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RIMC Review - is it scam or safe?

Rising International Management Company (RIMC) Review - is fxrising.com scm or good forex broker?

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

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Trading Accounts & Conditions

 

Account type Minimum deposit Min. trade size Maximum leverage Spread
Standard Minimum  0.01 1:100 2.4 pips

 

Rising International Management Company (Rising or RIMC for short) is a forex broker that has not specified any of its trading conditions, but has bold regulatory claims. Unfortunately, our research revealed that it is not properly regulated and not to be trusted. Read the full review for all the details.

 

 

RIMC Advantages

 

MetaTrader4 available

Although in our opinion Rising is not a good choice of a forex broker, we always consider the presence of MetaTrader4 in a company’s offering as a benefit. The platform is popular among brokers for its ease of use, functionality and lightness. It has one of the best charting packages, but probably the most prominent MT4 feature is the automated trading, known as Expert Advisors (EAs).

 

 

>> Find a better MT4 broker <<

 

 

Reasonable leverage ratios

RIMC provides leverage up to 1:100, a reasonable ratio, which is suitable for most trading styles. Beginners are oftentimes tempted to use high leverage levels because of the change to quickly score large profits with relatively small investment. The truth, however, is that most of them easy lose a lot more than they have initially deposited. Because of the risks involved in margin trading, a number of financial regulators have introduced caps on leverage. Most recently, the European Securities and Markets Authority (ESMA) imposed a temporary leverage cap of 1:30.

 

 

RIMC Disadvantages

 

False claims of regulation

The website of RIMC mentions several financial regulators and claims to be licensed by all of them: UK’s Financial Conduct Authority, the US National Futures Association (NFA). And Vanuatu’s VFSC. Our research on the matter revealed that only the latter offshore regulation is true, if registration on any offshore island can be deemed as a forex broker license.

 

 

Despite the claims presented on its website, RIMC, operated by Rising International Management Company Limited, isn’t present in the register of UK’s FCA. Our search there returned no results.

 

As regards the broker’s claims of regulation by the US National Futures Association (NFA), RIMC is registered with the NFA as an EXEMPT Commodity Pool Operator (CPO).

 

 

RIMC’s Exempt status (click to zoom)

 

Registered CPOs, and especially exempt ones cannot be compared to properly regulated US forex brokers officially known as Futures Commission Merchants (FCMs). We aren’t that familiar with the exact nature of this legal status of Exempt Commodity Pool Operators, but we suppose that they simply have a NFA registration number after the license has been withdrawn.

 

Otherwise, the US regulatory requirements for FCMs are very tough and that is why there are only a couple of brokers legitimately operating there. 

 

 

>> NFA regulated forex brokers <<

Present in SFC`s alert list

It appears that the registered in Vanuatu Rising International Management Company Limited is actually based in Hong Kong. This, of course, is not some sort of flaw. What bother us is the fact that the local financial regulator, the Hong Kong Securities and Futures Commission (SFC) has included Rising in its alert list.

 

Spreads aren’t competitive 

The costs of trading aren’t as important as a company’s regulatory status, but are still an important factor when comparing two brokerages. RIMC’s spreads are not announced on its website, but when we tested its MT4 in demo mode, we found the spread on EUR/USD floating around 2.4 pips. This is above the spread levels, which traders expect, as most brokerages offer such within the range of 1.0 – 1.5 pips for this pair.

 

 

Rising's demo MT4. Click for a larger image.

 

 

Few trading instruments

With Rising you can trade 28 currency pairs, precious metals and several commodities. There are no Contracts-for-Difference on indices, stocks, other commodities, nor the so popular cryptocurrencies. Below, you can check our list of brokers, offering CFD trades with Bitcoin and other altcoins:

 

 

>>Bitcoin Forex Brokers<<

 

 

Conclusion

 

RIMC is an unregulated forex broker, claiming to be regulated by reputable authorities such as the US NFA and UK’s FCA, while in fact it is operating out of Hong Kong and is registered offshore. What is worse, the Hong Kong’s financial regulator has issued a warning against Rising International Management Company Limited.

 

Considering the above, you’d better not risk your money and waste your time with Rising, even if its trading conditions were attractive. And they are actually not.

 

To sum up the strong and weak sides of forex brokerage Rising International Management Company:

 
 

Pros Cons
Trading on MT4 False claims of regulation
Leverage up to 1:100 Registered offshore, regulator warning against it
  Spreads too high
  Few financial instruments available

 

Latest news about RIMC
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Traders` reviews for RIMC

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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