Traderknows reminds investors that Reliable FX Trades, a forex broker whose website domain was registered on June 28, 2023, offers trading services in financial derivatives such as forex, stocks, indices, energy, metals, and ETF contracts for difference (CFDs). This broker does not provide services in jurisdictions where it would be in violation of local laws or regulations.
Corporate registration and regulatory status:
The official website of Reliable FX Trades reveals that the broker operates under multiple corporate entities and is regulated by various regulatory bodies. Reliable FX Trades Ltd is authorized and licensed by the Cyprus Securities and Exchange Commission (CySEC) with a license number of 1780019. Reliable FX Trades (registration number HRB11677B) is a designated agent of Ultra Booster Trade Ltd registered with the German Federal Financial Supervisory Authority (BaFin), and the broker has been authorized by the Financial Services Commission (FSC) of Mauritius as an investment dealer under license number C17554381 since October 2, 2017. TVH Ltd is authorized and regulated by the Seychelles Financial Services Authority (FSA) with a license number SD0175. However, a verification of the public information on its official website revealed that the Cyprus Securities and Exchange Commission (CySEC), German Federal Financial Supervisory Authority (BaFin), Financial Services Commission (FSC) of Mauritius, and Seychelles Financial Services Authority (FSA) do not have regulatory registration information for this broker.
Account opening:
To open an account with Reliable FX Trades, visit the broker's official website, click on “SIGN UP FOR FREE” or “SIGN UP” at the top right corner of the homepage, enter personal information such as name and email address, set a login password, and submit. Once the application is submitted, the account is successfully registered.
Account types:
Reliable FX Trades offers a demo trading account and four different types of trading accounts: STARTER, BASIC, PRO, EXECUTIVE. However, details such as spreads, trading leverage, margin call/stop-out levels, contract sizes, trading commissions, minimum/maximum trade volumes, maximum number of open positions/orders, and minimum price precision are not disclosed on its website.
Trading platform:
Reliable FX Trades provides users with its proprietary trading platform.
Deposits and withdrawals:
Reliable FX Trades supports deposits and withdrawals via local bank transfers, e-wallets, or cryptocurrencies.
Conclusion:
Traderknows reminds investors that Reliable FX Trades is a scam platform providing false regulatory information, with its website design and content being identical to those of brokers such as Sterling Asset, FS Main, Venus Mining, Upfront Fx Trade, Safe Invest Trades, and Reliable Bitcoin Mining. Traderknows advises investors to choose brokers that are transparent, strongly regulated, and have a good reputation for their investment and trading activities to avoid unnecessary losses to their assets.
Currently, this broker is marked as "Suspected Scam" on Traderknows.
