RingoTrade Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
I am not at all familiar with the country of Kyrgyzstan... I saw that the company's website supports Russian, English and Chinese. Anyway, I will not trade with companies without regulatory licenses, I hope you will also remain vigilant!
The overall evaluation of Ringotrade reveals a mixed bag of user experiences and expert opinions. While some users appreciate the low minimum deposit and 24/7 customer support, significant concerns arise regarding the broker's lack of regulation and the limited accessibility of its platform. Additionally, the absence of a comprehensive educational resource and the potential for misinformation pose risks for traders.
Note: It is crucial to consider the different entities operating in various regions, as this can impact user experience and regulatory compliance. The following review aims to provide a fair and accurate assessment of Ringotrade based on multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 4 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 3 |
| User Experience | 4 |
We assess brokers based on a combination of user feedback, expert analysis, and factual data from reliable sources.
Founded in 2021, Ringotrade is a binary options broker claiming to be the first of its kind in Kyrgyzstan. It operates under Binolux Ltd, registered in Saint Vincent and the Grenadines. The broker offers a proprietary trading platform without support for popular platforms like MT4 or MT5. Users can trade various assets, including cryptocurrencies and traditional currency pairs, but the selection remains limited compared to other brokers. Notably, Ringotrade is not regulated by any major financial authority, raising concerns about its legitimacy and reliability.
Ringotrade primarily operates in Kyrgyzstan and is not accessible to traders from many other regions. This limitation significantly reduces its user base and potential market reach.
Deposits can be made in Kyrgyzstani Som (KGS) and various cryptocurrencies, including Bitcoin. The broker offers several payment methods, including e-wallets and bank transfers, but specifics regarding withdrawal limits and fees remain unclear.
The minimum deposit required to open a trading account is reported to be as low as $0.07 (or 5 KGS), making it accessible for new traders. However, some sources indicate that a minimum deposit of $25 may be required for certain account types, contributing to confusion among potential users.
Ringotrade offers a 100% bonus on initial deposits, which can be enticing for new users. However, users should be cautious with bonuses, as they often come with stringent withdrawal conditions that can be hard to meet.
Ringotrade provides access to a limited range of assets, including binary options, cryptocurrencies, and traditional currency pairs. The total number of tradable instruments is reported to be around 140, which is relatively low compared to other brokers.
While specific costs regarding spreads and commissions are not clearly outlined, users have reported that the platform's fees can be relatively high, especially for withdrawals.
The leverage offered by Ringotrade is not explicitly mentioned in the available sources, which could be a red flag for potential users looking for transparency.
Ringotrade does not support any third-party trading platforms like MT4 or MT5, relying solely on its proprietary web-based platform. This limitation can hinder trading flexibility and user experience.
The broker's services are primarily limited to residents of Kyrgyzstan, which restricts its potential user base and may deter international traders.
Customer support is available in Russian and Kyrgyz, which may pose challenges for non-Russian speaking users. While 24/7 support is offered, the quality and responsiveness of the service have received mixed reviews.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 4 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 3 |
| User Experience | 4 |
Account Conditions (6/10): The low minimum deposit is a positive aspect, but the confusion surrounding the actual requirements for different account types detracts from the user experience.
Tools and Resources (4/10): The lack of educational resources and comprehensive trading tools limits the broker's appeal, particularly for novice traders who require guidance.
Customer Service and Support (5/10): While 24/7 support is a plus, the language barrier and mixed reviews about response quality indicate room for improvement.
Trading Setup (5/10): The proprietary platform's ease of use is a positive, but the lack of support for popular trading platforms and limited asset selection can frustrate more experienced users.
Trustworthiness (3/10): The absence of regulation raises significant concerns about the broker's legitimacy, and the mixed reviews about user experiences further contribute to this distrust.
User Experience (4/10): Overall user experience is hampered by limited asset offerings, potential misinformation, and language barriers, making it less appealing compared to competitors.
In conclusion, while Ringotrade offers some appealing features like low minimum deposits and 24/7 customer support, significant concerns regarding its lack of regulation, limited asset selection, and overall transparency make it a broker that potential traders should approach with caution. The insights drawn from this Ringotrade review highlight the importance of thorough research and consideration before committing funds to this platform.
FX Broker Capital Trading Markets Review
