Fraudulent RACFX broker. they call to place orders immediately, ask for a higher lot rate than capital, deliberately find ways to quickly, rush or wrong trend to burn the account. After withdrawing more than 5 hours, the report has been successfully transferred but in fact the customer's wallet is still not there, creating a fake report, unable to open the withdrawal history to see the transaction code.
After 20 days of trading with an amount of 10k, I placed a withdrawal order, the exchange locked the account, then there was a support call where I violated the terms of the exchange, so I had to follow the floor's request to open the account. Then support is forced to buy stocks in large quantities and hold them for 10 days. When I see an order going against the trend, I execute a friend order to balance the account to avoid danger to Tk. then support said it was wrong to do so. only for buy orders and not for any more orders. and continue to lock my Tk. Meanwhile, I contacted the hotline of the floor and sent Mail l no reply. I spent having to keep contacting support to open Tk and had to do so again leading to my Th being burned.
|From 0.0 pips
|Forex, Commodities, Stocks, Indices, Shares, Precious Metals
|Bank Wire, VISA, MasterCard, Paysafe, Economy, Qiwi, UnionPay, Payment Asia, Tether
Registered in the United Kingdom, RAC FX is an online broker providing a series of trading instruments to its clients, covering Currencies, Global Indices, Metals, Commodities. With the RAC FX platform, three types of trading accounts are given, namely Standard, VIP1, VIP 2.
The minimum deposit required by RAC FX is $50, and clients are provided the access to demo trading before they get familiar with this broker.
Here is the screenshot of RAC FX official website:
RAC FX is not regulated by any regulator to support its operation, and thats why WikiFX has given it a very low score of 1.25/10. Trading with an unregulated broker is taking a huge risk of losing your money. Please be aware of the risk.
With RAC FX, a total of classes of trading assets can be traded, which covers Forex, Indices, Shares, Precious Metals, Energies, Cryptocurrencies.
RAC FX offers three types of trading accounts to suit all clients trading needs, namely Standard, VIP1, VIP2. The minimum deposit specifies trading types. To open a Standard account, $500 is required. An initial deposit of $5,000 will set you to the VIP 1 account, and a minimum deposit of $20,000 is required for a VIP 2 account.
Besides, demo accounts are provided too. Demo accounts are an excellent tool for clients to test the trading environment and practice their trading strategies without risking their own capitals
When it comes to leverage, RAC FX enables its clients to use the maximum trading leverage up to1:500, which is greater than the levels regarded appropriate by any regulators, with the maximum leverage for major currencies up to 1:30 in Europe and Australia, and 1:50 in the United States and Canada.
Since leverage can amplify both gains and losses, it can result in devastating losses for investors who lack experience. If you're just starting out in the trading world, it's best to stick with the lower size, no more than a 1:10.
RAC FX does not disclose what trading platform it provides.
Deposits & Withdrawal
The minimum deposit varies deposit methods, mostly $50, but deposits through bank transfer requires $500. Supported payment methods include Bank Wire, VISA, MasterCard, Paysafe, Economy, Qiwi, UnionPay, Payment Asia, as well as Tether.
Withdrawal through Tether is subject to a service fee of $10. Other payment methods charge no fees. As for processing time, withdrawals through bank wire averagely take 3 to 5 working days for the money to arrive, and withdrawal through QIWI, Payment Asia, Tether, Paysafe takes up to 1 working day to process.
Disappointingly, RAC FX does not provide a dedicated customer support, and they can be only reached through an email: email@example.com.
Work Hour: Monday-Friday 24 hours
Alternatively, clients can also follow this brokerage on some social media platforms such as Facebook, Twitter, Youtube.
RAC FX does not offer services to clients from the USA, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Thailand, Vanuatu and EEA countries.
Trading leveraged products such as forex, cryptocurrencies and derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that your fully understand the risks involved, taking into account your investments objectives and level of experience.
The information presented in this article is intended solely for reference purposes.
Pros & Cons
|Wide selection of trading instruments
|Multiple payment methods
|Poor customer support
Frequently Asked Questions
What trading instruments can I trade with on RAC FX？
RAC FX allows investors to trade Forex, Indices, Shares, Precious Metals, Energies, Cryptocurrencies.
Does RAC FX offer demo accounts？
Yes, demo accounts are available on the RAC FX platform.
What is the minimum deposit required by RAC FX？
The minimum deposit to open a standard account with RAC FX is $500.
What is the maximum leverage available？
The maximum trading leverage that is available on the RAC FX is up to 1:500.