Ridder Trader Group – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Ridder Trader Group - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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.
Website URL: https://riddertraderltd.com
Founded: 2020
Regulations: None
Languages: English, Chinese
Deposit Methods: Unknown
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: Forex, Metals, Indices, Commodities, Futures, Shares
Trading Accounts and Conditions
Ridder Trader Group offers their clients a variety of account types. First, you get to choose between the Live Accounts and the STP/ECN accounts.
For the Live Floating/Live Fixed accounts, here are the options they provide:
- Micro: The spreads start from 1.8 pips. There is flexible leverage available up to 1:1000. There are no commissions charged.
- Premium: The spreads start from 1.6 pips. The leverage remains at a maximum of 1:1000 and there are no commissions charged here either.
- VIP: The spreads start from 1.4 pips. The leverage is 1:1000 and no commissions are charged.
- Zero Fixed: The spreads start from 0 pips, but here there are commissions charged (these commissions are based on the currencies being used). The maximum leverage is 1:500.
For the STP/ECN accounts, here are your choices:
- No Commission: The spreads start at 1.7 pips. There is flexible leverage up 1:200.
- Zero Spread: The spreads start at 0 pips. There is flexible leverage up to 1:200. There are commissions charged, but the broker does not specify how much.
- Absolute Zero: The spreads start from 0.3 pips. The flexible leverage is up to 1:200 and you are charged no commissions.
We do not know what the minimum deposit requirement is.
Ridder Trader Group – Advantages
There are no advantages to trading with Ridder Trader Group.
Ridder Trader Group – Disadvantages
Ridder Trader Group is not trustworthy and here is how we know:
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Lack of Authorization
The first sign that a broker can be trusted is that they are completely transparent about their identity as well as their regulatory standing. They clearly tell all visitors who runs their online brokerage, where they are located, and they also provide us with multiple forms of communication. Legitimate brokers also provide all the information you need to check whether they are operating legally or not – their company registration details as well as their regulation details.
With Ridder Trader Group, all of this information is missing. We do not know the name of the company that runs this online brokerage. We have no physical address provided. All we have is an Australian phone number in their Contact Us section.
We find out more in their Legal Information page, where the broker claims that they are registered in St. Vincent and the Grenadines (SVG), and that their company name is Ridder Trader Ltd. The broker goes so far as to put up a link to the registration certificate.
The broker further claims to be regulated by the Australian Securities and Investments Commission – the ASIC – under the name Ridder Trader PTY LTD.
Now, here is the confusing part. When you check the Australian Company number that this broker provides, we do come up with a company name – the certification on their website and the information on the company number on the ASIC website match. However, when you check for their regulation status – nothing comes up! There is no broker by this name regulated by the ASIC.
Here is what we can conclude when we assess all the information we have found. Being registered in SVG means nothing with regard to being a legal broker since the SVG Financial Services Authority has clearly stated that they do not regulate forex brokers.
And the information on ASIC tells us that we are dealing with a clone firm – a scammer that uses a real company’s details to try and fool their target victims into thinking they are legitimate.
Thus, Ridder Trader Group is a clone firm and a scammer.
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.
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.
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No Legal Documents
On their legal page, where this broker claims to be regulated by the ASIC, the broker presents us with two links – Terms of Business and Privacy Policy. However, if you click on those links, nothing happens. There are no legal documents at all! This broker is just trying to fool us into thinking that they actually have legal documents in place. Another indication of their scam!
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Lies About Trading Platform
Ridder Trader Group claims to offer their clients the MetaTrader 5 trading software. If this were true, then this broker would have had a bid advantage; the MT5 software is the best trading platform in the world today.
But we find another scam here. This broker does offer the MT5 trading software. However, when you click on the download button, we find that what this broker offers is the demo version that is freely available on the MetaQuotes’ website. This version is only for display purposes and not for real trading. So, basically, this broker does not have any trading platform at all!
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Issues with Trading Conditions
We also know that we are dealing with a scammer when we look at Ridder Trader Group’s trading conditions. Let’s start with the fact that there is no minimum deposit requirement mentioned anywhere on this broker’s website. And then there is that massive leverage they offer: 1:1000. We need to let you know that a legally authorized broker operating in Australia cannot offer a leverage of more than 1:30. So, this broker is scamming you.
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Issues with Payments
We have absolutely no information about the payments here. We do not know what deposit methods are available. We do not know what the withdrawal conditions are, and we do not even know what currency options are available. This complete lack of information once again simply emphasizes what are have already proved: that we are dealing with a scammer.
Conclusion
Ridder Trader Group is not a broker that you should trust; they are out to scam as many people as they possibly can.
Ridder Trader Group
Pros
- None
Cons
- Lack of Authorization
- No Legal Documents
- Lies About Trading Platform
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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