Overview of RS
Founded in 2019 and based in China, Rongsheng International (RS) is a unregulated foreign exchange broker co-founded by professionals in the financial and e-commerce fields. It has quickly gained recognition in the forex market, offering services in Forex, Commodities, and CFDs. Established by professionals in finance and e-commerce, RS aims to provide traders with diverse market opportunities and a user-friendly experience. Key features include a demo account for practice, competitive spreads, and access to leverage up to 400:1.
RS positions itself as a reputable forex broker with a growing presence in the market. However, the lack of transparency regarding deposit and withdrawal processes and the absence of diverse educational resources may be drawbacks for novice traders seeking guidance and support.
Regulatory Status
RS , incorporated in China, operates without regulation from any recognized financial authority. This lack of regulatory oversight is a major red flag for potential traders, as it means there are no safeguards in place to protect client assets or ensure fair trading practices. Engaging with an unregulated broker like RS carries substantial risks, and investors should be aware of the potential consequences before depositing funds.
Pros and Cons
RS boasts a strong foundation, established by professionals with expertise in finance and e-commerce. The platform offers a diverse range of trading instruments, including Forex, commodities, and CFDs. Traders can choose between live accounts for real-world experience or demo accounts for risk-free practice. Additionally, RS prides itself on its diverse customer support, ensuring traders have assistance when needed.
However, RS operates without regulation, Prompting substantial questions about the safety and security of funds. This lack of oversight leaves traders vulnerable and exposed to potential risks. Furthermore, the platform lacks transparent information regarding deposit and withdrawal processes, adding another layer of uncertainty. Additionally, the educational resources offered by RS are limited, potentially hindering the learning and development of novice traders.
Market Instruments
RS offers trading in the following market instruments:
Forex: RS Rongsheng provides access to the forex market, offering various currency pairs for trading. Forex trading at RS Rongsheng is characterized by high leverage, reaching up to 400:1, which allows traders to control larger positions with a smaller amount of capital. The forex market is highly liquid, operates 24 hours a day, and offers flexibility in trading strategies, including spot trading, stop-loss orders, and take-profit orders.
Commodities: The broker also facilitates trading in commodities, which include energy products like crude oil, natural gas, and gasoline, as well as precious metals such as gold, silver, platinum, and copper. Commodities are often seen as a hedge against inflation and geopolitical instability, making them popular among investors looking for diversification and risk management.
CFDs: CFDs allow traders to speculate on the price movements of various financial assets without owning the underlying asset. RS Rongsheng offers CFDs on a variety of indices and stocks with leverage ratios ranging from 1% to 3%, enabling efficient use of capital. CFD trading at RS Rongsheng includes the ability to trade both long and short positions, with minimum trade sizes starting from 0.01 lots.
Account Types
RS provides a live trading account and a demo account for practice trading.
Live trading account: Suitable for traders who are looking for basic trading features with competitive spreads and access to a wide range of instruments.
Demo account: The demo account allows clients to try out the financial markets without the risk of losing money.
Account Opening Process
Opening an account with RS Rongsheng involves several steps:
Registration:
Prospective clients need to fill out an online registration form, provide personal information and select their desired account type.
Verification:
Clients must submit identification documents for verification purposes. This typically includes a government-issued ID and proof of address.
Funding:
Once the account is verified, clients can deposit funds using various methods, including bank transfers, credit/debit cards, and electronic payment systems.
Leverage
As mentioned, RS Rongsheng offers leverage up to 400:1 for forex trading. Leverage levels for other instruments like commodities and CFDs vary but are generally designed to provide significant trading power with a small margin requirement.
Trading Fees
Trading fees at RS Rongsheng include spreads, which are the differences between the bid and ask prices. The broker claims to offer competitive spreads due to its partnerships with multiple liquidity providers. Additionally, there are no commissions on live trading account, but swap rates may apply for positions held overnight.
Trading Platform
RS utilizes the MetaTrader 4 (MT4) trading platform, a widely used and popular platform among forex traders. MT4 is known for its user-friendly interface, charting capabilities, and support for automated trading through Expert Advisors (EAs).
Key features of MT4 include:
User-Friendly Interface:Intuitive and customizable interface suitable for traders of all levels.
Advanced Charting Tools:Access to multiple chart types, timeframes, and technical indicators.
Automated Trading:Support for Expert Advisors (EAs) to facilitate automated trading strategies.
Real-Time Data:Real-time price feeds and market news to help traders make informed decisions.
Customer Support Options
RS offers customer support through email (support@rsrongsheng.com) and phone (+86 0533-4259997).
There is no mention of live chat, or social media channels on their website.
Educational Resources
RS provides an FAQ section on its website to address common questions about its services. However, no other educational resources, such as tutorials, webinars, or market analysis, are readily available.
Conclusion
RS, a relatively new player in the forex market, offers trading in Forex, Commodities, and CFDs through the MT4 platform. However, the lack of regulatory oversight and limited information about deposit/withdrawal and scarce educational resources pose questions about its reliability and security for traders. Potential clients should tread carefully and investigate thoroughly before choosing RS as their broker.
FAQs
Q: Is RS a regulated broker？
A: No, RS is not regulated by any known financial authority.
Q: What trading platform does RS offer？
A: RS offers the MetaTrader 4 (MT4) trading platform.
Q: How can I contact RS customer support？
A: You can contact RS customer support via email at support@rsrongsheng.com.
Q: What types of trading accounts does RS provide？
A: RS offers a live trading account for actual trading and a demo account for practice trading.
Q: Does RS offer educational resources for traders？
A: RS provides a FAQ section on its website to address common questions.
