pic

Reltex Group Review | Is This a Classic Forex Scam?

by Kevin Berry
Rating: 
  1.5/5   Reviews: 2
Reltex Group - logo

This review is dedicated to the little-known and rather secretive broker Reltex Group. The company hides important information about itself: the date of establishment, licenses, headquarters address, and business model. Yet it convincingly boasts of 3,000 clients and 10,000 euros processed daily for withdrawals. How profitable is it to trade here and what opportunities are offered to traders? Can a platform operating anonymously be trusted? Or is this a classic Forex scam?

Highlights

🏛️ Country
⚠️ Regulation
🖥️ Website https://reltexg.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit
⚖️ Minimum and Maximum Leverage 1:400
⚙️ Trading Platform WebTrader
📨 E-mail support@reltexgr.com, docs@reltexgr.com
📞 Phone +12509002740

First Impression of Reltexg.com

The website is immediately noticeable for its excessive information. At the top, there is a panel with the main sections, revealing the terms of cooperation. Each section contains 5 or more subsections. Reltex Group seems to have deliberately filled its resource with a huge amount of diverse text to create the impression of a serious and advanced broker. However, this only complicates navigation and makes it more difficult to study the terms.

Thus, users can learn about account types, the trading platform, methods of deposit/withdrawal, and asset classes. Reltex Group also shares contacts and legal documents, such as user agreements, AML&KYC policy, and others. However, the firm forgot to add detailed information about itself, including registration data.

Reltex Group - site

Regarding design, Reltex Group uses a dark background with toxic green shades, which hardly suits a brokerage company’s website. The site predominates with images related to cryptocurrencies, and they are taken from a free photo stock.

Partnership and Bonuses

The firm offers a partner program called “introducing broker”, where it promises to pay rewards for attracting new clients on a weekly basis. Thus, Reltex Group tries to attract more traders and reward existing users for it. Unfortunately, the details of cooperation are not disclosed, and the size of the commission and other conditions are unknown.

It’s not surprising that Reltex Group has bonus promotions. To get a bonus, you need to submit a request in the appropriate form to the support email. However, one should remember the conditions that come with such “opportunities”. The trader needs to perform a trading turnover equal to the bonus amount divided by 4. For example, if a user received $1,000, then they need to perform a turnover of 250 lots for these funds to be available for withdrawal. Moreover, only forex trades are accepted, and only for currency pairs where the cost of 1 point is at least $4 per lot.

In short, such bonuses are not a good sign, but rather the opposite. They are often an obvious sign of a suspicious broker.

Account Opening on Reltexg.com

According to the official website, to start trading with Reltex Group, one must first register an account, then undergo identity verification, and finally top up the deposit. There is no hint of the existence of a demo account for testing the service.

The account creation process involves specifying a name, contacts, language, and country. Users can also add a promo code if they have one. In the end, it is necessary to agree to the terms and confirm that you are over 18 years old. Overall, the registration procedure at Reltex Group should not cause any difficulties.

Registration

After successfully entering the data, the personal account immediately opens. There is no need to confirm the registration via email, which caused us some perplexity and doubts about the security of Reltex Group.

In the client portal, there is a system warning that it is necessary to activate the personal account to use most services, such as account management and balance replenishment.

Reltex Group - personal cabinet

In the client portal, clients can track their current balance, margin level, and other account data. In addition, one can monitor the history of authorizations, trades, and financial transfers. Verification is also available here, which we will discuss further. In general, Reltex Group is not surprising because it uses a standard client portal that is found in many other brokerage firms.

Verification

The verification procedure is second after registration, meaning it is mandatory. Without KYC verification, it will be impossible to use the services of Reltex Group. Here we want to add a comment – do not rush to upload your documents with personal data to unverified organizations, as it is unknown whose hands your documents may fall into.

Details regarding KYC can be found in the Reltex Group user agreement. The documents required for verification are also listed there:

  • A copy of the passport or other document confirming the trader’s identity.
  • A copy of the bank card with partially obscured digits of the number and CVC.
  • A document confirming the address of residence, such as a utility bill or bank statement.

Photos/scans can be uploaded in the personal account, or sent to the specified email marked “doc”. By the way, the verification check time is not indicated.

Pros
  • None.
Cons
  • Reltex Group requires a photo of the bank card.
  • It is unknown how long the verification will last.

Trading Software

The trading platform is available in several versions: WebTrader, desktop, and mobile trader. However, for smartphones, there are only applications for Android; nothing has been developed for iPhone owners. We do not recommend downloading unknown software onto your devices, as it may contain dangerous viruses, so we can only explore the terminal through the web version. However, there is a catch. Reltex Group sent login details to the email for webtrader, but they do not work. The system gives an error “Parameters validation error”.

Terminal login error

So we have to rely on the description of the platform on the official website. Reltex Group praises its terminal, pointing out its user-friendly interface, high reliability, advanced features, and technology. The terminal also supports technical analysis, indicators, information about traded instruments, pending orders, and news.

Features Reltex Group Global ICM Capitalex Pro
Demo Account
Mobile App ✔️ ✔️
Own Development ✔️

How Can I Trade With Reltex Group?

Traders have access to a wide range of assets: forex, metals, indices, stocks, commodities, and cryptocurrencies. In addition, Reltex Group offers to use leverage of 1:200-1:400, depending on the type of account the client chooses. Let’s look more closely at the tariff plans.

All Info About Accounts

Reltex Group offers three types of accounts to choose from:

  1. Silver. Leverage no higher than 1:200, also the client receives advanced charts and a dedicated personal manager.
  2. Gold. Leverage of 1:300, additionally swap discount 25% and exclusive webinars.
  3. Platinum. Leverage up to 1:400, as well as free VPS.

Such important conditions as the size of the minimum deposit, commissions, and spreads are hidden. Why doesn’t Reltex Group disclose details? Traders pay attention to these parameters first.

Account types

The description of tariffs and trading conditions is minimal. What does “advanced charts” mean? Unknown. Who is a dedicated account manager and how will they help? Unknown. What will be the topic of the exclusive webinars? Also unknown. Reltex Group is an extremely obscure and secretive brokerage company.

Leverage of 1:200-1:400 is not only a sign of the absence of a license from financial commissions but also a clear factor that we are dealing with a dealing desk. In addition, bonuses and hidden spreads/commissions indicate this. Therefore, it can be confidently said that Reltex Group operates on a 100% B-Book business model. This is a conflict of interest, due to which traders have almost no chance of success.

We have already mentioned the absence of a demo account, so it is impossible to practice and explore the terminal with virtual money. In addition to this, the company does not even offer an Islamic account.

Pros
  • None.
Cons
  • Many terms are not specified.
  • The business model is a dealing desk with a conflict of interest.
  • Demo and Islamic accounts are absent.

Market Analysis and Education With Reltexg.com

In addition to personal managers and webinars, the company offers widgets: an exchange ticker, technical analysis, cryptocurrency quotes and other asset classes, an economic calendar, a news feed, and the operating hours of major stock exchanges. Reltex Group also shares educational information about the classes of markets available for trading, such as 401(k) plans, pension plans, stock splits, and IPOs.

On the main page of the official website, online quotes are displayed in a table format. No other market analysis or ready-made training courses are offered by Reltex Group.

Deposit, Withdrawal, and Fees

There is no precise information on what money transfer methods are available to clients, but according to the website, these are credit/debit cards and bank wire transfers. The minimum amount for a deposit is not specified, and withdrawals can be made from $50 and more. However, Reltex Group processes applications very slowly – from 2 to 6 working days. Compared to other companies, where verification lasts no longer than a day, this is a lengthy process.

Features Reltex Group Investus Pro Exton Global
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️
Crypto Transfers ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

To finally create an account, it is necessary to contact technical support. For this, Reltex Group offers a phone number and email. However, there are no guarantees that you will receive a response. The phone number is listed as from Canada, but the email turned out to be nonexistent.

Fake email

Pros
  • None.
Cons
  • The email is fake.

Is Reltex Group Dangerous?

Can a company that hides almost all of its trading conditions be reliable? Can such a platform be trusted with your money? And what if we consider that the provided contact details are fake? Obviously, Reltex Group should not be trusted. However, for 100% certainty, we will check the legitimacy of the firm and its duration of operation. Then we can draw a conclusion.

How Long Does The Broker Work?

The duration of operation is a significant fact for a company. The longer a firm exists, the more trust it gains. Reltex Group does not provide information about when it was founded, which is a serious and significant drawback. Transparent and honest brokers will not hide their founding date and will list it on their website, even if it is a small experience.

To understand when the broker began operating, one can check the domain registration date. After all, an online platform cannot operate without a website. So, the domain of this company’s website was registered in October 2023. This is too short a duration of operation.

Domain

How Is Reltex Group Regulated?

The firm happily ignores the issue of regulation. There is no doubt about the absence of a license. Moreover, there are no clues about where to search for and verify potential licenses, as Reltex Group does not even specify the address of its headquarters.

Features Reltex Group Magni Markets WilliamYoungs
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Reltex Group?

First and foremost, a user needs to register an account by providing personal details, including contacts. Then, it is necessary to activate the personal account by undergoing identity verification. After that, access to deposit funds is opened. However, a demo account is not available.

Is Reltex Group Legit?

The firm does not have a license and also hides its registration address, thus operating illegally. There is even no possibility to check registries since it is unknown where the company is based.

How Risky Is It?

Such secretive and non-transparent brokers as Reltex Group are a dangerous place for trading, as it is easy to lose money here. The platform can easily ignore withdrawal requests.
Kevin Berry
Ask question
Expert Opinion

How can a broker afford not to specify a legal address and founding date? All traders should first make sure that they are dealing with a real company, not a fake platform like Reltex Group. There can be no talk of licenses and security until the firm specifies the address of its headquarters and provides legal data proving its existence. Forget about trading in such places; it is 100% a scam where you are guaranteed to lose all your funds.

You may also like

Reltex Group rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
Leave a review

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

2 reviews about Reltex Group

Fray January 3, 2024 - 06:14
I never got an answer
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I tried to write to technical support to clarify the sizes of commissions and the minimum deposit, but no one has responded for over a month. Does technical support even exist here? Or is the email just for show?
I suspect that the platform is engaged in fraud because such ignorance on their part is a clear sign of a scam. Although I may be mistaken, I’m almost 100% sure that it is better not to risk money.

Reply
DMV January 19, 2024 - 15:26
Scammers, the platform is illegal
The level of trust
Quick withdrawal of funds
Efficiency of technical support

You will lose all the money you deposit into Reltex Group. Do not even think about collaborating with this fake company. I can calmly call them a scam broker because it’s true. Why? Because the firm lies about having 3,000 clients, although it itself has neither a license nor a legal address. Fake and illegal activity. As an experienced trader, I recommend avoiding such platforms; you will find nothing but fraud here. Please remember my review and tell others.

Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy