RForex is an offshore broker situated at Saint Vincent and Grenadines. This broker started its business in 2004. They have had plenty of time to get their feet firm into the rich soil of trading. Despite their experience in the field, their customers do not seem to be satisfied with them as they have many complaints regarding their reputation and workings. To clear all those suspicions, I conducted a thorough review of RForex which encompassed all the aspects of business, collected to conclude whether it is a legit broker or just a scam lurking around to catch new fish.
There are three different types of accounts offered by the business the details regarding which are as follows:
|Account Types||Minimum Deposit||Leverage||Spreads|
Their site mentions their professional account as the most popular choice of the customers, but this is somewhat absurd as the initial deposit for this account is $50,000which seems to be a huge amount for any customer new to the world of trading.
Moreover, the standard account seems nothing more than a formality to prove they do not have very high minimum deposits, but the truth is that in this account type, there are no facilities provided to the customers whatsoever.
Their site provides no information about how to open a demo account, so I assume there is not one. This adds to the cons of this broker as a demo account is what every broker is offering nowadays and it is almost a necessity to know what the client is getting himself into.
They offer swap-free services in their Professional package as an additional advantage (not solely a part of the package) which the Muslims clients may use as per their religious guidelines.
Regulation and Security:
RForex is an offshore broker situated at Vanuatu, a site full of brokers of this type known to be unruly when it comes to regulations and laws. What adds fuel to the fire is that the broker is not regulated at all. They do not have any agency which looks over their methods of dealing with the customers hence they have all the chances to scam anyone they want to because there is no one watching over them.
The problem with such brokers is that they cannot ensure the best for their clients. Such brokers are also allegedly involved in scam and fraud as it is difficult to trace them back and retrieve the lost money. So, investing with such a business is no less than a leap of faith at the end of which there are great chances of falling into a deep pit of fraud and loss.
In addition to this, they are also meant to maintain a financial standing which is nothing but an extra burden on their clients.
The trading platform offered by the broker is MetaTrader5 (MT5) which is the modified and advanced version of the famous trading platform MT4. Both these platforms are well-known for their analytical abilities, phenomenal market comparisons and the ability to handle multiple trades with putting a strain on the device being used.
MT5 is compatible with all operating systems such as Android, IOS and Windows. Its mobile version is also available at play store and apple store.
The broker claims to be a huge STP and ECN service provider but believe what you may, the internet is the only place in this world which allows you to be anything and everything you want to be. So, this claim of theirs is nothing but bogus and even if it were true, these systems have huge drawbacks which shouldn’t be overlooked.
The biggest highlight is the heavy fees associated with the accounts and the increased vulnerability of getting stolen from. The significant levels of expenses and commissions charges are a huge burden of utilizing ECN accounts. The structure of ECN arranges to charge a commission on each exchange. When these commissions are amassed, it turns out to be too costly as more exchanges are executed each day. The benefit level, in this way, is brought down by the high commissions making it less favorable for any trader.
Conditions for Traders:
The conditions of RForex for the traders are quite unclear.
In the information about the spreads, they only mention that the trade spreads start from 0.1 pip but don’t give any information about how much higher they can go. They haven’t disclosed any information about their extent of spreads.
The leverage they provide is a safe leverage, on which one would have to face less loss, but so would be the profit. Such leverage is not suitable for anyone who is experienced in trading or wants to take some real risks.
Withdrawal and Deposit:
The broker allows transactions through bank transfer, wire, credit card, debit card, WebMoney, China UnionPay and Netteler. They do not support transactions through cryptocurrency which is a significant drawback.
The minimum amount of withdrawal is $50 and it takes 2-3 working days for a transaction request to process regarding which the customers have been griping for a long time. They accept deposits readily but take many days to process withdrawals. Many people have complained of waiting too long just to get a confirmation that RForex will process their withdrawal.
This broker provides no properly outlined customer care system. No email, phone number or chat boxes are active at the time. This is highly suspicious behaviour which makes you question why they don’t want to connect to those who are making their business grow. It’s obvious a sign of them being a fraud. Otherwise, there’s no reason for them to provide such a horrible customer support.
Catchy, vibrant and uninformative are the adjectives one would use about the website of RForex. The site is no more than an advertisement that has minimal information provided which rather than helping the clients, makes them more confused.
My RForex review suggests that this is not a safe business to work with. It is an unregulated broker which cannot ensure the security of the funds of its clients, they don’t have a demo account, their trading conditions are not so suitable, they have no active customer support system and their website is flawed, to say the least.
Pros and cons related to the business are:
|MT5 is available. Reasonable minimum deposit.||Unregulated. Unfavourable trade conditions. ECN system. Withdrawal issues. Uninformative website.|