RDJR – It This a Broker You Should Trade With?

Website URL: http://rdjrhk.com/en/

Founded: N/A

Regulations: Unregulated

Languages: English, Chinese

Deposit Methods: Unknown

Minimum Deposit: Unknown

Free Demo Account: Not Available

Number of Assets: No Information

Types of Assets: Foreign Currency Pairs, Contracts for Difference (CFDs) in energy commodities and precious metals.

Trading Accounts and Conditions

There is no information that we were able to find about this broker’s trading conditions. So, we have been forced to leave this section of the review blank.

RDJR – Advantages

We have not been able to find any advantages of trading with RDJR at all. Therefore, this section of the review has also been left empty.

RDJR – Disadvantages

From the outset, we have to say that this is a broker that is just not to be trusted. Let us see the reasons why:

• Lies About Regulation Status

RDJR claims to be internationally renowned broker that has more than 10 years of experience in this industry. This broker is supposedly based out of Hong Kong, but says it is regulated by the New Zealand Financial Markets Authority.

We decided to investigate these claims. First, we checked the Hong Kong online registry to see if RDJR was licensed by the Securities and Futures Commission. We did not find this broker’s name listed there.

We then checked the New Zealand FMA online registry using the reference number mentioned on RDJR’s website (as its license number with the FMA). We made a rather interesting discovery. We found out that that license number belongs to a company called UBNZ Corporation Limited.

This company was regulated by the FMA until February of 2019, but has been unregulated since then.

This company has nothing to do with RDJR, so we can safely conclude that this broker is not only not licensed, but it also lied about its license status and stole another company’s license number.

Dealing with an unregulated broker puts your funds at risk. This is because such a broker operates outside the law. Financial authorities around the world have created a set of regulations that endure fair trade that also protects traders from unscrupulous brokers out to scam people of their money.

There are many regulators who also have provisions to ensure that brokers segregate their funds from their customers’ so that in case of the business going bankrupt, the customers are not impacted.

Regulators also ensure that traders are compensated if the suffer losses because of a broker either going bankrupt or being discovered as a scammer.

None of these protections are available to traders who deal with unregulated brokers.

Plus500

$100

Minimum Deposit

Start Trading

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Blacklisted by SFC in Hong Kong and CONSOB in Italy

During our investigation about its regulatory standing, we found out that RDJR has been blacklisted by the SFC in Hong Kong. The financial regulator has warned all traders to avoid contracting this broker’s services as it was potentially a scammer.

We also found out that the SFC was not the only regulatory body to have blacklisted this broker. The CONSOB in Italy has also issued a public warning against RDJR as a possible scammer.

• No Terms and Conditions Given

The Terms and Conditions, also known as the Client Agreement, is a critical legal document that sets the relationship between the financial services provider and the trader.

A lack of Terms and Conditions means that the trader does not know what kind of a relationship they will have with the broker. So, if you sign up for an account with RDJR, you are giving the broker carte blanche – total freedom to do whatever they want with you and your funds!

• Lack of a Demo Account

RDJR claims that it offers its clients the world’s most popular trading platform – the MetaTrader 4 interface. However, since this broker does not offer any demo account, we do not know if this platform actually works or not.

While this lack is not as serious as the issues we have already listed, it points to the kind of lack of transparency that is characteristic of brokers that are not honest.

A demo account allows a trader to check the trading conditions and the quality of the trading platform before he or she invests real money with a broker. This level of transparency cannot be expected from brokers such as RDJR, who have lied about critical information such as their regulation status.

• No Trading Conditions

Trading conditions are critical for traders to know since they will determine what kind of a trading environment they will be dealing with. This broker has, once again, give no information whatsoever about its trading conditions.

We could not find out what the minimum deposit requirement is, what the leverage levels are or even what the spreads look like.

This is a major issue that clearly points to the fact that this broker is a scammer.

• No Information on Withdrawal and Deposit Methods

RDJR hasn’t even provided information on how clients can make deposits or withdrawal.

Most brokers will clearly mention the ways in which their customers can deposit or withdraw funds from their brokerage. The methods usually include debit or credit card payments, bank wire transfers, or e-wallet payment providers such as Skrill, Neteller, etc. Another method that is becoming popular nowadays is making payments using cryptocurrencies.

In RDJR’s case, we really don’t know how a trader will make payments or withdraw funds.

Conclusion 

RDJR is a pretty website that has no substance whatsoever. It is more or less anonymous and has no information that is critical to a trader being able to execute successful trades. Added to that, this broker has lied about fundamentals.

We would strongly recommend that all traders stay away from this broker.

RDJR

2.7

User Experience

3.3/10

Payment Options

2.2/10

Security

2.6/10

Support

2.7/10

Reputation

2.5/10

Pros

• None

Cons

• Lies About Regulation Status
• Blacklisted by SFC in Hong Kong and CONSOB in Italy
• No Terms and Conditions Given
• No Demo Account
• No Trading Conditions