Score

1.57 /10
Danger

Tongda

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

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Comparison

Quantity 7

Exposure

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Website

Score

Regulatory Index0.00

Business Index7.43

Risk Management Index0.00

Software Index4.00

License Index0.00

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

Licenses

No valid regulatory information, please be aware of the risk

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

Single Core

1G

40G

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Broker Information

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Company Name

Tongda International investment limited

Company Abbreviation

Tongda

Platform registered country and region

Russia

Company website

Company summary

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 2
Previous Detection : 2024-12-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 6 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

Pyramid scheme complaint
Expose
Scam

Scam

I deposited more than 168,000 but the platform cheated me and changed my password. They operated my account at will and caused great losses to me. I reported it but there was no response. Beware.

2021-09-19 08:06
Scam

Tongda International is a fraud platform and fraud company

Tongda International Platform is a fake platform, and broken have induced fraud. At 1211, Daqing Building, Futian District, Shenzhen, a company called Huiliyin Software Technology Co., Ltd. uses Tongda International Platform to train new recruits. The training period is 3 days, and the assessment is required for 1 month before cooperation. In this way, interviewers was induced to deception. Evaluation standard: 1: After the interviewer has been trained, he needs to pay a 10% pledge deposit to participate in the real evaluation for an account with an account of 5,000 or 10,000 US dollars. 30% of the profit within 30 days is passed the assessment, and the profit part is divided into 3/7. If the loss is more than 20%, the pledge deposit will be deducted. Evaluation Standard 2: To open a demo account, you need to pay an application fee of 666 yuan, and the application fee is non-refundable. The company uses the method of interview training for newcomers to allow the interviewers to be interested in forex and conduct real market assessments. To open a 5,000 US dollar account, you need to pledge 500 US dollars, that is, 4000 RMB. 10 people = 40,000 RMB, 200 people are interviewed a month, at least 150 people will participate in the actual assessment, that is, 150 people will pay 4,000 yuan, a total of 600,000. It is very normal for a rookie to lose 100%, and they use this to cheat. The other party claimed to be a fixed exchange rate of 1:8, 500 US dollars or 4000 RMB, and the MT4 platform used was pirated, which was completely fraudulent.

2021-12-15 14:03
    Tongda · Company summary
    Aspect Information
    Company Name Tongda
    Registered Country/Area Russia
    Founded Year 5-10 years ago
    Regulation Identified as a suspicious clone by the NFA
    Market Instruments International spot forex, precious metals, energy, stock index CFDs
    Account Types Standard A, Standard Benchmark
    Minimum Deposit $30,000
    Maximum Leverage 1:100
    Spreads N/A
    Trading Platforms MetaTrader 4 (PC and mobile)
    Customer Support Contact number(400-6946-094), email(cs@forex-gold-hsi.com)

    Overview of Tongda

    Tongda, founded in Russia five to ten years ago, operates with a cloud of uncertainty surrounding its regulatory status.

    Despite offering a variety of trading assets such as international spot foreign exchange and precious metals, Tongda suffers from significant drawbacks. These include an inaccessible official website, limited educational resources, high minimum deposit requirements, and reported user exposure involving pyramid scheme allegations and severe slippage issues.

    The lack of regulatory oversight further compounds risks, potentially deterring traders from engaging with Tongda's services and casting doubts on its transparency and reliability in the financial industry.

    Overview of Tongda

    Regulatory Status

    Tongda, identified as a suspicious clone by the NFA, operates without regulatory oversight.

    This absence of regulation raises significant risks among traders, as it indicates a lack of adherence to industry standards and investor protection measures. Without regulatory supervision, traders face increased risks of potential fraudulent activities, such as fund misappropriation, market manipulation, and unfair trading practices.

    Regulatory Status

    Pros and Cons

    Pros Cons
    Multiple trading assets Official website inaccessible
    Limited educational resources
    ldentified as a suspicious clone by the NFA
    High minimum deposit requirements($30,000)
    Faces significant user exposure, including complaints of pyramid scheme involvement, severe slippage issues

    Pros:

    • Multiple trading assets: Tongda offers a wide range of trading assets, including international spot foreign exchange, precious metals, energy, and stock index CFDs.

    Cons:

    • Official website inaccessible: The inability to access Tongda's official website limits potential users' ability to gather essential information about the platform, including services offered, trading conditions, and regulatory status.

    • Limited educational resources: Tongda lacks comprehensive educational resources to support traders in improving their knowledge and skills in financial markets.

    • Identified as a suspicious clone by the NFA: Tongda's identification as a suspicious clone by the NFA raises significant risks about the platform's legitimacy and compliance with regulatory standards.

    • High minimum deposit requirements: Tongda imposes high minimum deposit requirements($30,000), potentially limiting access to the platform for traders with smaller capital amounts.

    • Faces significant user exposure: Tongda has faced significant user exposure, including complaints of involvement in pyramid schemes and severe slippage issues.

    Market Instruments

    Tongda International offers a range of financial derivative products for trading, primarily focusing on:

    1. International Spot Foreign Exchange: This includes trading pairs of various global currencies, allowing investors to speculate on currency movements.

    2. Precious Metals: Investors can trade precious metals such as gold, silver, platinum, and palladium, providing opportunities for diversification and hedging against inflation or economic uncertainty.

    3. Energy: Trading energy products involves commodities like crude oil, natural gas, and other energy resources, allowing investors to participate in the volatile energy markets.

    4. Stock Index CFDs: Tongda International provides Contracts for Difference (CFDs) on stock indices, enabling investors to speculate on the performance of major stock indices without owning the underlying assets.

    Account Types

    Standard Account:

    The Standard account type offered by Tongda International features a maximum leverage of 1:100, providing investors with the opportunity to amplify their trading positions. With a minimum deposit requirement of $30,000, this account serves traders who have a moderate level of capital to invest. The minimum position size of 1 lot ensures that traders can engage in sizable transactions, potentially maximizing their profit opportunities.

    Standard Benchmark Account:

    The Standard Benchmark account type offered by Tongda International shares similar features with the Standard account, such as a maximum leverage of 1:100 and a minimum position size of 1 lot. However, it requires a higher minimum deposit of $50,000. This account type may appeal to traders who have a larger capital base and are looking for increased trading flexibility.

    Standard A Standard
    Maximum Leverage 1/100 1/100
    Minimum Deposit $30,000 $50,000
    Minimum Position 1 lot 1 lot
    Account Types

    Leverage

    Tongda International offers a maximum leverage of 1:100, allowing investors to potentially amplify their trading positions by a hundredfold compared to their initial investment.

    Trading Platform

    Tongda offers a PC version of MetaTrader 4 (MT4), a widely acclaimed financial trading software among global investors. MT4 is lauded for its flexible order trading functions, market quotation, chart analysis, indicator programming, alert alarms, news updates, and email communication capabilities.

    For on-the-go trading, Tongda provides a mobile version of MetaTrader 4 compatible with iPhone, iPad, and Android operating systems. Investors can conveniently monitor market developments, place orders, and manage trading accounts via smartphones or tablets, ensuring constant access to investment opportunities.

    Trading hours span Monday to Friday, from 17:00 to 23:00, providing investors with a window to engage in trading activities within specified timeframes.

    Deposit & Withdrawal

    Tongda International requires a minimum deposit of $30,000 for its Standard account and $50,000 for its Standard Benchmark account. This initial deposit serves as the starting capital for traders to engage in financial market activities.

    Customer Support

    Tongda International's customer support is lacking in responsiveness and efficiency, evident in the limited avenues available for assistance and the absence of round-the-clock availability.

    Despite providing a contact number 400-6946-094, accessibility remains a risk, especially for non-Hong Kong residents. The provided email,cs@forex-gold-hsi.com, may offer an alternative means of communication, but the absence of live chat or dedicated support channels leaves customers with few immediate solutions to their risks.

    Customer Support

    Risk Warning

    Investors are strongly advised to exercise caution when considering Tongda International as a trading platform.

    With a low score and lack of valid regulation, the company poses significant risks. Previous detection indicates no valid regulation, increasing vulnerability to potential scams. Additionally, a high number of complaints within the past three months raise further risks about the broker's reliability. Suspected clone claims of United States NFA regulation and the use of fake MT4 software amplify the risks associated with Tongda International. Investors are urged to stay away from this platform due to the considerable potential for financial loss and fraudulent activities.

    Risk Warning

    Exposure

    Tongda International faces significant user exposure, including complaints of pyramid scheme involvement, severe slippage issues, and accusations of being a fraudulent platform.

    Users have reported difficulties withdrawing funds, encountering unauthorized account operations, and experiencing losses due to platform malpractices. The company's credibility is further undermined by allegations of scamming practices, including inducing newcomers into fraudulent schemes and using pirated trading software. Such negative user exposure not only damages the reputation of Tongda International but also erodes trust among potential traders, potentially deterring them from engaging with the platform.

    Exposure

    Conclusion

    In summary, Tongda presents a challenging landscape for prospective traders, with notable drawbacks overshadowing its limited advantages. While the platform offers a various array of trading assets, including foreign exchange and CFDs, its inaccessible official website and high minimum deposit requirements create significant hurdles for potential users. Moreover, Tongda's identification as a suspicious clone by the NFA raises serious questions about its credibility and regulatory compliance, casting doubt on its legitimacy and trustworthiness in the eyes of traders.

    FAQs

    Question: What trading assets does Tongda offer?

    Answer: Tongda offers a variety of assets including international spot forex, precious metals, energy, and stock index CFDs.

    Question: Is Tongda regulated?

    Answer: No, Tongda is not regulated.

    Question: What are the minimum deposit requirements for Tongda?

    Answer: The minimum deposit for Tongda's Standard account is $30,000, while the Standard Benchmark account requires $50,000.

    Question: Can I access Tongda's official website?

    Answer: No, Tongda's official website is inaccessible, making it difficult for potential users to gather information about the platform.

    Question: What is Tongda's leverage offering?

    Answer: Tongda offers a maximum leverage of 1:100, allowing traders to amplify their positions, but this may increase the risk of losses.

    User Reviews

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    User comment

    2

    Comments

    Write a review

    orenr
    more than one year
    Overwhelmingly negative. The platform exhibited severe slippage issues, and the candlestick patterns were in complete disorder. Despite raising concerns, the broker dismissed them as normal. This lack of transparency and poor performance eroded my confidence, leading me to decide against continuing to use this platform.
    Overwhelmingly negative. The platform exhibited severe slippage issues, and the candlestick patterns were in complete disorder. Despite raising concerns, the broker dismissed them as normal. This lack of transparency and poor performance eroded my confidence, leading me to decide against continuing to use this platform.
    Translate to English
    2023-12-19 18:44
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    席高盟
    more than one year
    Tongda is a fake brokerage company with a trades demo account would know, till you get your live account they will do anything to keep you away, not to make profits they do the same to me, and if you have any issues with your account and you try to contact them, no way they don't care. They are a gang of black-hearted scammers.
    Tongda is a fake brokerage company with a trades demo account would know, till you get your live account they will do anything to keep you away, not to make profits they do the same to me, and if you have any issues with your account and you try to contact them, no way they don't care. They are a gang of black-hearted scammers.
    Translate to English
    2023-03-17 16:25
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