Warning! RM Markets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
RM Markets can be deceptive at first sight, and this has all to do with the way the website is set up. The following review see beyond the facade of the site and reveals the true nature of the broker.
The most important detail that we could find is that RM Markets has borrowed the licensing details of redmars.trade or redmars.capital (both are the same legit FX broker). Specifically, RM Markets has said to be regulated by CySEC, and the information we found on the regulator’s website reveals that RM Markets has stolen not only the name of the holding company and licensing number (of redmars.trade) but also has created a hybrid of a name, RM Markets being an amalgam of f redmars.trade or redmars.capital.
We are also told that RM Holdings PTE (Singapore) is incorporated in Singapore. As one of the major global financial centers of the word, Singapore officials and the Monetary Authority of Singapore (MAS) would never make the mistake of letting RM Markets slip under its nose. This broker is too mangled to even be considered for a license.
However, the terms and conditions claim the broker to be registered in Saint Vincent and the Grenadines. The legitimacy of this claim does not concern us. Saint Vincent and the Grenadines does not have an FX regulator. Thus, it makes no difference if RM Markets is registered there or not.
Seeing that RM Markets has a) taken the licensing information from a legit broker and used it as its own, b) does not seem to hold a proper license of its own, and c) refuses to settle on a regulatory and/or registration case, we can effortlessly conclude that this broker is not regulated, and therefore a risk to all investments and traders!
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 requirement 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).
Registering an account did not pose an issue, and we entered a client area with a seeming live account in minutes. The user area was a familiar one, in that we have seen this exact same interface with dozens if not hundreds of other unregulated brokers.
The leverage is capped at 1:500. We can confirm that the two most popular trading softwares are available here, but we had no way to interact with them, for we never got our hands on a password for the live account servers. We were so close, but now it turns out that we have to quote the website on the tradeable assets and spread values.
The site claims users can trade with commodities, indices, cryptocurrencies, shares, and forex currency pairs. The average spread is said to be 1.4 pips.
The site is available in English, Spanish, French, Arabic, and Portuguese.
RM MARKETS LOGIN
As we already mentioned, the broker offers two of the greatest trading platforms today, namely the MT4 and MT5.
These two titans are exceptionally superior to everything else on the market today, with such an iconic feel that they have become synonymous with FX and CFD trading as a whole.
Yet, RM Markets is still unregulated, and therefore we cannot recommend trading with it, despite the MetaQuotes terminals.
RM MARKETS MINIMUM DEPOSIT
The user area reveals the following payment methods: credit cards, debit cards, wire transfer, fasapay, sticpay, and a whole lot of crypto assets.
The minimum deposit required is just $25.
There are bonuses that come with all account types, and all of them promise some increase in money. Bonuses are a trademark of most scammer brokers, although we have seen them being used by certain licensed entities as well. However, with RM Markets one cannot trust these, and the conditions attached to them render the usage of the bonuses obsolete.
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, often times 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.
RM MARKETS WITHDRAW TIME AND FEES
From the client portal, we see the following available methods for withdrawing: credit and debit cards, bank transfer, fasapay, and crypto wallets.
Unfortunately, without investing first, one cannot take further withdrawal details from the client area.
According to the website, a withdrawal can take up to 5 days to get approved.
Also, be aware that there are fees, an exceeding number of, many of which have not been given detail, and therefore remain elusive. Some apply directly to payments, while other to maintaining the account. None have been given any numerical values, nor any further explanation.
ACCOUNT VERIFICATION
Beware, once more, when giving away an ID and 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
RM Markets has proven to be a scammer broker and an investment scheme. All invested capital will be lost!
