared. ! ! Normal and legal platforms will never pay fees when withdrawing funds! ! This is a black platform, don't be fooled! The information of this platform on MT5 is also fake, the address is checked with google maps, it is a suite in a residential area. Phone in Middle East countries. Totally unbelievable! Don't be fooled!
Exposure
2022-11-10
Sunny77
Singapore
The recommender said that his current foreign exchange is a difficult opportunity. He knows that I lost a lot of money in the past, and he wants to help me with financial planning and slowly make some money back. At that time, he said that although the minimum threshold is 10,000 US dollars, I can make an appointment with an amount of 10,000 US dollars first, and then deposit in installments, so I will deposit 1,000 US dollars first. Later, because I saw the reports on the Internet, it was exactly the same as what he said to me, so I determined that he was a fraud group, and the official website often failed to log in, but it was too late, and I had already invested $1,000. I just hope that I can get the money back if I have a chance, and I hope that no more innocent people will be deceived.
Exposure
2022-09-19
被骗007
Malaysia
at first need to pay commission , 2nd is tax . still cannot withdraw money
Positive
2023-01-31