Beware! Ridder Trader Group 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.
Ridder Trader Group looks like you run-of-the-mill scammer broker, with exaggerated visuals and text. Read on to find out more.
RIDDER TRADER GROUP REGULATION AND SAFETY OF FUNDS
Ridder Trader Group goes old school and forgoes all legal and contact information. But let us not rush to the obvious conclusion, and instead explore why Ridder Trader Group is ultimately unlicensed and a risk to a all.
First of all, let us talk about the lack of legal documents, a revealing aspect of only the worst kinds of FX scammers. Without legal documents, two thigs occur. One, the firm at hand acts in any way it sees fit, without considering the user’s needs, nor does it consider any security measures. It can do what ever it wants and no one can stop it. Which leads us to the second issue, that of the user’s inability to protect himself or be protected from the brokers constant attacks. The worst case scenario is an FX scam without legal documents.
This scenario is exacerbated by the anonymity of the broker. There are absolutely no contact or legal details anywhere to be read, making Ridder Trader Group especially dangerous. Consider that anonymous brokers are untraceable, so any transaction or any email sent to it it lost, received on the other side by a completely mysterious person. All deposits are untraceable by default in the case of Ridder Trader Group
Last but no least, we wanted to mention the bonuses offer by the firm. The presence of bonuses indicates an offshore presence, since mainland authorities have prohibited bonuses.
If you were drawn in by the prospect of bonuses, do not trust Ridder Trader Group. Instead, look to our list of the best bonuses of 2023 for a superb brokerage experience.
Ridder Trader Group is completely unregulated and a risk to all.
Illegal and unregulated brokers spell trouble every single time! They have nothing to offer, unless you count heartache and frustration. These companies are created and run as elaborate scams (not all of them) and they are short-lived as a result of complaints and regulatory actions. But in between the creation of a scam and its downfall many users will lose their money with very little chance of a refund. This money will be redirected to various offshore and untraceable accounts and will serve the scammers to fund their own lavish lifestyles and future scammer projects.
So, really there is no reason to invest or even interact with unlicensed brokers. If you want to experiences the real FX trade, then look no further than any European, UK, US, or Australian-based brokers. These are regulated and fair institutions that treat each customer with care and respect.
RIDDER TRADER GROUP TRADING SOFTWARE
Ridder Trader Group claims to offer the MT5, no easy task and a burden to carry if it fails to deliver. And it arguably fails completely.
The alleged MT5 comes in tow ways. There’s the web trader version of it, which when opened offered the default MT5 demo servers that do not reflect the liquidity of Ridder Trader Group. Therefore, there was nothing for us here, nor for our readers.
As for the MT5 desktop download link, it came under a different name meaning that it too probably offers unrelated trading servers.
Without any servers to call its own, Ridder Trader Group’s MT5 is useless, and in might as well not eb available at all. What’s not useless is this list of the best MT5 brokers around.
RIDDER TRADER GROUP TRADING CONDITIONS
None of the registration buttons worked; it either left us straight to the top of the page without even reloading it, or the button did not react to it being pressed in the first place. In the end, we were not able to open an account, and had no choice but to rely on the website.
There we find that the leverage has been capped at 1:1000, with the average spread indicated as being 1.8 pips. The promoted assets are forex currency pairs, metals, indices, commodities, futures, and shares. Note that we have oversimplified here. The website is filled with contradictory details that change form subsection to subcection.
The leverage is attractive, we give it that, but the broker is a risk to all. So, those of you wishing to trade with higher leverages should check these brokers out.
RIDDER TRADER GROUP DEPOSIT/WITHDRAW METHODS AND FEES
There are absolutely no payment details here. Ridder Trader Group keeps these to itself which is what the worst brokers tend to do. We have no minimum deposits, no payment methods, no withdrawal fees, nothing.
Why trust Ridder Trader Group if it does not reveal these crucial details? You can’t, and you shouldn’t. Instead, rely on one of these low min deposit brokers.
How does the scam work
For years now the scammer process has been, more or less, based on the same simple principle: that of solicitation. Of course, users can also stumble randomly on a scam but this happens very rarely.
Scammers rely mainly on exaggerated advertisement campaigns and phishing tactics, that is to say cold-calling techniques, to recruit their users. On the ads front, users are lured with very striking online ads about unbelievably lucrative opportunities for investments accompanied by imagery of luxury. The client is prompted to provide a contact email and a phone number.
The contact will be established in either case, and the user will be lied to and manipulated until he or she is lead to invest. If you fail to be succumbed to the broker’s sweet talk at some point the representative will stop calling you. But until then, you will be surprised as to the exhaustive repertoire of deceits and lies these scammer have. Essentially, they will try everything to convert you to their shady cause.
A users who has invested will be prompted to deposit at least one more time, but this time a larger sum with allegedly higher chances of hitting it big on the trade game. Obviously the illicit firm in question is making all these claims up; most of them don’t even have trading software!
The time will eventually come when the client will feel cheated, but by then it is usually too late. The broker will either cut all contact with the user, shut down its site, or simply stall the withdrawal request indefinitely.
What to do when scammed
The safest bet at getting your money back is to file for a charge back with your credit or debit card provider – the chargeback period for MasterCard and VISA is 540 days. However, this can only happen if you have invested via a card, or an e-wallet supporting card payments.
Bank transfers are way harder to trace, and the only hope you have is to call the bank itself and try to figure out a reimbursement strategy. But there is no guarantee that this will work. What we can advise if you fall into this state is to immediately change your bank account password and username.
Then there are the crypto transactions which are untraceable and therefore lost for good. So, whenever you see a crypto based payment method with an unregulated broker make sure to stay clear!
Last but not least, we have the recovery agents or agencies which are total scammer of their own. They promise a full refund in return of a one time payable fee, and no small one at that. As soon as this is paid they will disappear without a trace.