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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 Forex Broker

Basic Information

Registered Region
Australia
Operating Period
--
Company Name
Royal Tungsten Limited
Abbreviation
Royal Tungsten
Company employee
--
Customer Service Email Address
sales@royaltgs.com
Company address
118, Russell St Melbourne, VIC 3000, Australia.
Keywords
2-5 years
Suspicious Regulatory License
Suspicious Scope of Business
Australia Appointed Representative(AR) Revoked
High potential risk

Company profile

Basic Information Registered Countries Australia Regulation No License Company Name Royal Tungsten Limited Minimum Deposit N/A Maximum Leverage 1:500 Minimum Spread From 0.0 pips Trading Platform MT5 Trading Assets Forex, Commodities, Indices, Metals, Energies, CFD Stocks, ETF, Cryptocurrencies, Bonds Payment Methods N/A Customer Support Email Phone, Online Chat Support General Information Royal Tungsten is a forex broker registered in Australia, providing access to a massive financial market, such as Forex, Commodities, Indices, Metals, Energies, CFD Stocks, ETF, and more. With the Royal Tungsten platform, three trading accounts are available, with the lowest required opening deposit being just $1, and traders can employ a maximum leverage of 1:500 on their positions. However, when it comes to regulatory information, Royal Tungsten disappoints us as it is not authorized or regulated by any regulatory authority. Thats why WikiFX gives it a relatively low score of 1.11/10. Market Instruments Royal Tungsten provide access to a wide selection of trading assets, including Forex, Commodities, Indices, Metals, Energies, CFD Stocks, ETF, Cryptocurrencies, Bonds, all available through this brokerage platform. Spreads & Commissions Royal Tungsten says it offers spreads from 0.0 pips, with low commissions charged. Leverage Royal Tungsten does not elaborate the minimum leverage. Since leverage can amplify both gains and losses, it can result in devastating losses for investors who lack experience. If you're just starting out in the trading world, it's best to stick with the lower size, no more than a 1:10. Trading Platform The MT5 trading platform, widely regarded as the best in the business, is available through Royal Tungsten, which can be accessed on Windows, MacOS, IOS, Android. Payment Methods The minimum deposit to get started with Royal Tungsten is $100 and deposits and withdrawals can be made through several payment options, including VISA, MASTERCARD, Neteller, Skrill, Wire Transfer, USDT. Royal Tungsten promises that no fees or commission charged by them, and it takes only 1-3 hours to approve the withdrawal request, up to one hour to transfer the funds. Educational Resources Some educational resources are provided, including Economic Calendar, Forex News and Holiday Calendar. Customer Support Disappointingly, either phone support or online chat is provided. Clients who have any inquiries or trading-related issues can only get in touch with this broker through the following contact channels: Email: cs@royaltgs.com Company Address: 118, Russell St Melbourne, VIC 3000, Australia Opening Hours: Monday-Friday 8:30 am to 5:00 pm, Saturday: 9:30 am to 1:00 pm. Risk Warning Trading leveraged products such as forex, cryptocurrencies and derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that your fully understand the risks involved, taking into account your investments objectives and level of experience. The information presented in this article is intended solely for reference purposes. Pros & Cons Pros Cons MT5 trading platform No regulation Online support available Limited trading assets High leverage up to 1:500 No clear information on minimum deposit, deposit or withdrawal Educational Contents No online chat support Frequently Asked Questions Is Royal Tungsten regulated? No, Royal Tungsten is not regulated. What is the maximum leverage provided by Royal Tungsten? The maximum trading leverage provided by Royal Tungsten is not disclosed. What trading instruments does Royal Tungsten provide? Royal Tungsten offers a wide selection of trading instruments, including Forex, Commodities, Indices, Metals, Energies, CFD Stocks, ETF, Cryptocurrencies, Bonds.

Rating Index

How to login to Royal Tungsten?
Royal Tungsten Complete Account Guide: Registration, Account Opening, and Login Processes Part One: Account Registration Process How to Register a Royal Tungsten Account Registering for a Royal Tungsten account is the first step toward accessing the trading platform. Heres a detailed guide on how to

Royal Tungsten Forex Broker - Complete Information Guide

1. Broker Overview

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.

2. Regulatory and Compliance Information

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.

3. Trading Products and Services

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:

  • Forex Currency Pairs: A diverse selection of major pairs such as EUR/USD, GBP/USD, and USD/JPY.
  • CFD Products: This includes indices, commodities (like gold and silver), stocks, and cryptocurrencies.
  • Unique Products: The broker claims to provide access to various asset classes, but the lack of verification raises questions about the actual availability of these products.

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.

4. Trading Platforms and Technology

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.

5. Account Types and Trading Conditions

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.

6. Funds Management

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.

7. Customer Support and Educational Resources

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.

8. Regional Coverage and Restrictions

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.

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Latest Reviews

FX244677432

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

FX4017921993

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

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

Royal Tungsten Forex Broker has an overall rating of 1.42, Regulatory Index 0.00, License Index 0.00, Business Index 6.32, Software Index 4.00 Risk Control Index 0.00.
Royal Tungsten