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

RainmakerPrime

United States|2-5 years|
MT4 Full License|Regional Brokers|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|

https://www.rmakerprime.com/html/en/about/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

2
Server Name
RainmakerPrime-Demo MT4
Server Location China

Contact

service@rmakerprime.com
https://www.rmakerprime.com/html/en/about/
RM 3 UNIT C 20/F GLEE INDUSTRIAL BUILDING 77-81 CHAI WAN KOK ST TSUENWAN NT
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

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

Single Core

1G

40G

Open Now

Broker Information

More

Company Name

RainmakerPrimeALL

Company Abbreviation

RainmakerPrime

Platform registered country and region

United States

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 4
Previous Detection : 2024-05-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • United StatesNFA (license number: 0534659) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!

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RainmakerPrime · Company Summary

RainmakerPrime Basic Information
Registered Country/Area United States
Founded year aound 2-5 years ago
Company Name RainmakerPrimeALL
Regulation No regulation
Minimum Deposit Not specific
Maximum Leverage Not specific
Min.Spreads Not specific
Trading Platforms MetaTrader 4
Tradable assets currency pairs, CFDs, metals, encrypted digital currencies, commodities, indices, stocks and national bonds
Account Types Standard & ECN
Demo Account No
Islamic Account No
Customer Support Email: service@rmakerprime.comsupport@rmakerprime.com
Payment Methods Not Specific
Educational Tools No

Overview of RainmakerPrime

RainmakerPrime is an online trading platform based in the United States. It was founded approximately 2-5 years ago and operates under the company name RainmakerPrimeALL. It is important to note that RainmakerPrime is not regulated by any financial authority. The minimum deposit, maximum leverage, and minimum spreads are not specified, and the platform offers standard and ECN account types for traders.

RainmakerPrime utilizes the MetaTrader 4 trading platform, providing traders access to a wide range of tradable assets. These assets include currency pairs, CFDs, metals, encrypted digital currencies, commodities, indices, stocks, and national bonds.

Although RainmakerPrime does not offer a demo account or Islamic account option, it provides customer support through email. Payment methods accepted by RainmakerPrime are not specifically mentioned. Additionally, educational tools or resources are not available on the platform.

Therefore, traders should carefully consider the lack of regulation, unspecified deposit and leverage conditions, and the absence of demo accounts and educational tools when evaluating RainmakerPrime as a potential trading platform.

basic-info

Is RainmakerPrime legit or a scam?

The regulatory status of RainmakerPrime raises concerns as it claims to be regulated by the NFA and holds a common financial service license with license number 0534659. However, upon verification, it is apparent that RainmakerPrime is not listed as a member of the NFA. The absence of NFA membership and the unverified license number cast doubt on RainmakerPrime's regulatory compliance. Traders should exercise caution and thoroughly research alternative brokers regulated by recognized financial authorities to ensure transparency and trust.

regulation

Pros and Cons

Pros Cons
Wide range of tradable instruments Lack of regulation
Different account types available Suspicious regulatory license
MT4 supported Limited information on deposit, leverage, and spreads
Absence of demo accounts
No Islamic account option
Limited information on payment methods and educational tools
Poor customer support, email only
Lack of transparency
pros-cons

Market Intruments

RainmakerPrime offers a diverse array of market instruments, catering to the trading needs of a wide range of investors. The platform provides access to various financial instruments, including currency pairs, contracts for difference (CFDs), metals, encrypted digital currencies, commodities, indices, stocks, and even national bonds.

Currency pairs form the foundation of the forex market, enabling traders to speculate on the exchange rate fluctuations between different currencies.

In addition to forex, RainmakerPrime enables traders to engage in CFD trading. CFDs offer the flexibility to speculate on the price movements of underlying assets, such as stocks, commodities, and indices, without the need for ownership

RainmakerPrime also provides exposure to metals, such as gold, silver, and platinum. These precious metals are renowned for their historical value and serve as potential safe-haven assets during times of market volatility.

Furthermore, RainmakerPrime embraces the emerging landscape of encrypted digital currencies. By facilitating the trading of cryptocurrencies, traders can participate in the rapidly evolving world of digital assets, such as Bitcoin, Ethereum, and Litecoin.

Moreover, RainmakerPrime allows access to a range of commodities, including agricultural products, energy resources, and industrial metals.

Beyond commodities, RainmakerPrime extends its instrument offerings to encompass various indices, representing the performance of a specific group of stocks or assets.

Lastly, RainmakerPrime incorporates stocks and national bonds into its instrument repertoire。

Trading Instruments Offered
Currency Pairs
Contracts for Difference (CFDs)
Precious Metals
Cryptocurrencies
Commodities
Indices
Stocks
Government Bonds

Account Types

RainmakerPrime presents traders with a choice between two distinct account types: Standard and ECN, with details about these two types of accounts not offered. The Standard account, commonly offered by many brokers, typically caters to a wide range of traders, including beginners and those seeking a more straightforward trading experience.

Regrettably, RainmakerPrime does not offer demo accounts to its clients. While demo accounts have become a common feature among many brokers, allowing traders to practice and familiarize themselves with the trading platform and strategies without risking real money, RainmakerPrime has chosen not to provide this option.

How to open an account?

Opening an account with RainmakerPrime involves the following steps:

Registration: Visit the RainmakerPrime website and locate the account registration section. Click on the “Open an Account” or similar button to initiate the registration process.

Account Type Selection: Choose the desired account type from the available options, such as Standard or ECN.

Personal Information: Fill in the required personal information accurately and completely. This typically includes providing your full name, email address, phone number, country of residence, and date of birth. Some brokers may also require additional details for verification purposes.

Account Verification: Once you have submitted the necessary documents, the broker will typically review and verify your account. This process may take some time, ranging from a few hours to a few days.

Start Trading: Once your account is verified, you will receive confirmation and access to your trading account.

Leverage

RainmakerPrime does not provide explicit information about its leverage ratios. Leverage plays a vital role in forex trading, enabling traders to control larger positions with a smaller capital investment. However, the absence of specific details regarding RainmakerPrime's leverage ratios limits our ability to provide comprehensive insights. Since the official website of RainmakerPrime can not be accessed at the moment, the precise information regarding its trading leverage is unavailable. It is recommended to contact RainmakerPrime's customer support directly to inquire about their leverage ratios and obtain accurate and up-to-date information.

leverage

Spreads & Commissions (Trading Fees)

RainmakerPrime's lack of disclosure regarding its spreads and commissions raises concerns about the transparency of its fee structure. Reputable brokers typically provide comprehensive information about their fees, enabling traders to make informed decisions and accurately assess the cost of trading.

The absence of specific details regarding spreads and commissions makes it difficult to evaluate the overall cost-effectiveness of RainmakerPrime's trading services. Traders require transparent information on spreads, which represent the difference between bid and ask prices, and commissions, additional charges for facilitating trades. Without such information, traders are unable to ascertain the exact costs associated with executing trades on the RainmakerPrime platform.

Non-Trading Fees

Unfortunately, RainmakerPrime does not provide specific details regarding its non-trading fees. Non-trading fees refer to charges imposed by brokers that are not directly related to executing trades, such as deposit and withdrawal fees, account maintenance fees, or inactivity fees. The lack of disclosure on RainmakerPrime's non-trading fees limits our ability to provide an in-depth understanding of the costs associated with using their trading services.

Trading Platform

RainmakerPrime proudly presents the MetaTrader 4 (MT4) trading platform, a renowned and widely used platform in the financial industry. MT4 has established itself as a popular choice among traders due to its advanced features, user-friendly interface, and comprehensive trading capabilities.

With the MT4 platform, RainmakerPrime provides traders with a powerful and versatile tool to access the financial markets. The platform offers an extensive range of technical analysis tools, customizable charts, and indicators.

trading-platform

One of the notable advantages of the MT4 platform is its support for automated trading through the use of Expert Advisors (EAs). Traders can develop or utilize pre-built EAs to automate their trading strategies, execute trades based on predefined parameters, and take advantage of market opportunities even when they are not actively monitoring the markets. This feature enhances efficiency and allows for round-the-clock trading.

Furthermore, the MT4 platform offered by RainmakerPrime boasts a robust order execution system, enabling traders to execute trades swiftly and efficiently. Traders can access various order types, including market orders, limit orders, and stop orders, ensuring flexibility in executing their trading strategies.

Deposit & Withdrawal

RainmakerPrime does not provide specific details about its deposit and withdrawal processes, including payment methods, associated fees, and processing times. The lack of precise information on these aspects limits our ability to provide a comprehensive understanding of RainmakerPrime's deposit and withdrawal procedures.

Deposits and withdrawals are vital components of the trading experience, and transparency regarding the available payment methods, any associated fees, and the processing times is crucial for traders to effectively manage their funds and make informed decisions.

Most brokers typically support a variety of payment methods to accommodate the diverse needs of their clients. While the specific payment methods may vary among brokers, common options often include Bank Transfers, Credit/Debit Cards, Electronic wallets, such as PayPal, Skrill, Neteller, or WebMoney.

Customer Support

RainmakerPrime offers customer support through email communication. The availability of email support allows traders to reach out to RainmakerPrime's customer support team by sending their inquiries, concerns, or requests to the provided email addresses: service@rmakerprime.com and support@rmakerprime.com. However, email communication provides a written trail of correspondence, it is important to note that response times may vary, and there may be delays in receiving a reply from the customer support team.

User Exposure

RainmakerPrime has received negative feedback from some traders regarding their trading experience. These traders have expressed difficulties in withdrawing their funds from the platform and have reported experiencing severe slippage.

The complaints about withdrawal difficulties suggest that some traders have encountered challenges when attempting to retrieve their funds from RainmakerPrime. These issues may involve delays, complicated processes, or inadequate support in facilitating the withdrawal requests. Such experiences can be frustrating for traders who rely on prompt access to their funds.

Additionally, traders have reported experiencing severe slippage while trading on the RainmakerPrime platform. Slippage refers to the difference between the expected price of a trade and the actual price at which it is executed. Severe slippage can lead to unfavorable trade execution, resulting in potential financial losses for traders.

user-exposure

Is RainmakerPrime suitable for beginners?

Given the negative feedback and reported difficulties with RainmakerPrime, it may not be considered a suitable choice for beginners. Beginner traders typically require a user-friendly platform, reliable customer support, and transparent trading conditions to develop their skills and gain confidence in their trading abilities.

RainmakerPrime's lack of detailed information on important aspects such as spreads, commissions, deposit and withdrawal procedures, and customer support may make it challenging for beginners to navigate the platform and effectively manage their trading activities.

Furthermore, the reported issues with withdrawal difficulties and severe slippage may pose additional challenges for novice traders who are still learning the ropes of the forex market. The potential risks associated with such issues could be more significant for beginners who may have limited trading experience and may be more vulnerable to financial losses.

Is RainmakerPrime suitable for experienced traders?

Considering the negative feedback and reported issues with RainmakerPrime, it may not be considered a suitable choice for experienced traders. Experienced traders typically require a reliable and reputable broker that offers advanced trading tools, competitive trading conditions, and robust customer support.

The reported difficulties with fund withdrawals and severe slippage can significantly impact the trading experience of experienced traders. These traders often have higher trading volumes and rely on efficient and timely execution of trades. The presence of slippage and challenges with withdrawals can hinder their ability to execute trades at desired prices and manage their funds effectively.

Additionally, the lack of transparency regarding spreads, commissions, and other important trading conditions may not align with the preferences of experienced traders who prioritize clear and comprehensive information when making trading decisions.

Experienced traders often seek brokers with a strong track record, advanced trading platforms, and a wide range of trading instruments. They value competitive pricing, fast execution, and reliable customer support to cater to their advanced trading strategies and sophisticated needs.

Educational Resources

RainmakerPrime does not provide any specific educational resources for traders.

Conclusion

In conclusion, RainmakerPrime is a forex broker that has received negative feedback and raised concerns among traders. The lack of transparency regarding important aspects such as regulation, specific fees, spreads, and commissions is a significant drawback. Traders have reported difficulties with fund withdrawals and severe slippage, which can adversely impact their trading experience and financial outcomes.

Furthermore, the absence of educational resources and limited customer support channels, solely relying on email communication, may hinder traders' ability to access necessary information and receive timely assistance.

FAQs

Q: Is RainmakerPrime a regulated broker?

A: RainmakerPrime claims to be regulated by NFA, but it is important to verify this information independently.

Q: What trading platforms does RainmakerPrime offer?

A: RainmakerPrime offers the MetaTrader 4 (MT4) trading platform, a widely recognized and popular platform in the financial industry known for its advanced features and user-friendly interface.

Q: What are the available account types at RainmakerPrime?

A: RainmakerPrime provides Standard and ECN account types.

Q: Does RainmakerPrime offer a demo account?

A: No, RainmakerPrime does not provide a demo account for clients to practice and familiarize themselves with the trading platform.

Q: What payment methods does RainmakerPrime support?

A: Specific information about RainmakerPrime's supported payment methods is not available.

User Reviews

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Comments

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FX1554140702
more than one year
I find it concerning that the official website is inaccessible at the moment. Additionally, the lack of information on payment methods and non-trading fees adds to the uncertainty. Considering the risks associated with an unregulated platform, I would recommend exploring other brokers with clearer regulatory compliance.
2023-12-08 10:38
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FX1530693592
more than one year
The lack of regulation is a major concern for me, and the absence of specified details on minimum deposit, leverage, and spreads raises transparency issues. The unavailability of a demo account is disappointing, as it limits the opportunity to test the platform risk-free. The claims about NFA regulation seem dubious upon verification.
2023-12-07 19:28
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0
0
Glorious999
more than one year
I never expected RainmakerPrime to offer the MT4 trading platform, but surprisingly, it worked decently for me. However, the one thing that really annoyed me was their wide spreads. It was nothing like what they initially boasted about. I didn't stick around on that platform for too long either because their customer service was far from proactive. Honestly, it left me feeling quite frustrated.
2023-07-10 11:54
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0
0
Mr.Andrew
more than one year
So, I thought RainmakerPrime was legit because they claimed to be regulated by the NFA. I was still a newbie in trading, just learning the ropes for about six months. They promised low spreads and zero fees, so I thought, why not give it a shot? But man, trading with them turned out to be a nightmare. Their trading platform was constantly acting up, and getting hold of their customer service or tech support was like trying to find a needle in a haystack. Thank goodness I didn't pour too much money into it. I've already switched over to fp markets now, and it's been a breath of fresh air.
2023-07-10 11:47
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