Beware! Ring Miners FX 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.
Like many other scam companies just like it, RingMinersFX has a lot to say in terms of the unbelievable profits you can turn with them but gives very little actual information in terms of licenses. This is of course on purpose – they would not want you to think that you are investing your money into some anonymous, fraudulent scheme. What they do offer on their website, is an interesting type of calculator that lets you put in the amount you wish to deposit and a plan which differs in percentage. Once you do that, the program automatically calculates a profit of the same percentage. How profit, deposit and account type are connected we could not understand. It is absurd to suggest that you can earn a given amount of money based solely on the deposit and the account type. But this little absurdity is the least of RingMinersFX`s problems. If you want to find out what the others are, read the following review.
RingMinersFX REGULATION AND SAFETY OF FUNDS
There is absolutely no proof that RingMinersFX is a regulated company but there is plenty of proof of the contrary. A simple Google search can lead you to a warning issued by the CNMV, the Spanish regulatory body, on the 4th of October that contains unregistered institutions offering financial services in Spain. RingMinersFX is among them.
This alone should be more than enough to convince you that you would be at great risk of getting scammed if you invest your money with RingMinersFX. But the story does not end there. The broker has provided as many as three addresses – in the UK, the US and Canada – and a phone number in Canada. It is impossible for entities unregulated by the FCA to be operating on UK ground and yet there was no match with the company`s name in the FCA register. RingMainersFX has provided a Certificate of Incorporation which means that they are indeed registered on that address but does not mean that they are in any way licensed. You could not even open that certificate and zoom in to see the company name, number and address.
According to Google Maps, there is a number of other trading companies situated at the same London address. A popular practice among scammers is to set up a company every few months then disappear, leaving hundreds of clients penniless. Later on, they change websites, logos and names, set up a new scam company and the cycle repeats itself.
If you want to trade the safe way, you should invest your money with a broker that is licensed. Regulation means transparency and that the broker is actually answering to a financial institution and following some sort of rules. For example, regulated brokers are obligated to keep deposits in segregated accounts which means you know your money is not being invested somewhere else and can be withdrawn pretty fast. You also know who exactly are the people dealing with your investment. Furthermore, brokers in the UK must maintain a capital of at least €730 000 but if the broker has a lot of clients that amount can be much higher. They are asked to do that so that they can ensure that they can survive on markets that are pretty unstable. Such brokers can provide safety and security for your investments, scammers simply won`t.
RingMinersFX TRADING SOFTWARE
We could not find what trading software RingMinersFX uses. This was not stated on their website and when we tried to open an account, they would not let us do anything in their client area before receiving verification.
If you are new to trading and wondering what trading software to try, MetaTrader 4 and MetaTrader 5 are both great options. They are preferred by most top traders because of the many functions they provide – from Expert Advisors to advanced charting tools.
RingMinersFX TRADING CONDITIONS
RingMinersFX offers five different account types with the deposit for the starter plan being between $1000 and $3000. This is an obscene amount for a deposit as legit brokers would seldom demand more than $250 for a basic account. The sum could be much lower, with some brokers opening accounts for $5, $10.
No information was given about spreads or leverage. If RingMinersFX was actually regulated by an authority in the UK or the EU, the allowed leverage would be 1:30. Some legitimate Europe-based brokers even open offshore companies so that they can offer more experiences or gamble-oriented clients higher leverage. Laws regarding leverage are imposed because it increases your trading opportunities immensely. While this might sound like a good thing, it is not always the case. New traders especially should beware of high leverage because it could result in losing a lot of money fast.
There was a mention of a bonus if you convince a friend to try RingMinersFX. No regulated broker is allowed to offer bonuses to clients and besides – why would you want to bring a friend into such an insolent scam scheme as RingMinersFX?
RingMinersFX DEPOSIT/WITHDRAWAL METHODS AND FEES
The Terms and Conditions of RingMinersFX were too short to be legitimate. This is all the information you will find regarding fees, deposits and withdrawals.
We did establish that RingMinersFX accepts deposits Visa and MasterCard as well as American Express, PerfectMoney, Payeer and of course – cryptocurrencies like Bitcoin and Ethereum. There is nothing wrong with cryptocurrencies themselves but they are preferred by fraudsters because any deposit made in such a way is unretrievable.
HOW DOES THE SCAM WORK?
Such scams work in a simple but effective way. You see a banner or an ad on the Internet and get redirected to the scammer’s website where you get all sorts of promises for earning money the fast and easy way. You get led on by fake license numbers, satisfied customer testimonials and grand words. So you provide your contact details – an email and a phone number.
The moment this happens, the first wave of scammers comes into play. You get bombarded with phone calls and emails asking you for a deposit. So you send that deposit and with time, you might start to see that you are turning a profit and wonder if you should invest bigger sums. This is in fact a deliberate trick because the scammers are trying to milk you as much as possible before you figure out something is not quite right.
The problem emerges when you try to get access to your money. The scammers might come up with different reasons why that cannot happen like making up more and more additional taxes. They might claim you cannot draw money because of some clause in their Terms and Conditions which is why you should always read those carefully and know what you are agreeing to. Finally, they might ask you to verify your account by sending them your picture next to a personal document or proof of address – something legitimate brokers also do as soon as you open an account with them. But in case you are dealing with fraud, this is done just so they can prove that you are indeed their client. In this way, they can claim that you have invested all your money voluntarily and make it impossible for you to demand a chargeback later on.
WHAT TO DO IF SCAMMED?
You should contact your bank or credit/debit card provider right away and ask for assistance. If you have used a credit/debit card to deposit, you could file for chargeback within 540 days. In case you were using a cryptocurrency, there is virtually no way to get your money back. If you have given scammers access to your computer or your banking details, you should make sure to change any passwords right away. You can also contact authorities and try to inform as many people as possible about the scheme you fell victim to.
Finally, you should never trust any companies that promise you a quick way to get your money back. Such “recovery agents” might ask you for a fee to retrieve your investment and run off as soon as they have received that fee. Often enough, they are the same people that scammed you in the first place.