Beware! Rynattrading 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.
Rynattrading is just another scam broker who wants you to think that they are the most amazing trading option out there while actually providing you with nothing but empty promises. This broker is a clone of an actually regulated company and is using that broker’s name and licensed number – but also has a warning issued on it by the same authority that it is supposedly regulated by. All in all, investing money with Rynattrading is a huge mistake – because all such deposits will be lost forever.
Rynattrading REGULATION AND SAFETY OF FUNDS
Rynattrading claims to be a “Cyprus Investment Firm authorized and regulated by CySEC with License No 303/16”. It took one look at the CySEC’s register to establish that this broker is actually a clone of an actually licensed company and is using that company’s license number. Such coincidences don’t just happen – this is definitely an intentional hoax on Rynattrading’s side. However, the phone number, email and domains of the regulated broker are different from those provided by the main character of this review. As for address, Rynattrading has not provided one.
The truth as to where Rynattrading is based is found in the Terms and Conditions – there, the broker states that it abides by the laws of St. Vincent and the Grenadines. This country is popular for its lack of regulations and laws in the area of forex trading – brokers there are not licensed by any regulator as the local financial authority does not issue licenses as a whole. That is why many scammers have registered companies in the country – because they would not have to answer to any strict authority or meet any requirements.
The situation is much different for CySEC-regulated brokers. The Cypriot regulatory body is one of the most well-known and respected in Europe and a CySEC license is seen as something quite prestigious and hard to obtain. However, not only does the authority not regulate Rynattrading but it has even issued a warning on the broker – so you better stay away from them as they are a confirmed scam.
Opt for an broker actually regulated by CySEC instead – this way you could be sure that your funds are secured and that your broker is maintaining the highest of standards. There are many rules such licensed brokers have to follow – they must keep client money in segregated accounts to ensure that this funds cannot be used for the brokers own financial operations, and maintain a minimum capital of €730 000 to prove their good financial stability. Negative balance protection is provided to all retail clients – this means that you could never lose more money than you have in your account. These are far from the only regulations – the leverage cap and the bonus ban are also important elements that should be mentioned. More on that later, however – since some of Rynattrading’s conditions go directly against those vital rules.
There is no doubt that this broker is a scam and the only thing that will happen if you invest with them is lose money. Working with a regulated broker will ensure protections and a level of transparency that is impossible to find with scammers.
Rynattrading TRADING SOFTWARE
The software we got access to with this broker was a simple web-based platform that was not too bad but was also very far from impressive. Sure, you would be able to trade on it but you would not be provided with a whole lot of useful tools and features, and you will probably grow out of it soon enough.
Choose a broker who offers highly functional software like MetaTrader 4 or MetaTrader 5 instead – these platforms are the most popular in the industry for a good reason. The software is user-friendly and intuitive but not at the expanse of performance – with it, you would be getting access to tools like Expert Advisors that track the markets and trade automatically, VPSs you could purchase to keep trading bots operating even when your computer is off, possibilities for developing your own scrips, signals you could set up by yourself or subscribe to those set by others. There are plenty of great brokers who offer the MT software – so turn to one of them instead.
Rynattrading TRADING CONDITIONS
The minimum deposit Rynattrading asks for is $250 – which is not to bad but considering how unreliable the broker is, you can be sure that if you invest with it your money will be forever lost. A lot of legitimate brokers would set up an account for less that $100 these days – so check out some of them instead.
The spreads we got on the platform were around 1.9 pips – again, not awful, but there are much better (and more secure) options. We would call something around 1.5 pips an average spread – anything higher than that would probably not be very lucrative for you. Some great broker like XM even keep their spreads under 1 pip.
The leverage offered by Rynattrading could go as high as 1:1000 – this is awfully high and against all EU leverage restrictions. Brokers in the EU, the UK, and Australia are banned from offering anything higher than 1:30 on forex majors to retail clients. This is because high leverage comes not only with the promise of bigger profits but also with a risk of much bigger losses. No legitimate broker could offer you anything higher that the already mentioned leverage ratio – which proves that Rynattrading is, without a doubt, not a legitimate broker.
Rynattrading DEPOSIT/WITHDRAWAL METHODS AND FEES
Rynattrading has put the logos of some very well-known payment method providers on the website – Visa, MasterCard, PayPal, Skrill, Sofort, GiroPay. However, when we logged in to the client area we were only provided with one option – to transfer money from a Coinpass account. Coinpass is a UK- based crypto exchange where you can buy, sell and trade various cryptocurrencies. Needless to say, it is quite unusual for a broker to only offer one alternative – but it is not unusual for scammers to offer that specific alternative. Crypto transactions are both relatively anonymous and irreversible – which means that you would not be getting a chargeback on crypto payments made to scammers like Rynattrading any time soon.
Another red flag is that Rynattrading offers deposit bonuses – and all EU, UK and Aussie brokers are banned from offering such promotions to clients. Scammers, however, are more than happy to do so – because they often attach clauses to bonuses that could later prevent you from withdrawing anything from your account, including your profits and deposits, before reaching a certain turnover. Rynattrading only mentioned having trading volume requirements when it comes to withdrawing the bonus itself – 40 times the bonus issued – but you can never be sure with such shady company.
Additionally, the broker charges some pretty heavy non-trading fees – a 3.5% withdrawal fee that could be between $30 and $3500. Needless to say, no legitimate broker would ask for $3500 to let you withdraw your money. There is also a huge inactivity fee of $200 after sixty days of not logging into your account – some great brokers like FBS don’t even have such fees anymore but even those that do usually stop at around $15. Finally, if you have not verified your account for 30 days, the broker would be charging you $100 – and although all brokers ask you to verify your account at some point, such scammers use verifications as a means of claiming that you have known all along about the risks related to forex trading, and have lost the money they have stolen because of your own bad decisions. It seems like this broker would be charging fees on anything you can think of – which means trading with them would not only be a risky affair but an expensive one as well.
HOW DOES THE SCAM WORK?
Such scams are really not that complicated but they are becoming more and more popular which is why it is important to know how they work so you can protect yourself from them.
First, you will see an ad on the Internet promising you huge, fast profits. So you bite and decide to check out the scammer’s website – after all, who would not want to get rich fast? The game starts once you have provided the “broker” with your email or phone number – you will start getting calls and emails asking you to deposit. Keep in mind that those are seasoned scammers who smooth-talk for a living – so soon enough you will probably find yourself trading on a live account with them. However, you will be asked for bigger and bigger deposits – and will probably be turning a decent profit since scammers often manipulate platforms. However, when you try to withdraw your money problems will start appearing – additional taxes, unfulfilled clauses in the Client agreement, etc. At some point, the scammers would not be able to keep up the game and you will figure out something is wrong – and that is when your dear broker will stop answering your calls.
WHAT TO DO WHEN SCAMMED?
The first thing you should do is change all banking passwords you have provided the scammers with and remove all software you have installed – especially if you have granted the broker remote access to your computer. Make sure to ask for assistance to make sure to malicious software is still on your device – after all, you would not want to get additionally robbed.
If you have deposited with Visa or MasterCard, you can ask your card provider for assistance in getting chargeback – such are possible within 540 days of transaction. The chances of getting your money back if you have deposited in any other way are much slimmer.
Make sure to notify authorities and share your story with as many people as possible – this way, less people will fall into the same trap. Finally, don’t trust any recovery agents offering to retrieve your money for a certain fee – this is just another type of scam targeting desperate victims.
