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RForex Review - is it scam or safe?

RForex Review - is rforex.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz RForex
RForex is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard ECN $500 0.01 lots 1:100 From 1.6 pips
Professional ECN $20 000 0.1 lots 1:100 From 1.2 pips

 

RForex offers two types of live trading accounts Standard ECN and Professional ECN. It says the average spreads start from 1.6 and 1.2 pips, respectively, but a closer look reveals that the spreads actually are from 3 pips upwards. There is also a free 30-day demo account and a money management PAMM account where the investor would let someone else manage their money.

 

RForex offers trading in forex pairs only, and not many.

 

The Company. Security of Funds

 

Company Country Regulation
RForex Vanuatu VFSC

  

RForex is an offshore broker based and regulated in Vanuatu – the home of hundreds of similar brokers. It claims it is an STP “well established ECN broker”, but we known that on the internet anyone can claim anything.

 

Vanuatu is a popular destination for forex brokers, as it is a tax haven and the business registration process is simple. The Vanuatu Financial Services Commission (VFSC), on the other hand, has rather lax requirements and practically does not exercise any oversight, which makes it a preferred regulator for brokers who would like to do as they please.

 

RForex claims it keeps client funds in segregated accounts and it may be so, but either way, proceed with extreme caution, as many of the offshore brokers are rather dodgy and dealing with them is risky.

 

We are not saying all Vanuatu-regulated brokers are a scam, but it is better to avoid them. Rather, choose reliable brokers with proper regulation, like the one provided by UK’s FCA or the ASIC.

 

Trading platform

 

RForex provides MetaTrader 4 (MT4) as a trading platform in all its versions: desktop, web and mobile applications.

 

MT4 has been around for over 10 years and it seems its popularity is not waning, at least for the time being. It is user friendly, has many options, charting and analysis tools and allows hedging and automated trading. Perhaps eventually its successor MetaTrader 5 will replace it, as the developer MetaQuotes Software said it is stopping support for MT4 in order to focus its resources on MT5.

 

Methods of payment

 

RForex accepts payments through bank transfer, credit/debit cards and several online payment platforms: WebMoney, Skrill, China UnionPay and Neteller.

 

Conclusion

 

RForex is an offshore broker that does not offer very impressive trading conditions. It claims it is ECN and STP, but we cannot verify this. What we find amusing is that it has the cheek to offer accounts for professional traders, but we seriously doubt a professional trader would deal with an offshore broker with a flimsy regulation like the one provided by VSFC. The $500 for retail clients is also rather high. There are properly regulated brokers like FXTM or XM who require only $5.

 

Judging by the language options of the site, it is targeting Chinese-speaking clients, as well as ones from Vietnam, Thailand and South Korea and Japan. It is worth noting that as per Japanese law, the forex brokers targeting Japanese residents must be licensed by the country’s authorities. Apparently RForex is not.

 

Pros Cons
MT4 Offshore

 

 

 

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Traders` reviews for RForex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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