Raw Forex Review: Is rawforex.com a Scam?

Raw Forex Review
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Summary

Broker Raw Forex has a pretty website but is not regulated at all.

Also, basic security features like SSL website certification is missing. This feature ensures that personal or sensitive information is encrypted and impossible to hack.

Avoid Raw Forex as they are an offshore broker as well……typical of where scam brokers are located.

We’re reviewing a Forex, metals, indices, commodities, Cryptocurrencies and CFDs broker known as Raw Forex.

Raw Forex broker is offering 4 different account types as listed on the table below:

Minimum deposit $100.

Base currency: USD EUR

Leverage: 1:100

Spread: 2 pip

Negative balance protection

Minimum trade volume 0.01 lot

Islamic Account: yes

Commission: No

Minimum deposit $1,000

Base Currency: USD EUR

Leverage: 1:100

Spread: 1.8 pips

Negative balance protection

Minimum Trade Volume: 0.01 lot

Islamic Account: Yes

Commission: No

Minimum Deposit $5,000

Base Currency: USD EUR

Leverage: 1:100

Spread: 0.4 Pips

Negative balance protection

Minimum Trade Volume: 0.01 lot

Islamic Account: Yes

Commission: Yes

Minimum Deposit $10,000

Base Currency: USD EUR

Leverage: 1:100

Spread: 1.2 pips

Negative Balance protection

Minimum Trade Volume: 0.01 lot

Islamic Account: Yes

Commission: No

For the most part, these account types are all the same. The difference between then is the minimum deposit requirement, spread advantage and commission.

If you want to know whether Raw Forex is a good or bad broker, we implore you to read this Raw Forex review.

Raw Forex review

This broker does not offer its services to residents living in the following countries:

United States of America, Canada, Sudan, Syria, Myanmar, Panama, Korea, Angola, Bosnia, Herzegovina, Afghanistan, Algeria, Lao People’s Democratic Republic, Papua New Guinea and Uganda.

rawforex review

Raw Forex broker also claims that they are a No dealing desk broker and that their ECN technology is directly integrating with many liquidity providers such as banks, funds and other financial institutions.

RAW FOREX review

They’re offering 62 currency pairs including Gold, Crude Oil and a wide range of stock indices. In addition to this, the Forex broker is offering traders access to government treasuries through their bonds trading instruments.

In addition to this, traders can use MT4 for desktop and mobile respectively.

MT4 trading platform is loved globally and is the most famous platform because of its diversity and richness in features.

As an MT4 trader, you will not experience shortage in expert advisors to use because there are literally hundreds of MQL programmers who create good indicators and EAs everyday. 

Nonetheless, traders cannot choose a broker based on this qualification only.

The choice of which broker to choose should depend on a number of factors such as regulations, reputation, trading platform and conditions among other things.

Raw Forex scores poorly when it comes to these factors and therefore in this review, we’ll let you know what to do because Raw Forex is clearly not a broker of choice.

Raw Forex review: the only advantages of this broker

They used to offer leverage as high as 1:500.

Raw Forex broker seems to have revised their leverage and now all accounts provide a maximum of 1:100. This is a fair amount of leverage for most traders.

Before you request a high leverage, you should ensure that you fully understand margin trading and the risks that come with trading based on high leverage.

The second advantage is the MT4 trading platform which they offer. Most traders are introduced to the MetaTrader 4 or 5 platform before they can switch to other popular ones like cTrader.

raw forex crypto trading platform

Raw Forex does not offer MT5 platform though.

And of course traders who want variety will find themselves enticed by the wide selection of trading instruments. Bitcoin, Bitcoin Cash, Ripple and many other Coins are offered by this broker.

And of course they claim to support a wide variety of deposit and withdrawal methods:

These include Visa, MasterCard, WireCard, PayPal, Western Union,

So far, that is just how far their advantages can go. There’s no other advantage to attract traders.

The bad and the ugly side of Raw Forex

This Forex broker is registered in the St Vincent & Grenadines.

They also claim to be a member of some Investor Compensation Fund.

Our investigations reveal that there is no such Investor Compensation fund in existence today, plus this is an off-shore broker residing in a jurisdiction where regulation is either too weak or not existing at all.

The problem with offshore brokers such as Raw Forex is that they are always looking to cut corners. Because the goal is to save on cost, chances of making off with clients’ money is always like 100%.

Why go through this risk when there are good and properly regulated brokers?

It makes no sense.

In addition to this, Raw Forex (knowing very well that they’re unregulated) are offering a white label brokerage solution to other investors willing to partner with them.

A white label is basically a product that lets an individual like you and me start Forex brokerage business at a small cost.

The monthly cost of this white label is $1000. If you take this route, you risk losing money because it’s clear Raw Forex isn’t a reliable broker.

Conclusion

Trading with an unregulated and offshore broker such as Raw Forex should be a big NO.

Like MasDar Investment broker who is not regulated and is intending to scam traders, Raw Forex has also setup a conducive environment which persuades traders to make a deposit.

Once the deposit is in their own bank accounts (they don’t have segregated accounts), they can decide to run away with it or continue operating defiantly until their operation can attract the attention of regulators and authorities.

We advice that traders should stay away from this broker at all cost.

Thanks for reading this Raw Forex review. Leave your reviews below this post if you have something to say.

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