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RedForex Review - is it scam or safe?

Red Star Forex (RedForex) Review - is redstarfx.com scam or good forex broker?

RATING: 1.8 / 9 REVIEWS RedForex
RedForex is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type Min. deposit Min. trade size Maximum leverage Spreads (&commission)
Standard $10 0.01 1:200 From 1.6 pips
Premier Not specified 0.01 1:200 From 1.2 pips
Elite Not specified 0.1 1:200 From 0.4 pips+ $7.50 /lot
Professional Not specified 0.1 1:200 From 0.4 pips+ $5.5 /lot

 

Red Star Forex (RedForex) offers the above account types, all of which allegedly offer leverage up to 1:200 on forex trades and variable spreads on the MetaTrader 5 platform. Unfortunately, we could not verify the trading conditions announced on the broker’s website, as it does not offer free demo accounts.

 

 

RedForex Advanatges

 

MT5 (allegedly) available

The MetaTrader 5 is the latest piece of trading software released by MetaQuotes. The software developer even announced that it will stop updating and selling the previous version, MetaTrader 4, which has been the preferred choice of most traders for more than 10 years now.

 

That is why we consider the fact that RedForex supports MT5 as an advantage. This platform offers most of the great functionalities of its predecessor, and most notably – its advanced charting, plus the option to trade in futures, options and shares, in addition to CFDs and forex. 

 

>> More MT5 forex brokers <<

 

 

Low initial deposit

Although the entry level requirements for most account types of RedForex are not announced on its website, the minimum investment for opening a Standard account is just $10. This is a reasonably low deposit requirement, considering the fact that this broker is not regulated.

 

Claims to offer wide range of assets

Another possible benefit of using this broker is its rich product portfolio, which allegedly includes more than 80 currency pairs, as well as CFDs on indices, commodities, stocks and the hottest new asset, cryptocurrencies. The latter can be traded with 1:5 for leverage.

 

Reasonable leverage levels

RedForex provides leverage up to 1:200, which should be enough for most traders. Although a number of brokers provide considerably higher ratios, many countries have introduced leverage caps at lower levels – 1:50 in the USA, 1;25 in Japan, and 1:30 in Europe (as of August, 2018). The reason for such restrictive regulatory measures is the fact that high leverage levels can quickly lead to serious loss.

 

 

RedForex Disdvantages

 

Not a regulated broker

Red Star Forex (RedForex) is allegedly operated by Red Forex Limited, a company incorporated in Hong Kong. The firm may indeed be registered there, but it I not licensed by the local authority in charge of financial services providers such as forex brokers, the Hong Kong Securities and Futures Commission (SFC). The commission keeps a register of regulated entities and we checked whether RedForex is present. Here is a screenshot of the result:

 

 Click on the image to zoom-in.

 

Unregulated brokers, as well as such registered offshore, are not to be trusted and therefore we advise traders to stay away from them.

 

MT5 not freely downloadable, no demo accounts

We could not download and test RedForex’s MT5 platform, nor register a demo account with it, which is a second red flag with regards to this broker. They do not hold a valid forex broker license, nor allow potential customers to test their services without depositing.

 

Standard spreads above the average

According to the information on its website, RedForex’ spreads on EUR/USD are starting from 1.6 pips on Standard accounts, which means that average trading costs are at least 1.8 pips. Most brokers offer lower spreads for this pair, within the range of 1.0 – 1.5 pips. By comparison, major brokerage HYCM (which is licensed in Hong Kong, UK, and Cyprus) offers a spread starting from 0.2 pips on EUR/USD plus a commission of $4 /lot, which means that the average trading costs for this pair per standard lot are around 0.7 pips. You can find more information on trading costs at our dedicated page:

 

 

>>Compare the real-time spreads of top brokers <<

 

 

 Website unfinished

Another disturbing fact we noticed on RedForex’ website is "Lorem ipsum" or geeking text, which does not have any meaningful content and is only used to demonstrate the visual form of a document or web page.

 

 

Click on the image to zoom-in.

 

This leads us to believe that the service of this broker has been launched recently or the company does not bother to create a decent website, as it attracts clients by cold-calling. Or maybe both?

 

 

Conclusion

 

Red Star Forex (RedForex) appears to have certain strong sides, such as various accounts and financial instruments offered, the availability of MT5 and the low initial deposit required. Nonetheless, the two disadvantages of the broker we pointed out above are more important: the lack of regulation, as well as of transparent pricing.

  

Experienced traders will probably know this, but we feel obliged to clarify this anyway - trading with an unregulated broker is very risky. You only have their word as a guarantee of the security of your funds, and there are too many scammers in this sector

 

That is why we always advise our readers to check whether a broker is regulated prior to investing. Below, you may find a list of forex brokers licensed by the Hong Kong Securities and Futures Commission.

 

>>Trade with a broker regulated in Hong Kong <<


 

To sum up the above:

 

Pros Cons
MT5 (allegedly) available Not a regulated broker
Low initial deposit MT5 not freely downloadable, no demo accounts
Claims to offer wide range of assets Standard spreads above the average
 Sufficient leverage levels Website unfinished

 

Latest news about RedForex
No news about RedForex. Check back later.
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Traders` reviews for RedForex

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

William Bond - Director and Master of Forgery

The day i got to know that william bond is associated with this Company, i knew that they will eat everyone's money. He has been doing this for the past 8 years. Eating money by fooling people, he doesn't even spare people, he cheats them in the name of Jesus..Doors of he'll are open for him and his family. I heard that he has escaped to China. I wish you and your accomplises Chitah Shetty , Rockline Venkatesh, Afghani Bruce Lee and Sureshbabu Malghe also find out the truth about you and be saved from your upcoming Scams. .

Kuldeep Yadav 06/16/2019

Sorry for your loss.

I was one of the investors who had met the entire team of Red Forex !
I had attended the launch event and met each person associated with the management personally.
The owner of the Company were the following people:
1. Ankur Modi, the main guy who funded the event and the company.
2. Sachin Gunjal from Mumbai
3. William Bond (Indian) but lived in China xi an. He was the fund manager of the company.
4. Subhasis sahoo - some guy from West Bengal
5. Siby Varghese - from Delhi who came out openly as the owner of the company
6. Kriti Gupta - wife of Siby

The surprising thing during the event was that only 3 people portrayed themselves as the owner that day (William, Siby and Kriti) . But the rest 3 didn't show themselves as the owner.

After running a background check on all of them:
My conclusions are

All the blame is being put on the shoulders of Siby and his wife. When the fund was lost by William who seems to be absconding now.
Taking shelter of the film He is Back. Although no signs of the movie coming up. When everyone is after Siby and Kriti to return their hard earned money, where are the other directors of the company?

Ankur Modi , I googled about him and ran a background check on him, he is a wealthy Indian businessman , who can willingly compensate all the investors. He even had some Case against him wherein one of his employees had died while on duty.I expect him to return people's money and take all the curses of people Coz you r willfully not paying the investors.

Subhasis Sahoo is making money from people on Facebook , I see regular updates. Mr. Sahoo why are you not paying anyone?

Sachin Gunjal: I have a common friend , who last told me of his dirty deeds, he is a regular customer of all the Cheap dance bars and is much famous amongst the brothels of Mumbai. God bless his soul. So we know where our money has gone and to whose enjoyment.

Siby : is making money online and is repaying people slowly.God bless him and his family. I have received half of the amount I had lost. He will be sending more to me.

Kriti : Lost somewhere , not seeing any updates from her. Probably,devastated in life now.

William Bond : once you run a background check on him , you will be able to find out that he has scammed a lot of people in the name of Forex, all his certificate and parents are fake . He had a scammed people and h
Is hiding all money in China , tactfully married a Chinese girl to save him from the wrath of all Indian people he had cheated all these years to the tune of 7 million dollars. Maybe he is further Scamming people in the name of the Hollywood Project as well. I found out few articles online his main accomplices are Chitah Yajnes Shetty and Suresh Babu from Mumbai. Now this time , the plan seems bigger to cheat the Movie investors of Atleast 10 Million Dollars.

I second Mr. Emanuel, Ankur Modi, Sachin Gunjal, Subhasis sahoo and you William Bond, I hope all of your future generations suffer the curses given by people who lost their money in your scam enterprise.

Serena Adams 05/27/2019

RedStarFx - Criminals

Refer to my earlier statement on 2019-01-21, further findings showed Siby was a victim of fraud from William Bond's RedStarFx. He defrauded unsuspecting investors of their hard earned funds to the tune of $100,000 in the 4th quarter of 2018 via the PAMM service offered by their fraudulent company RedstarFX. You all can't run, but you can't run from Natural laws, your deeds would catch up with you guys and your children. You all shall know no peace, sorrows, tears and sufferings would be yours now and forever, until you remit our stolen funds. Amen

Emmanuel 05/22/2019

William Bond - con man

The day i got to know that william bond is associated with this Company, i knew that they will eat everyone's money. He has been doing this for the past 8 years. Eating money by fooling people, he doesn't even spare people, he cheats them in the name of Jesus..Doors of he'll are open for him and his family. I heard that his wife is pregnant in China, I hope that the child comes to know the truth about his father and how he has duped people of their money and curse the day that he was born.

Ramit Bhalla 03/31/2019

Avoid him at all cost

This guy is a true joke and an MLM junky, All he cares is about money. He stolen my 1000$ in his PAMM and he used fraudulent practices to steal over $100,000 from hard working people. He is well known for scamming and he is like a true smart fox who sits in grass and wait on his prey which is us and he lure you into his trap with his scent and sweet talk promising you will make money. I will report you to indian police. Please avoid him at all cost, his new venture is starting a PAMM again to scam.

Mark Douglas

Mark Douglas 02/22/2019

RedStarFx - Criminals

Siby Vargehese, Krypti Gupta, Francis Fernandez and other accomplices are all criminals. They defrauded unsuspecting investors of their hard earned funds to the tune of $100,000 in the 4th quarter of 2018 via the PAMM service offered by their fraudulent company RedstarFX. You all can't run, but you can't run from Natural laws, your deeds would catch up with you guys and your children. You all shall know no peace, sorrows, tears and sufferings would be yours now and forever, until you remit our stolen funds. Anen

Emmanuel 01/21/2019

Scam With an Ex-Scammer Siby Varghese

I know the owner in person as we have met previously in Delhi. I bought some forex courses from him and he claimed to be a trader but later found out the truth. He is a commission junky and a fake trader. He used my dad friend William Bond who is known to be an Elliott Wave trader to form up his scam company so called Red Star Forex... They collected people funds and they formed this scam broker and at the end they scammed people with amount of 50 000$ and the company director claimed to have lost 800 000$ due to a hack. Nice one Siby !Every business you form, you always run away with people funds. What a pathetic thief! These pricks ran with people money PERIOD !

Abdi Baxter 12/04/2018

Scam

They stole my money.

Dwayne Davis 11/24/2018

this has not yet launched on 23june 2018 it will be launched

they have already applied for the license and waiting to update on website
and mt5 is free of cost , i am in there PAMM group and all is well, trusted owners ,who meet the investors often, Looking forward to be one of the leading firm in Forex industry,
regards
Mike
PAMM investor
9007-id

Mike Truman 06/22/2018
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