Ronghui Review – Why Is The ronghui.club Broker a Scam?

Ronghui Regulation and Safety Of Funds

We see Ronghui Group Co. Ltd’s claim to be a “leading independent forex brokerage” when we visit their website. This website’s English translation is not as good as the Chinese version and does not prove that it is a legitimate financial services provider.

If a financial service provider is legitimate, it will have clear and detailed information on its website about who it is, where it is located, and what licenses it holds. A comprehensive collection of legal documents is also available to genuine brokers. This information is not guaranteed to be accurate or not misleading. However, if you don’t see these elements it is a sign that you are dealing with fraudsters.

Although it seemed obvious that Ronghui Group Co. Ltd would be the broker behind the fake broker, the website clearly shows that this is a brand name. Dusas Market Ltd is listed as the owner on the home page.

This company’s name is also linked to Cang Limited, another scammy broker

Ronghui doesn’t provide access to Terms and Condition or any other legal documentation. We don’t know who we are dealing and what the terms of the deal.

Website provides a UK contact number, which is clearly fake.

Ronghui is not a broker service provider. This was confirmed by checking with the relevant financial regulators.

Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

Ronghui: Terms Of Trade

Ronghui claims that MetaTrader 5 (MT5) is the most popular trading platform in the industry. However, the download links for the software aren’t active.

Aside from that, at the time we wrote this review, it was impossible to create a new account or log in to an existing account. We were therefore unable to find out if Ronghui uses trading software.

Every day new scam brokers and trading bots appear on the web with only one goal – to steal your money. We have already exposed some of them, for example – MagnetFX, Millennium Operations, Acer Finance.

Ronghui claims that it offers trading in currencies, commodities and indices. However, there is not much information about the terms of trade.

Forex brokers who are licensed will provide details about trading conditions. To suit different investment goals, experience levels and capital requirements, legitimate forex brokers offer different account types.

The website shows a table that claims average spreads of between 1 and 1.5 pips. Although it appears to be comparable to industry averages we don’t know if this is true.

Ronghui claims that it permits trading with leverage as high as 1:400. This further proves that Ronghui isn’t a UK-licensed broker.

Leverage that is high can lead to greater profits, but it also increases the chance of losing a lot of money. Retail traders are therefore restricted by all the major regulators. Like EU regulators, the FCA limits leverage to 1:30 when trading major currency pairs, and lower for volatile assets. Australia is subject to the same rules. The US has a slightly higher maximum limit at 1:50.

Ronghui Deposit And Withdrawal Methods

It is unclear what payment method Ronghui uses.

Ronghui requires that you deposit a minimum of 1000 USD. You can open a starter account at almost any licensed broker for a much lower amount.

Ronghui doesn’t provide any legal documentation so it is not clear what traps the fraudsters might have set. Fake brokers can make it difficult to withdraw money due to high fees and conditions that are impossible-to-fulfill.

Ronghui: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about Ronghui. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about Ronghui!