One of the first things that you will notice when you visit the RXPTrades website are allegations that they are a subsidiary of a Belgian bank. None of this is true, as you will see later in our RXPTrades Review. The scammers hide their tracks well, using this false information to remain hidden.
Once you start digging deeper into the company profile, you will see many other signs that something is not quite right. The broker does advertise good trading conditions, and a world-leading Trading Software, but this all turns out to be false advertisement as well. Stay with us as we tackle all the problems with the RXPTrades scam.
The RXPTrades website contains an interesting piece of information. They claim that RXP Trades is a trading name of Crelan Bank, and that they are located at an address Av. d’Auderghem 59/A, 1040 Etterbeek, Belgium.
You will notice that the given location is indeed an address for a branch office of the mentioned bank, but it is one of many across Belgium. The bank in question also does not mention anything about an entity named RXP Trades anywhere on the website. This has brought us to broaden our inquiry to include the registry of the Belgian main financial regulator, FSMA.
Unfortunately, our suspicions were not unfounded. The FSMA is one of the strictest financial authorities in the EU, and their database does not show any affiliation between RXPTrades and Crelan Bank, and that the bank in question has no VASP company operating under it.
This means that RXPTrades is a so-called Clone Company. In short, they pretend to be a legitimate subsidiary of an established financial institution. If you ask us, having a broker lie to their clients about something as important as regulation is damning evidence of fraud.
Dealing with any online broker, or VASP as they are also called, carries a certain risk of asset loss. For this reason, strict regulation is necessary, and the FSMA is very tough on their brokers. Because Belgium is a part of the EEA, the FSMA is compliant with ESMA regulation under the MiFID agreement.
Furthermore, a broker must provide at least 730 000€ in starting capital, and 20 000€ of compensation fund. Segregated Bank Accounts are mandatory under FSMA regulation, and so is the Negative Balance Protection. Other rules include a restriction on maximum leverage of 1:30 on Forex and Securities, and 1:3 for Cryptocurrencies.
Just to be sure, we have decided to check the registers of other financial regulators. After inquiring about RXPTrades in the BaFIN, CySEC, FINMA, ASIC and NFA databases, we found no information about this would-be broker. With the extremely large leverage of 1:500, RXPTrades would nevertheless not be eligible for a license. Thus, we have concluded that RXPTrades is an unlicensed and dangerous clone company scam!
The TrustPilot page of the RXP Trades is claimed by this company. From the total number of 59 reviews, an astonishing percentage of them are positive, with the highest ratings. This is quite concerning, considering the fact that RXP Trades is a fraudulent entity that claims to be a part of an acclaimed corporation just to boost their own credibility.
It seems like their deceptive techniques are quite successful, when the majority of reviews are written to compliment the scammer. However, it’s more likely that these are just paid reviews that have nothing to do with the real opinion of traders. Their sole purpose is to motivate new investors to deposit with RXP Trades so the swindler can rob them easier. So always take these suspiciously shiny and attractive sounding, flawless feedbacks with a dose of doubt, as they are most probably very far from the actual truth.
Describing their platform and services as the #1 Forex trading brokerage, RXP Trades acts as if they’re a god given opportunity for every retail or professional trader. The fake broker prides itself on supposedly providing a fully transparent trading environment with the fastest order execution and lowest trading fees.
There’s a number of other lies and fabrications packed on the website, all for the purpose of convincing you to invest. If the site isn’t convincing enough, as soon as you leave your contact info, you will be pestered by the boiler room agents.
Skilled in persuasion and deceit, scam agents are able to sell you just about anything, if there’s even a slightest spark of interest in your mind. Tirelessly calling, messaging and emailing their targets, boiler room employees are persistent and patient as a saint.
First they attempt to capture your interest with the lies of huge profit waiting to be obtained with minimum effort invested. If that doesn’t work out, RXP Trades agents will try their best to sound affectionate until they provoke your romantic interest.
You will be asked to invest time and time again and the sum will be higher. It could go on as long as your investment resources are free for the taking. But the moment you ask for a payout you will learn everything was a farce and that your funds are lost to scam. Worry not, though. There’s always a way if you look hard enough. We provide counseling and money retrieving services that you can contact us for.
It is obvious that RXP Trades has nothing to do with the regulated banking services provider mentioned earlier in this review. The company operates in the EU mainly and has clients from the membership countries. It is the same with RXP Trades.
It seems that the swindler tends to approach the targets already familiar with the reputable company. Moreover, they attempt to sell their services on the account of the fake connection with the banking conglomerate. Since the establishment of RXP Trades, the highest number of victims was reported in the following countries:
Here is what you may trade through RXPTrades:
RXPTrade uses the most basic Trading Platform of them all – the Web Trader. This application is run through the Web Browser, and as such, does not require any download or installation. It is an obsolete piece of software, but the scammers don’t really want you to have any advantage when trading.
Fraudsters use the Web Trader because they can easily change the outcome of your trades. They do this by changing the information directly on the server, making all your speculations lose money. When the account is depleted of funds, the swindlers contact you again to remind you that you have no funds left, and ask for more money.
When choosing a broker, we recommend one that uses industry standard software like cTrader, MT4 or MT5. These programs have proven their excellence time and time again, and are currently supported by all the major companies on the Forex market.
Nothing about the Refund Policy at RXPTrades.com would make you suspicious of their honesty. The withdrawals are described as instantaneous and seamless, with the waiting time of only 2-5 business days. All you have to do is locate the withdrawals page in the client area and fill in the relevant information. The payment services used are where we immediately got suspicious of the transparency and security standards.
You see, RXP Trades uses some anonymous third-party payment providers that are easily stealing your credit card info, bank credentials and personal data. Stolen intel can be misused in various ways, for the purpose of theft, of course.
But RXP Trades has other ways of preventing you from taking back your investment. The alleged bonuses are treated as “non-deposited funds” and are, therefore, unavailable for withdrawing. Or at least until you meet the trading volume requirement that equals to 30 times the deposit amount plus the bonus issued.
Furthermore, the RXP Trades scam doesn’t clarify what the trading costs are, nor the fees that follow all monetary transactions. That implies that the platform may charge you ridiculous amounts because they’re not subject to any legal framework. RXP Trades only mentions the dormant fee, that is a sum that is deducted from inactive accounts. It sums up to 10% of your total account balance.
And those are just some of the major reasons why we enforce belief in regulated platforms and brokers. You can never be overly informed on a subject. So always double check your broker if you do not want to end up financially ruined, oftentimes irreparably.
RXP Trades is a scam company with false claims about being a regulated brokerage brand owned by a reputable EU bank. However, as our investigation shows and you can read the results of it in this detailed RXP Trades review, they’re a fraudulent entity without any legal authorization.
We encourage you to contact us if you’re facing issues with RXP Trade withdrawals. Our team of chargeback specialists can advise you on how to secure your funds as soon as possible, without paying enormous fees, charges and other made-up taxes by the greedy cyber criminals at RXP Trade.
RXPTrade is a forex trading scam, which pretends to be a branch of a known Belgian bank. In the industry, these fraudulent companies are known as Clone Companies.
We advise our readers to stay clear from the RXPTrades, as it is an unlicensed brokerage. If you have already invested with the RXPTrades Scam, you should seek legal help in charging back your funds immediately. Our recovery experts are on hand to provide aid in starting your chargeback process.
RXPTrades does not feature a Demo Account, and this essential tool is completely absent from their Web Trader.
The post RXPTrades Review – Scammers Have The Courage To Implicate Another Company appeared first on Global Fraud Protection.
