Royal Tungsten Review- Is Royal Tungsten scam or legit?

Are you planning to trade with Royal Tungsten broker? Or you have already invested money and want to know that Royal Tungsten is legit or scam? Read this Royal Tungsten Review written by Scam Helpers’ experts.

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Royal Tungsten Review – How safe is to invest here?

Royal Tungsten is a forex trading company that claims to be registered in Australia, offering accessibility to a huge financial sector, such as Forex, CFD, ETF, Commodities, Indices, Stocks, and more. The minimum beginning deposit amount for each of the three trading accounts offered by the Royal Tungsten platform is a mere $1. Traders can use a maximum leverage level of 1:500 for their transactions.

However, Royal Tungsten fails with regard to regulations because it is neither authorized nor governed by any regulatory body.

Website: https://www.royaltgs.com/en

Address: 118, Russell St Melbourne, VIC 3000, Australia

Warning: Not Recommended By Review Website Like Scam Helpers

Regulated? Unregulated

Risk is an integral part of every type of trading. A genuine investment provides the broker with an excellent opportunity to earn a profit if they make the right decisions. We have done profound exploration, looked at various brokers and trading conditions, and prepared a comprehensive list of scam brokers 2023 to aid your decision-making.

We include the name of Royal Tungsten here because it is not a legit broker. For fledgling brokers or clueless clients, Royal Tungsten will appear as a genuine investment opportunity for unsuspecting users and novice traders.

We are here to expose this broker by providing this Royal Tungsten review and share with you the reason for presenting this Royal Tungsten review.

Proofs that Royal Tungsten is a scam

Following is a big proof shown in Reddit

Royal Tungsten asks its client to pay extra fee when they attempt to withdraw their funds-

Attempted withdraw my funds since middle of September 2022 (when they still had their AFS license). Firstly, company asked me to pay the taxable amount of profits I made (40%) by depositing to the platform and will take 3-5 business days to process the tax and promised I could withdraw the amount ( I believe is a false statement according to their website because 1. it states 0% commission and 2. usually in our tax returns, I pay the taxable income from profits that we make from trading to government).

It’s frustrating and they told me I had to wait till mid October to be able to receive my funds. By mid October, the company gave another excuse that I went against the policy, which I didn’t. Thus they said I need to pay extra 30% of profit made to platform, I have declined. I did an audit of this company again, they ceased their license start of October and violated the Australian Corporation Act. Tried chase it up to them until end of November ,they deleted their social accounts.

Investment scams such as Forex trading scams, Binary scams, Crypto scams and others are hard to spot. But still there are many signs why Royal Tungsten is suspected as a scam broker. Let us read them,

After taking a look at their website, we found numerous warnings that should be enough for you not to invest in them. Some of the reasons why we include Royal Tungsten as an unsafe broker.

Regulation And Safety Of Funds

Being an unregulated firm is the worst thing, and it makes you an exploitative cheat. Royal Tungsten is a scam, and your money is at risk.

By investing your money in an unregulated and unlicensed broker, you are indirectly putting your funds in danger. For that reason, we ask our readers to invest with brokers who have licenses from authorities like FCA, ASIC, FMA, etc. Authorized brokers are covered by many prerequisites, and a large number of them apply anti-fraud practices. As such, they are the specific inverse of what these brokers and others like them represent.

Deposit And Withdrawal Methods And Fees

There is a reason why these fraudsters, as well as many other scammers, would frequently advise you to deposit in cryptocurrency. You cannot get a chargeback on such transactions because they are entirely irreversible and all of them are recorded in a ledger that cannot be modified later. Depositing money with scam brokers is therefore, rarely a good idea. If you have already invested your money with Royal Tungsten, you should immediately ask for a withdrawal as your money is not safe with an unregulated broker.

With Royal Tungsten, if you ask for a withdrawal, they will postpone the process by giving some reasons for a long time so you can find no alternative to file a complaint.

Customer Royal Tungsten Reviews

Scam Helpers found that Royal Tungsten got negative customer reviews and ratings on all other sites, and also got low trust scores among users. With this review and after reading all the negative and positive Royal Tungsten reviews, we found that this broker is not regulated and might be a potential scam broker. To avoid these scams, we provide a list of scam brokers 2023 on our website.

Commitments of Ensured Benefits

Any moneymaking promises in the financial market come with a risk. Some brokers will attempt to let you know that their financier can assist you with turning ensured benefits when you utilize their platform.

If you get attracted by such brokers, there’s a chance of getting scammed by them.

How does Royal Tungsten Scam Work?

Scammers use many tricks in order to give you the idea that you are earning money easily and rapidly, fraudsters frequently send you some returns first. They can acquire your trust in this way. To extract as much money as they can from you, they frequently ask you to make more investments or to recruit family members and friends to do the same.

They will suspend or close your account when they believe you are unable to invest any more money in the fraud, and you won’t likely hear from them again. In order to appear trustworthy in the eyes of potential customers, many scam companies falsely state that they are headquartered in a regulated jurisdiction by using fictitious locations and regulation licenses.

How to keep yourself safe from scam brokers?

Do good research about the broker. Go through reviews and pick a broker with positive reviews. A conventional web search can give experiences into whether negative remarks could simply be a disappointed broker or something more serious.
Ensure the reviews do not contain anything negative about the broker’s withdrawal process.
If you are happy with your examination on a specific broker, then trade for a while first, and afterward attempt to make a withdrawal.
If you face some issues, discuss them with your broker. If it doesn’t go well, file a complaint and share your experience online with everyone.

Is Royal Tungsten broker Legit or a scam: Conclusion

It is clear from Royal Tungsten review that this broker is not right for trading. We unequivocally encourage all traders and investors to keep away from Royal Tungsten and similar brokers. If you really want to trade online, find a broker who is regulated and has trusted and positive reviews.

Scammed by Royal Tungsten? Scam Helpers can help

If you are a victim of Royal Tungsten scam, or other scams like forex scam, cryptocurrency scam, binary scam, etc., file a complaint here to get your funds back. Scam Helpers can process your complaint and help you in fund recovery. We should begin and determine the matter before the harm is considerably greater. Your one step can save you and other people from being cheated by such brokers.