Beware! RB BitDeal 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.
RB BitDeal is the type of broker who tries to mislead its customers into believing it’s credible by listing numerous financial regulators and claiming to be licensed by them. Unfortunately this firm is as far from being reputable as possible – it doesn’t hold a forex license and isn’t authorized by any financial watchdog. What’s more, the leverage and payment methods it provides are highly disadvantageous and even insecure. Its website is also very plain and looks unprofessional for sure. So if you consider investing in stocks, shares, commodities or forex currencies for instance, choosing RB BitDeal isn’t a good idea at least to say. Keep reading for more information about this shady broker.
Regulation and safety of funds
RB BitDeal claims it can help you to be “among the best”, however what it can really do is to pocket your money before you know it and then vanish like thin air. We have seen such scam brokers a million times so far – they use more or less the same techniques and their websites look alike as well. So let’s see what exactly is wrong with RB BitDeal.
First of all, this broker points out its registered address to be in Cyprus – if this was true RB BitDeal should have been licensed by the local watchdog CySEC. However this is just not the case, since we searched the registers of this authority but no data about RB BitDeal was to be found. So apparently it isn’t authorized to offer financial services and its address could be fake as well.
But that’s not all. The broker also claims to be globally regulated and lists a bunch of popular financial authorities as for example FCA (UK), CySEC (Cyprus), FSCA (South Africa) and IFSC (Belize) – just to name a few. Of course we checked all of their registers but RB BitDeal wasn’t on the list. Take a look at the results from the Financial Conduct Authority (FCA):
Obviously this is a very dangerous type of scam firm which wants to confuse uninformed customers with a lot of information, hoping nobody would actually check its credibility. As you see, investigating your broker’s identity and reputation can be crucial – it takes just a couple of minutes but can save you a ton of regrets and stolen funds.
Trading with a reputable broker is like chalk and cheese – a completely different experience. Regulated brokers in Cyprus can assure your safety of funds and are supervised by the local financial authority all the time. One of the requirements states that every licensed broker in Cyprus must hold at least 730 000 EUR of minimum net capital and must also keep its customers’ funds in segregated trusted accounts apart from its own capital. But maybe the best perk is that you can get up to 20 000 EUR of compensation in case the broker happens to be insolvent as regulated brokers in Cyprus are obligated to take part in compensation schemes. Note however that this rule is applicable for the EU and the UK only.
RB BitDeal claims that its trading software has “the most innovative instruments and functions for effective and successful trading”.
After we registered however we saw just a basic platform developed by TradingView. Take a look at it:
Not that it’s so bad, but it certainly doesn’t have “the most innovative instruments” and isn’t the best choice when it comes to trading. It would be much better if you invest via advanced platforms like MetaTrader 4 or MetaTrader 5, as they have really innovative and unique features for sure.
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.
This broker says you can choose between three different accounts – Beginner, Confident and Expert. Take a look at some more details about each of them:
As you can see from the chart above, the Beginner account requires only 150 USD which is in fact a bit less than the standard amount for the sector (around 250 USD). However it really isn’t worth the risk of investing with an unregulated firm who on top of that lies about its credibility. What’s more there are many legitimate brokers who offer opening micro accounts with 5 USD or 10 USD.
The leverage of 1:100 that this broker provides seems too high therefore very risky. In fact it doesn’t even meet the requirements in Cyprus which state that the leverage must be limited to 1:30. Yet, you can still trade with higher leverage if you choose some of the offshore subsidiaries of reputable forex brokers.
There is no data about the spread on the whole website, but the trading platform shows spreads form 0.1 pips for EURUSD. This seems like a great amount as spreads below 2 pips come with lower trading costs. However, there’s something fishy here for sure, as these volumes of spread are too unrealistic. Even if you trade with raw spreads note that there are going to be some commissions at the end, so be careful. Moreover remember that this broker isn’t authorized so there’s a huge chance of being deceived. If you want to benefit from tight spreads we suggest looking for a genuine broker with a legit forex license.
Deposit/Withdrawal methods and fees
Again, no information is to be found about the payment methods that RB BitDeal accepts, so we thought there’s something shady about them. And we weren’t wrong – this broker offers cryptocurrencies as the only possible payment method. After we registered and tried to fund our account there were two crypto coins to choose from – Bitcoin and Tether, take a look:
This is not a good sign and here’s why – scammers tend to offer crypto payments as they are proven to be completely irreversible and anonymous at the same time. Therefore you can’t get your money back even if you have been deceived. Stay away from this broker at all means!
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!