RACFX Review – Who Is Behind This Scam Brokerage?
RACFX is presenting itself to be the largest trading platform in the world by forex volume, regulated in the popular financial hub of the UK, serving more than 180,000 clients worldwide.
One would think that RACFX appears to be an excellent partner to trade with. However, all this could not be farther from the truth, since they are nothing more than just another unregulated company.
In this RACFX review, we will break down how this investment scam operates and why you should stay away.
The hazards of dealing with dishonest brokers, such as those described below, are the same in Brokeragea, Esperio, and Capitalcore.
|Company||RAC FX CO., LTD.|
|Address||Address 71-75 Shelton Street, Covent Garden, London, United Kingdom|
Are You Safe at RACFX? Regulation and Security
For starters, according to their website, RACFX is a trademark of RAC FX CO. Ltd. However, in their “Contact us” section they use RAC FX Limited. This leads to confusion. On top of that, they are claiming to be regulated by FCA.
After some investigation of this scam broker, we realized RACFX has no FCA regulation, and never will have.
The other major legal issue here is that this broker does not possess any of the necessary legal documents that every company, be it a broker or not, needs and is required to have.
Without legal documents, not only is the legal status of RACFX compromised but so are all the users.
With all of this said, RACFX is not a legit broker and it’s best you stay away from them. Find a broker who hasn’t violated any terms and conditions.
Overview of Trading Platform
When it comes to RACFX, they are claiming to offer an MT5 trading platform. We tried multiple times to access it but to no avail. The MT5 links don’t do anything.
Moreover, even if we could access the alleged MT5, we still would not be able to interact with it, since we had no access to an account, and therefore no platform login details. Since there is no actual platform, working with this broker is not going to be very fruitful for you.
Deposit and Withdrawal Process
RACFX has put on their website the following methods for deposit:
- Visa or Master credit or debit
- Wire transfer
Overall, there is nothing wrong with these deposit methods, but depositing your money with scam brokers, such as RACFX is very risky. It will put both you and your fund at risk.
And don’t get us started on the withdrawal. There are many user complaints regarding the withdrawal issues. Many of them said they are unable to get their money unless they pay a certain amount of money for fees. Users say that once they as for help, the agents just disappear.
How The Fraud Was Perpetrated
Like many other illicit brokers, RACFX has many different ads online that promise you quick and easy profits. The reality, on the other hand, is much different since they collect your personal information.
After they have that, their agent will start with emails which then will turn into phone calls every day until they get you on the line.
Once they do that, their agents are trained to be persuasive and tell you whatever it takes to get you on board. And of course, the more you invest, the more money you will earn.
That is all just a fairytale they tell you to get you on board and once they do so, your money will be gone.
In case you have been scammed by this scam broker and their very pushy agents, don’t feel ashamed, since it can happen to anyone and you shouldn’t feel embarrassed to report a scam!
Always think twice before investing your money and choose a company that doesn’t have many complaints made against the broker.
Forex Brokers Suggested
Trading can be a great thing to achieve financial freedom. Choosing the right broker who is regulated, on the other hand, can be a very tiring thing to do.
With that in mind, we have made this table with user-recommended brokers who are licensed. In the table below, you will be able to find a name, their website, and the minimum deposit required.
|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|
In this RACFX review, we broke down all the shady and manipulative tricks this illicit broker uses to deceive its victims. Not only are they pretending to be an award-winning broker who offers amazing trading experience, but they also lack license and regulation.
They will give you a false sense of security for long enough just so they can rip you off your hard-earned money. And that is just the tip of the iceberg of lies this fraudulent broker uses.
With that said, we do advise you to stay clear from them and find a trustworthy broker who will help you make real profits. Don’t fall for their cheap tricks.
FAQs About RACFX Broker
Is RACFX Regulated?
No. They are an unregulated and unlicensed broker that offers financial services online.
Is RACFX a Trustworthy Broker?
Absolutely not. They are falsely representing themselves as a regulated broker which they are not.
What Funding Methods Does RACFX Accept?
They stated on their website they offer credit or debit cards, wire transfers, and e-wallets.