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RWMarkets Review - is it scam or safe?

RWMarkets Review - is rwmarkets.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz RWMarkets
RWMarkets is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Minimum deposit Maximum leverage Spread
Micro     $100 1:400 4 pips, fixed
Standard  $1000 1:400 3 pips, fixed
Gold       $5000 1:400 2 pips, fixed
Islamic   $1000 1:400 2 pips, fixed

 

RWMarkets is an unregulated forex brokerage that offers the above account types, plus a demo one. All of them offer trading in a number of currency pairs and various CFDs on a web-based platform with fixed spreads and high leverage levels.

 

Read on to see why we gave RWMarkets such a low rating.

 

 

RWMarkets Advantages

 

Nice web platform

RWMarkets offers its clients a web trading interface with intuitive interface and good charting, provided by popular Danish based FX technology provider NetDania. There are a lot of technical analysis indicators to help you make the best trading decision, however, fans of automated trading will be disappointed. Here is a preview:

 

 

RWMarkets’ web-based platform. Click on the image to zoom-in.

 

High leverage

Although leverage is a bit controversial issue in forex trading, we still consider the availability of high leverage ratios as an advantage in a broker’s offer. RWMarkets offers high leverage levels, reaching 1:400. As an example, such leverage levels would allow you to control over USD 200,000 in trading capital, if you deposit USD 500. Keep in mind, however, that the excessive use of leverage might quickly and easily result in heavy loss.

 

Wide choice of tradeable assets

Clients of RWMarkets can trade in currencies, commodities, several indices, as well as in wide selection of stocks and ETFs. If you are one of the crypto-enthusiasts, however, this broker is not the best choice for you, as it does not offer any cryptocurrencies in the form of CFDs. 

 

 

>> Reliable brokers offering Bitcoin trades <<

 

 

RWMarkets Disadvantages

 

Not regulated

RWMarkets is allegedly a brand of Progressive Sight LP, a company based in the UK, which, however, is not authorized by the local Financial Conduct Authority (FCA). This is quite troublesome, as there is no guarantee you will ever get to withdraw any money from your account, regardless of your trading performance. Besides, most unregulated brokers are pure scams. That is why we generally advise our readers to avoid unregulated or offshore brokers like RWMarkets.

 

Disturbing provisions in the Terms and Conditions

We found yet another major red flag with regards to this broker – some very disturbing provisions of the Terms and Conditions uploaded on its website regarding the safety of clients’ funds. First, RWMarkets admits that it might hold clients’ money outside its home jurisdiction and in omnibus account. Second, it appears that by signing the contract, clients of the broker agree the latter to operate with their bank accounts.

 

Click to zoom.

 

MT4 not supported

MT4 has been around for more than 10 years and it seems its popularity is not waning yet. Many traders still prefer it over the MT5 and other platforms. That is why we consider the absence of the MT4 in a broker’s offering as a negative.

 

The MT4 is equipped with all a trader needs: advanced charting package, a number of technical analysis indicators, Expert Advisors (EA) and extensive back-testing options. 

 

 

>> Browse our list of MT4 brokers <<

 

 

Very high fixed spreads

While a minimum initial deposit of $100 is average, the spreads offered on RWMarkets’s Micro & Standard accounts are very high, fixed at 4 and 3 pips on EUR/USD, respectively. Most fixed-spread brokers offer spread of 2 pips for this pair and some even less. In case you are set on trading with fixed spreads, be sure to check the link below.

 

 

>> See the best fixed spread brokers here <<

 

 

Conclusion

 

To sum up our impression of RWMarkets: this is an unregulated and shady broker whose trading conditions are by no means attractive. Although its trading platform is relatively nice, it cannot be compared to the widely used MT4, and the spreads are very high. To put it simply, we cannot find a single reason why would anyone take the risk to deal with RWMarkets.

 

There are a number of reliable brokers who provide better spreads, keep clients’’ money in segregated accounts and will surely not try to make deposits and withdrawals from and to your bank account on your behalf.

 

 

>> Our list of FCA-regulated brokers <<

 

 

To sum up the above in a few words:

 

Pros Cons
Nice web platform Not regulated
High leverage Disturbing provisions in the Terms and Conditions
Wide choice of tradeable assets MT4 not supported
  Very high fixed spreads

 

Latest news about RWMarkets
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Traders` reviews for RWMarkets

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

 

 

RWMarkets Fraud

السلام عليكم انا اودعت في RWMarkets 300 الف دولار امريكي وبعد التداول سار المبلغ كليون دولار امريكي وتم النصب والحتيال عليه وتلاعب فب المحفظه حقي من قبل الاسمسار جق الشركة

Translated by Google:

Salam alikum. I deposited in RWMarkets 300 thousand US dollars and after trading, the amount went to about 1 billion US dollars and was fraud and fraud and manipulation of the purse right by the company

fawaz 09/19/2018
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