Royal Tungsten foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.royaltgs.com/en, about the company's legal and temporary regulatory information, the company's address 118, Russell St Melbourne, VIC 3000, Australia..
Royal Tungsten, operating under the name Royal Tungsten Limited, was established in 2022. The broker claims to be headquartered at 118 Russell St, Melbourne, VIC 3000, Australia. It is a privately held company that offers trading services primarily in the forex market, attracting a diverse clientele that includes both retail and institutional traders.
The company has positioned itself within the vast financial sector, claiming to provide access to a wide array of financial instruments, including forex, CFDs, ETFs, commodities, indices, and stocks. However, it is crucial to note that Royal Tungsten lacks proper regulatory oversight. This absence of regulation raises significant concerns regarding the safety and security of investors' funds.
Despite its relatively recent inception, Royal Tungsten aims to establish a foothold in the competitive forex trading landscape, but its legitimacy has been called into question due to numerous complaints and negative reviews from users. The business model appears to focus on retail forex trading, but it has not provided adequate transparency regarding its operations or regulatory compliance.
Royal Tungsten claims to have been authorized and regulated by the Australian Securities and Investments Commission (ASIC), with an ASIC registration number of 001296969. However, investigations reveal that this license was revoked as of October 1, 2022, indicating that the broker is currently unregulated and operates without any form of legal oversight.
The lack of regulation poses a significant risk to investors, as there are no protective measures in place to safeguard their funds. Furthermore, Royal Tungsten does not participate in any investor compensation schemes, which means that clients would have no recourse in the event of a financial dispute.
To compound the issues, the broker has not demonstrated compliance with essential Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, further compromising the safety of client investments. Without these fundamental protections, clients are left vulnerable to potential fraud and mismanagement.
Royal Tungsten offers a wide range of trading products, primarily focusing on the forex market. The broker claims to provide access to various currency pairs, including major, minor, and exotic currencies. Additionally, it offers Contracts for Difference (CFDs) across several asset classes:
Royal Tungsten appears to update its product offerings regularly, although specific details regarding the frequency of updates or the addition of new products have not been disclosed. The broker's focus seems to be on retail trading services, with limited information available on institutional client services or white label solutions.
Royal Tungsten claims to support both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are widely recognized trading platforms in the forex industry. These platforms are known for their robust features, including automated trading capabilities, real-time market analysis, and customizable charting tools.
While the availability of these platforms is a positive aspect, the lack of a proprietary trading platform or detailed information about their execution model (whether ECN, STP, or Market Making) raises concerns. Furthermore, there is no mention of server locations or the technological infrastructure that supports trading activities.
Mobile trading applications for iOS and Android are also mentioned, but specific details about their functionality and performance are lacking. Additionally, Royal Tungsten does not provide clear information regarding API access or support for automated trading strategies.
Royal Tungsten offers a minimum deposit requirement of $100 to open an account. However, the specific conditions regarding spreads, commissions, and leverage are not clearly defined. The broker has advertised maximum leverage ratios of up to 1:500, which is significantly higher than those permitted by regulated brokers in major jurisdictions.
The broker appears to provide limited account types, with mentions of a zero spread account and a copy trading account, but further details are scarce. Information about special accounts, such as Islamic accounts or corporate accounts, has not been disclosed.
The broker does offer a demo account, which is typically considered a standard feature among reputable brokers, allowing prospective clients to practice trading without risk. Nightly fees and other trading conditions have not been adequately detailed, leaving potential clients with many unanswered questions.
Royal Tungsten supports various deposit methods, including bank transfers, credit cards, and electronic wallets such as Neteller and Skrill. The minimum deposit requirement across different account types is $100. The broker claims that deposits are processed without fees, although the accuracy of this statement remains unverified.
Withdrawal methods are also available, but clients have reported significant difficulties in accessing their funds. Complaints indicate that the broker often imposes additional fees or conditions before processing withdrawal requests, which can lead to long delays and frustrations.
Withdrawal processing times are claimed to be between 1 to 3 hours, but anecdotal evidence suggests that clients frequently experience much longer wait times. This raises serious concerns about the broker's reliability and transparency regarding fund management.
Royal Tungsten offers customer support primarily through email, with limited information available regarding phone support or live chat options. The operating hours are stated to be Monday to Friday, from 8:30 AM to 5:00 PM, although specific time zone coverage has not been clarified.
The broker claims to provide educational resources, including market analysis and trading tools, but detailed descriptions of these resources are lacking. There is no mention of webinars, tutorials, or other educational materials that are often provided by reputable brokers to help traders improve their skills.
Royal Tungsten claims to serve a global clientele, but specific details regarding its primary markets and regional offices are not readily available. Additionally, the broker does not accept clients from certain jurisdictions, but the specifics of these restrictions have not been disclosed.
The absence of clear information regarding operational regions and client restrictions further complicates the broker's transparency and raises additional concerns about its legitimacy and compliance with international trading regulations.
In conclusion, potential investors should exercise extreme caution when considering the royal tungsten broker. The lack of regulation, numerous complaints, and unclear operational practices suggest significant risks associated with trading through this platform. Always ensure thorough research and due diligence before engaging with any broker, especially those lacking proper regulatory oversight.
FX4017921993
France
I started to recharge and trade on this platform. After making a profit, I always wanted to withdraw some funds. The system began to display maintenance. Later, the platform said that my account was abnormal and needed to be reviewed, and kept refusing to withdraw funds. After the review, the account was frozen.
Exposure
2023-06-06
梓枫299
France
I have been conducting normal recharge transactions and wanted to withdraw some funds. Initially, it was system maintenance, which lasted for two weeks. Later, the withdrawal was rejected. The platform now says that my account has been reviewed for anomalies for four weeks, and then notifies me that the account has been frozen, requiring me to verify 40% of the recharge transaction amount. I feel cheated.
Exposure
2023-06-06
FX244677432
United Kingdom
this platform uses encrypted excuses to cheat everywhere, I lost 33000 usd on it. I need to pay taxes for the withdrawal. I think it is an excuse for the black platform to cheat me.
Exposure
2023-06-07