Overview
Raise Forex claims to prioritize credibility and create a favorable trading environment for both novice and experienced traders. However, red flags surrounding the company raise skepticism about its legitimacy. The most significant concern is that Raise Forex is an unregulated broker, leaving traders vulnerable to potential fraudulent activities. Moreover, their association with websites offering “Automated trading software” further adds to their questionable reputation.
Another area of concern lies in the withdrawal process, which may be challenging with unregulated brokers like Raise Forex. Traders should exercise caution and consider regulated brokers for a safer trading experience. Leaving negative reviews about Raise Forex on various platforms can help warn others and prevent potential scams.
Regulation
None.
When a trading platform, such as Raise Forex, operates without any regulation, it means that the company is not subject to oversight or supervision by any financial regulatory authority. In the financial industry, regulatory bodies are established to enforce rules and standards to protect consumers and maintain the integrity of the market.
The absence of regulation for Raise Forex raises significant concerns about the safety and security of traders' funds and investments. Regulated brokers are required to follow strict guidelines, conduct regular audits, and maintain segregated client accounts to ensure transparency and fair practices. However, unregulated brokers like Raise Forex do not have to adhere to these regulatory requirements, which can potentially expose traders to various risks.
Without regulatory oversight, there is no external body to hold Raise Forex accountable for its business practices. This lack of oversight may increase the risk of fraudulent activities, mismanagement of client funds, or unethical behavior by the company. Traders who choose to invest with unregulated brokers like Raise Forex should be aware of these risks and exercise extreme caution to protect their investments. Many traders prefer to work with regulated brokers to ensure a higher level of protection and transparency in their trading activities.
Market Instruments
Forex Trading: Be wary of the Forex market's high volatility and unpredictable nature. While some may claim to have experiential platforms and analytical tools, trading in Forex can be incredibly risky and can lead to substantial losses. The fast-paced environment may not be suitable for all traders, especially beginners.
Metals Trading: Be cautious when dealing with precious metals as an investment. The prices of metals like gold and silver can be influenced by various factors, making it challenging to predict price movements accurately. Additionally, liquidity in the metals market may vary, leading to potential difficulties in buying or selling large positions.
Cryptocurrency Trading: Exercise extreme caution when delving into the world of cryptocurrencies. While some may tout the benefits of advanced technology and reliable assets, the crypto market is highly speculative and known for its extreme price fluctuations. Cryptocurrencies are also susceptible to regulatory changes and security breaches, making them a risky investment option.
CFDs (Contract for Difference) Trading: Be aware that trading CFDs can be highly leveraged, amplifying both potential profits and losses. The market's volatility can expose traders to significant risks, and the complex nature of CFDs may not be suitable for inexperienced traders. Additionally, it's essential to understand the costs associated with CFD trading, such as spreads and overnight fees, which can impact overall profitability.
Account Types
Raise Forex offers three distinct account types tailored to meet the diverse needs of traders with varying capital levels and risk preferences.
Classic Account:
Minimum Deposit: $100
Spreads From 0.9 Pips
Leverage Up to 1:400
$10 Commissions per trade
Minimum Trade Size: 0.01 lot
Access to 100+ Instruments
4X Processing Power
Swap-Free Option Available
The Classic account is suitable for traders with a limited initial investment. It provides competitive spreads and high leverage, allowing traders to amplify their positions. However, traders should exercise caution due to the potential risk associated with such high leverage.
Premium Account:
Minimum Deposit: $250
Spreads From 2.0 Pips
Leverage Up to 1:400
$0 Commissions per trade
Minimum Trade Size: 0.01 lot
Access to 100+ Instruments
4X Processing Power
Swap-Free Option Available
The Premium account requires a slightly higher minimum deposit and offers wider spreads compared to the Classic account. However, it does not charge any commissions per trade, making it appealing to traders who prioritize lower transaction costs.
VIP Account:
Minimum Deposit: $10,000
Spreads From 0.3 Pips
Leverage Up to 1:200
$6 Commissions per trade
Minimum Trade Size: 0.01 lot
Access to 100+ Instruments
4X Processing Power
Swap-Free Option Available
The VIP account caters to high-net-worth individuals or experienced traders with significant capital to invest. It offers the tightest spreads among the three accounts but provides lower leverage to manage risk effectively.
Traders can select the account type that aligns with their financial capabilities, risk tolerance, and trading preferences. It is crucial for traders to conduct thorough research, understand the risks associated with leverage, and implement effective risk management strategies to make informed and responsible trading decisions.
Leverage
Raise Forex's leverage of up to 1:400 is a risky trading feature that allows traders to control positions up to 400 times larger than their actual capital. With such high leverage, traders can potentially magnify their profits significantly. However, it also means that any losses incurred are equally amplified, leading to a higher risk of losing the entire invested capital.
Leverage works by allowing traders to borrow funds from the broker to open larger positions in the market. This can be appealing as it offers the possibility of making substantial gains with a relatively small initial investment. However, it is crucial to understand that the higher the leverage, the more susceptible the trader becomes to market fluctuations and price volatility.
Using leverage up to 1:400 requires a thorough understanding of risk management and disciplined trading strategies. Novice traders or those with limited experience should be cautious when utilizing such high leverage, as it demands precise market analysis and a clear understanding of potential outcomes.
While the prospect of higher returns may be enticing, traders should be aware that trading with high leverage can lead to significant losses if not managed appropriately. It is essential to assess individual risk tolerance, set proper stop-loss orders, and use leverage prudently to avoid overexposing oneself to market risks. Traders are advised to seek professional advice and consider lower leverage options, especially if they are new to trading or have limited risk appetite.
Spreads & Commissions
Based on the information provided, Raise Forex offers different spreads and commissions depending on the type of trading account chosen by the trader.
Classic Account:
Spreads: Spreads start from 0.9 pips. This means that the difference between the buying and selling price of currency pairs or other instruments can be as low as 0.9 pips during normal market conditions.
Commissions: Traders using the Classic account are charged $10 per trade as a commission. This fee is applicable in addition to the spread and represents the cost of executing each trade.
Premium Account:
Spreads: Spreads for the Premium account start from 2.0 pips. While slightly wider compared to the Classic account, traders still benefit from competitive pricing during their trades.
Commissions: Unlike the Classic account, the Premium account does not charge any commissions per trade. This means that traders only pay the spread as the cost of executing their transactions.
VIP Account:
Spreads: The VIP account offers the tightest spreads, starting from 0.3 pips. This account type provides traders with access to highly competitive pricing, reducing the cost of trading.
Commissions: Traders using the VIP account are charged $6 per trade as a commission. This fee is incurred on top of the spread, making it essential for traders to consider both the spread and commission when evaluating trading costs.
It's important for traders to carefully consider the spreads and commissions associated with each account type before making a decision. The choice of account should align with the trader's trading style, risk tolerance, and budget. Additionally, traders should be aware that spreads and commissions may vary based on market conditions and the specific financial instruments being traded. Proper risk management and understanding of trading costs are crucial for successful trading outcomes.
Deposit & Withdrawal
Deposit:
Neteller: Traders are forced to fund their accounts using Neteller, and the minimum deposit requirement of $100 is unreasonably high. Despite this, there are no deposit fees, but the so-called “instant” processing time may not be as prompt as advertised, leaving traders waiting longer than expected to start trading.
Visa: Deposits via Visa card are begrudgingly accepted with a minimum requirement of $100. Like Neteller, there are no deposit fees, but the processing time is still claimed to be “instant,” which may not always hold true, leading to frustrating delays in accessing trading funds.
Skrill: Skrill is another limited payment option with the same demanding minimum deposit of $100. Although deposits do not incur fees, the so-called “instant” processing time is questionable, making traders wary of potential delays.
Mastercard: Traders are grudgingly allowed to use Mastercard for deposits, but the minimum requirement remains at $100. While there are no deposit fees, the promised instant processing time may not always be reliable, adding uncertainty to traders' experience.
Bankwire: The bank wire option is reluctantly available for deposits, and the $100 minimum requirement is a considerable obstacle for traders with smaller capital. While there are no deposit fees, the so-called “instant” processing time may still be subjected to delays, leaving traders in limbo.
Withdrawal:
For withdrawals, the minimum amount allowed is $100, which may frustrate traders with smaller balances. While there are no fees charged for withdrawals, the “maximum 1 business day” processing time can still lead to unwanted waiting periods, causing inconvenience and uncertainty.
It's important to be aware that the claimed “instant” processing times for deposits may not always be accurate, leading to frustrating delays in accessing funds. Traders should also be cautious of potential fees charged by their own banks or payment providers for withdrawals. Overall, the deposit and withdrawal options provided by Raise Forex may create a sense of inconvenience and uncertainty for traders, impacting their overall trading experience.
Trading Platforms
MT4 (MetaTrader 4) is a versatile and widely used trading platform available on various devices, catering to traders with different preferences and operating systems.
MT4 for Android: The Android app version of MT4 grants traders access to real-time market insights and functionalities right on their Android phones. The app's sophisticated design offers essential features found on the desktop version, ensuring traders can monitor market conditions and execute trades on the go.
MT4 for Desktop: MT4 for Desktop is a robust and indispensable platform for ambitious traders who seek a solid technological infrastructure to support their trading aspirations. The desktop version provides swift order executions and essential tools like graphs and charts to analyze market conditions efficiently, making it an ideal choice for seamless trading experiences.
MT4 for iOS: For iOS users, MT4 for iOS offers advanced trading capabilities, allowing traders to execute various types of trading orders. The platform provides access to financial news, audio notifications, trading history, and other useful features, making it a comprehensive solution for traders using iOS devices.
Overall, MT4 is a well-regarded trading platform that caters to a wide range of traders, offering them essential tools and functionalities to make informed trading decisions across different devices and operating systems.
Customer Support
Customer support at Raise Forex is an incredibly frustrating experience. They fail to provide satisfactory assistance and often give vague and unhelpful responses to customer queries. Even reaching out to them via phone at +44 7441452277 or email at support@raiseforex.trade does not guarantee a prompt or effective resolution.
The support team's lack of professionalism and understanding of customer issues is evident in their dismissive approach. They seem uninterested in resolving problems and leave customers feeling unheard and unimportant. The response times are sluggish, and customers are often left waiting endlessly for a resolution.
In conclusion, the customer support at Raise Forex is highly unsatisfactory and disappointing. Their inability to communicate efficiently and solve customer problems reflects poorly on their overall service. Traders should be wary of the lackluster support provided by Raise Forex when considering their trading options.
Summary
Raise Forex claims to prioritize credibility and create a favorable trading environment, but several red flags raise doubts about the company's legitimacy. Being an unregulated broker poses significant risks for traders, leaving them vulnerable to potential fraud and mismanagement of funds. Additionally, their association with websites offering “Automated trading software” further adds to their questionable reputation.
The withdrawal process with unregulated brokers can be challenging, and traders should exercise caution and consider regulated brokers for a safer trading experience. Leaving negative reviews about Raise Forex can help warn others and prevent potential scams.
Pros:
Cons:
Unregulated broker, raising concerns about safety and transparency.
Limited payment options with relatively high minimum deposits.
Unresponsive and unhelpful customer support, leaving traders frustrated.
In conclusion, Raise Forex may not be the ideal choice for traders seeking a reliable and secure trading environment. The lack of regulation and unimpressive customer support overshadow any potential benefits the platform may offer. Traders are encouraged to conduct thorough research and consider alternative, regulated brokers to safeguard their investments and trading experience.
FAQs
Q1: Is Raise Forex a regulated broker？
A1: No, Raise Forex is an unregulated broker, which means it operates without oversight from any financial regulatory authority.
Q2: What is the minimum deposit required to open an account with Raise Forex？
A2: The minimum deposit for a Classic account is $100, for a Premium account is $250, and for a VIP account is $10,000.
Q3: Are there any fees for deposits and withdrawals at Raise Forex？
A3: Raise Forex claims to have no fees for deposits and withdrawals, but traders should verify with their payment providers for any additional charges.
Q4: What trading platforms does Raise Forex offer？
A4: Raise Forex provides access to MT4 (MetaTrader 4) for Android, Desktop, and iOS devices, offering a range of trading functionalities.
Q5: Can I contact Raise Forex's customer support for assistance？
A5: Yes, you can reach Raise Forex's customer support team via phone at +44 7441452277 or email at support@raiseforex.trade. However, be cautious as their support responses have been reported to be unhelpful and slow.
