Beware! Reliance Capital Markets 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.
Reliance Capital Markets is an unregulated, scam broker and anyone who considers investing here should read the following lines. Ironically, Reliance Capital Markets is not reliable at all no matter what it might claim. Note that this firm is absolutely anonymous as we don’t know anything about it – no corporate address, no company name or phone number. This broker also doesn’t specify if it holds a forex license or at least the jurisdiction that oversees its activities. All these factors are a clear sign of scam.
Moreover there’s nothing mentioned in particular about its trading conditions or payment methods. Reliance Capital Markets also requires an ID to be uploaded in order to register. So imagine that – an anonymous company you know nothing about wants you to provide personal documents without actually letting you know what spread, trading platform and payment methods you can benefit from. Sounds unfair and ridiculous at the same time, right? Keep reading for more details on what’s wrong with Reliance Capital Markets.
Regulation and safety of funds
As we mentioned above, Reliance Capital Markets doesn’t specify its registered address or company name. So we don’t know where this company operates from nor who stays behind this website. A very worrisome fact to be honest as it appears to be virtually anonymous. It’s obvious that you can’t trust a broker who hides its identity and the location it operates from, so it would be highly unwise to invest here.
What’s more, Reliance Capital Markets also doesn’t provide any legal documentation like license number or the jurisdiction that oversees its activities, as we mentioned already. All of this certainly brings its credibility down to zero – this broker is obviously not regulated and doesn’t operate under the supervision of any financial authority.
Remember that every reputable firm would normally display all the important information right away. Moreover legitimate firms usually point out which financial institution regulates their activities and what type of forex license they have. So if you come across such a shady website with lack of any useful information about the broker itself as well as about its trading conditions – better forget about investing there!
Licensed brokers around the world have to meet a ton of requirements and have to be authorized by a certain financial authority in order to operate legally. There’s a minimum capital requirement all brokers have to obtain in order to get a license – 730 000 EUR for the EU and the UK and 20 000 000 USD for the US brokers for instance. Furthermore all regulated brokers must keep their customers’ funds in segregated trusted accounts, safe from being stolen or misused. On top of that all licensed brokers in the UK and the EU are obligated to take part in compensation schemes which aim to protect your funds in case of broker’s insolvency. If such an unfortunate event really happens, you can get up to 85 000 GBP for the UK or up to 20 000 EUR for most of the countries in the EU.
What Reliance Capital Markets explains about its trading software is very unspecific and loose. This broker claims to use “the most advanced trading technology in the world” with “superior trading instruments and indicators” but there’s nothing more mentioned on the topic. However we highly doubt its claims as this broker has proven itself to be absolutely anonymous and unreliable.
What’s more, in order to register you have to upload an ID image and as we wouldn’t provide such personal information to a shady broker like Reliance Capital Markets we simply didn’t open an account. Nevertheless, just think about it for a second – not only is this broker anonymous, but it also requires its customers to upload an ID image before they can get to know its platform and trading conditions. It would be highly unwise to put your money on the line, as this broker bears all signs of scam we can think of.
Also, there’s no option to preview the trading software or to open a demo account, so there’s no doubt that Reliance Capital Markets is hiding something shady.
MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.
You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.
MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.
There’s not much information when it comes to this broker’s trading conditions as well. Reliance Capital Markets only mentions some basic facts and doesn’t specify what spread or minimum deposit is offered. Still, here’s what we managed to find:
Here you can see that this broker offers leverage if 1:100 for cryptocurrencies. This amount however happens to be very high and risky in general. As we don’t know where this broker operates from it’s unclear if there are any leverage restrictions. However bear in mind that the strictest regulators in the world have capped the leverage – 1:30 for the UK and the EU and 1:50 for the US for example. This measure aims exactly to minimize the potential risk of trading with higher leverage. Yet, if you still want to try and invest with high levels of leverage, you better look for some of the offshore subsidiaries of reputable forex brokers.
Reliance Capital Markets also promises minimum cryptocurrency spread, however we just can’t take its words for granted. Given the fact how shady this broker really is, we won’t be surprised if it offers high spreads and high trading costs. We suggest looking for a regulated broker with a proven reputation who offers tight spreads for real.
As for the minimum deposit there’s no data as well. Just remember that reputable brokers usually ask for around 250 USD in order to start trading or offer micro accounts with as little as 10 USD.
Deposit/Withdrawal methods and fees
Reliance Capital Markets doesn’t specify what payment methods it accepts either. However, be on guard and don’t invest here at all, as the possibility of getting scammed is huge. Be careful with cryptocurrencies in particular as these transactions are proven to be completely irreversible and anonymous, that’s why fraudsters like them so much.
How does the scam work
Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.
They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.
Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.
Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.
What to do when scammed
If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.
Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as possible.
Using payment methods like Neteller, Paypal or Skrill also gives you the opportunity to open a dispute in case of online scam.
Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.
Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!