RBC Trade is an unlicensed Forex and CFD broker with address located at 12 Rue Jean Engling, 1466 Luxembourg. There is no information concerning the company or people behind this brokerage.
The question and challenge that we will be seeking to solve in this RBC Trade review is whether or not one should deal with RBCTrade.io Broker. Are they honest? Do they have a reputation of treating their customers fairly? Has there been any serious complaints brought against them? These are some of the questions that we will be seeking to address here.
First, we will start by summarizing this review with a warning by saying do not utilize the services of RBCTrade Broker. You can ignore the red flags we present here if you wish to. But ultimately, the game is set in their favor, and so you won’t avoid the inevitable. That’s how we see it.
RBC Trade is considered not safe, as it is new and not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC and the US CFTC.
- 1 RBC Trade Scam Investigation – Disturbing Facts!
- 2 About RBC Trade
- 3 Is RBC Trade Licensed?
- 3.1 Our best advise
RBC Trade Scam Investigation – Disturbing Facts!
- Aforementioned, RBC Trade is unregulated, as they should be if they want to target customers on regulated markets like the European Union, including the UK, for example.
- Unregulated brokers like RBC Trade do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing sever slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Fraudulent brokers like RBC Trade claim to be regulated and registered by a governing body that does not monitor or regulate forex companies. The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading CFDs, and there is a legal section. Upon further examination of the legal section, you’ll notice that while the firm is registered as an international broker company in Luxembourg, it is not regulated.
- To confirm that RBC Trade is a scam, the Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) has officially warned the public that RBC Trade has not been granted any license to provide investment or other financial services in or from Luxembourg.
- It is not a new thing to see offshore brokers offer trading platform provided by a third party. In the case of RBC Trade, the MT4 trading software is provided by Gelko Partners, an offshore company that operates EU Capital, which appears to be a total scam.
- It is a common practice for unlicensed Forex brokers like RBC Trade to advertise spreads that are actually lower than the actual spread. Unfortunately, the spreads we saw on the RBC Trade broker’s platform are as high as 3 pips on EUR/USD. Such values are significantly higher than the ones announced on the website and aren’t in the least favorable for traders.
- How can funds be safe with a platform whose security features lack credibility? Without DDoS Protection and SSL Encryption, hackers can easily take advantage of this platform. Another shocking detail with this platform is in regards to segregation of accounts. It has come to our attention that RBC Trade is pooling funds in one account which is dangerous.
Since now it is clear that RBC Trade is a scam, so we have Blacklisted RBCTrade.io.
Never go after these kinds of unproven trading platforms online. However, if you have been scammed by this broker, then you can file a credit card dispute. You can also get a free consultation to get your money back by clicking >HERE<.
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About RBC Trade
RBC Trade is an unlicensed Forex and CFD based broker that supports Cryptocurrencies, open pairs, currency pairs (Forex) and other assets. They advertise themselves as effective and powerful. There is no information about the owners. Their physical address is disclosed as 12 Rue Jean Engling, 1466 Luxembourg. To get in touch with support, traders can either phone +44-187-387-76-97 (English), or email firstname.lastname@example.org
RBC Trade is presenting members with four different account types to choose from. Accounts are listed as Starting, Basic, Standard and VIP. The minimum deposit required is $250, $500, $2000 and $5000 respectively. The Starting account allows trading on 9 major currency pairs, Basic account allows investment on over 75 assets, Standard account offers over 300 assets to invest and VIP account is made to offer clients all assets available.
After conducting a thorough search, we found no advantage of trading with this platform. Trading with a platform which is anonymous and unlicensed has its dangers. No one knows where the funds are kept which means the owners are pocketing the deposits. Another problem with this platform is lack of any valid credentials to prove regulation. Your money is never safe with an anonymous platform. Accounts listed here are nothing but a trap for investors to fall into.
Asset: Forex, CFDs on Cryptos, Stocks and Commodities.
Minimum spread: from 0.4 pips
Maximum Leverage: 1:500
Minimum deposit: $250
MT4 Supported: Yes
License: Not Licensed
Is RBC Trade Licensed?
RBC Trade is not a licensed broker.
Forex Broker Expert uses a simple method to determine if a Forex broker is legitimate or a scam broker. We look to see if the broker is licensed and regulated by anyone of these regulators; FSCA South Africa, FCA United Kingdom, ASIC Australia or the US CFTC.
You should look at today’s most popular brokers that are licensed and insured, Click here.
Our best advise
As usual in such cases our best advise is to deal only with properly regulated brokers, like the ones licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
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- Comprehensive asset types
- Offers MT4
- Multiple account selections
- Blacklisted by CSSF
- Completely anonymous
- Not reliable