A scam broker always wants you to believe that it is a reliable forex broker that will help you earn some decent money on the side. The most common way involves claiming its long history and strict regulation. However, when you start to trade with it, you will find any trading information it claimed has been left out, and the fraud itself is unbelievable.
Recently, BrokersView learned that RealmsFX has been one of the fraudulent brokers.
False registration
RealmsFX offers a wide range of tradeable instruments, for example, forex pairs, commodities, indices, precious metals and Crypto. The company claims to be the cTrader operating platform owned wholly by RealmsTech Private Limited, a registered trademark in Seychelles since August 2020, with license renewed for the upcoming year. However, no results matched for RealmsFX can be found in the Seychelles Financial Services Authority (Seychelles FSA). The registration info is a false statement for unsuspecting investors. The truth is that RealmsFX is not overseen by any regulators.
Lack transparency
As we can see, RealmsFX is not offering any demo trading accounts. Additionally, company information including contact number, email, and regulation documents is not available on its website. In other words, the company denies its clients their right to information. It also means you can't reach the phone number, and can't confirm in any other way whether the broker is authorized to sell forex goods or not.
Other suspicious statements
RealmsFX is a self-proclaimed "global investment platform" and "International Top Forex Broker". Who gave them this status? We have no idea.
RealmsFX discloses that Alpha Trade PTY LTD becomes its only liquidity provider. But this is another suspicious financial services company operating out of Australia. You may wonder how a good forex broker can rely on only one liquidity provider? Let alone RealmsFX is a self-proclaimed top licensed STP broker.
Based on the above information, RealmsFX is not licensed and lacks transparency either. we can conclude that RealmsFX is a scam.
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