With RRRCapital, there are no such guarantees since the broker is unregulated. The license they have provided on the website is fake and just meant to give a false impression that they are trustworthy.
With every opportunity comes a new challenge. The recent pandemic allowed people to explore infinite opportunities to create an extra income. One of these opportunities was earning money through the foreign exchange market. This market has been growing over the years due to the rise in internet use and brokerage firms.
These brokers help traders make money through margin trading. Forex trading, however, is not easy as some people may think. Before becoming a successful trader, one needs months of grueling training. Even after mastering the skill, you need to learn to control your emotions, as the endeavor is psychologically challenging.
Scammers have also capitalized on the rise in forex trading. These unscrupulous dealers target unsuspecting newbies in trading, promising them quick returns. One of the common features among these scam brokers is a welcome bonus. Once you sign up for their services, they promise you that you will never have to worry about your trading and that they will take care of everything.
RRRCapital is one such broker. This is an offshore broker targeting people with little information about how trading works. To make money in forex, you should only invest with honest and trustworthy crypto companies. These brokers have fulfilled the necessary legal requirements and do not promise quick returns. They offer realistic trading conditions.
A first glance, this broker appears to have all the requisite signs of a legit company. The website has aesthetic features that are pretty appealing. However, you should not let these appearances fool you into trusting them. That said, there are a few things the broker claims about itself.
It is a frontrunner among brokers, serving individual and institutional traders. It claims to be the go-to forex broker for traders globally. This is thanks to its philosophy of offering unparalleled trading conditions and accommodating all trading styles, including scalping and the use of expert advisers.
To make online Forex and Derivatives trading accessible to retail and institutional investors, they provide several account options and trading instruments. All retail, affiliates, and partner clients can access varied spreads and liquidity using state-of-the-art automated trading platforms. They claim to be trusted by 20,000 traders around the world.
With this broker, you can trade stocks, energies, forex, metals, commodities, and indices. They have three different types of accounts, each having its conditions. To start trading, you only need to create an account, verify, fund, and start live trading. The broker does not offer services to people in the USA, Japan, and North Korea.
Founders and Team
For a company that boasts of a positive reputation, we expected they have a detailed history. Surprisingly, the broker has not given any information about where or how they started. This information is critical.
For one, it helps to show the company’s reputation. If the leader is controversial, it would be easy to determine whether or not to sign up for their services. Also, the company’s inception date is crucial to check for how long they have been in the industry. It is always advisable to trade with an experienced broker. A reputable company provides details of their employees, including their names and photos. This broker, however, omits this information, which only proves their illegitimacy.
One of the fears many traders have is losing money. As such, brokers must constantly update them regarding their account’s progress. Some brokers can change spreads, and hence traders lose money. Without contact details, it will be impossible to keep track of your trade, and it will easy to blow your account.
This broker has provided an email, phone number, and physical address. However, since this broker is a scam, they probably do not respond to emails as quickly as they should. The broker has also not provided any social media platforms where traders can reach them.
RRRCapital Regulation Status
Though many traders often prefer brokers with tight spreads, regulation is also essential. This is one of the most important aspects of a broker any trader should consider. Many offshore brokers are unregulated. These brokers prefer these regions because they have relaxed restrictions. One of their dirty tricks is to promise guaranteed returns. In the forex market, there is no such thing.
Even the most experienced traders lose money. Therefore, no broker should promise you any guaranteed returns. Besides, the broker’s work facilitates trading and not controls the market. Another red flag to watch out for among these shady brokers is welcome bonuses and high withdrawal requirements. RRRCapital has a welcome bonus. This is a red flag you should not ignore. A legit broker should not pay you that much for signing up with them.
RRRCapital is an unregulated broker. Despite their claims that they are regulated by the Financial Services Commission (FSC) in Mauritius, it was apparent this was a lie. We did a quick search on the FSC register, and it confirmed our suspicions. We could not find the broker in FSC’s database. One of the benefits of trading with a regulated broker is that they have segregated accounts. These accounts ensure that the broker cannot misuse traders’ money.
If the broker goes bankrupt, traders can rest assured that their money will be safe. With RRRCapital, there are no such guarantees since the broker is unregulated. The license they have provided on the website is fake and just meant to give a false impression that they are trustworthy. The company has also offered a purported letter of authorization from FSC. This is not something you should trust, given the broker’s reputation.
RRRCapital Trading Conditions
As a trader, you should consider a broker’s spread, commission, initial deposit, and execution speed. If a trader is slow to execute a trade, you can lose money quickly, especially when trading highly volatile currency pairs.
One of the discouraging conditions of this broker is their minimum deposit which ranges between $250 and $15,000. This is ridiculously high. There is no logical reason for depositing that much money to trade in a market as uncertain as forex. A legit broker should allow you to trade even with $10.
Deposit and Withdrawal
The broker states traders can deposit through credit cards, wire transfers, and cryptocurrency. That wasn’t entirely accurate; using a credit card wasn’t an option. Fraudsters favor irreversible payment systems like cryptocurrency. A reason for using this method is that all transactions are entirely anonymous, linked only to a wallet address rather than a person or company.
Since there is no way to get your money back after you deposit it, the fact that the broker exclusively takes Tether and Bitcoin payments is a major red flag. When you request to withdraw money, the broker will likely make the process long and frustrating to discourage you.
If the broker were legit, they would have provided their financial records. Such a broker should have been operating for years and thus should have elaborate financial records. These statements are crucial in making an investment decision. The broker has not given this information on their website. It is, therefore, impossible to determine its profitability over the years. There is also no record of active clients and how much they have withdrawn since the company began.
RRRCapital is a fraudulent broker. Even though they pretend to be seasoned traders, they actually have no prior experience. They should not be providing financial guidance or trading opportunities. Incorporating them into your investment plan would pose a risk.
Numerous reliable and reputable crypto companies are available for those interested in online trading. Their official paperwork can be found on the internet, allowing you to quickly and simply confirm their legitimacy.