Beware! RsqTrade 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.
RsqTrade is for us the exemplary untrustworthy broker. We won’t delay in saying that everything about it oozes an air of illegitimacy. First of all, we have the website, which is direct copy-paste version of hundreds over unregulated brokers. Really, only the logo and the name of the firm is unique here. The following review dives into the nature of RsqTrade, so we advise you read it before investing in this one!
Opening an account was something that we always proceed with caution and care, because it is through the user dashboard area that we can get the best possible details of the broker. Once we completed the registration, RsqTrade pulled a very common trick on us, where the user dashboard does not really exist. Instead. there are separate small sub pages as part of the website of RsqTrade. We have seen this way of doing things with hundreds of unlicensed brokers.
The trading software is also something that did not and could have never impress us. It’s nothing more than a common shady platform. Thankfully though, it did give us some specific trading details. The EUR/USD spread was capped at 3 pips, a value that is not at all favorable to traders. With no way to change an account, users are stuck to this cost of trade, which again, cannot bring them any profit. The leverage cap is at 1:400. The trading assets are as follows: commodities, forex currency pairs, indices, stocks, and cryptocurrencies.
The website of the broker is available in English, with no way of changing it.
RSQTRADE REGULATION AND SAFETY OF FUNDS
In a very smart move, RsqTrade reveals in a clause that its services are available to those who are able to form legally binding contracts under their applicable laws. Now, what this tells us is that it’s the users who must be authorized by their local authorities, and not the broker.
A broker’s first job is to apply and be granted a license. Users have no such responsibilities. This provision is commonly used by many illegitimate brokerages, and it does work, seeing how many users are being scammed on a world wide level.
The contact address of this company is in the UK, which is a long shot. The UK’s FCA would never abide by such a brokerage. It would be against its principles.
Aside from the aforementioned, RsqTrade is completely silent. It’s actually quite anonymous, as far as these things go. But most importantly, RsqTrade is UNREGULATED, and a risk to all investments!
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
RSQTRADE TRADING SOFTWARE
Here we are with a common unregulated brokerage trading software. This one is browser-based, which is the most common trading software version for most scammer brokers.
We were able to locate the following software features: stop-loss, take-profit, time frames, price alerts, one-click trading. Aside from these, there isn’t really anything else to add.
As we said, this is one of the most typical scammer broker web trader. Its real purpose is to create the illusion that RsqTrade is a legit broker.
RSQTRADE DEPOSIT/WITHDRAW METHODS AND FEES
As per the user area, the means for depositing are PayGuru and credit/debit cards. The minimum deposit is €240. This is the true depositing info, not the one on the website. It’s very widespread for scammer brokers to exaggerate or even lie about their payment conditions on their websites.
According to the terms and conditions, the minimum withdrawal amount is $100, and there is a 0.5% charge on withdrawals. If the percentage equals less than $30, then the user will be charged the entire $30. And the processing times for withdrawing funds is around 5 days, although seeing that RsqTrade is unlicensed, we do don’t really have any hope of it allowing users to take any fund out! Again, most of the withdrawal details were taken from the website, meaning that they might not be accurate or even close to the truth.
Usually, this is when we turn to the terms and condition, and try to single out as many shady provisions as we can, because it is through these clauses that unregulated broker hold the most power over users. In an unexpected turn of event, the legal provisions here did not supply us with enough noteworthy clauses. In other words, things could have been much worse.
RsqTrade has the right to impose limits on a users account, or a so called volume. We have no idea what this volume is all about, but we fear it may cause some issues to traders. Another reason not to trust the broker.
The company will charge users renewal fees.
Even though renewal fees are nothing new- even legit brokers regularly apply them- what makes this clauses a scammer one is that the broker will directly tax the money from the user’s card, which is something that it cannot do.
In conclusion, nothing good awaits those who invest in RsqTrade. Not only will their money be at risk, but any personal details they have shared might be used against them!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!