RINGOTRADE Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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The most unreliable broker that ever existed, your positions will be closed without sending you an email, yet they claim that their terrible trading system shows otherwise. Avoid this disgusting Russia-based broker.
Ringotrade has emerged as a binary options broker that has garnered attention since its inception in 2021. However, the platform's legitimacy and reliability have been subjects of scrutiny among traders and experts alike. This review synthesizes various sources to provide a comprehensive overview of Ringotrade, highlighting its features, user experiences, and potential pitfalls.
Note: It's important to recognize that Ringotrade operates under different entities across regions, which may impact user experiences and regulatory compliance. This review aims to present a balanced view based on available information.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 4 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 3 |
| User Experience | 4 |
How We Rate Brokers: Ratings are derived from a combination of user feedback, expert analysis, and factual data regarding broker operations and offerings.
Founded in 2021, Ringotrade operates under Binolux Ltd, with its headquarters located in Saint Vincent and the Grenadines. The platform primarily offers binary options trading, which is characterized by its high-risk nature. Notably, Ringotrade does not support popular trading platforms such as MetaTrader 4 or 5, relying instead on its proprietary web-based platform. The broker claims to provide access to various asset classes, including cryptocurrencies, currency pairs, and commodities.
Ringotrade is registered in Saint Vincent and the Grenadines, a jurisdiction known for its lax regulatory environment. This lack of stringent oversight raises concerns about the broker's reliability. Many experts and user reviews indicate that the absence of regulatory licenses from reputable organizations could expose traders to potential risks and fraud.
The platform allows transactions primarily in Kyrgyzstani Som (KGS) and supports deposits via various methods, including e-wallets and bank transfers. However, specific details regarding withdrawal methods remain vague, with several sources indicating that withdrawals can take up to three days for processing.
The minimum deposit to open an account with Ringotrade is reported to be as low as $10, making it accessible for novice traders. However, some reviews suggest that the minimum deposit might vary, with other sources indicating a requirement of $25 or even $30.
Ringotrade offers bonuses for new accounts, with promotional offers that can be enticing for traders. However, users should be cautious, as bonus terms often come with stringent conditions that may complicate withdrawal processes.
The broker claims to provide access to over 140 financial instruments, including binary options, cryptocurrencies, and various currency pairs. However, the limited selection of assets compared to more established brokers may deter some traders.
User reviews indicate that while Ringotrade advertises high potential payouts (up to 92% for successful trades), the actual trading costs, including spreads and commissions, can be less favorable than expected. The lack of transparency regarding fees is a common concern among users.
Ringotrade offers leverage, which can amplify both potential gains and losses. However, the specifics regarding leverage ratios are not consistently reported across sources, leading to potential confusion for traders.
Ringotrade exclusively uses its proprietary trading platform, which lacks the robust features of widely-used platforms like MetaTrader. This limitation may impact the trading experience for users accustomed to more advanced tools.
Ringotrade appears to primarily cater to residents of Kyrgyzstan, which limits its accessibility to international traders. The lack of services for users outside this region raises questions about its growth potential and appeal.
Customer support is available in Russian and Kyrgyz, which may pose a barrier for non-Russian speakers. While support is reported to be available 24/7, the quality and responsiveness of customer service have received mixed reviews.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 4 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 3 |
| User Experience | 4 |
Ringotrade offers a low barrier to entry with a minimum deposit requirement of $10. However, discrepancies in reported minimums from various sources suggest a need for clarity.
The proprietary platform lacks the advanced features found in industry-standard platforms like MetaTrader, limiting traders' analytical capabilities.
While customer support is available around the clock, the language barrier and mixed feedback on responsiveness indicate room for improvement.
The trading experience on Ringotrade's platform is generally straightforward, but the lack of a mobile app and advanced tools detracts from user satisfaction.
The absence of regulatory oversight raises significant concerns regarding the broker's trustworthiness. Many experienced traders advise caution when considering Ringotrade.
User experiences vary widely, with some praising the low entry costs and support, while others express concerns over withdrawal processes and platform limitations.
In conclusion, while Ringotrade may offer some attractive features, the overall consensus from user reviews and expert opinions suggests that potential traders should proceed with caution. The lack of regulation, combined with mixed user feedback, raises questions about the broker's reliability and long-term viability in the competitive trading landscape.
