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Rynki Review - is it scam or safe?

Rynki Review - is rynki.com scam or good forex broker?

RATING: 3 / 0 REVIEWS Rynki
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Trading Accounts

 

Account type Minimum deposit Maximum leverage Minimum trade size Spreads (& commission)
Basic $50 1:500 0.01 from 2.3 pips
VIP $5000 1:500 0.01 from 0 pips + commission
Pro $2000 1:500 0.01 from 1.9 pips

 

Rynki offers its clients several account types, all of which offer variable spreads, micro tradeable lots leverage up to 1:500 on the MT4 platform. Only minimum initial investment required and trading costs differ.

 

Rynki’s website is available in English and Polish. Actually, the word “rynki” means “markets” in Polish. Keep in mind that this broker does not provide trading or any other services to residents of the following countries and regions: British Columbia, Japan, Quebec, Saskatchewan and the United States of America.

 

The Company. Security of Funds

 

Company Country Regulation
Fxnet Ltd. Cyprus CySEC

 

Rynki claims to be a STP broker and offers online trading in a variety of financial Instruments, Including Forex, CFD’s, Stock Indices and more. It is the Polish brand of Cysec-licensed Fxnet Ltd., which also operates FxNet and NessFX.

 

Cyprus has established itself as one of the most important forex and binary options hubs in the world. Probably this is due to its well-developed financial and technology sectors, the well-balanced financial regulation in the country and the fact that Cyprus is part of the European Union. CySEC applies certain rules and requirements to licensed companies and sees to their compliance, although it is not strict as other EU financial watchdogs. Cypriot brokers must keep customer funds in segregated accounts, separated from the company’s operating funds, and are required to meet certain capital adequacy requirements. Licenses companies are also required to report transactions, apply certain AML and KYC policies and comply with other rules.

 

Furthermore, all Cypriot brokers are members of the Investor Compensation Fund, which can cover compensations up to 20,000 EUR per client of a regulated entity, if the latter is in default.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with Rynki, traders can invest $50, which is quite an attractive offer.

 

Spreads & Commissions

Rynki offers variable spreads which are very, starting out at 2.3 pips on EUR/USD on Basic accounts. Even if you make an initial investment of $2 000, the average spread for this pair is above 2 pips, which definitely is not a good offer.

 

By comparison, FxPro, a leading forex brokerage licensed in Cyprus and UK offers spread averaged 1.4 pips on EUR/USD on its commission-free accounts. For more information and comparison, you may look up real-time spreads of more than 10 leading brokers here.

 

Leverage

The maximum leverage level offered by Rynki is 1:500, which is a high ratio, given the risks it involves and the fact that CySEC recommends brokerages regulated by it to offer default leverage of 1:50.

 

Nonetheless, many Cyprus-based brokers still offer significantly higher leverage levels, FxPro included.

 

When using leverage levels that high, one can easily lose all the money in his or her account, should the market move against them. That is why in some jurisdictions leverage is capped by law: in US up to 1:50, in Japan up to 1:25 and in Poland up to 1:100. By the way, on the Polish version of Rynki’s website, the maximum leverage indicated is 1:100.

 

Trading Platforms

 

Rynki supports the standard forex market trading platform MetaTrader4 (MT4), which comes as desktop, mobile and web versions.

 

MT4 allows flexible and customized trading through a user-friendly interface and you can plan and execute your orders quickly and easily. There is a wide variety of technical analysis and advanced charting tools at the traders’ disposal. Besides, the MT4 provides great automated trading options with its Expert Advisers (Eas).

 

Clients of Rynki who maintain their account at 2,000 USD or more can request VPS hosting - a virtual computer that you can use for hosting your EAs.

 

When we downloaded the broker’s MT4, however, we noticed it is provided by another company - BelFX limited. It is registered in Belize and operates its own fiorex brokerage. What is worse, it appears that Rynki does not offer free demo accounts.

 

Methods of Payment

 

Rynki supports a small range of payment methods - credit/debit cards, bank wire transfer, Neteller, Przelewy24, SafeCharge and CardPay.

 

Rynki.com currently accepts the following as base currencies: USD, EUR, JPY, GBP, RUB, PLN, CZK.

 

Conclusion

 

Rynki is one of the forex brands of Fxnet Ltd. and it seems to target mainly Polish investors. On the one hand, the company behind the brand is duly regulated in Cyprus, but on the other hand, its spreads are too high, and besides, the MT4 it offers is provided by another company. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Strong regulation (CySEC) High spreads
MT4 available MT4 provided by another company
Comparatively low minimum initial deposit reqired No demo accounts

 

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Traders` reviews for Rynki

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