RedMars is an unregulated broker that claims to be a flexible and bespoke broker assuring traders safety of funds as well as other enticing benefits. Read this rmmarkets.com review before deciding to trade with them.
It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared towards deceiving traders and stealing their funds. Therefore, considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
According to the website, the company RM Markets Ltd is located and registered in Saint Vincent and the Grenadines. However, rmmarkets.com is said to be operated by RedMars brand of associated companies which comprises RM Solution (Cyprus), RedMars Capital Ltd (Cyprus) and RM Holdings PTE(Singapore).
The account types they offer are Cent, Standard, Zero and VIP. They trade assets such as forex, commodities, metals, indices, shares and cryptocurrency.
Why you should avoid RedMars.
We found the following disturbing information about rmmarkets.com after going through the website.
Rmmarkets.com licensing and regulation.
An important aspect of our review is to find out whether or not a broker holds a license from any of the recognized forex regulatory authorities. First, look at the region or location where the company or broker claims to be based, then we check the commission or authority regulating trade there to know whether that company has been listed among their regulated companies or not. For instance, FCA is the regulatory body overseeing the operations of forex brokers located in the UK while Australian forex brokers should be regulated by ASIC.
RedMars says that they have a license to operate as an International Business Company in Saint Vincent and the Grenadines . However, one thing to take note of is that authorities in Saint Vincent and the Grenadines does not issue licenses or regulate the activities of brokers located there. This is why it serves as a hiding place for unreliable brokers.
They also claim to hold a license from CySEC under the c0mpany RedMars Capital Ltd. CySEC recognizes actually this company, Unfortunately, rmmakets.com is not among their approved domain name. Therefore, this means that this broker is actually operating without regulation from any of the recognized forex regulatory authorities. Regulatory bodies like the FCA, FSCA, CySEC, ASIC, NFA and many others have regulations protecting Forex traders from unfair brokers. Trading with an unregulated brokerage is a huge risk.
RedMars deposit and withdrawal method.
RedMars accepts a minimum deposit of $10. It takes 24 hours to process withdrawals. The payment methods available are Visa, MasterCard, Bank wire and SticPay.
RedMars trading platform.
Rmmarkets.com offers the MT5 platform. Metatrader 4 and 5 platforms have become popular due to the fact that they are user friendly and can supports device such as Android, iOS and many others. The availability of the Metatrader platform is one of the things you should look out for before deciding to trade with any broker. However, this does not mean that any broker that offer these platforms is a legit broker.
They also offer a leverage of up to 1:500. This is higher than the standard leverage permitted by forex regulators. It is important to note that while some leverages may seem generous, it is not advisable. They also offer a spread of 1.4 pips. High leverages and spread as this can lead to huge loss of funds for inexperienced traders.
Conclusion: Is rmmarkets.com worth trading with?
No. RedMars is NOT among our trusted forex brokers. They try to pass off as a regulated broker whereas, they are not regulated by any of the recognized regulators. Therefore, trading with this broker will result to loss of funds. We advise you to only trade with brokers that have a license and regulation from a reputable authority.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry. They offer trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Most importantly, the Financial Conduct Authority(CFA) in the UK as well as ASIC in Australia are the regulators of Fortrade. This makes makes client funds safe. They accept traders worldwide..visit their official website