RubyFinance – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
RubyFinance- DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://rubyfinance.pro
Founded: 2021
Regulations: Regulated
Languages: English, French, German
Deposit Methods: Cryptocurrencies
Minimum Deposit: €250
Free Demo Account: Yes
Number of Assets: 200+
Types of Assets: Currencies, Stocks, Indices, Commodities
Trading Accounts and Conditions
RubyFinance claims to offer its customers 5 different plans:
- Bronze: The minimum deposit requirement is €250. Available trading currencies are the USD and EUR.
- Emerald: The minimum deposit requirement is €2,500. Available trading currencies are the USD, EUR, AUD and GBP.
- Sapphire: The minimum deposit requirement is €10,000. All currencies are available for trading.
- Rubin: The minimum deposit requirement is €20,000. All currencies are available for trading.
- Diamond: The minimum deposit requirement is €50,000. All currencies are available for trading.
The broker does not specify any other details. The spreads are called floating, and the trading conditions are called Standard, Advanced and Premium. Commissions and brokerage fees are applied, but the amounts are not specified.
RubyFinance – Advantages
We did not find any advantages to write about in our review of RubyFinance.
RubyFinance – Disadvantages
Here are all the disadvantages we found that lead us to believe that RubyFinance is a scammer:
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Unregulated Offshore Broker
RubyFinances states on its website that it is owned by a company called Inure Consulting LTD. This company is based in the Commonwealth of Dominica, which means that this is an offshore broker.
This is the first red flag that we identified while reviewing this broker. The Commonwealth of Dominica does have a financial regulator – the FCU (Financial Services Unit) – however, it does not oversee the regulation of forex brokers. Therefore, even if a broker is registered there, it still is not legally licensed to operate a forex brokerage – not unless it holds a license from another financial regulator that does oversee forex brokers.
However, RubyFinance does not provide any other licensing and regulation information, which means that it is not regulated at all.
Another issue we have with this broker’s regulation status is that in its terms and conditions, the broker mentions that it follows the laws of the Polish courts. Now, Poland is a part of the European Union, and any broker that operates out of this territory needs to be regulated either by a member EU state or by the local regulator, the KNF (the Polish Financial Supervision Authority). So, we checked the KNF’s online register to see if there was any entity by the name of RubyFinance or Inure Consulting LTD listed there, and we found nothing. Therefore, we can safely conclude that this broker is unlicensed and therefore 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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Poor Trading Software
When you go through this broker’s website, they promise you a customized trading platform that has a wide range of tools and capabilities which will make your trading experience a great one.
So, we registered for an account to check out this custom trading software. Instead, what we found was a very limited webtrader platform, one that we have seen innumerable times on other scam brokers’ websites. There are basic functions available – placing orders, customizing a few basic charts, and using a few technical indicators. And that’s it. It doesn’t even come close to the MetaTrader 4 platform, the world’s most popular trading software.
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Links to Download Remote Access Apps
While checking out RubyFinance’s trading platform and website, we noticed that RubyFinance also offered visitors and clients links to download remote access apps. This is a huge red flag.
Unscrupulous brokers such as this one prey of the inexperience of new traders and download these apps, convincing them that they will be able to create accounts and trade more effectively if they do so. Once these traders download that app, all their personal information stored on their devices are accessible to the brokers, who can then steal credit card, PIN and/or banking details.
If you see that your broker is offering such apps, then be very careful. This is a sure sign of a scam.
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No Trading Conditions Mentioned
There is a whole page on RubyFinance’s website with the account (or plan) details outlined. It looks very detailed, but when you start reading through it, you realize that there is no critical information provided.
We do not know what spreads are being offered. Spreads are necessary information because it will tell us the actual cost of a trade. However, when we checked their trading platform, we found out that the spread for the EURUSD pair was at a massive 3 pips. The industry average ranges from 0.5 pips to 1.5 pips. So, a spread of 3 pips is more than double, and very unprofitable for a trader.
Information on leverages is also missing. So, we do not know how much you can or cannot borrow. Once again, we only got to know what the leverage offered was after we registered for an account. The maximum leverage this broker offers is 1:200, which is extremely high. We should also mention it is illegal. Since this broker targets customers in the UK, Europe and Australia, a leverage of more than 1:30 is illegal.
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Bonuses Offered
RubyFinance also offers its clients bonuses, which is another red flag. This is because these types of bonuses are illegal in the UK, Australia and Europe.
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One Payment Method
On its website, RubyFinance claims to offer numerous payment options – credit/debit cards, bank transfers, crypto wallets and so on. However, when we checked the payment page (after registering for an account), we found out that the only way you can make a deposit is via cryptocurrencies.
This is a clear scam indicator, since crypto payments are the preferred method for scammers. Crypto transactions are completely anonymous and permanent, which means that once you have transferred your money, there is no way you can get it back.
Conclusion
RubyFinance is just another scam broker and it would be best not do conduct any kind of business with them.
RubyFinance
Pros
- None
Cons
- Unregulated Offshore Broker
- Poor Trading Software
- Links to Download Remote Access Apps
- Bonuses Offered
- One Payment Method
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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