Beware! Rush-FX.com 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.
Rush-FX.com presents us and users with a very simple website that reveals almost nothing noteworthy. It is as if the broker discloses all the crucial details only to those that have registered. This approach is immediately associated with shady firms. The usual way of doing things is to advertise openly all of the important trading conditions. That way, new users may be more willing to join ranks and deposit in you. However, seeing that Rush-FX.com is definitely not quite legitimate, it wishes to attract only those users who are willing to invest and who have little or no FX trading knowledge. This is a common tactic used by illegal brokers. Read the review for everything you need to know.
The registration procedure was very simple and quick to complete, however for some reason, we had to wait a long time for a confirmation email. Soon, we discovered that we were simply waiting for an approval from the broker. From there on we knew that we would never get approved because we have not the intention to invest, and Rush-FX.com knows this all too well. Thus, we cannot access a user dashboard area. Because of this, we will have to basically quote the website on its trading and payment information.
However, since we do not trust Rush-FX.com, we cannot fully guarantee that the information of the site is accurate or even true! The home page reveals that the tradeable assets are Forex currency pairs, metals, stocks, indices, commodities, bonds, ETFs, and cryptos. For some reason or another, the broker has not disclosed any spread values nor a leverage cap.
The website is only available in French. We had to rely on Google Translate for help.
RUSH-FX.COM REGULATION AND SAFETY OF FUNDS
Interestingly though the contact information locates the broker in the Marshall Islands. The interesting part is that the broker is only in Frech, which is something that you do not see each day. The company’s representative agent is located in France, so that may be the reason why the site is only in French.
However, the broker is officially blacklisted by the AMF, Autorité des marchés financiers, France’s official FX broker regulator, and overseer. This is a respectable institution and as such, all brokers under it are completely legitimate and respectable. To be blacklisted by it is a definite sign that you are illegally operating.
So we can safely say that the company is not regulated in France, nor anywhere in Europe.
So what about the Marshall Islands? Well, this is the second most popular illicit FX broker location, after Saint Vincent and the Grenadines. The Marshall Islands do not have an FX regulator, and thus all of the hundreds, if not thousands, of brokerage firms there are completely unregulated. And so is Rush-FX.com.
There is no further licensing info, making Rush-FX.com an ILLEGITIMATE company, and a risk to all investments!
There is absolutely nothing one can gain from depositing in an unregulated broker. We urge readers to check for a license prior to investing. The FCA and CySEC are the most popular and some of the best regulators in the world. These two, among other superb overseers, have gained the reputation of being the best through years of regulating some of the world’s top brokers. Watchdogs employ a huge set of rules by which every single broker under them has to abide. They include minimum capital requirements, segregated client bank accounts, the guarantee of funds’ safety, etc. All users under the FCA or CySEC, are eligible for compensation, in case the broker at hand cannot pay its dues. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
RUSH-FX.COM TRADING SOFTWARE
There are no details on the existence of a trading software. We thought that Rush-FX.com would at least try to push an MT4. Not only is the evidence for a platform limited, but Rush-FX.com is unregulated, and so we cannot trust it with offering the MT4.
We assume that only registered users are given some sort of web-based trading terminal, but we are not sure. Furthermore, we cannot vouch that there is an actual platform used here!
RUSH-FX.COM DEPOSIT/WITHDRAW METHODS AND FEES
According to the Account page, the minimum deposit is €500, which is ok but can be a bit too much for retail investors. Through the Terms and Conditions, we found two possible payment options: credit card and bank transfer. The only fee is a 5% charge on withdrawals. The broker talks of additional fees that may be applicable, but we did not find their value.
Unfortunately, this is all the payment info we found. The broker is very secretive making it that more untrustworthy. Do not invest here!
How does the scam work?
Most fraudulent brokers gain their reputation because of the usage of the scheme, the most popular scheme of all in fact. Its ultimate goal is to steal from users and continue doing so until the users sniff them out, or he or she gives up. The scam follows a number of simple steps, but it is worth noting that many unregulated brokers put their own unique twist on it.
The first step is to bait the user. This happens through the usage of online ads, that appear mostly on social media websites or other similar online sources. The scammer ads are distinguishable by their outrageous promises of wealth and profit through trading, investing, or binary options trading. These advertisements showcase a luxurious life and a care-free lifestyle.
Once a user falls for these tempting clicks, he or she will be asked to provide a telephone number or an email address. Giving these away means that the broker’s first wave of representatives will be contacting you. Their one and only goal is to make one deposit. Furthermore, some brokers choose their targets based on how easily manipulated they are.
An initial deposit means that you are knees deep into the scam. The time has come for the expert scammer, a.k.a the account managers. These are relentless, compelling, and at times charming. They can easily enforce their influence on a trader, and sooner or later this trader will be depositing a second, or third, or fourth time.
At some point during the scam, the user will start getting suspicious as to why she hasn’t been paid yet after only deposit for weeks on end. Every withdrawal request will be met with resistance, and depending on the broker the ways of refusal vary. Some might change your mind and solicit you to deposit more, others might close down the user account, or shut down the entire website. A popular method is to stall until the scammer can completely disappear.
What to do if scammed?
The best advice we can give for those that have been scammed is to file for a chargeback as soon as possible. All credit and debit card companies should have this option on the ready. Note that MasterCard and VISA have extended their chargeback period to 540 days.
Bank transfer payments mean that the scammer can potentially get access to your bank account, so it is crucial to change your password and user name. Another good piece of advice is to contact the bank itself and check with them if they have a ready to go plan for such circumstances.
As for crypto deposits, they most surely are gone. That is what it is paramount to remember never to invest in a shady broker through any sort of cryptocurrency.
A final piece of advice. Victimized users might stumble on recovery agents or agencies, who will promise to get your money back, but not before you pay them a hefty fee. Once the charge is paid, they will sooner or later disappear without helping you even one bit.