Raj Forex Trade

Raj Forex Trade quickly revealed what it is, and not with much effort on our side. Read the review to find out haw bad this broker really is.

The only insignificant details that we can work with, to try and figure a legit status of the broker is a supposed UK address. But, in reality anyone can easily claim to be registered anywhere without providing any proof. We think that Raj Forex Trade has picked the UK as a false address because there is a genuine believe that most brokers are based in the UK. For shady brokers it's enough to hold on to a false belief.
There is no true registration being held by the broker is the UK, and the firm is definitely not licensed by the FCA. In fact, the FCA has blacklisted the broker officially some time ago, which means that the broker is officially unregulated not only the UK but everywhere else.
Not to mention that Raj Forex Trade is also anonymous, and is a risk to all investors!

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

None of the account opening links functioned properly, as in they actually did not lead us to anywhere. In other words, we had no way to open an account, and this clearly showcased how far behind Raj Forex Trade is. How does it expect to amass an audience if it does not allow for a registration? We have a theory, that is such cases the broker is either completely broken, or that it allows only a few handpicked user to invest. What separates these “special” few is that they have agreed to invest, and so the broker will further draw them into its schemes.

We have no other source of information than the website of what is obviously a scammer broker. So take the following trading information with a grain of salt.

One thing to note before moving on is that the website is very limited in scope, and most of it is concentrated in a single home page. In fact, we spent 95% of our time on this section, trying to put all the pieces together.

There isn't a ton to reveal, and what there is is vague and up for discussion. The leverage is capped at 1:500, a most common offshore value.  There are no specific spread value anywhere per se, although the broker claim that spreads start from 0.03 pips, which seems excessively low and unrealistic as these things get. There is either a hidden commission or this number is used as a lure. Raj Forex Trade mentions that it grants trading access to forex pairs, commodities, indices, and equities.

RAJ FOREX TRADE REGULATION AND SAFETY OF FUNDS

There is no telling what the trading software of Raj Forex Trade is, without accessing its user area. The broker barely mentions that it offers a software in the first place.

With unregulated and inadequate entities such as this one, there is always doubt as to the presence of a software.

For us, at this moment, is does not seem like the broker offers one.

RAJ FOREX TRADE MINIMUM DEPOSIT

There is nothing set in stone with this ridiculous broker. Not even the payment details can be proven, not that there is a ton to prove.

There is no minimum deposit, and the website (or home page, same thing) gives only a handful of payment logos as supposed payment methods: Unified Payment Interface, RazorPay, VISA, MasterCard, and wire transfer.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

RAJ FOREX TRADE WITHDRA TIME AND FEE

At this point you should have given up on expecting any withdrawal details. And with good reason. The broker offers no withdrawal details at all! The word “withdraw” has not been mentioned.

We strongly think that user won't be able to withdraw.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Raj Forex Trade is a waste of time. This broker, if one can truly label it as such, is a broken and scammer entity.