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RaiseFX Broker Review
This RaiseFX review will help you determine if the RaiseFX broker is a scam or a legitimate broker. We must acknowledge that RaiseFX expertly conceals its fake origins; even experienced traders would purchase its ostensibly legitimate service provided on its bilingual and well-designed website.
Nevertheless, when you dig deeper, you discover that it has all the hallmarks of fraud: unregistered business, falsified trading credentials, and poor services. Furthermore, the French financial market regulator (AMF) has placed RaiseFX on a watchlist. Continue reading our post for more details to avoid falling victim to this trading hoax.
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 broker?
It is registered in Kazakhstan as Raise Group LLP, which is reportedly licensed by Kazakhstan’s Ministry of Finance’s financial supervisory committee. This company, however, is not a financial authority; Kazakhstan has three financial regulatory agencies: AFR, NBK (National Bank of Kazakhstan), and AFSA (Astana Financial Services Authority). This broker has not been approved by any of them. As a result, RaiseFX is far from a reputable trading firm. RaiseFX is a complete sham after being banned by the French AMF.
RaiseFX is a dubious organization posing as a respectable Kazakhstani corporation. It claims to be licensed by a non-existent regulatory organization. In reality, the French financial authorities have revealed it as a trading hoax.
Why is a license preferable?
Unlike illegal brokers who operate on their own, registered brokerage services are safe to conduct business with since they must adhere to stringent regulations. Otherwise, they face a fine, prosecution, and suspension. Unlicensed brokerage businesses can engage in fraudulent trading operations without consequence since there is no third-party monitoring and oversight.
Legitimate brokers, particularly those regulated by high-ranking supervisory bodies (FCA, ASIC, and BaFin), mitigate trading risks by offering negative balance protection (you can’t lose more than you deposit), segregated accounts (your money is kept separate from the broker’s capital, so if the broker ceases trading, it doesn’t affect you), and insolvency coverage (compensation schemes are up to 100K USD).
Trading Platform
In terms of MetaTrader 4 availability at RaiseFX, this unscrupulous brokerage service surprisingly offers this trading platform on a white-label basis. In any event, RaiseFX remains unlicensed, and worse, it tries to cover it up by fake authorization.
You should trade with reputable brokerage firms if you want to reap the maximum benefits of MT4 with peace of mind. In addition to MT4, Sirix and cTrader are well-known in the sector. This is due to the fact that current trading platforms are dependable, user-friendly, and available from any device. They also provide expert advisers, fast orders, several technical indicators, copy trading, and infinite charts.
Account Types
In terms of account types provided at RaiseFX, this fraudulent broker provides only one live trading account. It requires a minimum deposit of 200 EUR, which is far higher than what industry leaders demand. For example, 10 USD is an initial balance at some of the most respected brokerage organizations.
Holders of the RaiseFX account may purportedly 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.
Remember that reputable brokers are the only way to gain access to global markets and trade safely.
MAM-Account
A MAM account, which stands for Multi Account Manager, is designed for fund managers and allows them to manage many accounts on behalf of their customers from a single account. MAM funds can be transferred via equity, P&L, or balance. Product pricing are the same on both the main and sub-accounts.
With the MAM account, you may monitor trading commissions in real time, conduct transactions at all accounts at the same time, and have complete account control. You may also earn money by maintaining the MAM account in numerous 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.
RaiseFX Affiliate Program
This fraudulent company provides customized partnerships for a variety of professionals (e.g., influencers, fund managers, bloggers, traders, trainers, etc.). For example, its business introducer program allows you to get compensated (up to 50%) for the trading actions of your clients. Their affiliate program pays you for getting people to invest with RaiseFX—the larger the deposits, the higher your earnings. RaiseFX, on the other hand, entices traders with these incentives, and its claims are misleading because it is a dishonest scam broker.
Leverage, Spreads and Fees
When it comes to leverage, RaiseFX has it set at 1:400. This indicates that you may make $400 USD for every dollar invested. Although leverage is an excellent technique for increasing income, it is also hazardous. As a result, several governments limit leverage ratios to 1:30/1:50.
RaiseFX features $0 starting spreads and variable trading expenses levied per lot when it comes to spreads and commissions. For example, if you invest 10 USD in the EUR/USD pair, you will pay 0.7 USD (0.2 pips spread and 0.5 USD commission).
Conclusion on RaiseFX
When it comes to RaiseFX trading conditions, they are just as genuine as this dishonest broker. For example, this broker guarantees that you may make deposits and withdrawals using a variety of secure ways, including credit and debit cards, bank transfers, and cryptocurrency payments. In truth, the first two payment methods are not accepted since they might be charged back. RaiseFX accepts only crypto wallet funding since it is anonymous and difficult to reverse.
We observed that RaiseFX mostly targets traders from France, Belgium, Spain, and Malta.
If you are one of its victims, you should act quickly and inform the appropriate authorities. Remember to warn other traders by posting critical RaiseFX reviews.
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