RIMarkets Review – 5 things you should know rimarkets-fx.com

RIMarkets Review – 5 things you should know rimarkets-fx.com

Beware! RIMarkets is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

RIMarkets is an offshore broker, offering a variety of forex pairs and CFDs with three account types, leverage as high as 500:1 and a choice between a web based platform and the MetaTrader4.

Their list of trading instruments include some 50 currency pairs, a number of which minor or exotic like USDINR, USDTRY, USDSGD, USDSEK, USDZAR, USDRUB, USDPLN, USDNOK, USDMXN, USDHKD, USDHUF and USDDKK, as well as CFDs on index and commodities futures, stocks, gold, silver, oil and even crypto coins like Bitcoin, Litecoin, Ethereum, Dash, Ripple, Bitcoin Cash, Ethereum Classic, Bitcoin Gold. Monero, Verge, Cardano, IOTA, Stellar, NEO, Lisk, NEM and Qtum.

Unfortunately RIMarkets appear to be blacklisted by the Australian Securities and Investments Commission (ASIC) as potential scammers, so if you are considering depositing any funds with them better read this review first.

RIMarkets regulation & safety of funds

RIMarkets is owned and operated by two offshore companies – Fcorp Solutions Ltd. and Fcorp Services Ltd, both registered on the Marshall Islands. And as we already mentioned they are not licensed or regulated by an official financial institution, as they should be, if they want to target customers on regulated markets like the European Union including the UK, the U.S., Canada, Australia or Japan.

The risks associated with depositing any funds with a unregulated, offshore broker are unreasonably high, because unregulated brokers are completely unaccountable for the way they handle your money. And besides, quite too often unregulated brokers are simply involved in scam.

Our research about RIMarkets shows that recently they have changed their domain name from rimarketsfx.com to rimarkets-fx.com, because of the number of complaints against them. And as we already mentioned RIMarkets has also attracted the attention of the Australian Securities and Investment Commission (ASIC), which has blacklisted them as scammers back in June.

So basically, what we are dealing here is unregulated, scam website, which we strongly advise you to avoid.

Bear in mind that your money will be safe solely with brokers, licensed and authorized by an official regulator such as the Financial Conduct Authority (FCA) in the UK, ASIC in Australia, or the Cyprus Securities and Exchange Commission (CySEC).

RIMarkets deposit/withdrawal methods and fees

RIMarkets says to accept payments with major credit and debit cards like VISA and MasterCard, bank wire and a couple of e-wallets – VLoad and VPay. However RIMarkets does not accept payments with Skrill and that is notable especially in the light of the new anti scam policy adopted by the money transfer company. According it Skrill partners only with properly licensed brokers and as we already established, RIMarkets is not a licensed broker.

Also, be aware of any trading bonuses RIMarkets might offer you. Trading bonuses in general always come with strings attached, as for example some minimum trade volume requirement, which quite too often is used by scammers as a pretext to cancel your withdraw requests. In the case of RIMarkets you should trade 10 000 USD for every dollar you have received as a bonus, and you should maintain that trading volume for 90 days – a pretty challenging task even for professional traders.

On top of that RIMarkets reserves the right to change their bonus policy on their sole discretion, so it is pretty obvious that you may never have the chance to withdraw a single dollar from your account.

And speaking of withdraws, RIMarkets says they will process your withdraw request within 5 to 7 business days and that is also unusual. Bear in mind that legit brokers will process your withdraw request within 24 hours.

Finally, we should mention as well the highly unusual dormant account policy at RIMarkets. If you have not traded for just 60 days, you will be charged a monthly dormant fee, which will increase gradually from 80 EUR to 200 EUR.

Otherwise the minimum deposit requirement is 250 USD and that is a standard amount most brokers require.

How does the scam work?

Scammers are amazingly well organized and do not spare resources to get to your money. They employ call centers, based in places like the Philippines or Eastern Europe, as well as specially designed trap websites like Bitcoin Profit and Brexit Trader, which we call reobo scam websites, where people get lured by some too – good – to – be – true offer of fast and easy money with minimal investment and no risk at all. And if you happen to visit one of those websites and register by leaving your e-mail and phone, instantly you will be transferred to the home page of a unregulated, scam broker, and will be invited to deposit about 250 USD.

And you should not be surprised by how successful your initial trades will be – actually, in just a couple of days your account will almost double. That however will not be real. Scammers will simply be manipulating your trades so that latter you will agree more easily to make another deposit. And that is exactly what your “senior account manager” will be telling you on the phone – if you really want to make some big money, you surely have to invest more – like at least 10 000 USD.

And as strange as it may seem, but at that stage most people do invest that kind of money without realizing they have been scammed until the very day they decide to withdraw some of their funds. Than, out of the blue they are told they are not eligible to withdraw because of some minimum trade volume requirement, possibly linked to their welcome bonus.

The pretext to cancel your withdraw request might certainly be different, but in the end it will all come to the same – scammers will not pay you a single dollar back, while the funds in your account will mysteriously evaporate, because of some trades gone wrong. Basically that will be the end of the story.

What to do if scammed?

The only plausible chance you’ve got to get your deposit back is to file for a charge back with your credit card company. Fortunately both VISA and MasterCard will let you do that within 540 days – this is in line with their new anti scam policy, adopted in the end of 2018.

And if by any chance scammers have managed to trick you tell them your credit card number and online banking password, or if you were tricked to install Team Viewer, immediately delete the program, change your password and block your credit card.

Finally, if you are approached by the so called recovery agencies, do not trust them, they will do you no good, but simply will charge you some fees in advance, basically scamming you a second time.

Rich Snippet Data
Review Date
Reviewed Broker
RIMarkets
Broker Rating
11stargraygraygraygray

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
Australia 4.90/5 $100 Click for a special offerWebsite

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