The sphere of online trading is an interesting but rather risky opportunity to make money on investments. On the one hand, an investor can calculate his chances, minimize his risks and follow the market trends. All this will allow him to multiply his starting capital. On the other hand, at any time speculators can interfere in the "game", who know how to deceive, to rub in the trust, but their ultimate goal - to take over the money of traders who trusted them.
If traders only knew how many fraudsters are hiding under bright names, attractive advertisements, profitable promises. Making objective reviews of online brokers in the Forex market, in order to protect investors from fraud on the part of intermediaries, we can say with certainty that the scammers in the field of trading are, at first glance, quite decent companies, mostly with decently made websites and optimal trading conditions. As an example for this review, let's take the project RazerMarkets - which fully fits the description of a typical scammer. It is not at all a reliable broker that takes care of its clients, as it promises.
This is, so to speak, a wolf in sheep's clothing. In our review, in which we expose the scammer, only facts, data from official sources and analysis of the information prepared for users on the website razermarkets.com. Read to the end to be aware and not to become his next victim, losing money.
So, just in the order.
Types of trading accounts offered by RazerMarkets
The website is intended for the English speaking audience. What countries the platform works with - is not known.
This so-called brokerage project offers users an entrance ticket to its trading platform with any of four plans (Basic, Silver, Golden, Platinum).
Deposits are offered in a single European currency.
Everything seems clear - standard information, nothing unusual. Only an inexperienced trader would think so. An experienced investor would recommend focusing on this section.
The table below indicates that the minimum deposit (Basic plan) is 500 euros.
Here, a little above the table, the broker lures potential clients with other conditions.
What do we see? The minimum deposit is 250 euros (the minimum withdrawal is $50), the amount that is half as much as offered under the Basic account conditions. What is it - cheating or inattention while preparing the information for the site? Most likely, it is a commonplace intention to confuse the customers. The lack of attention and experience of the beginners in the field of trading.
But this is not the end of the story. Offering not the lowest minimum rates (for comparison most respectable brokers set the minimum deposit at the level of $100-150) the broker strongly recommends not to begin with a capital below 5000 Euro!
The conditions, to put it mildly, are not clear. One thing is clear - a broker is not interested in the development of trading on its platform. For swindlers it is important that the initial deposit was made. And it is desirable to have at least 5000 Euros.
Returning to the proposed conditions, let us dwell on the spreads.
According to RazerMarkets, there are variable spreads from 0.1 point for their trading accounts. Currently, we do not have enough accurate data about the typical spreads for popular currency pairs such as EUR/USD. For comparison, almost all professional brokers that have a positive reputation publish the real spreads on their websites through widgets. This fact does not allow evaluating how expensive or affordable the RazerMarkets brokerage project is for trading operations.
Moreover, there is no data about the broker's commissions on the website. It is possible that the broker does not charge any commissions. Although this is strange, because this is a direct earnings of legal brokerage companies.
All of this is another "bell" that we are dealing with a scammer.
Now about the leverage.
A trader is allowed to determine the leverage he/she is planning to use independently.
But just look at the numbers (1:200, 1:300, 1:400, 1:500, according to tariff plans). It immediately becomes clear that we are dealing with cheaters.
This value of leverage can be offered only by swindlers who are interested only in advertising. Brokers who work under the control of regulators with a good reputation are allowed to set the leverage at a ratio of 1:30, and anything higher - means dishonest activities and a significant increase in risks for investors. It is important to know that in the field of trading, the higher the leverage, the more risky the investor's capital.
RazerMarkets Trading conditions
As we can see, the project offers to deal with assets such as indices, cryptocurrencies, currency pairs, commodities, etc. - a standard set of all modern online brokers.
CFD trading on many underlying assets, including Forex, is also among the offerings. The platform speaks about margin betting on Forex at a ratio of 100:1, and on Crypto - 1:1.
It seems that most probably this brokerage project is oriented to beginner crypto-investors who don't want (don't have time, don't understand) - underline necessary, take time to study professional trading software, market trends, objective reviews and so on.
Such an approach and haste in the desire to earn inevitably leads to financial losses.
Take, for example, the MetaTrader4 platform, which RazerMarkets encourages its clients to use. The site has information that (anti) the hero of our review supports the two most popular trading platforms - MetaTrader and WebTrader.
In fact, apart from MT4, this brokerage project cannot even provide any mobile trading applications.
In general, if you believe (and you definitely shouldn't) the information on the website, RazerMarkets is a globally popular company with over 22 thousand clients, more than 250 brokers, all happy, successful and rich.
This data is not supported by facts and is far-fetched. It is doubtful that with such an approach this project manages to withstand the fierce competition in the Forex market. Even in conditions of extensive digital opportunities and marketing technologies, there is no way for new brokers to get such a number of clients immediately after the entry to the market - it takes time.
By the way, there are almost no mentions of such a company in the network. And those that exist are mostly negative.
As indicated on the website, the brokerage project RazerMarkets has been present in the market for several years, since 2017.
If we track activity by reviews and mentions of the company in a free internet search, however, RazerMarkets is not even a year old.
Let's see what the resource razermarkets.com - service for checking domains and selecting the name of the site WhoIs will tell us.
As we suspected, the site is brand new, registered in July 2020.
It is possible that the swindlers were working under a different name, but after gathering a lot of negative feedback from deceived clients, they launched a new site. Or the broker simply "added" his age to make himself look more competent in front of customers.
In any case, this means that the broker is lying to its users even in such insignificant, in fact, data.
And what about the license?
As it says in the footer of the website, this brokerage is operated by a company known as Razermarkets Ltd, which is located in the Marshall Islands: a Post Office box at: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
An interesting fact which "sheds light" on the RazerMarkets project: the Marshall Islands have no regulator of the Forex market. In other words, even with any registration, the company has no right to offer FX services to its clients.
It is obvious that this is an offshore broker, because the specified location is a favorite habitat of fraudulent brokerage projects. It turns out that such a broker may be considered unregistered, i.e. it has no license which would allow it to offer investors any financial services.
At least, there are no facts on the website that would prove otherwise.
Moreover, there is a warning from the FCA regulator, dated as early as 2021, that the company may be a fraud.
In addition, the broker can only be contacted through the feedback form listed on the website. No contact phone numbers are available.
For its part, based on all the facts described in this objective review would not recommend cooperating with an unregulated company: the money that the trader sends to such a broker is likely to be lost, because the investor is acting at his own risk.
RazerMarkets Reviews online
In less than 12 months, the brokerage project RazerMarkets managed to leave a significant negative trail online, which can clearly be seen in the reviews of former clients.
Traders have written about the fact that it is impossible to withdraw profits from this platform - scammers withhold money on various pretexts, demanding to deposit a similar amount.
People write about the broker as about a swindler, who just extorts money from his clients, promises but does not fulfill his obligations.
People talk about the impossibility to get the truth and punish the swindler because the broker is unregulated and there are no mechanisms to influence it.
It turns out that with such a reputation, RazerMarkets has no right to claim that they are client-oriented and do not create problems for clients. It's just the opposite.
Safety and security of funds with RazerMarkets
The broker provides services without a license, so the capitals of investors are not protected in terms of the law.
In the Terms and Conditions on the website razermarkets.com all responsibility for risks is shifted to the traders themselves. The company is required to agree with this fact at the conclusion of the user agreement, without which the trader will not be allowed on the trading platform.
Just do not cooperate with scam broker RazerMarkets for the sake of financial security.
RazerMarkets is not a reliable brokerage project. It is a company, which has fraudsters and swindlers behind it, trying to cheat as many investors as possible and to take their money.
The project does not have a license to provide financial services and most of the information provided is a fraud. Do not invest in this project with a dubious reputation - RazerMarkets cheats and steals from its customers.