Ranytrade is one of those mysterious sites set up overnight for scamming purposes. Dubious and puzzling, they take shadiness to another level. Luckily though, this one didn’t persist.
The Ranytrade website is already down and completely out of function. If you have made an investment with this phony, we’re afraid your funds might be irreversibly lost.
Otherwise, the fact that they’re already gone seems best for everyone. While still up, the site was so ridiculously shallow and suspicious.
There was no information on the owning company, trading conditions, instruments, or contact. The layout was simple, boring, and generic-looking. It would have led you to think it had been just copied from other scammers of this type.
Either way, Ranytrade is a good example of what a regulated broker doesn’t do. Stay with our Ranytrade review and read more about it.
Ranytrade Regulation and Funds Security
Ranytrade didn’t give away any information on who is behind it, let alone provide believable proof of a regulation existing. It’s easy to tell when a site belongs to a scammer when they’re this see-through.
It’s needless to point out a key difference between Ranytrade and a licensed broker. A legal brokerage enterprise has obtained a license from a jurisdictional regulator before it could operate.
Jurisdictional any other regulator where they offer their products or online financial services has performed a thorough check before licensing them. Not only that but their business is constantly supervised. Just getting a license is half the job, keeping it is the other part.
Still, being optimistic enough to dig for info, we decided to check a few registers of major regulators. To no one’s surprise, Ranytrade didn’t show up anywhere.
Without a regulatory framework to define every broker’s functioning, unregulated agencies cannot be trusted. Ranytrade, being one of them, cannot provide the safety of funds, segregated accounts, negative balance protection, leverage restriction, and compensation scheme. Do not trust this phony no matter what they might promise you!
What Trading Platforms Are Available?
Labeling the Ranytrade platform as useless is almost a compliment. The basic-looking web terminal has no function whatsoever. You’d usually have a scammer try and manipulate the trading terminal to show how your funds are growing. Sadly, the Ranytrade platform is so defective even illusory trading is not functioning.
With a preference for cryptocurrencies, the trader shows their pricing and percentage changes. The chart supposedly showing real-time movement looks more like a picture than reliable software. Its use is entirely fictional.
To conclude this short horror story about Ranytrade’s platform, this miserable attempt at faking trading software is insulting. Regardless of the level of expertise, all traders deserve a functional, flexible, and multi-optional trading terminal.
Ranytrade Deposit and Withdrawal
|Broker||Ranytrade||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Ranytrade obviously misunderstood the job of providing various payment methods. Except for literally dozens of cryptocurrencies, no other way of depositing exists. To spice up the choices further, Ranytrade set different minimum deposit requirements for every cryptocurrency. In that soup of choices, the smallest depositing amount required seemed to be $1.
To make you run in circles some more, Ranytrade added hefty fees for both deposits and withdrawals. There’s a fee if you decide to buy premium. There’s also one for every transaction, and also when attempting refunds. Fees range from 1% to 3.5% to who knows how much.
Explanation or policy doesn’t exist for withdrawals, since they’re probably out of the question for Ranytrade.
How Does the Scam Work?
Ranytrade is one of those crypto lovers that approaches you with the single goal of emptying your wallet. With a friendly attitude and promises of huge crypto turnover, they can easily get anyone interested.
As believable as phonies sound, remember there’s always a catch. Everything they offer comes with an unrevealed condition. That can be high fees, added commissions, or trading volume requirements. As attractive as trading conditions seem, they’re not designed to truly make you profit. Their only purpose is getting you to invest.
After that, the scammer can simply shut down their page and run away with your funds. Much like what we witnessed Ranytrade do.
Depositing in crypto provides them anonymity. So even if there’s an attempt to track the transaction, it doesn’t have to lead to a real person or company.
Recommended Forex Brokers
Unlike the shady Ranytrade and similar cons, regulated brokers are an entirely different story. Every new trader will have trading conditions presented to them accurately, with all the risks and winning chances. There’s no room for anonymity or dishonesty with licensed brokers. They would otherwise lose their working permit.
To prevent the abuse of clients’ funds and money laundering, legal brokerage sites are always under the keen eye of the jurisdictional regulator.
Furthermore, it’s in every good broker’s best interest to help clients grow. Educational material is prepared for that.
All in all, licensed brokers are at your service, plain and straightforward. Your funds are safe and you will feel at ease, trading with the best conditions and software solutions.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
As our Ranytrade review shows, this broker is a bogus firm and a scamming project. Since they didn’t even bother to give any contact info or evidence of a license, it was obvious they were not legal. Checking the registers of leading regulators has only confirmed our doubts.
However, sometimes it might not be so crystal clear when a broker is illicit. They can be very creative and use deceptive methods like cloning regulated firms and stealing license info or company background.
That’s why we strongly advise you to collect data from more than one source. Always check where they’re registered if their license is real and where the addresses and contacts lead. You never know what you might find.
FAQs About Ranytrade Broker
Is Ranytrade Reliable Forex Broker?
Ranytrade is an unregulated fraudulent scheme without regulation, so they’re not reliable in any sense.
Are Demo Accounts Available at Ranytrade?
No, Ranytrade requires you to deposit at least $1 before you can trade.
What Are The Funding Methods at Ranytrade?
Only funding methods at Ranytrade are cryptocurrencies. No other way to deposit exists.