Beware! RubyMarkets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Warning! RubyMarkets is a Forex broker which claims to be UK licensed, to provide the traders with negative balance protection and at the same time it offers leverage levels of up to 1:500. All of it doesn’t add up and indicates that something fishy is going on there, because Britain is known to have capped the leverage ratio at 1:30. However, it’s not the only red flag that we discovered, find out everything you need to know about this Forex broker in the full RubyMarkets review.
RubyMarkets REGULATION AND SAFETY OF FUNDS
RubyMarkets says to be UK licensed entity and even put on display their Certificate of Incorporation in the United Kingdom. It’s true, there is such a company that we found easily, but it turned out that RubyMarkets is run by an individual whose country of residence is outside the UK. You can see their Certificate or Incorporation, but it can’t serve as a Forex license itself, that should be clear. A Certificate of Incorporation does not make you a Forex broker automatically:
But the fact that RubyMarkets is an offshore company headquartered in Britan is not the most disturbing one, because we didn’t find a license in the FCA register, which will show that RubyMarkets is duly authorized to sell financial products and services to the public. It is a major red flag and a strong evidence of scam, because RubyMarkets are trying to mislead the customers, lying to them and pretending to be a legit Forex broker, which it is not. Stay away, it’s most probably a scam!
Here is the result of our search:
Your funds are not safe if you make a deposit with RubyMarkets, it’s an unlicensed, unauthorized and unregulated shady Forex broker, which is trying to deceive the traders.
Your choice should always be a transparent, legitimate and regulated Forex broker, preferably in Europe, holding CySEC(Cyprus) or FCA(UK) license. These jurisdictions created the safest financial environment for your deposits and the authorized true Forex brokers will treat your funds with an utmost care.
Above all, money protection funds were inaugurated throughout Europe, such as ICF(under CySEC) and FSCS(under FCA) which guarantee the deposits made by the customers. In Cyprus you can make a claim of up to 20 000 EUR, while in UK the guarantees are of even up to 85 000 GBP.
RubyMarkets TRADING SOFTWARE
The registration process, however, presented another very strong red flag! RubyMarkets wants from its customer to provide with their Passport or ID number during the sign-up. You should never submit pieces of sensitive information during registration, such as ID numbers, NINO number, Passport Number or Bank Account numbers!
The EUR/USD spread is floating around 2 pips most of the time, the maximum leverage possible is 1:500, which undoubtedly proves that RubyMarkets cannot be regulated by FCA, as in the Kingdom there is a leverage cap of 1:30 imposed for FX majors trading.
RubyMarkets DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with RubyMarkets is not specified, but for their Copy Trading service the minimum is $100.
There are variety of funding methods, but most of these are mainly used throughout Asia, such as Paytrust, Fasapay, Help2pay, EeziePay, Xpay, CoinPayments and wire transfers.
The minimum withdrawal amount is 10 USD for wire transfers. The withdrawal is supposed to be processed within 2-3 business days.
There aren’t any bonuses or other trading incentives offered. However, upon registration you instantly become a part of their Introducing Broker network, which is definitely a scam sign and a red flag.
And then comes the ultimate scam clause, which should be enough for you to stay away from this unfair entity. No refunds!
HOW DOES THE SCAM WORK
The scam is a financial crime, however, many of the scammers remain anonymous, operating across different jurisdictions, which makes it difficult for the law enforcement agencies to carry out their tasks. You need to learn how to protect yourself and recognize the danger as soon as you face it. There are some very common typical features of the scammers, which you should remember, it’s for your own benefit to do it:
- Scammers withhold legal information about themselves because they are illicitly trying to make money out of you! They will not publish details, which can undoubtedly prove the legitimacy of their business, because there aren’t any.
- Scammers are more often than not registered offshore, in tax haven jurisdictions with no regulations. It helps them remain anonymous and unpunished by the law.
- Scammers will always promise big and offer risk-free trades, 100% guaranteed returns, top-notch trading conditions, expert advisers and FX robots that are always correct about the market, etc. A true Forex broker, however, will do exactly the opposite, explicitly warning you that FX and CFDs trading is very speculative and that there is a significant risk for your investments.
- Scammers are crazy about bonuses and promotions. We have to stress on the fact that in EU and UK the bonus programs are banned, and no legit Forex broker is allowed to present trading incentives as such! It is a scam if a Forex broker offers you a deposit bonus.
- Scammers will always be in a hurry, pushing you to make a deposit with them. Their impatience is an obvious scam sign, it is a fraud if someone insists from you to start investing as soon as possible.
Scammers will be aggressive, they won’t take “No” for an answer and might carry on annoying you for a very long time, days, weeks or even months, so it’s better to become familiar with their ways, models, methods, patterns etc.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam the people. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!