If you have decided to start trading, you are looking for a decent brokerage. Another reason to read this Raffles Market review is if you have any complaints or withdrawal issues with the broker.
Whether you plan to start an account or have already experienced issues, this article will give you complete guidance on what to do in such a situation.
|Broker status:||Unlicensed Offshore Broker|
|Regulated by:||No Regulation (Illegal broker)|
|Broker Owner:||Raffles Market LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Cryptocurrencies:||Yes – BTC, ETH, XRP, LTH|
|Types of Assets:||Forex (FX), CFDs, Commodities, Indices, Shares, Cryptocurrencies (Cryptos)|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Raffles Market Regulation and Security
Raffles Market is a relatively new broker on the financial market, established in 2020. The owner is Raffles Market LLC, and the company is based in Saint Vincent and the Grenadines. The first red flag is the address of the company.
As per the official website, the broker is located in the notorious James Street in Kingstown. On this address are many other scam brokerages such as AZAforex, Wilford Trade, SwissCapitalFX, and many more.
Are all of these scam brokerages a part of the same organization? Is Raffles Market regulated and different? Not, according to our review.
What’s Wrong With Broker Regulation?
Even if the broker is offshore, it has to have a regulation for providing financial services. Offshore countries have regulatory bodies established for these particular situations.
What Are Trading Platforms Available?
There is one positive thing to say about the broker. The broker trading platform is MT4. This is the most reliable trading platform and has many features. That is why 80% of brokerages are using this same platform.
However, that would be about positivity. The broker offers a leverage of up to 1:400, which is higher than any regulated broker can offer.
The spread allegedly starts from 0 pips, but we couldn’t find any exact trading terms. All the website offers is information that trading terms vary based on the account type. Not much information, to be honest.
What Can You Trade With This Broker?
There is a various range of trading assets with Raffles Market brokerage. You can trade with currency pairs, commodities, indices, shares, and cryptocurrencies. As aforementioned, the trading terms are not entirely transparent as well as the number of assets.
After careful website examination, we noted that Raffles Market’s minimum deposit is $500. However, if you want to enjoy the full services this company offers, you need to have an ECN account that requires a minimum of $20,000. Since even the $500 is too much for an unregulated brokerage, we will not further discuss depositing.
There are three payment methods available – wire transfer, local transfer, and transfer of USDT. Regarding withdrawals, there is not a word.
The safest payment method is your credit card since you can easily ask for a refund in case of a scam. Bear this in mind when making online transactions!
Scammed by Raffles Market broker? What to Do?
Since ours and many other reviews determined that the company is not legitimate and not trustworthy, there is a chance you have been scammed by Raffles Market. In this case, you need to file a dispute and request a chargeback.
You are not the only victim of the Raffles Market scam.
Contact our support via chat now, and let’s get your hard-earned money back!
Don’t Let the Scammers Go Away for Free!
What is Raffles Market?
Raffles Market is an unlicensed online trading brokerage.
Is Raffles Market regulated?
Broker has no regulation for providing financial services. Beware of a scam!
Is my money safe with the Raffles Market broker?
Since the broker is unregulated, your money is not safe with Raffles Market.
Who is the owner of Raffles Market broker?
The owner of the broker is Raffles Market LLC from Saint Vincent and the Grenadines.