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The WikiFX Score of this broker is reduced because of too many complaints!

XIANG RONG

China|1-2 years|
Regulated in United States|Crypto-Licence|Suspicious Scope of Business|High potential risk|

http://weibang518.com/en/index.html

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http://weibang518.com/en/index.html
The WikiFX Score of this broker is reduced because of too many complaints!

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VPS Standard
No restriction on the broker account. Support service provided by WikiFX

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40G

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Broker Information

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Company Name

XIANG RONG LIMITED

Company Abbreviation

XIANG RONG

Platform registered country and region

China

Company website

Pyramid scheme complaint

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WikiFX Risk Alerts 2
Previous Detection : 2024-03-29
  • The number of the complaints received by WikiFX have reached 13 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

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Malicious background system

Scam platform, the system placed a long order for me, and I couldn't close the position, and asked me to continue depositing money to close the position, SCAMS!

2023-05-12 09:58
Scam

Everyone must choose the official platform

At the beginning, there was a female entrusted to add you in Kuaishou and then greeted you with care, and slowly and inadvertently revealed that they were discussing stocks on what, in fact, they made their own chat software called "Gu Zhuan Jin Lai". Then there is a person who claims to be Lao Lin who recommends stocks on a live broadcast every day. He will recommend what to buy tomorrow in that stock discussion group. Then after a week or two, Lao Lin said that the stock market is out of stock, and I rely on side jobs. You make money by speculating in gold, and then you start to lure people in the group, and there will be entrusters in the group to start coaxing you to open an account to make money together. At the beginning, they will slowly lead you to make money, and later they will let you recharge, and they will ask from time to time How many dollars do you have in your account? At this time, they will disband the stock group, and then divide them into several echelons according to the dollars in your platform, and pull you into different echelons. In fact, it is time to start cutting leeks. If you are not good at operating, there will be a person named Lao Li in the group to help you operate the account. At first glance, it sounds like a good thing, but in fact it is slowly gaining your trust so that you can make deposits. A solid fund. I hope everyone stays away, whether it is the stock market or the gold market, there are no money-spreading boys. If there are, they must be trying to deceive you [d83d][dcb0][d83d][dcb0].

2023-05-14 11:59

    XIANG RONG · Company Summary

    XIANG RONG Basic Information
    Registered Country Unknown
    Founded Year With 1 year
    Company Name XIANG RONG
    Regulation FinCEN
    Minimum Deposit $500
    Maximum Leverage 1:500
    Spreads from 0.5 pips ( VIP account)
    Trading Platforms MT4
    Tradable Assets forex pairs, cryptocurrencies,
    Account Types Basic, Advanced, VIP
    Demo Account No
    Islamic Account No
    Customer Support No
    Payment Methods Bank Transfers, Credit Cards, Debit Cards, Online payment system
    Educational Tools No

    Overview of XIANG RONG

    XIANG RONG is a trading platform that provides financial market services. Established just one year ago, the company operates in an undisclosed registered country. Operating under the name XIANG RONG, it is regulated by FinCEN.

    To begin trading with XIANG RONG, a minimum deposit of $500 is required. XIANG RONG offers three distinct account types to cater to the varying needs of traders: Basic, Advanced, and VIP. The broker offers a maximum leverage of 1:500, allowing traders to amplify their positions. Spreads on different account types start from as low as 0.5 pips, particularly for the VIP account. The trading platform provided by XIANG RONG is MT4, a widely recognized and popular platform among traders.

    Unfortunately, XIANG RONG does not provide a demo account or an Islamic account option, which may limit the opportunities for traders seeking to test their strategies or adhere to Islamic principles. Additionally, customer support services are not available, which can present challenges for traders in need of assistance.

    However, it is important to note that XIANG RONG lacks educational resources, which could be a disadvantage for traders looking to expand their knowledge and improve their trading skills.

    basic-info

    Pros and Cons

    XIANG RONG presents some advantages for traders, including a wide selection of trading instruments and support for the popular MT4 trading platform. They offer multiple account types, providing flexibility to suit different trading preferences. The broker also offers generous leverage options, with a maximum of 1:500.

    However, it is important to consider some drawbacks. XIANG RONG lacks strong regulation, which may raise concerns about the safety and security of client funds. The educational resources provided by the broker are limited, potentially hindering traders looking for comprehensive learning materials. Additionally, the minimum deposit requirement is relatively high across all account types. Furthermore, there is a lack of contact information available, making it difficult for clients to reach out to customer support.

    Pros Cons
    MT4 trading platform supported Lack of strong regulation
    Multiple account types and options Limited educational resources
    Generous leverage offering up to 1:500 Higher minimum deposit requirement for all taccount types
    No contact info left
    Negative reviews and complaints from some clients
    Spreads not competitive with the Basic account

    Is XIANG RONG legit or a scam?

    XIANG RONG claims to be regulated by the Financial Crime Enforcement Network (FinCEN), an authority responsible for combating financial crimes. They state that they hold a Crypto-License license, with license number 31000235453779. Upon further investigation, it appears that the license held by XIANG RONG, identified as Crypto-License license, may not specifically support forex trading-related activities. It is crucial for individuals interested in engaging with this broker to carefully review the license and its associated permissions to ensure alignment with their trading needs and expectations.

    regulation

    Market Instruments

    When it comes to market instruments, XIANG RONG offers a limited range of trading options to cater to different investment strategies. From the traditional forex pairs to commodities, indices, and even cryptocurrencies like Bitcoin and Ethereum, they've got a little something for everyone. You can dive into the exciting world of global markets and explore the opportunities presented by these various instruments. Whether you're a seasoned trader or just starting out, XIANG RONG aims to provide you with the tools you need to make informed trading decisions.

    market-instrument

    Account Types

    Moving on to account types, XIANG RONG offers a tiered structure to accommodate the varying needs and preferences of traders.

    Basic Account: The Basic Account is an excellent starting point for traders. It requires a high minimum deposit of $500, making it unfriendly to a wide range of regular traders. With this account, clients are offered spreads starting from 1.5 pips, with no commissions charged. The leverage offered is up to 1:200, allowing you to amplify your trading positions. Traders with a Basic Account have access to a variety of trading instruments, including major currency pairs, commodities, and indices.

    Advanced Account: The Advanced Account caters to traders with more experience and a higher level of commitment. To open an Advanced Account, a much higher minimum deposit of $5,000 is required. With this account, clients are promised to benefit from tighter spreads starting from 0.8 pips, with no commission charged too. The leverage available is up to 1:400, providing increased trading power. In addition to the instruments available in the Basic Account, the Advanced Account offers a broader range of assets, including cryptocurrencies.

    VIP Account: The VIP Account is designed for high-volume and professional traders who require premium trading conditions. To qualify for a VIP Account, a minimum deposit of $25,000 is necessary. With a VIP Account, you can enjoy the tightest spreads starting from 0.5 pips, with no commission charged. The leverage offered is up to 1:500, allowing for significant trading flexibility. Traders with a VIP Account have access to an extensive range of trading instruments, including forex, commodities, indices, and cryptocurrencies.

    Account Type Minimum Deposit Spreads Leverage Trading Instruments
    Basic Account $500 Starting from 1.5 pips Up to 1:200 Major currency pairs, commodities, indices
    Advanced Account $5,000 Starting from 0.8 pips Up to 1:400 Major currency pairs, commodities, indices, cryptocurrencies
    VIP Account $25,000 Starting from 0.5 pips Up to 1:500 Forex, commodities, indices, cryptocurrencies

    How to Open an Account with XIANG RONG?

    Opening an account with XIANG RONG is a straightforward process. Here's a quick overview of the steps involved:

    1. Visit the XIANG RONG website and click on the “Open Account” button.

    2. Fill in the necessary personal information, such as your name, email address, and contact details.

    3. Complete the account verification process by providing the required identification documents, such as a passport or driver's license.

    4. Once your account is verified, proceed to fund your account using the available deposit methods.

    5. After funding your account, you can download the trading platform provided by XIANG RONG and start trading.

    Leverage

    Now let's talk about leverage. XIANG RONG offers competitive leverage options, with the maximum trading leverage reaching up to 1:500. It's important to note that leverage amplifies both potential profits and losses, so it should be used with caution. While high leverage can offer the opportunity for greater returns, it also increases risk exposure. If you choose to trade with XIANG RONG or any other unregulated broker offering such high leverage, it's crucial to understand the associated risks and ensure you have a solid risk management strategy in place.

    leverage

    Spreads & Commissions (Trading Fees)

    Spreads and commissions at XIANG RONG vary depending on the chosen trading accounts. For the Basic Account, spreads start from 1.5 pips, which is a relatively standard offering in the industry. As you move up to the Advanced Account, the spreads become even more competitive, starting from 0.8 pips. Finally, the VIP Account offers the tightest spreads, starting from 0.5 pips.

    In terms of commissions, XIANG RONG operates on a commission-free model for most account types. This means that you won't be charged any additional fees on top of the spreads. However, it's important to note that certain trading instruments, such as cryptocurrencies, may have a small commission applied.

    spread-commission

    Non-Trading Fees

    In addition to spreads and commissions, XIANG RONG applies certain other fees that traders should be aware of. These fees are related to overnight interest, deposit and withdrawal transactions, as well as inactivity.

    Firstly, let's talk about overnight interest fees, also known as swap fees. XIANG RONG follows the industry-standard practice of applying overnight interest charges for positions held overnight.

    While XIANG RONG does not charge any deposit fees, it's essential to check with your specific payment provider as they may impose their own transaction fees. Similarly, withdrawal fees may apply, and the amount can vary depending on the withdrawal method chosen.

    Regarding inactivity fees, XIANG RONG does not explicitly mention any charges related to dormant or inactive accounts on their website. However, it's important to carefully review their terms and conditions or contact their customer support to confirm if there are any specific policies regarding account inactivity.

    XIANG RONG also provides the MT4 mobile app for traders to access the markets anytime, anywhere, using their smartphones or tablets.

    Trading Platform

    XIANG RONG offers the renowned MetaTrader 4 (MT4) trading platform, which is highly regarded and widely recognized in the industry.

    XIANG RONG provides traders with access to the powerful and versatile MT4 platform, known for its stability, flexibility, and advanced trading capabilities. The MT4 platform offers a user-friendly interface, making it suitable for both novice and experienced traders. It provides a seamless trading experience with easy-to-navigate menus and intuitive charting tools. Traders can access a wide range of financial instruments, including forex, commodities, indices, and cryptocurrencies, all available for trading on MT4. The platform offers real-time price quotes and interactive charts, allowing traders to analyze market trends, identify trading opportunities, and make informed decisions. Traders can execute various types of orders, including market orders, pending orders, and stop orders, enabling precise trade entries and exits. MT4 supports automated trading with the use of Expert Advisors (EAs), which are customizable trading algorithms that can execute trades based on pre-defined rules and conditions.

    XIANG RONG provides the MT4 mobile app for traders to access the markets anytime, anywhere, using their smartphones or tablets.

    trading-platform

    Deposit & Withdrawal

    Here are more specific details regarding the deposit and withdrawal process of XIANG RONG:

    Deposit Options:

    Bank Transfers: Traders can deposit funds into their XIANG RONG trading account through bank transfers. This option allows for secure and direct transfers from your bank account to your trading account.

    Credit/Debit Cards: XIANG RONG accepts major credit and debit cards, providing a convenient and quick way to fund your trading account.

    Electronic Payment Systems: The broker supports popular electronic payment systems, such as Skrill, Neteller, and PayPal. These platforms offer fast and secure online transactions.

    Deposit Fees:

    XIANG RONG does not charge any deposit fees. However, it's important to note that third-party payment providers may impose transaction fees. Traders should consider checking with their payment provider for any applicable charges.

    Withdrawal Options:

    Bank Transfers: Traders can withdraw their funds by initiating a bank transfer from their XIANG RONG trading account to their designated bank account.

    Credit/Debit Cards: XIANG RONG allows withdrawals to be made directly to the same credit or debit card used for the initial deposit.

    Electronic Payment Systems: Withdrawals can also be processed to electronic payment systems like Skrill or Neteller, providing a convenient option for those who prefer online transfers.

    Withdrawal Processing Time:

    The processing time for withdrawals at XIANG RONG may vary depending on several factors, including the chosen withdrawal method and any necessary verification procedures. Typically, withdrawals are processed within a reasonable timeframe, aiming to ensure prompt delivery of funds to traders.

    Verification Requirements:

    XIANG RONG may require additional verification steps before processing withdrawals. This is done to ensure the security of funds and comply with regulatory guidelines. Traders may be asked to provide identification documents or other necessary information to verify their account.

    As specific details and policies related to deposits and withdrawals may be subject to change, it is advisable to refer to XIANG RONG's official website or contact their customer support for the most up-to-date information.

    User Experience

    It is important to note that XIANG RONG has garnered numerous complaints and negative reviews, with allegations of fraudulent practices and scams.

    While negative feedback and complaints should be taken seriously, it is vital to conduct thorough research, consider multiple reviews from reputable sources, and evaluate the credibility and reputation of the reviewers themselves. To make well-informed decisions, potential clients should diligently review the broker's regulatory status, trading conditions, fees, customer support, and the transparency and reliability of their operations. Seeking advice from industry experts, consulting experienced traders, and obtaining professional guidance can provide valuable insights when assessing the broker's credibility.

    user-exposure

    Customer Support

    It's important to note that, at the moment, XIANG RONG does not provide any visible contact information on their website or platform, making it difficult to directly reach out to their customer support team.

    As a responsible trader, it's crucial to have access to reliable customer support to address any queries, concerns, or technical issues that may arise during your trading journey.

    customer-support

    Conclusion

    In conclusion, XIANG RONG, as a broker, has raised significant concerns due to numerous complaints and negative reviews suggesting potential fraudulent activities. The lack of transparent information, inadequate customer support, and absence of educational resources are further red flags that raise doubts about the broker's credibility and commitment to client satisfaction. The overall lack of trust and negative reputation surrounding XIANG RONG should prompt individuals to explore alternative options that prioritize transparency, regulatory compliance, and reliable customer support.

    When it comes to choosing a broker, traders should prioritize safety, security, and transparency above all else. Conducting thorough research, seeking advice from reputable sources, and evaluating a broker's regulatory status are critical steps in mitigating risks and ensuring a positive trading experience.

    FAQs

    Q: Is XIANG RONG a regulated broker?

    A: Unfortunately, XIANG RONG is currently not regulated by any recognized regulatory authority.

    Q: What are the available account types offered by XIANG RONG?

    A: XIANG RONG offers three account types: Basic, Advanced, and VIP.

    Q: Does XIANG RONG provide a demo account for practice?

    A: No, XIANG RONG does not offer a demo account for traders to practice and familiarize themselves with the trading platform.

    Q: What are the payment methods accepted by XIANG RONG for deposits and withdrawals?

    A: XIANG RONG accepts various payment methods, including bank transfers, credit/debit cards, and online payment systems. However, it is advisable to check the specific options available on their website or with their customer support.

    Q: Are there any hidden fees associated with XIANG RONG?

    A: XIANG RONG may charge fees for certain services, such as overnight interest fees, deposit and withdrawal fees, and inactivity fees. It is important to review their fee structure and terms and conditions for a clear understanding of the potential costs involved.

    Q: What trading platforms does XIANG RONG offer?

    A: XIANG RONG provides the popular MetaTrader 4 (MT4) trading platform, known for its user-friendly interface, advanced charting tools, and automated trading capabilities.

    User Reviews

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    FX1640424486
    more than one year
    I've used XIANG RONG and gotta say, it's been quite a frustrating experience. Withdrawals seem to always hit a snag, and they're quick to tell you there's nothing they can do to expedite the process. Laziest customer service I've come across. Save yourself the hassle, don't waste time with this brokerage. With spreads this high, you're bound to lose money anyway.
    2024-03-10 22:42
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    DuPonter
    more than one year
    XIANG RONG got me feeling skeptical. The claim of being regulated by FinCEN and having a Crypto-License raises eyebrows. The lack of strong regulation is a red flag, making me wonder about the safety of my funds. Negative reviews and complaints from clients ain't reassuring either. Plus, no demo or Islamic accounts? That's a deal-breaker for me. The website lacks contact info, making it hard to reach customer support. With limited educational resources, it's like diving into the deep end without floaties. I'd think twice before jumping into this pool.
    2023-12-07 13:40
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    Penelope Zenobia Harrington
    more than one year
    XIANG RONG, this trading platform, seems to offer a variety of account types and leverages to cater to different traders. The use of the popular MetaTrader 4 platform adds credibility to their services. The range of market instruments, from forex to cryptocurrencies, provides options for various trading strategies. However, potential users should be cautious about the lack of strong regulation, the absence of demo and Islamic accounts, and the limited customer support services. Additionally, the higher minimum deposit requirement across all account types may limit accessibility for some traders.
    2023-12-06 14:13
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    Pinapple88
    more than one year
    Oh boy, where do I even begin with XIANG RONG? My advice would be to stay far, far away from them. I made the mistake of putting a few hundred bucks into trading forex and indices with them, only to be hit with outrageously high spreads. And let me tell you, it didn't feel like a coincidence - it seemed like they were pulling some sneaky, underhanded maneuvers in the background. And as if that wasn't enough, they haven't even given me an explanation or tried to resolve the issue. In short, steer clear of XIANG RONG and find yourself a better broker in the market.
    2023-06-25 17:51
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    LULU48949
    more than one year
    You won't believe how absurdly high the spreads are with XIANG RONG - they're honestly through the roof, reaching several hundred points. I know I've gotten myself in a sticky situation, and I'm pretty sure my account balance of over $1000 is going to disappear in no time. I should've known better than to trust their promotional material and fall for their hype. I'm so kicking myself for getting involved with XIANG RONG and would strongly advise others to avoid them at all costs.
    2023-06-25 17:48
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