Beware! Revolve Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Revolve Markets adopts a simple and on the point approach to its website that not always does what you hope it would do. Our first impressions were that it might actually incline towards Revolve Markets’ attempt at providing a kind of offshore broker that was still legitimate. It’s too bad then that we discovered TradingView’s presence even here. This is getting out of hand. Almost every broker we review uses this third party chart provider that has no purpose, except for luring in users who think that it has something to do with trading at Revolve Markets. This is a definite sign that there is something wrong here. Read on to find out what.
The registration process was suspiciously simple and short. After completing it, we were presented with a user dashboard area that also relies on a simpler approach, and as a result, is rather slick. However, we found no trace of a trading platform there. This might be because we hadn’t verified our account, or just because Revolve Markets has no trading software. To make sure, we went to the website, to the Platform, section, and downloaded an .exe file for the MT5. We were disappointed to see that the MT5 came under a different firm’s name, meaning that the servers are not under the Revolve Markets brand,
This results in an irrelevant MT5 terminal, which makes it as if there was no MT5. What this means for the trading conditions, is that there are none that apply to Revolve Markets.
The website is only in English, which limits its accessibility.
REVOLVE MARKETS REGULATION AND SAFETY OF FUNDS
When we started looking for regulatory details, we realize that things are slightly more confusing than your average suspicious broker.
The footer reveals a parent company by the name of Sterling Holdings Ltd, which directly contradicts what the Terms and Conditions claim the parent company to be. However, the footer never discloses that Sterling Holdings Ltd is the holding company of Revolve Markets; there is no clear indication of an affiliation between the two:
In the Terms and Conditions, it is said that SwissCap Holdings Ltd holds the broker and is located in the Marshall Islands. Furthermore, the footer claims that Sterling Holding Ltd has another brand by the name of SafeTrade24 (safetrade24.com). There seems to be no reasonable connection between safetrade24.com and revolvemarkets.com save for their unreliable natures.
So we can rule out the possibility of Revolve Markets being affiliated with Sterling Holdings Ltd. By the general rule of elimination, we are left with SwissCap Holdings Ltd as the parent company of Revolve Markets. This means that the broker also functions under the laws of the Marshall Islands, which is not saying much.
This nation has no FX regulator, and so all brokers there are unlicensed. It does not matter if a broker is located there. There is a huge difference between a simple registration and a regulation. What matter for us in this review is that Revolve Markets is UNLICENSED.
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself, but the traders as well.
REVOLVE MARKETS DEPOSIT/WITHDRAW METHODS AND FEES
As per the depositing section in the registered user dashboard, the methods for funding an account are wire transfer, credit cards, debit cards, and crypto. The minimum deposit was €250.
The withdrawal area was much more barren than the depositing one. There it was revealed that there are only two payment options: credit card and wire transfer. However, we had no way to gather more info from there. The Terms and Conditions claim the minimum withdrawal amount to be $100. 5 days, fees in T/Cs.
There is nothing for anyone in this broker. It is most certainly a scam, making is a risk to all deposited funds. Stay away!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.