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Rely Group Review
Rely Group is a Chinese-led forex investment platform targeting Asian investors. The problem is the SFC has blacklisted them. As a result, only those close to the owner are profiting, including those paid to promote it.
Rely Group is already on the blacklist of the Securities and Futures Commission (SFC) Hong Kong. The platform is an outright fraud and is even using a clone website. We have all the facts pointing to relygpchinese.com as another forex investment risk. Those who sign up end up ruing the decision. Only a handful of members get to withdraw funds, and it’s because they are close to the owners. Please find out more in our fair RELY GROUP REVIEW.
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About Rely Group
There’s not much to talk about when it comes to their online presence. Their credibility is already tainted thanks to the SFC warning. Rely Group is another online clone trying to take advantage of naïve Asian investors.
The targeted market group is likely Chinese investors. We say this as the platform has a default Chinese language. The only problem is they have contact details that don’t reflect this jurisdiction.
RelyGroup is also not keen on creating an engaging website. The website is full of information, making it hard to navigate through the pages. In addition, their menu is not complete as it fails to give users details of the available accounts.
What we have is a failing website that doesn’t have any credibility. With a warning already out, we also plan to add them to our blacklist. There’s a reason why the regulator has decided to take this drastic step.
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Accounts Rely Group
When it comes to available accounts, the platform only offers a real and demo account. We don’t have any information on what the real account holds for investors. For example, there’s no deposit amount or the trading conditions set for it.
What we have is information on their demo account, which they call the risk-free internship account. There’s no mention of what to expect with the real account, which is a problem. The demo account only offers a win/loss scenario which isn’t helpful.
Account sign up
Registering an account with Rely Group is not an easy task; the platform demands vital documents. For some of the accounts, there’s no need to send these documents. However, those accounts with high depository amounts require verification.
The signup process is fast and straightforward. First, you need to fill in your address, contact, and full names. Then, after opening an account, you get the chance to trade by making your initial deposit. On the demo page, they claim the initial deposit is set at $500.
When you start using the platform, you might end up making profitable trades. This is because the platform will ensure the profit reflects on your account balance. But, when the time comes to withdraw, this is when all hell breaks loose.
The platform demands verification documents such as a copy of your ID, bank statements, and credit card information. We see no reason for this as they can use other methods to verify accounts. These methods include sending emails with verification links or SMS codes.
Matt Webber, a Cybersecurity expert, has his eye on such websites. He claims the website could be harvesting and monitoring banking records from clients. But, of course, nothing is stopping the platform from using your documents for other purposes.
We are told Wynn Financial Group owns this platform; this information is found at the bottom of their homepage. However, on their about us page, we see contradicting statements on who actually owns the platform.
The about us page is talking about GXCM owning the platform. And this could be the original owner of the website. So rely Group must be using the same web templates as that belonging to GXCM.
There’s no mention of any of the board of directors. We don’t have the names of people working behind the curtains. And this points to an anonymous website which is a risky option for investors.
Anonymous investment websites should be avoided at all costs. The problem with these platforms is there’s no responsibility. Investors are depositing funds to an unknown person.
Contact and support
On their contact page, the platform lists an email, fax, and phone number. Unfortunately, none of these options are helpful to investors. Investors don’t get direct responses when using email or fax. Instead, you have to wait for days before getting any meaningful response.
The phone number is automated and directs users to a numbered list. What we see is a platform trying its best to avoid direct contact with members. We have seen this countless times with websites that plan to have a short stint at forex trading.
Domain records (relygpchinese.com review)
According to domain checker tools, the registrant’s name is Rely Group Chinese. As we publish this post, the website has been active for 81 days. It shows they don’t have a strong online presence and are a short-term website, as we suspected.
The IP location is in Massachusetts, and the server they are using hosts forex scams. Most of the websites under this server don’t have search engine ranking. It means even search engines consider them a security risk due to their anonymous nature.
How Rely Group Scam works
You start by signing up and depositing funds to this anonymous website. The moment you deposit funds, it’s the last you hear from them. After that, they will let you trade and even ensure your account balance reflects your trading results.
The moment you decide to withdraw funds, that’s when they reveal their true colors. First, you get bombarded with emails claiming your bank account isn’t accepting their mode of payment. Then, if you decide to change your payment method, they will come up with another excuse.
No one has managed to withdraw funds with Rely Group. And this is probably the reason why the regulator had to act on the matter. Forex investment websites must allow investors to withdraw at certain intervals.
Is Rely Group Licensed or Registered?
Rely Group is not a licensed entity and is facing charges from the Securities and Futures Commission. It would help if you stayed away from it, as the blacklist means they offer shoddy investment options.
Without any oversight, the platform operates with impunity and blocks withdrawals. As a result, hundreds of Chinese investors have lost money through this fraudulent website. We only hope that authorities completely remove the website.
Safety of funds with Rely Group
Security of funds is out of the question from a blacklisted forex investment platform. The platform has no safety traps to protect investors from bankruptcy or insolvency. So please stay away from Rely Group or end up being their next victim.
We can see that the website fails to put any security measures. These include DDoS protection software and SSL encryption. Therefore, it makes it easy for hackers to target this website, especially when clients transact funds.
As far as our recommendation goes, we will have to add Rely Group to our blacklist. We feel it’s our duty to protect our advent readers.
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