Red Finance Capital Review: Discover More About EGMarkets.Trade
Don’t be fooled by Red Finance Capital’s seemingly convincing website! When you first look at it, it looks like it has all the right trading specs and a legit trading terminal. Still, in reality, they’re just a clone website – a risky type of scam where the fraudsters use the details of a legit firm to trick traders.
Sad to say, these scammers are mimicking the identity of a UK-regulated company called Red Finance Limited, which has no connection to this fake website. This hasn’t gone unnoticed by the British financial authorities, who have already issued a warning along with their Italian counterparts. Make sure that you protect yourself and read the warning before making any decisions. This Red Finance Capital review is here to help you out!
|Leverage||1:30 – 1:100|
|Headquarters||St. Vincent and the Grenadines|
Red Finance Capital Regulation and Security of Funds
When it comes to brokers, the most crucial piece of information is their regulatory status. A licensed broker will provide all the necessary details. They will disclose who runs the company, where it’s based, which jurisdiction it operates in, and which regulatory bodies oversee its activities.
Now, let’s talk about Red Finance Capital. According to their site, the firm behind this alleged broker is Shenanigans Consulting LTD, based in Saint Vincent and the Grenadines (SVG). The name alone should raise some red flags. This is not exactly the best or most trustworthy-sounding name.
There is indeed a company registered under that name in SVG, but that doesn’t mean anything when it comes to the safety of your funds. Sad to say, SVG is an offshore zone with no regulations in place for brokers.
To top it all off, there’s a warning issued by the Financial Conduct Authority (FCA) in the UK against Red Finance Capital. So, it’s best to be cautious. Always thoroughly research any financial services provider before investing your hard-earned funds.
Trading Platform Available at Red Finance Capital
Red Finance Capital’s web-based trading platform is far from impressive. This is a fact! After all, it’s a platform used by countless fake brokers out there. It may allow you to place orders, but it can’t hold a candle to the capabilities offered by MetaTrader 4 and MetaTrader 5.
These platforms have earned their place as industry standards for a good reason. They offer an extensive range of features, including customizable options, the ability to use multiple accounts, the ability to design and implement custom scripts for automated trading, and the option to backtest trade strategies.
Still, simply because Red Finance Capital has a trading platform doesn’t make them legit at all. Sad to say, many scammers use trading software to give their victims the illusion that their money is being invested. So, just having a platform does not ensure that this alleged broker is a trustworthy option for trading.
Red Finance Capital claims to offer four types of trading instruments, including forex (currency pairs), commodities, shares, and indices. However, one key thing is missing from their offerings: crypto assets.
This is in line with the Financial Conduct Authority’s (FCA) directive prohibiting crypto CFD trading. However, it’s also a notable drawback for traders interested in the crypto market. Don’t forget that Red Finance Capital falls short of the FCA’s rules and regulations.
After all, it’s vital to be aware of the limitations and potential red flags when considering an FX broker. Always do your research before making a decision.
Red Finance Capital Account Types
According to the website, Red Finance Capital offers four types of trading accounts: Mini, Standard, Classic, and VIP. Each account type comes with its own features and requirements.
The Mini account requires a minimum deposit of $250, which is in line with what many offshore scammers ask for. However, remember that many legit brokers allow you to start with a much lower deposit of just $10. The Mini account also offers 100 available assets and negative balance protection.
The Standard account requires a minimum deposit of $5,000 and offers 500 available assets and tight spreads. The Classic account requires a minimum deposit of $25,000 and offers 100 available assets, with access to the WebTrader platform.
Finally, the VIP account requires a minimum deposit of $50,000 and offers 1500 available assets and a leverage ratio of 1:100.
It’s essential to check the terms of each account type before making a decision. After all, you want to make sure your funds are safe and secure.
Deposit and Withdrawal Procedure
At RedFinance Capital, the promises of hassle-free and fee-free transactions are not what they seem. The reality is quite different despite advertising that they accept deposits through wire transfers and cards. The deposit page doesn’t even mention wire transfers as an alternative.
Moreover, the credit card option appears to be inactive. The only payment method that actually works is through crypto assets. This not only raises red flags about their legitimacy but also limits the options for their clients to make transactions. When it comes to your funds, it’s best to choose a broker that offers safe and convenient payment methods.
How Does This Scam Operate?
Keep an eye on scams in trading. Make sure that you always do thorough research before investing with any broker. Avoid all those false promises of quick earnings and only trade with reputable brokers.
Fraudsters may promise high returns for a little investment. However, bear in mind that your money will disappear after depositing. Try not to fall for their trap. These scammers use fake names and locations, making it impossible to hold them liable for their actions. Protect your money by only working with legitimate brokers.
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Red Finance Capital Summary
Red Finance Capital is a broker scam. It uses a basic web-based trading platform, known to be used by several fake brokers. Despite advertising deposits and withdrawals through wire transfers and cards, the only available payment option is through crypto assets.
The absence of regulation raises concerns about the safety of funds invested in this bogus firm. New traders should always do research before opening an account with any broker.
FAQs About Red Finance Capital Broker
Is Red Finance Capital Regulated?
Red Finance Capital is not regulated, which raises red flags. You should approach this broker with caution.
What Is The Funding Method at Red Finance Capital?
Red Finance Capital allegedly offers wire transfer and credit card funding options. However, the only payment method is crypto.
Does Red Finance Capital offer a Demo Account?
No data about the availability of a demo account is provided by Red Finance Capital. This is suspicious!