A few users are going nuts with Raw Forex (Rawforex.com) hence this upfront review. After receiving complaints from users who claim the vendor is a scam artist, we had to dig deeper. What we found out is a platform that has no information on what exactly they offer. All they want from users is to sign up and start trading with their platform. Raw Forex is an indicator and signal provider whose location remains unknown. Go through this RawForex review for more.
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About Raw Forex
The about us page comes out a bit too salesy for our liking. When you land on their about us page, the information seems to sell a unique trading platform. The vendor claims they provide high net worth, institutional, and retail customers with a chance to make money. What they have done is use industry jargon to try and sound professional. From the look of thins, Raw Forex is all words but no action. With our detailed investigation, we learned of the many faults that come with the platform.
The vendor boasts of being regulated by the Financial Services Authority (FSA) from what we’ve seen. Such vendors must back these claims with copies of their license and registration status. The vendor goes on to claim that their guiding principles include honesty, openness, and transparency. And this is where we see the full extent to which the vendor will fool naïve investors. All these are sales tags to entice unsuspecting online investors. We noticed some disturbing features with this trading platform.
Available trading instruments with RawForex
RawForex claims to provide users with high-end trading instruments. When it comes to the wide array of trading assets, we give them credit for it. The platform has managed to offer several trading instruments. These instruments include 62 currency pairs, crude oil, and gold. Users can also get a wide range of bonds, crypto, indices, and stocks. Some of the crypto found on the platform include Bitcoin, Dash, Etherium, EOS, Litecoin, etc. When it comes to trading assets, the vendor has this well-covered.
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Raw Forex Ltd is the company that is listed as the owner of this trading platform. These scam artists are not on any Company registrar, which makes us question their intent. What we learn from our investigation is that they only have a Facebook page. The last update on their Facebook page dates back to 2012. Users should note that the vendor claims that the company started way back in 2008. From our investigation, we learn that a similar company goes by the name Raw Group Limited. The scam artists may be trying to fool investors with a similar company name.
Martin Wain and Ron Ruck were victims of this horrific scam. Both were enticed into signing up via Instagram advertisements. It seems that the vendor is not serious about his services, as he also hides his true identity. The comments we have seen are in the form of experiences from various users. Martin lost over $5,000 in one day when using the platform. The accuracy of the signals is dismal, and the indicators are of no help. And this is the reason why we must expose the use of this platform.
Domain tools checker
According to the domain checker, the website rawforex.com was created on 11th November 2015. It took them over seven years to come up with their official website. With this information, we are left wondering whether the platform was working offline. We, however, could not find any official address or location of the business. There have been over 34 changes on their IP address for the past 12 years. And this raises the credibility of their online presence.
Features of Raw Forex
When it comes to their trading signals, the vendor claims to use price action and technical analysis. The vendor sends exclusive entries to their members via Telegram from Monday to Friday. According to sources, the signals provided include 2-8 per day. And this is probably the reason why their signals are far from accurate. The number is too high to provide users with accurate signals. Members also get the promise of having a group chat room that hasn’t materialized for some time.
Raw FX is far from being a regulated entity as no regulator has heard of them. We checked with various regulators, including the FSA. To find their area of jurisdiction, we checked with their contact details. The platform claims to be located in Poland and St. Vincent and the Grenadines. With their second location, it goes to prove that this is an offshore trading entity. Make sure to stay away from this platform or else risk losing your entire funds. No regulator has given the vendor the green light to offer trading products or services.
The problem with unregulated entities is the fact that they don’t offer any protection to users. Once you open an account with them, there is no way of EVER recovering funds. A good example is when you buy in and decide not to start trading. The vendor is obligated to refund users who fail to use their services. It’s not the case with this vendor as there is no client protection. Once you sign up and deposit funds, it’s the last you will see from this vendor. You better be extra careful with who you send money to.
Pros and cons of Raw Forex
Raw Forex is furnishing users with four account types to choose from. These accounts are listed as Micro, Classic, Raw, and VIP. The base currency of all these accounts is USD EUR. Users should note that the vendor offers leverage of 1:100. There is also an Islamic account on offer, and commissions are only available on Raw and VIP accounts. The quoted minimum trading volume is 0.01, and the broker claims to offer negative balance protection. Minimum deposit is set at $100, $1,000, $5,000, and $10,000.
Available trading platforms
The vendor offers an MT4 trading platform on desktop and mobile devices. There is also a raw crypto trading platform, although the vendor fails to provide any details. We believe that the Crypto trading platform is available on a web interface only. The stability of their trading platform is in question as they don’t have any protection. Without DDoS and SSL encryption, the platform tends to be an easy target for users. Ensure you use platforms that protect the interest of users at all times.
Safety and security of funds with Raw Forex
When it comes to the safety of funds, the broker is way off his line. There is a clear violation of trust as the broker fails to offer strong security checks. Third-party attacks are eminent as the entire website fails to have any security software. Hackers will easily target such a website for personal information. Credit card details, together with email addresses, are what hackers are after. With these two, hackers can create their own profiles using the gathered data. It is why we don’t recommend the use of unsafe online websites.
Scam or Legit Raw Forex
Even though the broker claims to be licensed by FSA, we fail to see any documents to prove so. The broker should have posted their license number and copies of their certificates. The vendor is hiding a lot of information from users. The vendor also fails to have a terms and conditions page. It means they can take advantage of users as no one knows their terms.
We won’t be recommending the use of a brokerage firm without any credibility.
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Our entire team wishes everyone a safe trading experience.