It does not matter if you are an experienced trader on Forex or especially the beginner in the field it is important and helpful to have a review of the brokerages and see what do you need to consider while deciding which Forex broker to choose. Good brokerages are good mainly because of the same reasons but when it comes to the not so
trustworthy Forex brokers there might be several different things you need to look after to be sure that you will not lose your money and these things are often in the shadow. There are several things you need to pay attention to, to avoid scammer brokers or a fraud. Hereby we suggest another FxReino review to let you know the pros and cons of trading with them and answer the question can FxReino be trusted? — our answer is No
The first thing to check when looking for a Forex broker review? of Course Website. ExReino website looks very average and that doesn’t give a good impression of them. At first glance, you might think that the website carries lots of information but if you will go through it carefully you will see that the information is way too generic and doesn’t give you proper insight about them. With the website like this, we really need to ask yourself is FxReino legit?
because as it seems to us they are sugarcoating their services with the nice information which are in reality not correct.
FxReino Forex Broker overview
FxReino is one of the thousands of Forex brokers. As per as information at their official website FX Brokerage is part of the Evest Group Pty Ltd. It is an Australian based company and is Authorised and Regulated by the Australian Securities and Investments Commission (ASIC). After fxreino.com review also gave us some insights about trading with them. The brokerage offers traders to start trading with an as low amount as $10 USD which is an amazing opportunity to start trading when you are the beginner. They also show that their leverage is 500:1 another attraction for the new beginners as well as experienced traders. FxReino also suggests 400 plus trading instruments, has a spread from 0.0 and promises fast withdrawals.
These for sure leaves a good impression to the newcomers and they might get excited to get down to the business straight away but brokers with good experience know that not everything is on the surface and sometimes you need to dig in deep to find out what a brokerage has really to offer. That’s what we did and we were not happy with it, as the quality of the service is very low and they cannot fulfill what they are claiming to offer which is another proof of FxReion fraud.
Is FxReino a scam?
With a lot of scammers in the industry, it is always a valid question to ask. As stated above the brokerage is Authorised and Regulated by the Australian Securities and Investments Commission, Although we do know a lot of authorized brokers who still happen to be scammers it is very hard to do so in Australia. The thing here is that to acquire a license in Australia is pretty expensive and no brokerage that is not a valid one would want to pay that much money. Herewith we go to another important question, can a Forex Brokerage be licensed but still a fraud?
In-depth Review — What Reino lies about
Let’s start from the beginning, to start trading with FxReino you only need $10 dollar deposit, which is quite a low and therefore very attractive. Are you the beginner who wants to try Forex; or an experienced one who wants to try out the new brokerage? They got you all cover with that min deposit of 10 dollars. At least the claim so. But if you go through their website and do a little research, as we did, in the FAQ you will find that its clients can only use FxReino MetaTrader 5 software where you need to deposit USD 100.00 to open an account and it is pretty high amount to start with when you first claim that the Min deposit is only USD 10. So we can say that with showing min deposit to be USD 10 FxReino is trying hard to attract the clients, who later will find out that they have to pay ten times more So to say directly they pretty much are lying.
When it comes to the spread — the lower the better, but unfortunately FxReino doesn’t reveal the real numbers and only states that spread is from 0.0 pips. That can be good or bad if they have the spread from 0.0 it might mean that they are making money with spreads and this is very good to be so. But they do not offer more information about it on their website also, there is not stated anywhere if their commission is included in it or not. This might mean that yes, the spread is low but there is a high commission as well, which is never a pleasant thing for a trader.
Fast withdrawals or yet another lie by the FxReino. We cannot find anyone who might say that 7 working days withdrawal is anyhow fast, right? FxReino withdrawal is complicated and too slow for any trader. You need to fill up the withdrawal form and wait for 7 working days, meaning that if you will fill the form on Friday for example, you will get your money in almost two weeks!
What do other people say about FxReino?
The website of FxReiono is only 3 months old, their license was also issued in eighteenth of September 2018. So yet there are few reviews made on this company and they are all negative. Reviewers share their experience with the broker and FxReino opinions are overwhelmingly bad.
Some of the clients state that the everytime he wanted to trade the entry fee was changing and he has lost over USD 1000 with this manipulations by the FxReino. When he tried to withdraw the money he had on the account he could not contact the company and eventually without any further reasons coming from the user his account got blocked by the brokerage itself! Another FxReino opinion directly states that the company is a scam and we should avoid it at all cost.
Summing up, the FxReino is trying hard to showcase themselves as a reliable company with great customer service and most secure trading environment, but as we saw, all of it is a lie. So are the few assets they want to underline like lower minimum deposits, fast withdrawal and etc. They have only been in business for a short time and already have accumulated worst possible reviews and opinions customer can make to the brokerage. With their strategy to get customers with lies about their offerings, bad service, and money making manipulations we can say that definitely, FxReino is a fraud.