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RNBinance Review - is it scam or safe?

RNBinance review - Is rnbinance.com scam or good forex broker?

RATING: 1 / 3 REVIEWS ForexBrokerz RNBinance
RNBinance is an offshore broker. Your money is not safe.

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RNBinance is a unregulated forex and CFD broker that claims to be based in London, but has contact addresses in Russia and Bulgaria, as well as a phone number form Cyprus. We are strongly concerned about the credibility of the broker, so if you are planning to open an account with them be sure to read this review first.

 

RNBinance Advantages:

 

A variety of asset classes

 

RNBinance offers CFDs with virtually every asset class from stocks, ETFs and bonds to agricultural commodities, energies, precious metals, 23 indices and all major crypto coins - Bitcoin, Bitcoin Gold, Dash, EOS, Ethereum Classic, Ethereum, IOTA, Litecoin, NEO, QTUM, Tron, Stellar, Monero, Ripple, Zcash, Cardano and Bitcoin Cash. Still, if you are tempted by the idea of trading crypto, here you may check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

As for the forex pairs there are over 50, many of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDHUF, USDHKD, USDDKK and USDILS.

 

Leverage of up to 1:200

 

Basically after last August the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions at 1:30, following similar moves by regulators in the Unnited States, Canada, Japan and Korea, Australia remained the only regulatory hub, where traders can still enjoy higher leverage without restrictions. So if you are inclined to risk your funds with high margin trading here you can check our list of brokers, regulated in Australia:

 

>>Brokers regulated in Australia<<

 

RNBinance Disadvantages:

 

No license 

 

Although RNBinance says to be headquartered in London, the broker is owned and operated by the Bulgaria based Platinum one Ltd. And for some reason there is also a contact address in Russia and a phone number from Cyprus, so we are a bit confused about the physical location of RNBinance.

 

In any case  RNBinance does not have a license to operate on regulated markets like the European Union, USA, Canada, Japan or Australia, 

 

Also, bear in mind that trading with unregulated brokers is associated with a unreasonably high risk of loosing your money to scammers. 

 

That is the reason we strongly advise you to choose only frorm brokers regulated by reliable financial authorities such as  the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

 

And besides, if you trade with an EU regulated broker your funds will be guaranteed for up to 20 000 EUR by a special client compensation fund. Similarly with a FCA broker your insurance goes up to 50 000 GBP. Besides, here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses 

 

Trading bonuses are a highly controversial practice, banned on many regulated markets like for example the European Union. The issue with all trading bonuses is that they always come with some special withdraw conditions. For example with RNBinance, if you accept a bonus you will not be able to withdraw until you trade at least 30 times your deposit plus the bonus.

 

Take a note as well that all withdrawals are subjected to withdrawals processing and handling fees, which RNBinance does not bother to disclose in the presentation.

 

Horrible spreads

 

When we opened the RNBinance trading platform we were shocked to see the benchmark EURUSD spread floating above 3,6 pips, which is simply unacceptable. Bear in mind that starting spreads are considered attractive only below 1,5 pips. In any case, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaRader4 not available

 

Although in its presentation RNBinance says to be offering MetaTrader4, a link to download the platform was nowhere to be seen on their website. Instead, the broker offers a simplified web base platform that lacks many of the features standard with MT4.

 

 

For example although the RNBinance platform has some in-build market indicators, we miss the option to run automated trading sessions with customizable trading bots, as well as the advanced charting tools one can enjoy with MetaTrader4. So here you may check our list of brokers, which do support the MetaTrader4:

 

>>MT4 Brokers<<

 

No information about the minimum deposit requirement

 

RNBinance does not tell what is their minimum deposit requirement. Just have in mind that most traders will ask you for about 250 USD, while some big well established names like FBS and IG does not have a minimum deposit requirement at all.

 

Only cards and bank transfers accepted

 

Although on their web site RNBinance says to accept popular e-wallets like QIWI Wallet, WebMoney and Skrill, in practice, when we registered an account the only options to make a deposit appeared to be VISA MasterCard and bank wire.

 

Take a note as well that recently Skrill adopted a new anti scam policy, according which its services might be offered only by brokers holding a legit license. As we already noted  RNBinance does not have a forex license.

 

Conclusion: 

 

RNBinance is a low credibility, unregulated broker, which on top of that offers horrible spreads. As usual in such cases our best advise is to pick a broker with a legit license issued by a reputable institution such as  the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for RNBinance

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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Scam RNBinance

To cut a long story short, having lost a total of $8,000 with the clever robbing B_____ds at RNBINANCE, and having suffered a stroke at this very stressful time I had a phone call out of the blue in january from someone at RNBINANCE offering to pay my money back. Having stupidly giving him my credit card details to carry out this refund, he actually took another £2,000 FROM my card.

No chance of a refund with the card, even though the fraud department of the card at the time sat and watched them (RNBINANCE) draw down the money over 3 seperate transactions.

Raymond Clayton 06/01/2019

Scammers at RNBinance

Do not put your money with this crowd of crooks. They Have taken £10,000 of my hard earned money. Oct 2018 My account still shows online but they won't pay me a penny.

I had a phone call on 31st January from someone at RNBinance offering to pay me out. Sounded so genuine and stupid me I gave him my card details to pay me back and what does he do - Takes another £2k out of my account. Still fighting my credit cards for a refund but not having a lot of joy - They just won't investigate it.

Youre on your own out there when you loose your money.

R.H. Clayton 04/09/2019
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