RedMapleFX – Is it a Scam?

| Publish date: 01/10/2020 (Last updated: January 10, 2020 11:59 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

RedMapleFX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

updated 2020

RedMapleFX’s website does not have any information whatsoever about the kind of trading accounts it offers. It also does not have any information about its trading conditions.

We tried to find out by attempting to register on the broker’s platform, however, we were unable to access the platform either – even though we signed up for the account.

The only information we have about this broker is that it offers two types of accounts – Non-Discretionary Accounts and Fully Managed Accounts.

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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.

Website URL: https://www.redmaplefx.com/

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Unknown

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Bonds, Commodities, Forex, Indices

Trading Accounts and Conditions

RedMapleFX’s website does not have any information whatsoever about the kind of trading accounts it offers. It also does not have any information about its trading conditions.

We tried to find out by attempting to register on the broker’s platform, however, we were unable to access the platform either – even though we signed up for the account.

The only information we have about this broker is that it offers two types of accounts – Non-Discretionary Accounts and Fully Managed Accounts.

The only thing we know about these accounts is mentioned in the broker’s Trading Services page. It states that a Non-Discretionary Account is one where clients can maintain full control of their trading portfolio, while a Fully Managed Account is one where one of the broker’s traders will take care of your account.

RedMapleFX – Advantages

Unfortunately, we could not find any positive points on RedMapleFX. There are just too many discrepancies with this so-called broker.

RedMapleFX – Disadvantages

The disadvantages that RedMapleFX has, however, are numerous, and all of them point to the fact that this is a broker that is out to rob you of your money. Here are the top disadvantages we found:

  • Not Regulated

RedMapleFX is owned and operated by a company that is based out of Hong Kong, called Red Maple FX Inc. All Forex companies that operate out of Hong Kong are regulated by the Hong Kong Securities and Futures Commission (SFC).

However, when we looking for this broker’s or its parent company’s name in the SFC register, we could not find it anywhere. What this shows is that RedMapleFX is an unregulated broker.

Additionally, there is no mention of any kind of registration or license number on the broker’s website.

AvaTrade
$100
Minimum Deposit

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.

Plus500
$100
Minimum Deposit

76.4% 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

 

  • No Corporate Information

Another problem with this broker is that it has no corporate information. We know the name of the company but don’t know anything about the founding members of this brokerage.

So, basically, we don’t know who the people are who run this company or what their antecedents are.

  • On Multiple Canadian Authorities’ Blacklist

While investigating whether RedMapleFX was regulated, we uncovered another ugly truth. This broker has been blacklisted by the Canadian authorities in two provinces. Both the Ontario Securities Commission (OSC) as well as the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) have issued warnings against this broker.

We were able to get our hands on the notice that was issued by the FCAA. The notice states that RedMapleFX is not registered for Forex trade with the FCAA and that traders needed to beware such brokers that were not registered with them.

  • No Information on Trading Conditions

We tried everything we could to try and find out about the trading conditions. However, we could not find any information on the broker’s website.

Trading conditions are a critical set of details that any broker needs to be transparent about. It tells traders about the kind of assets that are available for trade, the spread of these assets, and how much leverage they can get to execute their trades. Without this information, traders can never make informed investment decisions.

The fact that RedMapleFX does not have any information is a clear indication that this broker is not to be trusted at all.

  • No Demo Account

Most regulated brokers will not just give details of their trading conditions, they will also provide traders with a free demo account so that they can test these trading conditions for themselves.

This is the kind of transparency that inspires trust.

Scammers, on the other hand, do not offer demo accounts, since they wish to hide the actual trading conditions that traders will face when trading on their live platforms. Another factor that points to RedMapleFX being a scammer.

  • No Real Platform

Despite the fact that we registered for a live account (we did it to get information on the trading conditions and the type of platform the broker offered), we were unable to access RedMapleFX’s trading platform.

The only thing that happened after we registered was that we were shown a strange looking dashboard. Trading was not enabled at all.

Because of this, we can conclude that RedMapleFX in reality doesn’t have any trading platform at all.

  • No Deposit or Withdrawal Information

This is the strangest thing we found with RedMapleFX. This broker’s website has no deposit or withdrawal section. Scammers usually have a prominent button that allows clients to deposit money into their accounts, but we couldn’t find any such button anywhere on the broker’s website.

Another cause for concern was that there was absolutely no information (again) about the broker’s payment methods or transaction fees.

There is a single bank account number given which customers can use to deposit payments, however, when we dug deeper, we found out that that bank account was a private account. And recovering funds from a personal account is not possible.

What this means is that if you put money into this broker’s account, you are never going to see that money again.

Conclusion

RedMapleFX is a broker that is clearly out to scam your out of your hard-earned money. There are so many glaring issues with this broker’s website that it is easy to figure out that this is not a platform you should trust.

In fact, RedMapleFX has not even made an effort to make it look like it is a legitimate broker! No trading conditions, no payment information, no demo account – not even a trading platform!

RedMapleFX

2.3

User Experience

2.8/10

Payment Options

2.5/10

Security

2.1/10

Support

1.9/10

Reputation

2.2/10

Pros

  • None

Cons

  • Not Regulated
  • No Corporate Information About the Founding Members
  • No Information on Trading Conditions
  • No Demo Account
  • No Trading Platform

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

AvaTrade
$100
Minimum Deposit

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.

Plus500
$100
Minimum Deposit

76.4% 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

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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.

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