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RN PRIME

Australia|1-2 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://www.rnprime.com/

Website

Rating Index

Contact

support@rnprime.com
https://www.rnprime.com/

Licenses

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

Single Core

1G

40G

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Broker Information

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Company Name

RN PRIME PTY LTD

Company Abbreviation

RN PRIME

Platform registered country and region

Australia

Company website

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Warning: Low score, please stay away! 3
Previous Detection : 2024-02-22
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The AustraliaASIC regulation (license number: 001300954) claimed by this broker is suspected to be clone. Please be aware of the risk!

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RN PRIME · Company Summary

RN PRIME Basic Information
Registered Country/Area Australia
Founded Year Within 1 year
Company Name RN PRIME
Regulation No valid regulation
Minimum Deposit Not specified
Maximum Leverage Not specified
Spreads Not specified
Trading Platforms MT4
Tradable Assets Wholesale FX, Commodities, and CFDs on indices, metals, equities, and cryptos
Account Types Not specified
Demo Account Not specified
Customer Support 6/24, Email
Payment Methods Not specified

Overview of RN PRIME

RN PRIME is an emerging brokerage firm headquartered in Australia. While the exact founding year remains undisclosed, the company has been operational for less than one year under the name RN PRIME.

FXOpulence offers a diverse range of tradable assets, including Wholesale FX, Commodities, and CFDs on indices, metals, equities, and cryptos. However, specific information about the available account types and the provision of a demo account is not provided. This lack of transparency regarding regulation may raise apprehensions among prospective clients, as regulatory adherence is crucial for ensuring the safety and security of their investments.

The minimum deposit requirement for opening an account with RN PRIME is not specified either, making it challenging for traders to determine the initial investment needed to get started.

Customer support is accessible around the clock, six days a week, primarily through email communication. Nevertheless, the absence of additional contact methods, such as live chat or phone support, may affect the responsiveness and availability of customer service.

basic-info

Pros and Cons

RN PRIME offers a variety of advantages to traders. Firstly, they provide a wide range of tradable assets, allowing traders to diversify their portfolios and take advantage of different market opportunities. Secondly, the availability of the popular MT4 trading platform.

On the negative side, this broker does not hold a strong license to support its forex trading activities. Furthermore, the broker's transparency is questionable as they do not disclose important details such as leverage, spreads, and commissions, which can be concerning for potential clients.

Pros Cons
Variety of tradable assets Weak regulation
MT5 trading platform Lack of transparency concerning many aspects, including spreads, commissions, leverage and more
Website available in multiple languages No demo account available
Poor customer support
Simple website design

Market Instruments

RN PRIME offers a variety of instruments including Wholesale FX, Commodities, and CFDs on indices, metals, equities, and cryptos. These are available to institutional companies and licensed professional fund managers. With access to such a broad range of instruments, traders can take advantage of market movements and diversify their portfolio.

market-instruments
market-instruments

Regulation

While RN PRIME operates under the Umbrella of ASIC, holding an Appointed Representative (AR) license, it is important to note that this license type does not necessarily imply direct regulation by ASIC, but rather an authorized status to represent other regulated entities. It is crucial for traders to do their due diligence and research the broker's regulatory status carefully before deciding to trade with them.

regulation

Account Types

RN PRIME does not explicitly disclose what trading account types they offer. It appears that the broker may not provide multiple account options.

Indeed, RN PRIME does not disclose any information regarding a minimum deposit requirement on their website, either. As such, it is recommended that potential clients reach out to the broker's customer support team to inquire about this essential piece of information.

How to Open an Account?

To open an account with RN PRIME, traders can follow a few simple steps:

First, they will need to register for an account by filling out the online application form.

account-types

Next, they will need to verify their identity and provide proof of residence.

account-types

Finally, traders can fund their account and start trading.

If needed, the broker's customer support team is available to provide assistance throughout the account opening process. By following these steps, potential clients can start trading with RN PRIME in a quick and easy manner.

Leverage

RN PRIME does not explicitly disclose the leverage offered on its trading instruments. Indeed, leveraging is an essential component of forex and other derivative trading as it can significantly increase trading profits. However, it is crucial to note that this also comes with significant risks and should be used with discretion.

Spreads and Commissions

The exact details of spreads and commissions at RN PRIME are not prominently disclosed on their website. Traders seeking precise information regarding spreads and commissions for specific trading instruments and account types are advised to contact RN PRIME's dedicated customer support team.

However, the absence of a disclosed fee structure at RN PRIME can be a cause for concern when considering trading with this broker. The lack of transparency regarding spreads and commissions makes it challenging for potential clients to fully understand and evaluate the costs associated with their trading activities.

Deposit & Withdrawal

While many brokers commonly provide payment options such as VISA, MasterCard, and Bank Wire, as well as popular online payment methods like Skrill and Neteller, RN PRIME takes a different approach. This broker, however, does not disclose specific details about its deposit and withdrawal options on its website. Traders interested in RN PRIME's services are encouraged to contact their customer support team to inquire about the available payment methods.

Trading Platforms

RN PRIME offers its clients the ever-popular and trusted MetaTrader 4 (MT4) trading platform. MT4 is a versatile, user-friendly, and customizable platform that allows traders to analyze price movements and execute trades with lightning-fast speed. With numerous technical indicators, charting tools, and real-time market data, traders can make informed decisions and stay ahead of the game. The platform is also available for download on desktop and mobile devices, giving traders the flexibility to trade from anywhere at any time. Overall, RN PRIME's adoption of MT4 highlights their commitment to providing their clients with a reliable and efficient trading experience

trading-platform

Customer Support

While RN PRIME offers its clients 6/24 customer support, it is important to note that this support is available exclusively through email at support@rnprime.com. Traders should be aware that phone and online support options are not currently available with this broker.

customer-support

Trading Session

RN PRIME has specific trading sessions for its various trading instruments. For FX instruments, trading is conducted 24 hours a day from Monday to Friday, starting at 00:00 server time on Monday and ending at 23:59 server time on Friday. Spot metals trading hours start at 01:00 server time on Monday and end at 23:59 server time on Friday. Finally, for commodities such as energy and oil, trading hours commence at 03:00 server time on Monday and conclude at 23:59 server time on Friday.

trading-session

Conclusion

To sum up, while the company provides access to various tradable assets, it is important to note that RN PRIME currently lacks transparency in several key areas.

One significant concern is the absence of specific details regarding regulation. While RN PRIME holds an Appointed Representative (AR) license authorized by ASIC, it does not guarantee full regulation by ASIC. This lack of clarity regarding regulatory oversight may contain potential risks. Another area of concern is the undisclosed payment methods, which leaves traders uncertain about the available options for depositing and withdrawing funds.

FAQs

Q: Is RN PRIME a regulated broker?

A: RN PRIME holds an Appointed Representative (AR) license authorized by ASIC, but it is important to note that this license does not guarantee full regulation by ASIC.

Q: What tradable assets are available with RN PRIME?

A: RN PRIME offers a variety of instruments, including Wholesale FX, Commodities, and CFDs on indices, metals, equities, and cryptos.

Q: What are the account types offered by RN PRIME?

A: RN PRIME does not provide specific information about its account types. It is recommended to reach out to their customer support for more details.

Q: What trading platform does RN PRIME offer?

A: RN PRIME offers the widely recognized MT4 trading platform, known for its user-friendly interface and advanced features.

Q: How can I contact RN PRIME's customer support?

A: RN PRIME provides customer support via email. Traders can reach out to them for assistance and inquiries.

User Reviews

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Zenobiar
more than one year
Caution with RN PRIME. Weak regulation is a concern, and the lack of transparency on spreads, commissions, and leverage is unsettling. No demo account and undisclosed payment methods add to the uncertainty. Customer support, while responsive via email, lacks live chat or phone options. Do thorough research before considering RN PRIME.
2023-12-07 13:37
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Seraphina Persephone Vanderbilt
more than one year
RN PRIME has been a decent experience for me. The variety of tradable assets and the MT4 platform are highlights. Registration was smooth, and customer support, though via email, is responsive. Great for diverse trading opportunities!
2023-12-06 14:09
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sosobing
more than one year
Despite offering low spreads as promised, I haven't seen any evidence of this during the month that I've been trading with them. On top of this, it has been difficult to get in touch with their customer service team, which has left me feeling frustrated at times. The only consolation has been that the MT4 trading platform has been reliable and I haven't experienced any disruptions in my trading activities. All in all, I'm quite disappointed with RN PRIME and would caution others to approach this broker with some degree of skepticism.
2023-06-21 21:45
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Nicky908
more than one year
I was introduced to RN PRIME by a friend, and I have to say that my experience trading currency pairs on this platform has been disappointing so far. The spreads are quite large, and while my account manager explained that this was due to market volatility, I'm not convinced that's the only reason. Overall, I feel like the trading conditions could be better, but I appreciate the helpful customer support team who have provided guidance and advice throughout my trading journey.
2023-06-21 21:41
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dejat琳
more than one year
I put a trade at a certain price and it always goes above or below but, never at the exact same price point I chose. You know what I mean, right? RN Prime manipulated the price and don’t want you to win.
2023-03-13 12:05
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