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Rigel Forex Review - is it scam or safe?

Rigel Forex Review - is rigelforex.com scam or good forex broker?

RATING: 1 / 0 REVIEWS
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Trading Accounts and Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Silver $10 0.01 1:500 From 1 pips
Gold $100 0.01 1:400 From 1 pips
Platinum $1 000 0.01 1:200 From 0.8 pips
Diamond $2 500 0.01 1:200 From 0.5 pips + 10$ per loj

 

Rigel Forex offers 4 account types, all of which are said to provide variable spreads and the option to trade in micro lots. All accounts, except the Diamond one, are commission-free. According to the information on the broker’s website (Trading accounts section), Silver account holders are not allowed to use Expert Advisers, nor trailing stop loss.

 

However, we found different information about Rigel Forex’s account types in the FAQ section, according to which there are two account options – Standard and ECN. The minimum deposit required for both of them is $200.

 

So, we are not sure what account types Rigel Forex offers, nor what are its trading conditions. Even worse, we could not register for a demo account. Such lack of clarity and transparency additionally lowers the credibility level of this broker, which is not regulated. And if a broker is not to be trusted, its trading conditions actually don’t matter.

 

The Company. Security of Funds

 

Company

Country

Regulation

Rigel Forex Ltd.

UK

N/A

 

Rigel Forex is a forex and CFD broker that claims it was established in 2007 and that it is a “leading true ECN forex broker in Australia”. It also claims to be regulated by the Australian Securities and Investments Commission (ASIC), but provides an address in London, UK. Of course, our check in the ASIC registers revealed it is not licensed and even when we googled Rigel Forex Ltd., the only results returned were from the broker’s website.

 

>> The risks of trading with a unregulated (offshore) forex broker <<

 

No matter what Rigel Forex claims, the fact that it is not licensed by ASIC, nor by any other regulator, however, means that investing in such a company is extremely risky. Moreover, it does not even bother to upload clear information about its headquarters and offerings, so it is very likely that Rigel Forex is one of the many scams in the forex and CFD market.

 

You’d better choose among forex brokers that are duly licensed (by FCA, ASIC or another reliable agency) and which have built a good reputation.

 

Trading Platforms

 

Rigel Forex says it supports both MetaQuotes’ trading platforms: MetaTrader 4 & MetaTrader 5.

 

The MetaTrader 4 (MT4) still hold the title most popular trading platform, although its developer tries to persuade both traders and brokers that its successor, the MetaTrader 5 is faster, better and provides more options.

 

Indeed, the MT5 was developed and promoted as an upgrading on MT4, yet most trader still prefer the earlier technology, since MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. Recently the MetaTrader 5 gains a momentum, as the hedging feature was finally added to it last year and MetaQuotes keeps enhancing it.

 

M However, we are not sure whether the broker really offers MT4 or MT5, for there are no platform downloads available on its website. Besides, in the FAQ section of its website Rigel Forex even mentions cTRader.

 

Methods of Payment

 

Rigel Forex offers wide range of payments methods to its clients: bank wire transfer, credit/debit cards and e-wallets Skrill, PayPall, Neteller, Qiwi, FasaPay, China UnionPay and WebMoney.

 

Rigel Forex claims it does not charge any additional fees for deposits or withdrawals.

 

Conclusion

 

Rigel Forex claims a lot of things – being an ASIC-regulated entity offering true ECN environment, and spreads averaged 0.1 pips and access to two of the leading FX platforms. The truth is, it is not regulated, and does not even bother to present clearly its trading conditions, accounts, headquarters, etc. Here are, in a nutshell, the advantages and disadvantages of this broker:

                                                                                                

Pros Cons
Low initial deposit required Not regulated
Both MT4 and MT5 available False claim, controversial information on website
  No demo accounts

 

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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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Traders` reviews for Rigel Forex

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