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RaiseFX Review – Facts About This Fraudulent Broker
Table of Content
RaiseFX Review, If your pursuit of an online financial trading company has led you to the RaiseFX broker, go through the following article before taking action. At first blush, this company seems appealing. Its multilingual website, proven platform (MT4), plenty of tradable assets (over 400), productive conditions (1:400 leverage, zero starting spreads), experience (25 years), and license may even fool experienced traders. But (there is always a “but”) all of this is a bunch of lies. All of the grounds will be explained in this RaiseFX review. Please continue reading.
|Minimum Deposit||200 EUR|
Regulation and Safety of Funds at RaiseFX
So, let’s begin with regulation and the safety of funds. In connection with this, RaiseFX cannot guarantee the protection of your investment because it is an unlicensed brokerage firm. What is more, it professes to be regulated by a non-existing financial market regulator (i.e., the financial supervision committee of the ministry of finance of Kazakhstan). As a company allegedly headquartered in Kazakhstan, it should be authorized by one of three supervisory bodies controlling the securities markets in this country — AFR, NBK (National Bank of Kazakhstan), and AFSA (Astana Financial Services Authority).
Moreover, not only that this phony broker lies about a license, it is on a warning list issued by the French financial agency (AMF). Therefore, taking all of this into account, not just that you are unprotected at RaiseFX, but this bogus brokerage firm will defraud you.
While on the subject of legislation, there are numerous benefits of trading with certified brokerage companies. Those accredited by tier-one financial regulatory agencies (FCA, ASIC, BaFin) are, in particular, trustworthy. They ensure your financial security with negative balance protection, segregated accounts, and compensation schemes (up to 100,000 EUR per trader). Besides, they must comply with strict rules, such as maintaining minimum operating capital (up to 1,5M EUR) and a safe trading environment (transparent policies, secure funding/withdrawing methods, and favorable terms of exchange).
Trading Platform RaiseFX Overview
When it comes to trading platforms, RaiseFX provides MetaTrader 4. Despite the fact that MT4 is indeed among the most advanced trading programs on the market, its full power is not available here. This is because this illicit broker offers this modern software on a white-label basis, limiting the maximum capacity of MT4. In any case, this platform is unfortunately worthless at Raise FX.
For the best possible use of MetaTrader 4, as well as its successor MetaTrader 5, you should select legitimate forex providers. These proven systems, along with cTrader and Sirix, enable safe and successful trading thanks to cutting-edge features (e.g., stop loss, copy trading, and expert advisors). Also, they are user-friendly and allow trading on different devices (smartphones, desktops, and tablets).
Account Types Available
Regarding the types of accounts available at RaiseFX, this broker scam has only one version of a live trading account. It comes with a 200 EUR starting deposit, 1:400 maximum leverage, and 0.0 starting spread. The opening balance is too high considering the broker status; you can set up an account with a genuine company for less than 10 USD. The leverage ratio is also against legislation (e.g., 1:30 is allowed in the EU). Lastly, spreads are obviously manipulated to appear cost-effective. In addition, there is no demo account, which is typical for all fraudsters.
Further, this financial swindler offers a Multi Account Manager (MAM) designed for fund managers. This enables them to manage multiple accounts for their clients from one place. Funding methods are through equity, P&L, and balance with equivalent trading costs across all accounts (the main and sub). As for earnings, you can make profits in many respects.
- Monthly management fees — you gain from monthly payments covered by your clients.
- Performance fees — the same as aforesaid but based on trading performance.
- Surcharges fees — you establish your spreads and generate income.
- Revenue sharing — this unscrupulous broker promises to share profits with you from spreads you have arranged.
Please don’t forget that RaiseFX is a blatant trading scam that will take advantage of you by using its MAM account to hoodwink you.
Concerning trading instruments, RaiseFX promises over four hundred trading products across five asset classes.
- Currency pairs: USD/JPY, EUR/CAD, GBP/AUD;
- Indices: Nikkei 225, Dow Jones, S&P 500;
- Commodities: natural gas, gold, sugar;
- Shares: Amazon, Tesla, Boing;
- Crypto: Tether, Ethereum, Bitcoin.
Keep in mind that RaiseFX is a fraudster, so no matter its offer, it can’t change the fact that you will end up robbed. If you want a genuine multi-asset broker, it must be with an authorized financial trading company. With ample credible FX brokers, taking chances with shady brokerage firms is unnecessary.
Deposits and Withdrawals
In terms of the deposit and withdrawal procedure at RaiseFX, it resembles a typical investment scam. Even though this fraudulent broker assures that deposits are possible to make via credit/debit cards and wire transfers, it is not true. As a matter of fact, you can only use digital currencies for funding. Normally this wouldn’t raise a red flag if it were a legitimate broker. However, when an unlicensed broker insists on crypto payments, it is a warning sign. This is simply because crypto wallets are difficult to chargeback.
As for payoffs, don’t expect successful withdrawals at RaiseFX. According to online RaiseFX reviews, all defrauded victims have withdrawal issues. Bear in mind that there are no money withdrawal guarantees with an illegal broker.
If RaiseFX Defrauded Me, How Can I Get a Refund?
If you are a victim of the RaiseFX scam, it is important to act fast. Importantly, don’t feel embarrassed about reporting it since anyone can be conned. If you require assistance, we can help you by reporting your scammer. As regards your misappropriated funds, getting your money back is possible. A chargeback process is frank with VISA and Mastercard; all you have to do is to apply for a refund within 540 days. Remember that a wire transfer can be terminated until a transaction is confirmed. In relation to crypto payments, you will need cyber security experts for that. Accordingly, get in touch with our chargeback specialists. Finally, think twice before taking any risks while investing money.
To finish this RaiseFX broker review with the most important facts.
- This company is reportedly registered in Kazakhstan but not approved by a relevant financial authority. Moreover, it deceives people by claiming to be licensed under a financial regulatory agency that doesn’t exist. Besides that, it is blacklisted by the French AMF.
- Although it provides access to broadly used MetaTrader 4, this trading platform is on a white-label basis. That means that you can’t enjoy the full benefits of MT4.
- Its minimum deposit of 200 EUR is higher than an industry standard, and its MAM account is a decoy to rip you off.
- This bogus broker fabricates its trading conditions to entice traders (1:400 leverage and 0.0 starting spreads). Similarly, it accepts only cryptocurrencies for deposits, which means that once deposited, it will be hard to cancel or retrieve your funds.
- All in all, please stay away from similar scam brokers like RaiseFX.
FAQs About RaiseFX Broker
Is RaiseFX Legitimate Broker?
No, RaiseFX is an illegal broker lying about regulations and exposed by the Frech financial authority.
Does RaiseFX Offer A Demo Account?
No, RaiseFX doesn’t offer a demo account, which usually all scam brokers do.
What Are The Funding Methods For RaiseFX?
Even though it claims to support many means of payment, RaiseFX only accepts crypto payments that are hard to trace and reverse.