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Rhodium Forex Review – is it scam or safe?

Rhodium Forex Review - Is Rhodium.fx scam or safe forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Rhodium Forex
Rhodium Forex 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
Variable spread account $1000   1:200 1.5 pips, 2.0 pips per lot round turn commission
Fixed spread account $1000   1:200  

 

Rhodium Forex has two types of accounts – with variable and fixed spreads. Clients can trade in forex and CFDs. The broker also has a demo account for training purposes.

 

The Company. Security of Funds

 

 

Company Country Regulation
WR Trade UK None

 

Rhodium Forex is a forex broker obviously aimed at Russian-speaking clients, as its site is in Russian only. We found the trading conditions on an older, English-language version of the site, which does not provide much other information. The $1000 deposit, however, is also available on the newer site.

 

The broker claims it is owned by WR Trade, is based in London and complies with the MiFID regulations. According to UK's Financial Conduct Authority, however, Rhodium Forex is not regulated and as per the Financial Services Register is “either operating regulated activities without the correct authorisation, or is running a scam”. Logically, the FCA advises potential investors to avoid dealing with it.

 

Trading platforms

 

Rhodium Forex offers trading on the MetaTrader 4 platform, which is the most popular forex trading platform both among brokers and traders. It is also one of the oldest and is preferred because of its stability, ease of use, functionality and numerous technical analysis and charting tools. It also offers API connectivity, supports PAMM and MAMM functionality, Expert Advisors and supports automated trading.

 

Methods of payment

 

We could not find information on how to make a deposit to Rhodium Forex and what types of transfers it accepts. This strikes us as somewhat odd as even the most dubious brokers provide such information.

 

Conclusion

Rhodium Forex could be described as a forex broker shrouded in mystery. It claims it has been active for five years, yet we could not find any reviews, or client complaints, for that matter. Our gut feeling tells us that clients would be much better off if they find another broker, preferably well regulated.

If you are in Europe, you can mostly choose between FCA-regulated and Cyprus-regulated forex brokers. There are plenty of those. Dealing with them is less risky and, besides, they provide much clearer information about themselves and their offering and better trading conditions.

 

Pros Cons
MT4 Unregulated
  High min. deposit

 

Latest news about Rhodium Forex
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Traders` reviews for Rhodium Forex

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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Summary

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