RaiseFX
Pros and Cons
Pros
- Regulated by the Financial Sector Conduct Authority (FSCA) of South Africa
- Over 500 tradable assets including Forex, stocks, commodities, and cryptocurrencies
- MetaTrader 5 platform with advanced trading tools and features
- Leverage options up to 1:500 available for traders
- 24/7 customer support available for all trading inquiries
Cons
- Unregulated in major jurisdictions like the US and UK
- Blacklisted by French financial regulator AMF
- High minimum deposit requirement of $200
- Limited educational resources for traders
- Widespread user complaints about withdrawal difficulties
Basic Information
User Reviews
RaiseFX Overview
Founded in 2021 and headquartered in Johannesburg, South Africa, RaiseFX is a rapidly growing online forex broker recognized for its commitment to providing exceptional trading conditions. Regulated by the Financial Sector Conduct Authority (FSCA) under license number 50506, RaiseFX ensures a secure trading environment that prioritizes the interests of its clients. The broker has made significant strides in the international market by expanding its services and enhancing its regulatory framework, including recent license acquisitions in various jurisdictions, which underscore its dedication to transparency and compliance.
RaiseFX offers a diverse range of trading instruments, including over 100 currency pairs in the forex sector, commodities, indices, and cryptocurrencies. The broker provides access to the advanced MetaTrader 5 platform, known for its user-friendly interface and robust analytical tools, empowering traders to execute their strategies effectively. Customer support is available 24/5 in multiple languages, ensuring that traders receive timely assistance. With unique advantages such as low spreads, high leverage up to 1:500, and a focus on client education, RaiseFX stands out as a reliable choice for both novice and experienced traders seeking to enhance their trading experience.
Is RaiseFX Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Sector Conduct Authority (FSCA) | South Africa | Segregated Funds |
Is RaiseFX Regulated and How Are Client Funds Protected?
RaiseFX is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa under license number 50506. This regulatory oversight provides a level of legitimacy to the broker, as the FSCA ensures that financial entities adhere to strict compliance standards. Client funds are protected through measures such as segregated accounts, which help to keep traders’ deposits separate from the broker’s operational funds. However, it is important to note that the broker has faced scrutiny, being blacklisted by the French Autorité des Marchés Financiers (AMF) for unauthorized trading activities. This raises concerns about its overall trustworthiness. Despite this, the FSCA regulation indicates that RaiseFX operates under a regulated framework, which is a positive aspect for potential investors assessing the broker’s safety.
Trading Products and Services
What Trading Instruments Does RaiseFX Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/USD, Major & Minor Pairs | 100+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Multiple |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Many |
| Stocks | Apple, Microsoft, Google, Amazon | Many |
| Cryptocurrencies | BTC, ETH, LTC, XRP | 30+ |
RaiseFX provides a comprehensive range of trading tools, catering to diverse trader preferences and strategies. With over 500 tradable assets across various categories, including Forex, commodities, indices, stocks, and cryptocurrencies, traders can effectively diversify their portfolios. This extensive selection meets the needs of different types of traders, from beginners to seasoned professionals, allowing for both short-term trading and long-term investment strategies. The platform’s design promotes adaptability and flexibility, essential for navigating today’s dynamic markets. Whether you are looking to engage in Forex trading or explore various market options, RaiseFX equips you with the necessary tools to make informed trading decisions.
Account Types and Trading Conditions
What Account Types and Fees Does RaiseFX Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard Account | Retail traders, beginners | Low spreads, no commission, leverage up to 1:500 | Minimum deposit of €200, suitable for both novice and experienced traders |
| Corporate Account | Corporate entities | Floating spreads from 0.0 pips, commission of $0.05 per lot | Requires corporate documentation, minimum deposit of €200 |
| Islamic Account | Muslim traders | Swap-free trading conditions | Must provide documentation proving eligibility |
| Demo Account | All traders | Practice trading without risk, full access to trading platform | Available for all users to familiarize with the platform |
Account Opening Process
Opening an account with RaiseFX is a straightforward process that involves several steps:
1. Registration: Visit the RaiseFX website and create an account by entering your personal information such as name, email address, and phone number.
2. Identity Verification: Validate your identity by submitting necessary documents, including a government-issued ID and proof of address.
3. Financial Information Submission: Fill in details regarding your employment and financial status if required.
4. Deposit: Make your first deposit to activate your account. The minimum deposit is €200.
5. Account Flexibility: Once your account is set up, you have the option to upgrade to a professional account later if your trading volume qualifies.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive pricing for minors |
| CFDs (Stocks) | 1.5 | $0.05 per lot | Varies by stock |
| CFDs (Indices) | 1.0 | $0.05 per lot | Popular indices included |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
In addition to trading fees, RaiseFX has several other costs to be aware of:
– Deposit/Withdrawal Fees: Generally, there are no fees for standard deposit methods, but wire transfers may incur charges.
– Inactivity Fees: An inactivity fee may apply if the account remains dormant for an extended period.
– Platform Usage Fees: No platform fees are charged for using the MetaTrader 5 platform.
– Overnight Interest (Swap Rates): Applicable for positions held overnight depending on the account type.
– Currency Conversion Fees: May apply when trading in a currency different from your account’s base currency.
Trading Platforms and Apps
What Trading Platforms and Apps Does RaiseFX Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 5 (MT5) | Windows, macOS, Linux | Two-factor authentication, multiple order types, price alerts, technical indicators | Demo accounts, API access |
| Web Version | Any device with a web browser | Encryption, symbol lookup, push notifications, customizable interface | No additional services |
| Mobile App | iOS, Android | Biometric login, one-click trading, real-time alerts, market analysis tools | Demo accounts |
RaiseFX provides a comprehensive trading environment with three primary platforms: MetaTrader 5 (MT5), a web version, and a mobile app. MT5 is ideal for advanced traders due to its extensive features and support for automated trading. The web version ensures accessibility across devices without the need for installation, while the mobile app allows traders to manage their accounts on the go. All platforms emphasize secure logins, fast order execution, and efficient market search tools, enhancing the overall trading experience.
Overall, RaiseFX’s platforms cater to a range of trader needs, combining robust security measures with essential trading functionalities. The options available ensure that both new and experienced traders can find a suitable environment for their trading activities.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 200 EUR, Max Withdrawal: 50,000 EUR/day | EUR, USD, GBP |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 200 EUR, Max Withdrawal: 10,000 EUR/transaction | EUR, USD, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 EUR, Max Withdrawal: 10,000 EUR/transaction | EUR, USD, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 EUR, Max Withdrawal: Varies by method | Supports local currencies |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. First-time large withdrawals (typically over 2,000 EUR) require identity documents (passport) and address proof (utility bill), with additional scrutiny for suspicious transactions.
Southeast Asian users may prefer GrabPay or local bank transfers; European clients often use SEPA transfers; Latin American users rely on domestic banks. Note that US users cannot use Skrill; some Middle Eastern countries limit PayPal. Partner banks in Japan may offer zero-fee transfers.
Cost Optimization Tips
- Small Deposits (<1,000 EUR): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 EUR): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
- Request your withdrawal from your trader room.
- Receive your confirmation email in the next 24 hours.
- Get your funds in your bank account after 2-3 business days.
Customer Support
RaiseFX Customer Support Overview
Support Channels
RaiseFX offers multiple avenues for customer contact, ensuring that traders can reach out for assistance whenever needed. The primary support channels include:
- Email: Customers can reach the support team at support@raisefx.com for any inquiries or issues.
- Live Chat: For immediate assistance, RaiseFX provides a live chat feature on their website, allowing for real-time communication.
- Telephone: Traders can also contact customer support via telephone at +44 20 45 79 80 75 during business hours.
- Social Media: RaiseFX maintains an active presence on social media platforms, where customers can also seek help and updates.
Service Availability
RaiseFX’s customer support is available 24/5, ensuring that assistance is accessible during the trading week. The support team is equipped to handle inquiries in multiple languages, including English, French, Spanish, Arabic, Chinese, and Russian, catering to a diverse client base.
Additional Resources
In addition to direct support, RaiseFX provides various educational resources to enhance traders’ experience, including:
- Video tutorials that cover platform navigation and trading strategies.
- Webinars featuring expert insights on market trends and trading techniques.
- Regular market analysis to keep traders informed about market movements.
- Trading signals that help clients make informed decisions.
Overall, RaiseFX is committed to delivering quality customer support and resources to empower traders in their trading journey.
Frequently Asked Questions
RaiseFX operates under the oversight of the Financial Sector Conduct Authority (FSCA) of South Africa, ensuring that it adheres to regulatory standards for financial services. This includes maintaining transparency in operations and safeguarding client funds in compliance with local regulations.
RaiseFX provides competitive trading conditions, including leverage of up to 1:500, ultra-tight spreads, and a wide range of over 500 tradable assets. The platform supports trading through the popular MetaTrader 5 (MT5) platform, ensuring an efficient trading experience.
RaiseFX takes fund security seriously by implementing stringent security measures, including segregated accounts for client funds, to ensure that traders’ capital is protected. The platform also employs advanced encryption technologies to safeguard personal and financial information.
RaiseFX offers 24/5 customer support through various channels, including live chat, email, and phone. The support team is dedicated to assisting clients with any inquiries or issues, ensuring a smooth and positive trading experience.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.