Today, convenience is reigning supreme, and online platforms are providing an array of services at our disposal. Yet, not all platforms operate with honorable motives. Among them, Rentalzi has emerged as a significant player, but recent disclosures have sparked worries about its conduct.
There is nothing honorable about this forex broker. If you want to make it as a trader, ensure you trade only with transparent and trustworthy forex brokers.
Scam brokers attract users by promising them convenience. They claim trading has never been easier – a few clicks and you'll be on your way to riches. However, this convenience can sometimes come at a steep cost.
With this broker, you can trade indices, commodities, currencies, stocks, energies, digital currencies, and metals. The broker offers six types of accounts, each with unique trading conditions. One of the distinguishing factors among the accounts is the minimum deposit.
The broker purportedly has over 4.5 million registered customers, $1.2 billion in monthly trading volume, and over 30 million open positions. These statistics are quite impressive but suspicious at the same time.
The broker says that their website is managed by Rentalzi Limited. However, there are no details about who the company founders or current leaders are. This is concerning because without these details, it’s hard to understand the company better and its philosophy. If a leader has a negative reputation, then it will reflect on the company’s business practices.
This broker has hidden its leaders to avoid scrutiny. They know that people will be curious to understand who the founders are and their history. This is a common tactic among scammers who know their leaders have a questionable past.
There is a phone number, email, and live chat option. However, when we tried the live chat option, it demanded that we leave contact details such as email. Thus, they will reply later and not immediately. In forex trading, swift correspondence is paramount. At times, traders have to make quick decisions, and thus, brokers need to be available to respond to any queries or concerns.
Rentalzi is not regulated in Hong Kong. To obtain a license to operate as a forex broker here, a company must apply to the Securities and Futures Commission (SFC). Also they need to comply with the requirements set out in the Securities and Futures Ordinance (SFO). The company and its key personnel must further meet the SFC's fit and proper criteria. This includes factors such as reputation, honesty, integrity, and competence.
To get a license the broker must segregate client assets from its assets and maintain adequate client money protection measures. They must also provide clients with clear and accurate information about its services, fees, and risks associated with forex trading. It must also submit regular reports to the SFC.
This broker has not met these standards for registration. That’s why they are creating a false sense of urgency to pressure users into making quick decisions. The enticing messages are strategically placed to make you feel like you're missing out. Take your time and thoroughly research before making any investment decisions.
The leverage is at 200:1. This is not too high. However, the broker has not given any information about the spread and commission charges, which are very critical when choosing a broker. This broker is not making it easy for traders to choose them. A trader usually selects the broker with the lowest spreads and minimum deposit.
We conclude that Rentalzi is not a regulated broker and hence should not be trusted. Every time a company operates without oversight, they are free to exercise some level of impunity.
Traders are therefore left exposed without any protection. In case a broker steals their money, government agencies can do little to assist them in recovering it. That’s why traders should work only with the reputable and transparent forex brokers.
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