At first sight, Reliance-Broker.com like a decent broker what with its functioning yet somewhat unattractive website. By unattractive we mean that we find the interface and the structure of it all slightly out of line, while the aesthetic choice seems a tad bit exaggerated. However, these issues are just the surface, and they barely even matter anyway. We have seen visually unimpressive brokers with superb trading grounds, as well as the exact opposite examples. Reliance-Broker.com’s decomposition in the following review is what will be the last proof needed to once and for all conclude this company’s illegitimacy.
Creating an account with Reliance-Broker.com seemed to be an easy and carefree process, and it wasn’t a really big surprise to us when we never actually received the confirmation mail for a created account. Either the broker does not work properly, or it did not like us for who we are, as non-investors- thus there was no reason to let us in.
Whatever the case is, we are left with no choice but to rely on the website for all the trading and payment conditions.
The very vague mention of CFDs, indices, equities, bonds, and commodities is not nearly enough to make us believe that these are the real trading assets. There is also no reveal on any spread values or a leverage. In fact, Reliance-Broker.com is very silent about many things, and this review will be a nuisance for us to write. as we will mostly rely on our wits.
The broker is available in English and Russian.
RELIANCE-BROKER.COM REGULATION AND SAFETY OF FUNDS
The contact address puts this broker in St.Vincent and the Grenadines. This Caribbean country is one of the last places, if no the last place, where you want your broker of choice to be located. There’s nothing wrong with the nation itself; it’s the lack of a FX regulator and the abundance of scammer brokers that worries us.
Not only that, but the legal documents also seem to be on board with the idea that a St.Vincent and the Grenadines registration is something of value.
All brokers in St.Vincent and the Grenadines are unlicensed, and if Reliance-Broker.com is really located there, it is surely unregulated. Other than this false information, Reliance-Broker.com holds nothing else.
This company is utterly UNLICENSED and a risk to all investors.
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
RELIANCE-BROKER.COM TRADING SOFTWARE
There was no proper way to download the heavily advertised MT4 trading software. To claim something but not deliver on it is perhaps the most basic feature of any unregulated broker.
Moreover, without us being able to cross over to a user area, we cannot confirm the presence of another trading terminal.
The most common inclusion is some very simple web trader that gets boring very fast.
RELIANCE-BROKER.COM DEPOSIT/WITHDRAW METHODS AND FEES
What hope we had for any payment conditions was lost the moment we started hoping to find any on the website.
That’s right, Reliance-Broker.com is one of those brokerages that has not included any deposit or withdrawal information anywhere on the website. We find no minimum deposit requirement, no payment methods, and no withdrawal fee details.
The usual minimum deposit is $250 and can be paid by a credit/debit cards, a wire transfer, or through a range of e-payment methods. Also, scammer brokers tend to offer crypto investments wallets, which are the last place you want to send your money to.
As for fees, unlicensed brokers can do as they please, and such entities tend to enjoy commissioning users all over the place.
We find no reason to continue ignoring the obvious: there is nothing for users here. If you are to deposit here not only would you be losing your money, but your time as well. This broker is a complete scam!
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!
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