RonghanInvest is an online broker that is claiming legitimacy from the UK Financial Conduct Authority (FCA). The broker provides the web based Sirix trading platform for their trading activities.
In addition to this, RonghanInvest provides the metatrader 4 trading platform which is the most used trading platform in the world.
Is RonghanInvest legit?
Other than the promotional statements that can be found across the broker’s website, serious traders would like to know how reliable this broker is. Are they regulated? Where are they based at and what kind of quality do they offer in their services?
Well, according to the sales page, RonghanInvest is operating from an offshore location in Marshall Islands.
Secondly, we see that this broker claimed to be licensed by the UK financial conduct authority but when checked the FCA register, we confirmed that it is not true. In fact, the FCA flagged RonghanInvest as an unauthorized and misleading firm, see below.
This means that they are not regulated and clients money wouldn’t be safe in the hands of an offshore broker that is based in a region where regulations are weak.
If you trade with RonghanInvest, you will most likely lose your money.
Country – Marshall Islands.
Minimum deposit – $500
Leverages – Up t0 1:50
Metatrader 4 – Yes
Registration – None
License – Unlicensed
RonghanInvest is currently offering 4 account types where minimum deposit starts at $500. All the account types can be opened with EUR/USD/GBP as base currency. Metatrader and the web based Sirix platforms are available across all account types.
Minimum trade volume is 0.01 and traders are to get first 5 trades free of risk. As for leverages, we’re talking of 1:50 across all account types.
RonghanInvest offers services that are not authorized, it does not have a license and at best can get a license of a regulatory body that does not have any regulatory requirements. Overall, the broker seems to be a scam that tries to look like a legit brokerage but is not very successful with it.
RonghanInvest is not the kind of broker that will provide the level of investment service that serious traders expect.
Deposit transactions are likely to be smooth and straight forward. However, problems will arise when it comes to getting your money out of an unregulated platform.
You need to keep off these doggy brokers at all cost. And of course if you found a good trading broker offering trading in Forex and other instruments, you may want to explore these recommended tools.