If you have encountered the RaiseFX broker and wonder if it is a scam or a legit broker, this RaiseFX review will assist you. We must admit that RaiseFX skilfully covers up its fraudulent nature; even experienced traders would buy its seemingly legit service presented on its multilingual and well-designed website.
Nevertheless, when you continue exploring, you realize that it has all the attributes of fraud — unlicensed business, fabricated trading credentials, and inadequate services. Moreover, the French financial market regulator (AMF) has recently put RaiseFX on a warning list. Therefore, to prevent falling for this trading scam, continue reading our article for more information.
Additionally, we strongly advise you to avoid the fraudulent brokers Fivoro, Equalpros, and ImportCapital.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | raisefx.com |
| Blacklisted as a Scam by: | AMF |
| Owned by: | RaiseGroup LLP |
| Headquarters Country: | Kazakhstan |
| Foundation year: | 2019 |
| Supported Platforms: | MT4 |
| Minimum Deposit: | 200 EUR |
| Cryptocurrencies: | Yes (Cardano, Avalanche, Binance Coin) |
| Types of Assets: | Cryptos, forex, indices, commodities |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | Yes |
| Accepts US clients: | No |
Is RaiseFX a Safe Trading Company Or a Scam?
According to its webpage, it is registered in Kazakhstan as Raise Group LLP, which is allegedly licensed by the financial supervision committee of the ministry of finance of Kazakhstan. However, this entity is not a financial authority; there are three financial regulatory agencies in this country: AFR, NBK (National Bank of Kazakhstan), and AFSA (Astana Financial Services Authority). None of them has authorized this broker. Therefore, RaiseFX is a far cry from a safe trading company. After it has been blacklisted by the French AMF, RaiseFX is a pure scam.
RaiseFX is a tricky business pretending to be a legitimate company based in Kazakhstan. It claims to be licensed under a non-existent supervisory body. As a matter of fact, it is an exposed trading scam by the French financial authority.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Contrary to unauthorized brokers operating on their own, certified brokerage services are safe for doing business with them since they must comply with strict legislation. Otherwise, they are fined, prosecuted, and suspended. Since no third-party monitoring and controlling of unlicensed brokerage firms, they can be involved in fraudulent trading activities without consequences.
Legitimate brokers and specifically those regulated by high-ranked supervisory bodies (FCA, ASIC, and BaFin) mitigate risks inherent in trading by providing negative balance protection (you can’t lose more than deposited), segregated accounts (your money is kept separate from broker’s capital, so if a broker ceases trading, it doesn’t affect you), and coverage against insolvency (compensation schemes are up to 100K USD).
MetaTrader 4 – Trading Platform Offered by The Company
Regarding the availability of MetaTrader 4 at RaiseFX, this shady brokerage firm surprisingly provides this trading software on a white-label basis. Anyway, it remains the case that RaiseFX is unlicensed, and even worse, it tries to whitewash it by faking authorization.
If you want to enjoy the full benefits of MT4 with peace of mind, you should trade with credible brokerage firms. In addition to MT4, MT5, Sirix, and cTrader are highly regarded in the industry. It is because these modern trading platforms are reliable, user-friendly, and accessible from any device. On top of that, they enable expert advisors, instant orders, many technical indicators, copy trading, and unlimited charts.
Mobile App & Tablet
As mentioned, MT4 and other cutting-edge programs are accessible via mobile phones and tablets. This feature allows users to trade anywhere, anytime without compromising the platform’s functionality. That means that there is no difference in trading on cell phones, tablets, and desktops. In addition, the MT4 mobile trading app is available at Google Play and Apple Store.
What Do We Know About RaiseFX Account Types?
Concerning account types available at RaiseFX, this phony broker actually offers only one live trading account. It comes with a minimum 200 EUR deposit, which is several times more than what industry leaders require. For example, 10 USD is an opening balance at some of the most reputable brokerage companies.
Holders of the RaiseFX account can allegedly trade with over 400 tradable assets, including the following.
- Forex: AUD/CAD, EUR/CHF, USD//GBP
- Indices: ASX200, EU50, CAC40
- Cryptocurrencies: Litecoin, Ripple, Bitcoin
- Commodities: gold, silver, crude oil.
Keep in mind that access to global markets and safe trading can only be achieved with genuine brokers.
MAM-Account
A MAM account, which stands for Multi Account Manager, is aimed at funds managers enabling them to manage several accounts on behalf of their clients from a single one. Funds to MAM can be transferred via equity, P&L, and balance. Product prices are identical on the main and sub-accounts.
With the MAM account, you can monitor trading commissions in real-time, execute trades at all accounts simultaneously, and have full control of accounts. Additionally, you can earn from managing the MAM account in several ways:
- Monthly management fees — your clients (holders of sub-accounts) pay monthly fees that you levy.
- Performance fees — the same as above, but it is based on customers’ trading performance.
- Surcharges fees — you can set your spreads and earn profits.
- Revenue sharing — this broker guarantees to share earnings with you from spreads you have set up.
Anyway, if we were you, we would pay no attention to any offer coming from this bogus brokerage firm.
RaiseFX Affiliate Program
This bogus company offers bespoke partnerships designed for a range of professionals (e.g., influencers, fund managers, bloggers, traders, trainers, etc.). For instance, its business introducer program enables you to be remunerated for your clients’ trading activities (up to 50%). Its affiliate program allows you to get paid for bringing others to invest with RaiseFX—the bigger the deposits, the more your revenues are. Nonetheless, RaiseFX entices traders with these offerings, and its promises are deceptive because it is a dishonest scam broker.
Leverage, Spreads, and Fees
Speaking of leverage, RaiseFX sets it at 1:400. It means that for every dollar invested, you can earn 400 USD. Although leverage is a great tool for making profits, it is risky at the same time. Hence why many jurisdictions limit a leverage ratio to 1:30/1:50.
As for spreads and commissions at RaiseFX, it has zero starting spreads and various trading fees charged per lot. For example, let’s take the EUR/USD position, you will pay 0.7 USD (spreads of 0.2 pips and a 0.5 USD commission) for a 10 USD investment.
What Is Known About RaiseFX’s Trading Conditions?
When it comes to the RaiseFX trading conditions, they are as real as this fake broker. For example, this broker assures you that you can use many safe methods for deposits and withdrawals — credit and debit cards, bank transfers, and crypto payments. In reality, the first two means of payment are not available here since they can be charged back. Only funding via crypto wallets is possible at RaiseFX because it is anonymous and hard to reverse. More on this is in the following section.
Scammed by RaiseFX Broker? – Let Us Hear Your Story
We have discovered that RaiseFX is focused on scamming traders from
- France
- Belgium
- Spain
- Malta
So, if you are one of its victims, you should act fast and inform the respective authorities. Also, don’t forget to alert other traders by leaving negative RaiseFX reviews. Finally, you can apply for a chargeback.
Also, avoid the trading frauds XTB Global, Cryptos Circus, and Bitonext at all costs! Moreover, before investing, always look into the past of internet trading firms!
But What Is A Chargeback?
A chargeback enables you to get your money back. For credit/debit cards and wire transfers, there are no issues since transactions made through these payment methods can be canceled and reimbursed. On the other hand, crypto payments are challenging to trace and undo. For this reason, they are frequently used by fraudsters.
Anyhow, our company can help you retrieve funds even if you have used crypto. So get in touch with our chargeback specialists for more info.