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The WikiFX Score of this broker is reduced because of too many complaints!

Raffles Market

Saint Vincent and the Grenadines|2-5 years|
White label MT4|Regional Brokers|High potential risk|

https://www.rafflesmarket.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
RafflesMarket-Demo MT4
Server Location Hong Kong

Contact

+44 2033180439
support@rafflesmarket.com
https://www.rafflesmarket.com/
First Floor, First Saint Vincent Bank Ltd. Building, James Street, Kingstown, St.Vincent and the Grenadines.
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+44 2033180439

Other ways of contact

Broker Information

More

Company Name

Raffles Market

Abbreviation

Raffles Market

Platform registered country and region

Saint Vincent and the Grenadines

Company website
Facebook
YouTube

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 2
Previous Detection : 2024-07-18
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 17 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

Raffles Market · WikiFX Survey

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    Raffles Market · Company Summary

    NOTE: Raffles Markets official site - https://www.rafflesmarket.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

    Raffles Market Review Summary
    Founded 2020
    Registered Country/Region Saint Vincent and the Grenadines
    Regulation No Regulation
    Market Instruments Forex Pairs and CFDs on Indices, Stocks, Precious Metals, Commodities and Crypto Coins
    Leverage 1:100-1:1000
    Spread Fixed & Varied Spreads (Standard Account)
    Trading Platforms MetaTrader 4
    Minimum Deposit $0 (Standard Account)
    Customer Support Email: support@rafflesmarket.com
    YouTube: https://www.youtube.com/channel/UCcCwx-55RxWyk8jd2L6ouOg
    Facebook: https://www.facebook.com/rafflesmarket/

    What is Raffles Market?

    Raffles Market, established in 2020 and registered in Saint Vincent and the Grenadines, is a financial brokerage offering trading services in the global markets. Specializing in Forex pairs and Contracts for Difference (CFDs) on a diverse range of instruments, including indices, stocks, precious metals, commodities, and cryptocurrencies, Raffles Market aims to cater to the varied needs of traders. The broker operates on the MetaTrader 4 platform, providing a familiar interface for users to execute trades and analyze market trends.

    Raffles Market

    However, it is essential to exercise prudential approach when considering Raffles Market due to its lack of regulation. The absence of regulatory oversight raises concerns about the transparency and security of funds for traders. Additionally, the official website of Raffles Market is non-functional, limiting access to crucial information and potentially impacting the overall user experience.

    Pros & Cons

    Pros Cons
    • Diverse Instrument Offering
    • Lack of Regulation
    • No Minimum Deposit Requirement
    • Non-Functional Official Website
    • Reliable Trading Platform
    • Limited Transparency

    Pros:

    • Diverse Instrument Offering: Raffles Market provides a range of trading instruments, including Forex pairs, CFDs on indices, stocks, precious metals, commodities, and cryptocurrencies, allowing traders to diversify their portfolios.

    • No Minimum Deposit Requirement: The absence of a minimum deposit requirement for the Standard Account attract traders with varying levels of capital, making the platform accessible to a broader audience.

    • Reliable Trading Platform: Operating on the MetaTrader 4 platform offers users a widely used and familiar interface for executing trades, technical analysis, and managing their portfolios.

    Cons:

    • Lack of Regulation: The broker operates without regulatory oversight, which poses significant risks for traders. The absence of regulatory scrutiny leads to concerns about the safety and security of funds.

    • Non-Functional Official Website: The current non-functional state of the official website limits access to crucial information, creating potential challenges for users in terms of research and obtaining necessary details about the broker's services.

    • Limited Transparency: Lack of transparency in the broker's operations makes it difficult for traders to assess the credibility and reliability of Raffles Market.

    Is Raffles Market Safe or Scam?

    Determining the safety of Raffles Market involves a careful evaluation of various factors. The absence of regulatory oversight is a significant red flag. The fact that Raffles Market operates without regulation raises concerns about the safety and security of funds. Regulatory bodies play a crucial role in enforcing industry standards, ensuring fair practices, and protecting the interests of traders.

    No license

    A second concern is the non-functional state of Raffles Market's official website. A functioning website is an essential tool for transparency, providing users with necessary information about the broker's services, terms, and conditions. The current limitation on access to crucial information can hinder users from making informed decisions about engaging with the platform.

    Market Instruments

    Raffles Market offers a diverse range of market instruments, providing traders with various options for building and diversifying their investment portfolios.

    Forex Pairs: Raffles Market allows trading in Forex (foreign exchange) pairs. This typically involves the exchange of one currency for another, and traders can speculate on the price movements of currency pairs.

    CFDs on Indices: Contracts for Difference (CFDs) on indices enable traders to speculate on the price movements of stock indices without owning the actual assets.

    CFDs on Stocks: Trading CFDs on individual stocks allows traders to speculate on the price movements of specific stocks without owning the underlying shares.

    CFDs on Precious Metals: Raffles Market offers CFDs on precious metals like gold and silver. Traders can engage in speculation on the price movements of these commodities without physically owning them.

    CFDs on Commodities: Commodities CFDs include a variety of raw materials such as oil, natural gas, and agricultural products. Traders can participate in the commodities market without the need for physical ownership.

    CFDs on Crypto Coins: Raffles Market provides the option to trade CFDs on cryptocurrencies. This allows traders to speculate on the price movements of popular digital assets like Bitcoin, Ethereum, and others without owning the actual cryptocurrencies.

    Account Types

    Raffles Market accommodate diverse trading needs by offering three distinct account types, each tailored to different preferences and levels of trading experience.

    Standard Account: The Standard Account stands out for its accessibility, requiring no minimum initial deposit. This feature makes it an attractive choice for traders who may be getting started with limited capital or those seeking flexibility in their investment journey.

    ECN Account: For traders looking for direct access to interbank liquidity and potentially tighter spreads, the ECN (Electronic Communication Network) Account is available. However, this account type requires a higher minimum deposit of $20,000, catering to those with a more substantial capital base.

    VIP Account: The VIP Account, designed to meet the needs of high-net-worth individuals or institutional clients, offers exclusive features and personalized services.

    Leverage

    The maximum leverage offered to Standard Account is an impressive 1:1000, providing traders the capability to control positions that are up to 1000 times the amount of their invested capital. While high leverage can amplify potential profits, it's essential for traders to approach it cautiously, as it also magnifies the risk of significant losses.

    The minimum leverage availableis set at 1:100. This represents a more conservative approach, limiting the position size to 100 times the trader's invested capital. Lower leverage levels inherently reduce risk exposure but also cap the potential for significant profits.

    Spreads & Commissions

    Raffles Market offers a variety of account types, each with distinct characteristics regarding spreads and commissions.

    In the Standard Account, traders benefit from the flexibility of both fixed and variable spreads. Fixed spreads imply a predetermined cost for each trade, offering clarity to traders, while variable spreads may fluctuate based on market conditions. Notably, the Standard Account operates without charging any commissions, making it an attractive option for those who prioritize straightforward fee structures.

    For traders opting for the ECN Account, a more dynamic approach to trading costs is introduced. The account boasts spreads starting from an impressively low 0.1 pips, indicating potentially tight spreads that may result in lower costs for entering and exiting positions. However, to offset the benefits of these tight spreads, a $10 commission per trading lot is applied.

    The VIP Account, designed for high-net-worth individuals or institutional clients, takes the appeal of minimal trading costs to the next level. With the lowest spread starting from 0.0, traders with a VIP Account may experience minimal expense related to the bid-ask spread.

    Trading Platforms

    Raffles Market operates on the MetaTrader 4 (MT4) platform, known for its user-friendly interface and advanced features suitable for traders of all levels. MT4 offers robust charting tools, supports automated trading through Expert Advisors, and allows for easy customization. The platform ensures efficient order execution, employs advanced security measures, and provides mobile trading options for on-the-go convenience.

    MT4

    Deposits & Withdrawals

    Raffles Market offers traders multiple funding options for their accounts, including Bank online transfer, Local transfer, USDT online transfer, Alipay, and PayPal. However, minimum deposit requirements differ based on the chosen payment method. Traders using Visa or Mastercard are required to deposit a minimum of $100. This provides flexibility for users to select a funding method that suits their preferences and aligns with their financial capabilities.

    Customer Service

    Raffles Market provides customer support through various channels to assist traders with inquiries and concerns.

    • Email Support: Traders can reach out to customer support via email at support@rafflesmarket.com.

    • Social Media: Raffles Market maintains a presence on social media platforms, including YouTube (https://www.youtube.com/channel/UCcCwx-55RxWyk8jd2L6ouOg) and Facebook (https://www.facebook.com/rafflesmarket/).

    Conclusion

    Raffles Market offers a range of trading services across diverse financial instruments. Specializing in Forex pairs and Contracts for Difference (CFDs) on indices, stocks, precious metals, commodities, and cryptocurrencies, the brokerage operates on the MetaTrader 4 platform.

    On the positive side, Raffles Market provides traders with a diverse array of instruments, allowing portfolio diversification. The absence of a minimum deposit requirement for the Standard Account enhances accessibility, and the use of the reliable MetaTrader 4 platform ensures a familiar interface for users.

    However, significant concerns arise due to the lack of regulatory oversight. Additionally, the non-functional state of the official website limits access to essential information.

    We advise you to exercise a prudential approach and thoroughly assess your risk tolerance before considering engagement with Raffles Market.

    Frequently Asked Questions (FAQs)

    Q 1: Is Raffles Market regulated?
    A 1: No.
    Q 2: What is the minimum deposit requirement for the Standard Account?
    A 2: No minimum deposit requirement.
    Q 3: What market instruments can I trade on Raffles Market?
    A 3: Forex pairs and CFDs on indices, stocks, precious metals, commodities and crypto coins.
    Q 4: What trading platform does Raffles Market use?
    A 4: MT4.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

    In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

    News

    WikiFX Expose: Another Fraud Incident Reported Against RAFFLES MARKET

    ExposureWikiFX Expose: Another Fraud Incident Reported Against RAFFLES MARKET

    2022-06-24 11:46

    A fraud has been reported by a trader and being revealed by WikiFX to give awareness to everyone the illegal activities of the broker

    WikiFX
    2022-06-24 11:46
    Exposure
    WikiFX Expose: Another Fraud Incident Reported Against RAFFLES MARKET

    User Reviews

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    User comment

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    Comments

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    hs tan
    more than one year
    Setting up the account was easy. The platform is decent, but it freezes occasionally, and you have to constantly adjust the screen size as it won't lock your preferred view. Template saving is a hassle, requires constant editing. Considering whether to switch brokers.
    2024-02-02 10:43
    Reply
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    0
    寿星
    more than one year
    I love its generous trading leverage, giving me much flexibility. However, its minimum deposit of $500 is a little bit higher for. I am used to trading with brokers requiring low deposits, hmmm… I guess this one is not suitable for me.
    2022-12-02 18:40
    Reply
    0
    0
    `Ru影隨形╮
    more than one year
    BIG SCAM!!! They wiped out all my profits, and they won't let me withdraw money! See a lot of people on the Internet exposing this broker, I just can’t believe that so many people have been cheated by them! That's terrible! Why hasn't this broker been put in jail for stealing so much of our money? ! SHAME ON THEM!!!
    2022-12-02 16:18
    Reply
    0
    0
    21
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