Rise4ex review – 5 things you should know about rise4ex.com

Rise4ex review – 5 things you should know about rise4ex.com

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Beware! Rise4ex is an offshore broker! Your investment may be at risk.

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Rise4ex has a nice-looking website, and it appears like a professional brokerage offering decent services. However, it’s already been exposed as a scam, so you should avoid it no matter what. The screenshot below reveals that the Italian regulator CONSOB blacklisted Vigo and Co LLC– the company standing behind the brokerage. Nevertheless, even if the company weren’t exposed, we would still discourage people from depositing with the broker, and you’ll find out why in the full Rise4ex review.

Rise4ex REGULATION AND SAFETY OF FUNDS

The company that created Rise4ex is exposed as a scam, and we already discussed that, so you’ll waste money on fraud if you deposit. However, there are a few other things we need to consider.

First of all, Rise4ex is unregulated. It comes from St. Vincent and the Grenadines, which is a country where the local financial regulator SVGFSA doesn’t license or monitor the locally created brokers. The absence of regulations leaves entities like Rise4ex unaccountable, meaning that they can easily misuse or right away misappropriate clients funds if they want to. And they’ll get away with it as there is no regulator to keep an eye on them while carrying out their business.

What’s more, SVG is one of the offshore jurisdictions having well-defended confidentiality laws that allow the incorporation of shell companies with concealed ownership that are not required to provide access to their accounts. Simply put, the people running Rise4ex are at all times anonymous, which makes Rise4ex even more unaccountable. And if you deposit, your money will disappear offshore where no one can track it down, let alone reclaim it. The bottom line is that you’d better avoid every unregulated broker registered in St. Vincent and the Grenadines, be it exposed as fraudulent or not.

Instead, search for brokers authorised by financial authorities like CySEC (Cyprus) and FCA (Britain) if you are genuinely interested in trading. Both regulators require account segregation, ensuring that clients won’t lose their funds if a broker gets insolvent as deposits are not commingled with its own money. The segregated accounts improve transparency, speed withdrawals up, make chargebacks easier and generally help prevent fraud. On top of all that, European companies are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.

Rise4ex TRADING SOFTWARE

Rise4ex has an unsophisticated Webtrader, which is out of the MetaTrader league. Both MT4 and MT5 are industry leaders equipped with advanced features like Expert Advisors making algorithmic trading possible and even a marketplace where you can browse through more than 10 000 trading apps. The Webtrader’s indicators and charting tools are also unreliable, so we can’t recommend Rise4ex only because of the software; the rest of the problems aside.

The trading costs revealed by the platform are seemingly decent- 0.6 pips spread for EUR/USD, matching the standards actually (1 pip or below). So, Rise4ex is not costly, but it’s an exposed scam, so the trading conditions just discussed will remain irrelevant in this case.

The platform also reveals that the services provided by Rise4ex are hazardous as the default leverage is 1:200, and it can only go higher- up to 1:400. That’s a red flag because the broker reviewed knowingly put clients in a dangerous trading environment where they could lose their capital very quickly indeed. Leverage is risky by nature, and many regulators imposed restrictions to create a safer environment- the maximum is 1:30 in the EU, UK and Australia and 1:50 in the US. Needless to say, dealing with brokers offering higher ratios is just too risky.

Rise4ex DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit is $500 via Credit/Debit cards only. The good news is that if you deposited with the fraudulent Rise4ex, you could ask for chargeback within 540 days after the transaction. At least, there is hope.

However, on the Deposit/Withdrawal page, we saw the brokerage claiming that the minimum deposit is $200- an inconsistency and a red flag nonetheless. Well, Rise4ex is a proven scam, so nothing surprising here. The very same page also unveils that the minimum withdrawal is $100, allegedly free of charge. In any case, though, it’s not to the broker’s liking to send money back to its customers.

Rise4ex also offer incentives that actually significantly worsen the withdrawal conditions: for a bonus of $100, clients need to reach $1 000 000 in turnover- an offensive requirement nonetheless.

HOW DOES THE SCAM WORK

Rise4ex is an exposed scam, so we’ll show you what scammers usually do to steal as much as they can.

When fraudsters get hold of your contact numbers, you’ll be approached immediately, promised the moon and the stars. Also, to gain trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t see the warning signs, you may end up depositing. However, the fraudulent process actually begins after you send the scammers money. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.

Then, the fraudsters will gradually ask you to increase the size of the investment and invent stories to make you deposits again and again. Sooner or later, though, you’ll get determined to withdraw some money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is happening, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.

WHAT TO DO WHEN SCAMMED

It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.

Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.

Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!

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