RazerMarkets Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
Business
License
Offered credit to carry out trades by Senior Account Managers . Fake Trades opened at low low prices and hence trades show huge profits . Credit has to be paid before a penny can be withdrawn. You can’t pay the credit and one loses all their hard earned money!!!!!
RazerMarkets has garnered significant attention in the online trading community, but the consensus appears to lean heavily towards caution. This offshore broker, registered in the Marshall Islands, raises several red flags regarding its legitimacy and safety for traders. Key findings highlight a lack of regulation, questionable trading conditions, and a concerning history of user complaints.
Note: Its important to note that RazerMarkets operates under various entities across different jurisdictions, which complicates the assessment of its legitimacy and compliance with regulatory standards.
| Criteria | Score (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
How We Rate Brokers: Our ratings are based on comprehensive analysis and user feedback to provide an objective overview.
Founded in 2020, RazerMarkets claims to offer a wide range of trading services, including Forex, CFDs, commodities, and cryptocurrencies. However, it operates without any regulatory oversight, raising significant concerns about the safety of client funds. The platform purportedly provides access to the popular MetaTrader 4 (MT4) trading software, although user experiences suggest that the actual trading environment may not meet industry standards.
RazerMarkets is registered in the Marshall Islands, a jurisdiction notorious for its lenient regulatory framework. The lack of oversight means that traders are not afforded the same protections as those trading with regulated brokers in regions like the EU or UK. The Financial Conduct Authority (FCA) in the UK has issued warnings against RazerMarkets, categorizing it as an unauthorized firm.
Deposits can be made using credit cards and bank wire transfers, with a minimum deposit requirement of €250. However, the broker recommends starting with at least €5,000, a significant red flag that suggests a push towards higher initial investments. Withdrawal methods are similarly limited, and numerous user reports indicate significant delays or outright denials of withdrawal requests.
The minimum deposit to open a basic account is €250, but the broker's promotion of higher deposits raises concerns about its intentions. Currently, RazerMarkets does not offer any bonuses or promotions, which is relatively common among unregulated brokers.
RazerMarkets claims to provide a diverse range of trading instruments, including Forex pairs, commodities, indices, shares, and cryptocurrencies. However, the actual availability of these assets may vary, with many users reporting limitations in trading options.
The broker advertises spreads starting from 0.1 pips, but user experiences suggest that actual trading conditions may be less favorable. There are also hidden fees, such as a 10% monthly deduction on dormant accounts after six months of inactivity, which is considered unfair and predatory.
RazerMarkets offers leverage up to 1:500, a level that is not permitted in many regulated jurisdictions due to the risks associated with high leverage trading. This could lead inexperienced traders to incur significant losses, further raising concerns about the broker's practices.
Despite claiming to support MT4, users report being redirected to a web-based platform that lacks the features and reliability of established trading software. This discrepancy raises questions about the broker's transparency and reliability.
RazerMarkets does not accept clients from several jurisdictions, including the United States and the EU. This limitation is common among unregulated brokers attempting to avoid scrutiny from regulatory bodies.
Customer support is limited, with no clear indication of available languages or support channels. Users have reported difficulty in reaching support and receiving timely responses.
| Criteria | Score (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
While RazerMarkets offers various account types, the conditions attached to them, including high minimum deposits and leverage, are concerning. The broker's push for higher initial investments is a classic tactic used by many scam brokers to extract more money from unsuspecting traders.
The tools available for traders are minimal, and the promised access to MT4 is misleading, as many users find themselves using a subpar web-based platform. This lack of adequate trading tools can hinder a trader's ability to make informed decisions.
User reviews consistently highlight poor customer support experiences, with many traders reporting difficulty in obtaining assistance or resolving issues related to withdrawals.
The trading experience on RazerMarkets is marred by the lack of a reliable platform and questionable trading conditions. Users have expressed frustration with the overall trading environment, which does not meet the standards set by reputable brokers.
With a score of 1 out of 10, RazerMarkets is viewed as highly untrustworthy due to its unregulated status, numerous user complaints, and warnings from financial authorities. Traders are advised to exercise extreme caution when considering this broker.
Overall user experiences with RazerMarkets have been overwhelmingly negative, with many traders reporting issues with withdrawals and a lack of transparency regarding trading conditions.
In conclusion, the RazerMarkets review indicates a broker that operates in a highly questionable manner, lacking the necessary regulatory oversight and exhibiting practices that could lead to significant financial losses for traders. Prospective clients are strongly advised to consider safer, regulated alternatives for their trading needs.
