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RannForex Review | From Scam Suspicions to Critical Analysis

by Kevin Berry
Rating: 
  1/5   Reviews: 2
RannForex - logo

RannForex is a broker that boldly dubs itself the epitome of openness and transparency. In this candid review, we peel back the layers to reveal the truth about it. From scam suspicions to critical analysis, join us as we embark on this revealing journey into the heart of this broker and uncover the real story behind its questionable transparency claims.

Highlights

🏛️ Country St. Vincent and The Grenadines
⚠️ Regulation
🖥️ Website https://rannforex.com/
🎲 Demo Account Yes
⏳ Start Time 2017
💲 Minimum Deposit
⚖️ Minimum and Maximum Leverage 1:1 – 1:500
⚙️ Trading Platform MT4, MT5
📨 E-mail Info@Rannforex.Com
📞 Phone

First Impression of Rannforex.com

Broker’s website is quite unusual. First and foremost, it is available only in Russian and English. It is said that this is due to the fact that the creator of the website is originally from Russia. However, besides listing the broker’s advantages that can easily become tiresome for anyone, the homepage also provides useful information. For instance, it displays the spreads for various instruments. Additionally, the footer contains different addresses and legal information.

RannForex - website

Partnership and Bonuses

The partnership program aims to attract clients rather than reducing the broker’s own costs, which is why RannForex retains the right to exclude trading accounts from the list of those attracted by a partner if they suspect any affiliation. Becoming a partner of RannForex is as simple as agreeing to the terms of the partnership program in the Client Cabinet. This will create an IB account in MT5 for the partner and assign a unique referral link to their referrals. Affiliate deductions amount to 10% of the trading commission and are not dependent on turnover or any other indicators. The affiliate commission is credited daily at the end of the trading day to the partners.

Managed accounts (PAMM) are not eligible for the partnership program.

Account Opening on Rannforex.com

On the registration form, you need to provide an email, create a password, and come up with a username. Subsequently, an email with an activation link, valid for 48 hours, is sent. After activation, you can log in and access the Client Portal. However, certain actions cannot be performed until personal and contact information is provided.

Registration

RannForex offers a user-friendly Client Portal. It allows users to open both live and demo accounts simultaneously. By the way, the number of live accounts is limited to 10. Furthermore, the portal provides various capabilities such as direct access to the demo account via the web version of MetaTrader, and customization of trading settings (order execution, stop loss activation, etc.). Also, you can fund deposits and withdrawals, participate in the affiliate program, get access to software downloads and help sections, etc.

RannForex - Client Portal

Verification

Surprisingly, despite RannForex’s meticulous approach, in many aspects, they seem to handle their AML and KYC policies with little attention to detail. The required documents to open an account are limited to personal and contact information, without any verification process for this data. The only form of verification appears to be the activation link sent to the provided email address. Once activated, you can start trading without further checks.

However, RannForex does mention their right to request additional documents, although it is not a mandatory requirement. These documents may include proof of identity and proof of address.

Pros
  • You can start trading immediately after confirming the email.
Cons
  • The broker treats KYC rather negligently, but still reserves the right to demand documents.

Trading Software

When it comes to trading platforms, RannForex opts for the widely-used MetaTrader 4 and 5. These platforms have gained customers’ trust due to their functionality, reliability, and user-friendly interface. Users can download the program on their desktop or smartphone after completing the registration process. Additionally, the trading terminal is accessible via a browser without the need for additional installation.

Features RannForex Geratsu  A-Book Broker
Demo Account ✔️ ❌️️ ❌️️
Mobile App ✔️ ❌️️ ❌️️
Own Development ❌️️ ❌️️ ❌️️

How Can I Trade With RannForex?

One of the enticing claims made by RannForex is its self-proclaimed status as a low-cost broker. Additionally, upon exploring certain sections of its website, it becomes apparent that RannForex offers a diverse range of options for traders.

All Info About Accounts

The categorization of account types is not based on the minimum deposit you can offer, but rather on the trading conditions and terminals provided. These offerings are relatively standard, with varying spreads and commissions across different account types. Notably, there is a dedicated account for cryptocurrency trading, with RannForex asserting the use of liquidity from Binance. Furthermore, there is an IPO account, where traders can access liquidity from exchanges, and, as you might have guessed, a PAMM account is also available. The leverage offered on these accounts differs as well, with the IPO account having a mere 1:1 ratio, while cryptocurrencies enjoy a 1:20 leverage. Curiously, you might question the rationale behind trading cryptocurrencies under such conditions when Binance itself offers more favorable terms.

Pros
  • Low minimum deposit.
  • Several account types.
Cons
  • High leverage.
  • Some conditions are unfavorable.

Market Analysis and Education With Rannforex.com

RannForex provides an economic calendar and a trading calculator. Additionally, traders can view interesting statistics on trading and PAMM accounts, with over 2.5 thousand open accounts with the broker during their 5 years of operation. For experienced traders considering RannForex for partnership, the company offers detailed information on accounts, profits and losses, trading turnover, equity, and more.

In addition, many financial instruments are contained in the MT4 and MT5 platforms themselves. This is why traders love them. Unfortunately, what the broker does not have is an affordable training course from zero to hero.

Deposit, Withdrawal, and Fees

Deposits can be made via electronic payment systems such as Advcash, Perfect Money, and cryptocurrencies like BTC and USDT. Withdrawals follow the same methods, except for transferring USDT through Binance, which incurs fees ranging from 0.5 to 2.5%. It’s important to note that RannForex doesn’t accept bank cards or wire transfers. However, they do provide user-friendly guides on using cryptocurrencies, including on Binance.

Features RannForex Geratsu  Mitrade
Debit/Credit Cards ❌️️ ✔️ ✔️
Electronic Payments ✔️ ✔️ ✔️
Crypto Transfers ✔️ ✔️ ❌️️
Deposit Fee ✔️ ❌️️ ❌️️
Withdrawal Fee ✔️ ❌️️ ✔️

How Can I Contact It?

Customers can contact RannForex through email or online chat. While they answer promptly in the chat, the broker doesn’t have a phone number. In the footer, you also may notice social media links. However, the broker is not particularly popular there. Additionally, RannForex doesn’t have physical offices.

Pros
  • Live chat, social media.
Cons
  • No phone and office.

Is RannForex Dangerous?

It’s time to talk about how transparent this broker really is, and whether it’s worth paying attention to them at all.

How Long Does The Broker Work?

Based on the date of creation of RD Global Solutions, the broker has been operating since 2017, as stated by the creators themselves. However, it’s surprising that RannForex has not gained much popularity among traders over more than five years of operation.

How Is RannForex Regulated?

This is where things get interesting. The broker claims to be registered in Saint Vincent and the Grenadines. Not only does this regulator not license such companies for brokerage activities, but there are also no matches in the registry for the information provided. Perhaps the company Rann FS existed at some point, but not anymore.

Entity check

So, RannForex has only one active legal entity left. According to the broker, the website is managed by RD Global Solutions LP, a partnership based in the UK that can be easily registered. The founders of this partnership can be individuals and legal entities from any part of the world. Notably, no taxes are paid, and there is no submission of financial statements. Of course, such a company has no legal right to provide brokerage services. It has no license and is not regulated by the English regulator FCA. This is the level of transparency you can expect from RannForex. In reality, it is just another unregulated broker that takes on a lot of responsibilities.

Features RannForex Mitrade  A-Book Broker
European Zone ❌️️ ❌️️ ❌️️
Asian Zone ❌️️ ✔️ ❌️️
American Zone ❌️️ ❌️️ ❌️️
African Zone ❌️️ ❌️️ ❌️️
Offshore ❌️️ ✔️ ❌️️

Frequently Asked Questions (FAQ)

How to Trade With RannForex?

You have to create an account, fill in your personal information, and confirm the email. After that, you will get access to trade.

Is RannForex Legit?

No, this broker does not have a single right to provide brokerage services, hold, or control client money.

How Risky Is It?

In fact, there is no question of any transparency. RannForex does not have any oversight to make traders feel safe.
Kevin Berry
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Expert Opinion

You see, when it comes to showcasing oneself in the trading world, flashing a face is certainly a step in the right direction. It’s like saying, “Hey, I’m a real person, not just a shadowy figure hiding behind a screen.” But let’s be honest, in this case, a friendly face alone won’t cut it. We need more than just a charming smile. We need licenses, my friends. Show us the licenses! Trading is no joke, and we need solid proof that we’re dealing with a legitimate player in the game. So, while the personal touch is appreciated, it’s time for RannForex to bring out the big guns and provide the necessary credentials.

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RannForex rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about RannForex

Andrew May 9, 2023 - 20:01
The creator of RannForex has a bad reputation.
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Do not trust this broker; its creator has a poor reputation and has caused harm to many people. He has cheated so many individuals that it is impossible to count. I, too, fell for his stories and lost money on this website. I enjoyed listening to his tales of a good life and motivated myself, but shortly after, I achieved results with another broker. Definitely not here!

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Phineas May 17, 2023 - 09:33
Withdrawals from the account are accompanied by significant difficulties.
The level of trust
Quick withdrawal of funds
Efficiency of technical support

This broker is of a low standard; the lack of professionalism is evident from the moment you visit their website. The interface is cheap, and there are constant issues with depositing and withdrawing funds. They impose high commissions that take away a substantial amount of money. I tried trading here, and within a month, I understood the true nature of this service. They constantly deduct fees for everything. Lure you in with low spreads, and then simply empty your pockets. Each time I had to deposit or withdraw, it caused a lot of frustration. They also have a policy of draining the account of inexperienced traders. There have been numerous complaints on forums from deceived traders about this website. After a month of experiencing poor service and frequent complaints about being deceived, I do not recommend this broker to anyone.

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