Welcome to the RacFX Review, fellow trader. You’re probably here because you’re wondering whether you should trust this suspicious broker. We don’t blame you, it seems tempting and very shady at the same time. But that’s why we’re here, to point out all the negative aspects of this scheme and to remove the mask from this dishonest fraudster.
In addition to the above, we strongly advise you not to invest in TIQ FX, Capital Whale and Gain Trade fraudulent brokers.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||RAC FX Limited|
|Headquarters Country:||United Kingdom|
|Supported Platforms:||MT5 & WebTrader|
|Minimum Deposit:||100 USD|
|Types of Assets:||Forex, Indices, Commodities|
|Free Demo Account:||Unavailable|
|Accepts US clients:||Yes|
Is RacFX a Regulated Platform?
Right off the bat, we encountered several irregularities that made us frown upon this con artist. Is this Rac FX Limited a real company? It seems so, check out this link that we found.
However, the UK is among the most strict and heavily regulated states in the world when it comes to the financial market. The country’s very own Financial Conduct Authority (FCA) made sure of that. Therefore, for a broker to operate there, it would have to be licensed by the FCA. Guess what, the authority’s got nothing on RacFX. Bingo, it’s a scammer!
But where does this scammer lay traps from? We think there’s a clue to that on the website as well. The official phone number provided starts with +66, which is the code for Thailand.
RacFX is an unregulated scammer that claims to be based in the UK. Customers have provided us with multiple pieces of evidence found on the misleading website.
Why Is Trading On a Licensed Broker’s Platform Preferable?
As mentioned, we checked the FCA’s website for RacFX and found nothing. Also, other Tier 1 regulators such as BaFin and ASIC lack any data on the fraudulent broker. Hence, your funds are not safe with this scammer and you better find a regulated provider if you want to invest.
What Platform Does RacFX Provide?
The bogus website goes on and on about Meta Trader 5 but we’re yet to see anything concrete. Unless you open a live account and deposit money, you won’t be able to access the platform. What a preposterous move by the phony broker!
In addition, RacFX mentions MT4 on one occasion, which indicates that it probably copied that text from someone else. Then we have the web-based platform but there aren’t many details there.
MetaTrader 5 (MT5) On Mobile
MT5 is arguably the greatest trading software to date. Its features are numerous and it allows traders to use advanced chart types and extremely useful tools. However, the mobile version is not up to par with the PC version, according to reviews.
MetaTrader 5 (MT5) on PC
This is the real deal but we highly doubt that RacFX can provide you with a legit MT5 platform. Moreover, you should be careful since these scammers often infect the download files with malware. Either that or they plagiarize the platform for their wrongdoing.
Trading on the Website
Consider everything we’ve said about the MT5 versions. Scammers prefer web platforms because their scheme is easy to execute that way. They give you the option to deposit but not to trade. By the time you become disillusioned, it’s too late.
RacFX – Countries Of Service
This malevolent scammer targets clients from the US, UK, Vietnam, Netherlands and Sweden. Since the phone number leads to Thailand, we don’t rule out that the residents of that country could be targets as well. The broker is definitely not authorized to provide services in the UK. Do not fall for its lies.
RacFX Trade Range of Trading Markets
Here’s a list of trading assets that RacFX allegedly offers:
- Forex – AUS/USD, EUR/USD…
- Indices – HK50, JPN225, GER30…
- Commodities – crude oil, silver, gold…
The website gets pretty misleading here. After listing these, the broker mentions crypto, shares and precious metals in a separate list, without revealing the instruments. We failed to see the logic behind it.
What Do We Know About RacFX Account Types?
RacFX claims that clients can choose between a standard and a raw account. They’re essentially the same except for the spreads and commission. It’s funny how neither of the types displays leverage. We had to search elsewhere for it.
Can a Trader Use a Demo Account?
Of course not. So typical of scammers. Why bother with a demo account? Ain’t nobody got time for that. This is a major red flag so keep that in mind.
Also, remember the names of the trading scams Everrise Brokers, RevolutExpert, and RoboFXtrade and avoid them at all costs! Furthermore, before investing, always investigate the background of online trading companies!
Details About Leverage Spreads and Fees
Spreads range from 0.5 to 1.8 pips for the standard account and from 0.0 to 1.0 pips for the raw account. Not bad but given the lack of regulation, it matters little.
On the other hand, the leverage completely violates the regulatory limit of 1:30 (UK, EU) or 1:50 (US). You have a whopping 1:500, like walking on a rope above an abyss. You can win big but chances are you’ll lose even bigger.
The standard account is commission-free but the raw account charges from 2.75 to 3.5, depending on the currency.
Minimum Deposit and Withdrawal Terms
The minimum deposit is $100. Payment methods include debit/credit cards, wire transfers and e-wallets, Skrill and Neteller. The fraudulent broker didn’t even bother creating a menu for this. No legal section either. We found these methods at the bottom of the home page.
Promotions and Privileges
RacFX didn’t include a section for payments but it sure did devote an entire page to promotions, referrals and affiliate programs. These all serve to propel the scheme and drag even more people into it. We also found that the broker offers bonuses. There’s a large table with as many as seven conditions! Bonuses are not allowed by regulators.
Scammed by RacFX Broker? – Consider A Chargeback Or A Recall
If you’ve read the confession of the poor trader that got scammed by RacFX, you saw that a chargeback was mentioned. It’s the process of reversing credit/debit card transactions, performed by the issuing bank within 540 days. Problems may arise but the trader mentioned how he/she handled it.
For wire transfers, you can request a recall to reverse the transaction. However, if the payment has gone through, this will be impossible so sprint to the bank!
Book your free consultationwith our chargeback experts and we may be able to assist you in getting a refund.