Minimum Deposit: $250
Maximum Leverage: 1:500
My Score: 1.5
RIMarkets, founded in 2018, is a broker offering online forex trading services. Official website is available in both Russian and English languages. Therefore, an important part of the customers they target is the Russian. But I can say that the broker’s website is very useless. It may be difficult for a newbie trader to access the information he or she is looking for.
The range of trading instruments offered by RIMarkets is quite good. Many exotic fx pairs can be available for trading. Exotic currencies such as Israeli Shekel, Singapore Dollar, Indian Rupee, Turkish Lira, Mexican Peso, Swedish Krona, Hungarian Forint, South African Rand, Norwegian Krone, Russian Rubla, Polish Zloty, Hong Kong Dollar, and Danish Krone are offered by Rımarkets.
In addition to these, the range of instruments for commodities, spot metals and cryptos is quite high.
Due to some advantages, RIMarkets attracts investors. But is RIMarkets really advantageous as a forex broker? Is RIMarkets scam or a reliable broker? What types of accounts, spreads and leverage are offered by the broker? In this RIMarkets review you can find the answer to all these questions. You can also write to me for any other questions you have. I will try to answer as soon as possible.
The biggest disadvantage of RIMarkets is that it is an unregulated broker. The broker is brand of Fcorp services Ltd and this company is registered in Marshall Islands but the broker is unlicenced.
It is a very difficult process for newly established brokers to obtain licenses from reputable regulators like FCA or CySEC. Because there are many conditions that these regulators require. For example; brokers may be required to keep a certain amount of money in the bank account as minimum net capital. Clients’ funds and operational accounts of the broker must be separeted. It is very difficult for brokers who are new to provide these conditions. Because of this, these brokers prefer to get a license from a less reputable regulator. However, the fact that a broker is not licensed is understandable and not acceptable.
RImarkets is probably a scam broker. Before you open an account, I recommend you to think well and review.
Account Types in RIMarkets
There are 3 different account types offered by RIMarkets: Silver, Gold and Platinum. You can see the features of the account types in the following table.
|Account type||Min. deposit||Max. leverage||Spreads|
|Silver Account||$250||1:200||3 pips|
|Gold Account||$1.000||1:400||2,5 pips|
|Platinum Account||$5.000||1:500||2 pips|
The Silver account type is similar to the standard account types found in other brokers. Minimum deposit amount is $ 250 in Silver Account type. I can say this amount is higher than average of forex industry. For example; The minimum deposit amount in FXPro is $ 100 and $ 5 in XM Forex. In this account type, maximum leverage is 1:200 but if you want to use higher leverage, you can choose Platinum Account which offers 1:500.
One of the major disadvantages of RIMarkets is spreads. The spreads offered in the Silver account type are 3 pips. These spreads are very high. The average of forex brokerage industry are around 1.6 pips.
With these trading conditions, account types offered by the broker are not advantageous for traders.
In addition to these, swap-free account type, also called Islamic accounts, is availeble for Muslim investors who do not want to earn or pay interest.
Payment Methods in RIMarkets
RIMarkets is one of the weakest brokers in terms of payment methods. As a deposit and withdrawal option you can only use wire transfer and credit card. In the last days, Skrill has been added as an additional option. However, many popular e-wallet systems such as Paypal, Neteller can not be used.