Welcome to our RenMarkets Review in which we investigate the website currently found at RenMarkets.com.
RenMarkets has entered our radar on February 23, 2023 when we came across this Better Business Bureau (BBB) complaint by a Michigan, USA person:
I was contacted through Instagram by @Daytradeprofessor who told me that he uses RenMarkets for trading. He suggested that I put in $100, which I did. However, when I tried to withdraw the money, the account manager, who is not me, cancelled it.
Later, I noticed that my funds had increased to $1,259. Despite this, the account manager is not allowing me to withdraw either the accrued funds or the money I deposited.
Mentioned contact information was
- Email: firstname.lastname@example.org
- Telephone: (551) 258-3540 (a northeastern New Jersey, USA number)
So what is RenMarkets and is it a CryptoCurrency SCAM?
Ren Markets Review
The domain renmarkets.com was registered through NameCheap, Inc. on March 10, 2022 for 2 years. It is hosted by Web-hosting.com.
No popularity data is available about them and they have only 2 backlinks from one referring domain: a login page directory titled Rens Market Login on gogoannas.com.au.
So nothing impressive yet… let’s move on to check out renmarkets.com.
The website offers two trading platforms, MetaTrader 4 and RenMarkets Trader, which gives traders a choice.
The variety of trading instruments offered is quite extensive and includes forex, shares, indices, precious metals, soft commodities, and oil and gas products.
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The website is allegedly regulated by the Cyprus Securities Exchange Commission, which means they are required to follow certain rules and regulations designed to protect investors.
However, on the negative side, the fact that RenMarkets only offers CFDs and not actual investments or securities could be a concern for some traders.
Moreover, RenMarkets is a market maker broker, which means they are the counterparty on the other side of traders’ trades. This could lead to potential conflicts of interest and raises questions about the fairness of the trading conditions offered.
Finally, the minimum deposit amount of 250 EUR/USD/GBP may be higher than what some traders are comfortable with.
On the Account Types page, we find some additional red flags:
First, the website offers a range of trading accounts with varying levels of deposit requirements and leverage, which can be attractive to novice traders looking to make quick profits. However, the high-risk nature of trading is not adequately highlighted, and the risk warning at the bottom of the page is easy to miss.
Second, the website lacks transparency in terms of ownership and regulation. While it mentions that RenMarkets Limited is a Cyprus Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), it does not provide any information on the company’s history or track record.
Third, the website uses marketing tactics such as promoting Elon Musk’s success story and offering VIP services to clients who deposit more than €200,000, which could potentially lure inexperienced traders into investing large amounts of money.
Is RenMarkets a SCAM?
In addition to the red flags mentioned above, here are just a few additional scam signs that should draw you away from Ren Markets.
We could not find any evidence that they are regulated by CySEC as they claim, not even on the CySEC website.
Also, their website is dysfunctional (e.g., the glossary and links to Facebook and Instagram) and very large parts of it are copied from other sites. For example, the tradinginvestingguide page was copied, or perhaps cloned, in several other websites, including:
And when we search for their address, RenMarkets Limited. Arch. Makarios III Avenue, Limassol, Cyprus, in Google Maps, we reach the Google Business page of another website, Colmex Pro Ltd.
Additional websites using the same address include:
- Vintagemkts.com (defunct)
In conclusion, RenMarkets is a website that traders should approach with caution. While the website is claimed to be regulated by the Cyprus Securities Exchange Commission and offers a variety of trading instruments and platforms, it only offers CFDs and not actual investments or securities and we discover that it may actually NOT be regulated by CySEC.
Additionally, the website lacks transparency in terms of ownership and regulation, and uses marketing tactics that could potentially lure inexperienced traders into investing large amounts of money.
Traders should conduct further research before investing with RenMarkets or any other similar website.
It’s also important to remember that CFDs are complex instruments and traders should only invest funds that they can afford to lose, whether in the long term or short term.
If you have fallen victim to online scams, please comment below. If you have suffered a substantial financial loss, do not despair. We are here to assist you in recovering your funds!
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