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Suspicious Clone
Score
1.42 /10
Danger
Redromanticwealth
2-5 yearsSuspicious Regulatory License
Suspicious Scope of Business
High potential risk
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Comparison
Quantity 2
Exposure
Open Account
Website
Score
Regulatory Index0.00
Business Index6.30
Risk Management Index0.00
Software Index4.00
License Index0.00
Open Account
Website
Licenses
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
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Warning: Low score, please stay away!
3
Previous Detection :
2024-12-23
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
- The BelizeFSC regulation (license number: 000261/158) claimed by this broker is suspected to be clone. Please be aware of the risk!
WikiFX Verification
Exposure
2 pieces of exposure in total Pyramid scheme complaint
ExposeGeneral Information & Regulation
Founded in 2009, Redromanticwealth is a Belize registered forex broker. Although Redromanticwealth claims that it is authorized and regulated by the Belize International Financial Services Commission (IFSC) (license number: 000261/158), but no result is found on the IFSC website, which means Redromanticwealth is actually an unregulated broker.
Market Instruments
In terms of tradable financial instruments, Redromanticwealth offers trading in forex currency pairs, commodities, indices, metals and energy.
Minimum Deposit
In terms of minimum deposit, Redromanticwealth does not make this part clear.
Leverage
The maximum trading leverage offered by Redromanticwealth is up to 500:1, which is considered high. Since leverage can magnify returns as well as potential losses, inexperienced traders are not advised to use too high leverage.
Spreads & Commissions
Redromanticwealth claims that it offers variable spreads, as low as 0.0 pips, but does not specify spreads on particular instruments. This is obviously an advertisement used by Redromanticwealth to attract new traders instead of real trading conditions.
Trading Platform Available
Redromanticwealth offers MT5 trading platform (available in PC/MAC, Tablet, Mobile devices). MT5 features include:
Multi-asset investment platform with more than 100 trading varieties
100 charts can be displayed at the same time
Support all order types, including current orders, pending orders, stop-profit and stop-loss and trailing stop-loss
More than 80 technical indicators and 40 analysis tools
Excellent built-in MQL5 development environment
Multi-currency tester and alarms
Deposit & Withdrawal
Redromanticwealth does not disclose what payment methods it supports. In most cases, most brokers allow traders to fund their accounts through Credit Cards, wire transfer, Skrill and Neteller.
Customer Support
Redromanticwealth allegedly offers 24*7 customer support service, and they say they can be reached through online chat, but its online chat is not real-time, you need to fill in some information and then wait to be connected.
Trading Hours
London peak trading hours – 8 am GMT to 5 pm GMT; Euro, British pound and U.S. dollar are the most frequently traded currencies.
U.S. peak trading hours – 1 pm GMT to 10 pm GMT; US dollar, euro, British pound, Australian dollar and Japanese yen are the most frequently traded currencies;
Peak trading hours in Asia-from 10 pm GMT on Sunday afternoon to the start of European trading, around 9 am GMT; not suitable for day trading.
Restricted Regions
Redromanticwealth does not provide services to residents of certain countries/regions, such as the United States, Canada, Israel, and the Islamic Republic of Iran.
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