Overview of RannForex
RannForex, established in 2020 and headquartered in Saint Vincent and the Grenadines, is an online trading platform that offers a range of trading opportunities. However, one notable characteristic of RannForex is its lack of regulation. Unlike many other brokers, RannForex operates without oversight from recognized financial regulatory authorities. This absence of regulation raises concerns about the safety of traders' funds and the transparency of the broker's operations.
Despite the regulatory challenges, RannForex provides traders with several account types, leverage options, and spreads. Traders have access to a diverse selection of trading instruments, including a wide range of currency pairs for Forex trading and Contracts for Difference (CFDs) on various assets. These offerings cater to traders with different risk appetites and trading strategies.
The broker supports two well-known trading platforms, MetaTrader 5 (MT5) and MetaTrader 4 (MT4), offering tools for market analysis and trade execution. While RannForex provides opportunities for traders, its lack of regulation should be a significant consideration for those looking to engage in online trading. Traders should carefully evaluate their risk tolerance and conduct thorough research before choosing to trade with RannForex.
Is RannForex Legit？
RannForex is not regulated by any recognized financial regulatory authority. As an unregulated broker, it operates without oversight from regulatory bodies that are responsible for ensuring compliance with industry standards and protecting the interests of traders. This lack of regulation raises concerns about the safety and security of funds, as well as the transparency of the broker's business practices.
Trading with an unregulated broker like RannForex carries inherent risks. Without regulatory supervision, there may be limited avenues for dispute resolution, and traders may face challenges in seeking recourse in case of any issues or disputes. Additionally, unregulated brokers may not be subject to stringent financial and operational standards, potentially leading to inadequate client fund protection and unfair trading practices.
Pros and Cons
RannForex presents a range of account types and provides access to the popular MetaTrader 4 and 5 trading platforms, offering flexibility to traders. It supports various deposit methods, including cryptocurrencies, which can be advantageous for those seeking diverse funding options. However, it's essential to note that RannForex operates without regulatory oversight, potentially raising concerns about fund safety and dispute resolution. Additionally, the broker may impose commissions on certain trades, and its lack of regulation means limited recourse in case of issues or disputes. Traders should carefully consider these factors before choosing to engage with RannForex.
Trading Instruments
RannForex offers a variety of trading instruments to meet the diverse needs of traders. Here's a clearer breakdown:
Currencies (Forex): With access to over 60 currency pairs, RannForex provides a comprehensive selection of major, minor, and exotic currencies for forex trading. This allows traders to explore various opportunities in the foreign exchange market.
CFDs (Contracts for Difference): RannForex offers CFD trading options across more than 15 assets, including precious metals like gold and silver, popular stock indexes, and oil. This diversified range of CFDs enables traders to speculate on the price movements of these assets without owning them physically, providing flexibility and opportunities to diversify their trading portfolios.
Here is a comparison table of trading instruments offered by different brokers:
Account Types
RannForex offers a range of account types to cater to traders' diverse needs:
1. MT5.PRO Account: This account comes in EUR or USD and supports hedging or netting accounting. There's no minimum deposit, and traders can access Forex and CFDs with leverage up to 1:500. A $20 commission per 1 million USD (for one side) applies, and swaps and dividend adjustments are available. The stop-out level is 60%.
2. MT4.PRO Account: Similar to MT5.PRO but uses hedging accounting.
3. MT5.ZERO Account: Available in EUR or USD, it offers Forex and CFDs with no minimum deposit. There's no commission, as costs are included in the spread. Leverage goes up to 1:500.
4. MT5.CRYPTO.FUT Account: Denominated in USDT, it supports crypto trading with 1:20 leverage. There's a commission of 0.08% (for one side), and swaps and dividend adjustments do not apply.
5. MT5.IPO Account: For IPO and Pre-IPO trading, it's denominated in USD and uses hedging accounting. There's no minimum deposit or specific margin requirements. Commissions vary, and there are no swaps, dividend adjustments, or stop-out levels defined.
6. PAMM Account: Available in EUR or USD, it supports Forex, CFD, and crypto trading with no minimum deposit. Leverage goes up to 1:500. A commission of $25 per 1 million USD (for one side) applies. Swaps and dividend adjustments are available, and the stop-out level is 60%.
How to Open an Account
To open an account with RannForex, follow these steps.
Visit the RannForex website. Look for the “Open An Account” and “Registration” button on the homepage and click on it.
Sign up on websites registration page.
Receive your personal account login from an automated email
Log in
Proceed to deposit funds to your account
Download the platform and start trading
Leverage
RannForex provides flexible leverage options across its different account types, allowing traders to choose the level of leverage that suits their risk tolerance and trading strategies.
For most trading accounts, including the MT5.PRO, MT4.PRO, MT5.ZERO, and PAMM accounts, RannForex offers leverage of up to 1:500. This means that for every $1 in the trader's account, they can control a trade worth up to $500. Leverage can amplify both profits and losses, so it's crucial for traders to use it judiciously and understand the risks involved.
In contrast, the MT5.CRYPTO.FUT account, designed specifically for cryptocurrency trading, offers lower leverage at 1:20. Cryptocurrency markets can be highly volatile, and the reduced leverage aims to help traders manage their risk more effectively in this asset class.
It's essential for traders to select the appropriate leverage level based on their trading experience, risk management strategies, and the specific assets they intend to trade. RannForex's variety of leverage options provides flexibility for traders to make informed decisions that align with their individual trading objectives.
Here is a comparison table of maximum leverage offered by different brokers:
Spreads and Commissions (Trading Fees)
RannForex offers competitive spreads and commissions across its various account types, catering to traders with different trading styles and preferences.
For the MT5.PRO, MT4.PRO, and MT5.ZERO accounts, the spreads are typically low and start from as low as 0 pips for some instruments. This can be particularly appealing to traders looking for tight spreads, especially in the Forex and CFD markets. However, it's important to note that while these accounts have low spreads, they may charge commissions on trades, typically around $20 per 1 million USD traded for one side.
For the MT5.CRYPTO.FUT account, designed specifically for cryptocurrency trading, spreads and commissions may differ. RannForex mentions that commission rates for indices and cryptocurrencies are individual and advises traders to check the specifications on the MT5 platform for exact details.
Non-Trading Fees
RannForex imposes some non-trading fees that traders should be aware of as they can impact the overall cost of trading.
Firstly, RannForex applies an inactivity fee, which is common among many brokers. Traders who have accounts with low or no trading activity and account balances falling below a certain threshold may be subject to an inactivity fee. The specific fee amount can vary, and it's essential for traders to check the broker's official website or contact customer support to get the most up-to-date information regarding this fee.
Additionally, swap fees are applied on overnight positions. These fees are calculated based on the interest rate differentials between the two currencies involved in a trade. Traders holding positions overnight should consider the potential impact of swap fees on their trading strategies, as they can either add to or reduce trading costs, depending on the direction of the trade and the interest rate differentials.
Deposit & Withdraw Methods
RannForex offers multiple deposit and withdrawal methods for traders:
Deposit Options:
Advcash: You can deposit in EUR and USD with a 1% fee, and the processing is immediate.
Perfect Money: Deposit in EUR and USD with a 2.5% fee, and it's processed immediately.
Binance (USDT): Deposit USDT with no fees, and it's processed immediately. USDT deposits may have a 1.5% fee for some transactions. BTC deposits with a 1.5% fee are processed in a few hours. The minimum deposit for BTC is 0.002 BTC.
Internal Transfer: Deposits in EUR and USD have no fees and are processed instantly. A 2% conversion fee applies if the account currencies differ.
Withdrawal Options:
Advcash: Withdrawals in EUR and USD have a 2% fee and are typically processed immediately. However, some withdrawals may not be automatic.
Perfect Money: Withdrawals in EUR and USD have a 2% fee and are usually processed immediately. Like with Advcash, some withdrawals may not be automatic.
Binance (USDT): Withdraw USDT with a fee of 1$ + 1.5%, and it's typically instant. However, as with deposits, some withdrawals may not be automatic.
BTC (Bitcoin): Withdraw BTC with a 1.5% fee, and the processing time is a few hours. The minimum withdrawal amount is 0.002 BTC.
Internal Transfer: Withdrawals in EUR and USD have no fees and are processed immediately. A 2% conversion fee applies if the account currencies differ.
Trading Platforms
RannForex provides its traders with access to two powerful and widely recognized trading platforms: MetaTrader 5 (MT5) and MetaTrader 4 (MT4).
MetaTrader 5 (MT5): This is the latest version of the MetaTrader series, known for its advanced features and flexibility. MT5 offers traders a comprehensive suite of tools for analyzing markets, executing trades, and managing their portfolios. It supports various order types, timeframes, and charting options. Additionally, MT5 introduces features like algorithmic trading, making it suitable for traders who prefer automated strategies. The platform is available for both desktop and mobile devices, ensuring traders can access the markets at their convenience.
MetaTrader 4 (MT4): MT4 is a widely used and reliable trading platform known for its user-friendly interface and robust charting capabilities. It provides access to a vast range of technical indicators and charting tools, making it ideal for traders who perform in-depth technical analysis. MT4 also supports algorithmic trading through Expert Advisors (EAs), allowing traders to automate their strategies. It's available for desktop, web, and mobile devices, ensuring flexibility in trading.
Both MT5 and MT4 platforms offered by RannForex are well-suited for traders of varying experience levels, from beginners to advanced traders. Traders can choose the platform that aligns with their trading preferences and strategy execution needs.
Customer Support
RannForex offers customer support through email communication, providing traders with two primary methods to reach out for assistance.
1. Email Support: Traders and clients can contact the company's customer support team by sending emails to info@rannforex.com. This email address serves as a direct channel for inquiries, assistance, or addressing any concerns related to trading activities or account management. It allows traders to articulate their questions or issues in writing and receive responses from the support team.
2. Contact Form: Additionally, RannForex provides a contact form on their website, allowing traders to submit their questions or messages directly through the website. This form serves as an alternative means of communication, and traders can use it to seek information, request assistance, or provide feedback. The company assures timely responses to inquiries submitted through this form.
While RannForex offers email and contact form support, it's worth noting that the availability of additional customer support options, such as live chat or phone support, could enhance the accessibility and responsiveness of customer service. Traders are encouraged to utilize the provided email contact for any trading-related inquiries or issues and expect timely assistance from the company's support team.
Educational Resources
RannForex provides an educational resource in the form of an events calendar. While the description is concise, it indicates that the broker offers a calendar highlighting important events in the financial markets. This type of resource can be valuable for traders as it allows them to stay informed about upcoming events, economic releases, earnings reports, and other significant occurrences that can impact financial markets.
Conclusion
In conclusion, RannForex offers a variety of trading accounts, trading platforms, and deposit options, providing traders with some degree of flexibility. However, its major disadvantage lies in the lack of regulatory oversight, which poses risks related to fund security and dispute resolution. Additionally, the potential imposition of commissions on specific trades can affect trading costs. Traders should exercise caution and carefully weigh these disadvantages against the available advantages when considering RannForex as a trading option.
FAQs
Q: Is RannForex regulated by any financial authority？
A: No, RannForex is not regulated by any recognized financial regulatory authority, which means it operates without oversight from regulatory bodies.
Q: What types of accounts does RannForex offer？
A: RannForex provides a range of account types, including MT5.PRO, MT4.PRO, MT5.ZERO, MT5.CRYPTO.FUT, MT5.IPO, and PAMM accounts, catering to various trading preferences.
Q: Are there any minimum deposit requirements at RannForex？
A: RannForex has a minimum deposit requirement of $0 for some of its account types, making it accessible to traders with different budget levels.
Q: What is the maximum leverage available at RannForex？
A: RannForex offers leverage up to 1:500 for most of its trading accounts, allowing traders to control larger positions relative to their account balance.
Q: Does RannForex charge commissions on trades？
A: RannForex may impose commissions on specific trades, typically around $20 per 1 million USD traded for one side, depending on the account type.
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