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Whether you want to trade in the forex currency market, stock, indices, or commodities market, or more recently, the cryptocurrency market, you need a broker. They will unlock the doors of your preferred financial market and provide you with the software and tools needed for trading. They also set the trading conditions, which means the cost you will incur will also depend on the broker you select. Therefore, it is not a decision that you make without giving it any thought. Going through RBCFM review is part of the process and not a step you should skip.
Due to the heightened popularity of online trading, the number of brokers offering their services has shot up rapidly. There is an overwhelming number of companies you will find, but like every other industry, this doesn’t mean that you can expect the same level of quality from all. You can distinguish between different platforms on the basis of their trading conditions, platform and other features. Likewise, these can also be helpful in identifying the brokers you shouldn’t trust at all. Indeed, there are such brokers that do exist in the market. The financial markets are a very lucrative target for cybercriminals and they have exploited it to the full.
Over the years, numerous scams and frauds have occurred in this space and people have suffered from heavy losses. How has this happened? These cybercriminals pretend to be legitimate brokers and convince people to register for their services. They steal the investments made by people and misuse or sell their personal information. Hence, you have to be cautious and ensure that you don’t become a victim. The best way to prevent this is by doing your homework and not simply accepting whatever a broker is telling you. A little effort can save you from a lot of hassle in the long run.
One of the names you will come across when you begin looking is RBCFM, or RBCmarkets, as they are commonly known. They have been advertised as a reliable trading service provider that offers around 55 forex currency pairs and a variety of CFDs on gold, indices, cryptocurrencies, commodities and shares. They are catering to a global audience and claim to be servicing a total of 1.3 million active traders currently. Apart from that, they are promising their clients leverage as high as 1:500, a web based advanced trading platform, along with a choice of three account types.
When you put all of this together, RBCFM comes across as a very attractive and neat package that can fulfill the needs of any trader. Isn’t that the kind of broker everyone wants? It appears to be the perfect opportunity for exploring the markets, if only it was genuine. This may be what the broker wants you to believe, but when you go through this RBCFM review, you will find out exactly why this is not true. Ready to get started? Let’s uncover the truth:
No information about the company or regulation
Everyone wants to choose a legitimate brokerage and the best way to determine their status is to take a look at their regulation. The problem with RBCFM is that there is absolutely no information about their licensing or regulation given on their website. As a matter of fact, there is no data provided by the company at all. This is a virtually anonymous website that gives you no details about where it is based, or was incorporated, or the company behind it. The Terms & Conditions outlined on their website mention the name ‘EX 64’, but they haven’t given any confirmation. It is understood that a broker with no company or licensing information should not be trusted.
Suspicious procedure and terms and conditions
There is one particular detail that will stand out when you go through the RBCFM website, which indicates that these scammers may try to steal your money and information directly. When you visit their website, you will be asked to install AnyDesk, which is a remote desktop app that’s designed to assist users in accessing their home PC no matter where they are, via the internet. The problem is that RBCFM asks you to share the installation details with them for one reason or the other. It could be for funding your account, or to help you with the trading platform.
Regardless of the story, if you install and share the details with RBCFM, then they will be able to get access to your mobile device, or home PC, along with all the information stored in it. This will include your online banking passwords and credit card numbers, which allows them to steal money directly from your account. This is not all. If you check out the Terms & Conditions outlined on the RBCFM website, then you will find some ridiculous clauses there as well.
First and foremost, they claim that the withdrawals you make on their platform are not committed to any time frame. So, they may not get approved at all. Other than that, it is also mentioned that RBCFM will apply a 10% levy on your withdrawals if you don’t trade the funds in your account more than 200 times. This is another clear sign that the broker is only interested in raking in more money from its victims.
An unknown trading platform
One of the most important tools of any broker is their trading platform and RBCFM has advertised a web-based platform known as the RBC-FM Webtrader. However, there are no details available about the platform, so there is no way to predict if it is any good, or can provide the same level of services at the MT4 or the MT5 trading platforms that are considered industry standard.
Yes, RBCFM offers attractive leverage of1:500 that can draw in a lot of people to their platform. Plus, they also have a minimum deposit requirement of $250, which doesn’t seem too high. However, the broker is unregulated and unlicensed and their Terms & Conditions are definitely fishy, which confirms they are not legitimate.