Warning! rsMarkets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
rsMarkets is not without its looks, but a broker is so much more than just appearances. Is this one worthy of your money, or is it passable? Read the review to find out.
Aside from an address in the St. Vincent and the Grenadines, rsMarkets has no other indication on a location or a regulation. The legal documents and certain sides of the website claim that the broker is legal in jurisdiction where the local governments allow for such services, which is a classic misleading technique used by scammer forex brokers.
Furthermore, St. Vincent and the Grenadines is one of the most popular location for illicit brokers. The island nation has no financial regulator, as it has said in official statements in the past, meaning that simply being registered there as a broker firm is not enough to gain an investor’s trust.
rsMarkets is UNREGULATED, and as such, any money invested in it is completely unsafe.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorised companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
When we were opening an account, we were given the option to chose a leverage of 1:400. The website gives us Forex Currencies, Indices, Commodities, and Crypto as assets.
Nevertheless, we were unable to register a live account, neither a demo account, for the broker gave our details away to the alleged support team, which should contact us with log in credentials. The issue here is that this support team did not send us our log in credentials via our email even after hours of waiting. The only possible assumption then, is that rsMarkets contacts users directly via phone, which is a move most commonly associated with offshore unlicensed brokers.
A side note- any illicit broker that promises to contact you directly is undoubtedly checking on you to see if your profile meets the characterisation most illegitimate brokers have for potential victims (ones that deposit a large amount over a number of smaller deposits, and are oblivious of the fraudulent scheme).
Aside from the leverage, we could not get a hold of any real solid trading conditions, most notably a spread.
rsMarkets is available in English, Bulgarian, Vietnamese, Arabic, Chinese,Filipino, Indonesian, Japanese, Portuguese, and Thai.
The official website of rsMarkets claims to be offering a MT5 platform. We found a link to download the rsMarkets MT5 platform, confirming that the broker offers it.
Let’s give the MT5 some praise. The platform is an improvement in every way to MT4. With its increased time frames, more pending order types, the inclusion of an economic calendar, and so much more. The platform comes with all its predecessor’s features: EAs, VPS, One Click Trading, Level2 Plugin, and many more handy functions to improve the level of trading in virtually every aspect.
There are commissions on spreads. Here is an attachment of the table of all commissions:
RSMARKETS MINIMUM DEPOSIT
According to the legal documents, the minimum deposit is $250.
Deposits made in a different currency than the base ones at rsMarkets will be issued a 3% fee plus the applicable conversion rate taxes. Furthermore, the Tariffs and Fees document reveal that deposits are charged with a maximum of 6%.
The legal documents mention that users can fund an account via credit/debit cards, bank transfers, and e-payment options, of which one is via crypto.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of losing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
RSMARKETS WITHDRAWAL TIME AND FEES
Withdrawal fees are said to reach 10% per request for all payment methods. As for withdrawal processing time, rsMarkets has not included any info.
ADDITIONAL FEES AND TAXES
The broker includes a clause that states that it issues a tax under the ” the Financial Transaction Tax” that each separate jurisdiction charges. We do not know what this is, and we assume that this is an excuse to charge users a fee.
And of course, as do most illegal brokers do, rsMarkets has not missed out on including a indemnification clause, which keeps them legally irresponsible of any financial (or other) damages it causes to its users:
Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, 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 charge back. 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.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
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!
rsMarkets is a scam that is well thought off. Do not be fooled; any deposit here will never again be yours!