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RedFinance

Saint Vincent and the Grenadines|1-2 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://redfinance.capital/

Website

Rating Index

Contact

compliance.eng@redfinance.capital
https://redfinance.capital/
Suite 305, Griffith Corporate Center, Kingstown P.O. Box 1510 St. Vincent and the Grenadines

Licenses

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

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Broker Information

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Company Name

Shenanigans Consulting LTD

Company Abbreviation

RedFinance

Platform registered country and region

Saint Vincent and the Grenadines

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away!
Previous Detection : 2024-02-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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RedFinance · Company Summary

Aspect Information
Registered Country/Area Saint Vincent and the Grenadines
Founded Year 1-2 years
Company Name Shenanigans Consulting LTD
Regulation RedFinance lacks valid regulation
Minimum Deposit Mini: $250, Standard: $5,000, Classic: $25,000, VIP: $50,000
Maximum Leverage VIP: 1:100, Classic: 1:80, Standard: 1:50, Mini: 1:30
Spreads 1-5 pips for major currency pairs, 10-20 pips for minor currency pairs
Trading Platforms Web Platform (desktop and mobile), Mobile App (iOS and Android)
Tradable Assets Derivatives, Equities, Fixed Income, Cash, Commodities, FX
Account Types VIP, Classic, Standard, Mini
Demo Account Information not provided
Islamic Account Information not provided
Customer Support Address: Suite 305, Griffith Corporate Center, Kingstown, P.O. Box 1510, St. Vincent and the Grenadines
Email: compliance.eng@redfinance.capital
Payment Methods Instant deposits via bank transfer, withdrawals via bank transfer or cryptocurrency

Overview of RedFinance

RedFinance, operated by Shenanigans Consulting LTD in Saint Vincent and the Grenadines, has been in existence for 1-2 years. It is important to note that RedFinance lacks valid regulation, which raises concerns about its credibility and safety as a financial broker. Caution is advised when considering their services due to the absence of regulatory oversight.

RedFinance offers a range of market instruments, including derivatives such as interest rate swaps, currency swaps, credit default swaps, and equity swaps. They also provide equities, fixed income options, cash investments, commodities, and foreign exchange services. The company offers different account types with varying leverage levels and minimum deposit requirements, catering to a range of traders. Spreads and commissions vary for different instruments, with fees applicable to US equities and ETFs. Deposits can be made instantly via bank transfer, and withdrawals can be made through bank transfer or cryptocurrency with specific minimum withdrawal limits. RedFinance provides trading platforms, including a web-based platform and a mobile app for iOS and Android devices, with relatively fast trade execution speeds.

Reviews of RedFinance on WikiFX include exposure reports and complaints related to potential pyramid schemes and scams. Users have encountered issues with withdrawals, unexpected taxes, and delays due to blockchain-related complications. These reviews underscore concerns and negative experiences associated with RedFinance, reinforcing the need for caution when dealing with this financial service provider.

basic-info

Pros and Cons

RedFinance presents a range of advantages and disadvantages for potential investors. On the positive side, it offers a diverse selection of financial instruments and provides multiple account types, accommodating various trading preferences. Additionally, it provides web and mobile trading platforms for convenient access to the markets, and some account options come with a low minimum deposit requirement. On the flip side, RedFinance's lack of valid regulation raises concerns about its credibility and safety. The availability of higher leverage options poses risks, and there are flat fees associated with US equities and ETFs. Negative reviews and concerns from users highlight potential issues, and limited information regarding withdrawals may pose challenges. Furthermore, it's worth noting that the main website is currently unavailable, which could impact accessibility and user experience.

Pros Cons
  • Offers various financial instruments
  • Lack of valid regulation
  • Multiple account types available
  • Higher leverage risks
  • Web and mobile trading platforms
  • Flat fees for US equities and ETFs
  • Low minimum deposit for some accounts
  • Negative reviews and concerns
  • Instant deposits with no fees
  • Limited withdrawal information
  • Main website unavailable

Is RedFinance Legit?

RedFinance lacks valid regulation, which raises concerns about its credibility and safety as a financial broker. Caution is advised when considering their services due to the absence of regulatory oversight.

regulation

Market Instruments

DERIVATIVES

RedFinance offers a range of derivative instruments, including swaps such as interest rate swaps, currency swaps, credit default swaps, and equity swaps. They also provide forwards like commodity forwards, currency forwards, and equity forwards, along with options such as call options, put options, and exotic options.

EQUITIES

In the realm of equities, RedFinance provides access to various instruments, including common shares, preferred shares, and warrants. They also offer equity-linked products like exchange-traded funds (ETFs), exchange-traded notes (ETNs), and structured products.

FIXED INCOME

RedFinance caters to fixed-income investors with government bonds like Treasury bonds and agency bonds. They also offer corporate bonds, encompassing investment-grade bonds and high-yield bonds, as well as mortgage-backed securities (MBS) such as residential and commercial MBS, and asset-backed securities (ABS) like credit card ABS and auto ABS.

CASH

For those seeking cash investments, RedFinance provides access to money market instruments such as Treasury bills, certificates of deposit (CDs), and commercial paper. Additionally, they offer repos, including reverse repurchase agreements.

COMMODITIES

RedFinance covers a spectrum of commodities, including energy resources like oil, natural gas, and coal. They also facilitate trading in metals such as gold, silver, and copper, as well as agricultural products like wheat, corn, and soybeans.

FX

In the foreign exchange (FX) market, RedFinance offers various currency-related options, including spot FX for buying and selling currencies at the current market price, forward FX for fixed-price transactions scheduled for future delivery, and options such as call and put options on currencies.

Pros Cons
Diverse range of derivative instruments Lack of valid regulation
Access to various equities and fixed income Lack of transparency regarding pricing and liquidity
Offers a variety of commodity and FX Flat fees for US equities and ETFs

Account Types

VIP: This account type provides a maximum leverage of 1:100 with a minimum deposit requirement of $50,000.

Classic: The Classic account offers a maximum leverage of 1:80 and requires a minimum deposit of $25,000.

Standard: With a maximum leverage of 1:50, the Standard account has a minimum deposit requirement of $5,000.

Mini: The Mini account offers a maximum leverage of 1:30 and requires a minimum deposit of $250.

Pros Cons
Provides various account options High minimum deposit for VIP and Classic
Different leverage levels available Lower leverage for Mini account
Accommodates a range of traders Limited information on account features

Leverage

RedFinance offers different leverage levels, with the maximum leverage ratios being 1:100 for VIP accounts, 1:80 for Classic accounts, 1:50 for Standard accounts, and 1:30 for Mini accounts.

leverage

Spreads & Commissions

RedFinance spreads are typically 1-5 pips for major currency pairs and 10-20 pips for minor currency pairs. Commissions are flat fees of $0.09 per side for US equities and $0.01 per share for US ETFs.

Minimum Deposit

RedFinance has varying minimum deposit requirements for its account types, ranging from $250 for the Mini account to $50,000 for the VIP account, with intermediate levels of $5,000 for the Standard account and $25,000 for the Classic account.

Deposit & Withdrawal

RedFinance offers instant deposits via bank transfer. Withdrawals can be made via bank transfer or cryptocurrency, with a minimum withdrawal of $50. There are no fees for deposits or withdrawals.

Pros Cons
Instant deposits via bank transfer Minimum withdrawal of $50
No fees for deposits or withdrawals Limited withdrawal options (bank transfer or cryptocurrency)
Limited information on withdrawal process

Trading Platforms

Web Platform: RedFinance offers a web-based trading platform accessible on both desktop and mobile devices, featuring a range of technical indicators and charting tools, facilitating comprehensive market analysis. The platform boasts an average trade execution speed of 30 milliseconds.

Mobile App: RedFinance provides a mobile trading app compatible with iOS and Android devices, designed with a user-friendly interface to streamline trading activities. The app offers quick and convenient access to the markets and maintains an average trade execution speed of 40 milliseconds.

trading-platform
Pros Cons
Web-based platform accessible on desktop and mobile devices No information on platform stability and uptime
Offers technical indicators and charting tools for comprehensive market analysis Execution speeds may vary based on the user's internet connection
Mobile app available for iOS and Android devices, featuring a user-friendly interface

Customer Support

RedFinance's customer support can be reached at Suite 305, Griffith Corporate Center, Kingstown, P.O. Box 1510, St. Vincent and the Grenadines. For inquiries or compliance matters, you can contact them via email at compliance.eng@redfinance.capital.

Reviews

Reviews of RedFinance on WikiFX include two exposure reports. One complaint relates to a potential pyramid scheme, while another user reported being scammed after investing in LIFE COIN FEX. The user encountered issues with withdrawal, facing unexpected taxes and delays due to blockchain-related complications. These reviews highlight concerns and negative experiences associated with RedFinance.

reviews

Conclusion

In conclusion, RedFinance, operated by Shenanigans Consulting LTD in Saint Vincent and the Grenadines, presents several noteworthy factors to consider. On the positive side, the platform offers a variety of market instruments, including derivatives, equities, fixed income, cash, commodities, and forex. Additionally, it provides multiple account types with varying leverage option. RedFinance also facilitates convenient deposit and withdrawal methods and offers user-friendly trading platforms for both web and mobile. However, potential drawbacks include the absence of valid regulation, raising concerns about credibility and safety. Moreover, negative user reviews on WikiFX suggest issues related to potential scams and withdrawal complications, underlining the need for caution when engaging with RedFinance.

FAQs

Q: Is RedFinance a trustworthy financial broker?

A: RedFinance lacks proper regulation, raising concerns about its credibility and safety. Caution is advised when considering their services due to the absence of regulatory oversight.

Q: What types of market instruments does RedFinance offer?

A: RedFinance offers a variety of market instruments, including derivatives, equities, fixed income, cash investments, commodities, and foreign exchange options.

Q: What are the different account types available at RedFinance?

A: RedFinance offers four account types: VIP, Classic, Standard, and Mini, each with varying leverage levels and minimum deposit requirements.

Q: What are the spreads and commissions at RedFinance?

A: RedFinance typically has spreads of 1-5 pips for major currency pairs and 10-20 pips for minor currency pairs. Commissions are flat fees for US equities and ETFs.

Q: How can I contact RedFinance's customer support?

A: You can reach RedFinance's customer support at Suite 305, Griffith Corporate Center, Kingstown, St. Vincent and the Grenadines, or via email at compliance.eng@redfinance.capital.

User Reviews

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何新明
more than one year
The minimum deposit for mini accounts is 250. Kidding me? Isn't the average mini account only require 10, and some brokers will even offer mini accounts as low as 1???
2023-02-17 12:12
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蒲公英
more than one year
After reading a lot of negative comments online, I tried to close the account immediately and have the deposit returned, and I was contacted by email and told point blank that I would not get my money returned. It's a Scam, Don't be an ***** like me and get ****** in.
2022-12-06 16:00
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