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We will just go ahead and say it. Rodeo is a suspicious broker that hides some crucial information that is key to any broker. Read the review to see for yourself.
Rodeo (rodeofx.me) is one of those brokers that does not reveal to much about its operation, which is the perfect ground for scammer opportunities, something that this particular broker surely does. How do we know? First and foremost there is no mention of a regulation, except for a claim that asserts Rodeo as a Thai brokerage firm. In Thailand there are two institutions that supervise the forex and CFDs market. The first one is the Bank of Thailand, and then there's the Securities and Exchange Commission (SEC) of Thailand. Needles to say that both bodies exhibited zero results when we searched their database for a “Rodeo”. So, Rodeo may be registered there; it matters not. The main concern here is that Rodeo is UNREGULATED, and thus a risk to all investments made in it.
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).
We were unable to open an account with this one, meaning that all the trading information will be taken straight from the broker's website. Here's the thing thought, even if the website claims that the EUR/USD spread is 1.2 pips, there is no way for us to actually verify this. The leverage value is not revealed. However, the trading assets are: Forex Pairs, Stock Indexes, and Metals; a pretty short list, even for an illicit broker.
The website is accessible in both Chinese and English.
Since we could not register we were unable to access a trading terminal. We assume that the broker did a quick check on us and decided that we do not fall into their category of potential victims. Furthermore, it seems that the broker does not want to reveal its platform, which leads us to believe that it either has no such terminal, or the platform is poor in quality. Unfortunately, this is one of the biggest clues at the unregulated nature of this broker.
RODEO MINIMUM DEPOSIT
There is currently no information on deposits to be found. The closest thing are the question ins the odd User Guide page, which are actually incomplete, as seen by the added pic bellow:
It seems that we are again left empty handed. At this point, there is no turning back.
This unregulated broker should not be trusted with you deposit, hence our vote against making any investments in it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
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.
RODEO WITHDRAWAL TIME AND FEES
The same principle as in the deposit section, is seen in the withdrawal one. Rodeo proved the impossible, by giving us even less withdrawal info than deposit details, which are none. This broker is a complete scam!
ADDITIONAL FEES AND TAXES
There are no such fees, for there are no Legal Documents to speak of.
Without these binding docs the broker can easily charge users on made up terms. What's more is that unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, the most popular one being the denial of your withdrawal request. The most common excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Filing for a chargeback is the best adviцe we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choose to indulge them, they will disappear with the money without a hint of remorse.
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!
Rodeo is a very poor excuse for a scam, and is not at all a broker of any sorts. Be sure that any deposit made here will 100% be lost! Stay away!
Rodeo compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines