RMDTrader is a South African licensed MT5 Forex broker, that opened in July 2020.
Located at: 8th floor Ebene Tower, 52 Cybercity, Ebene, Mauritius, their phone number in South Africa is: +27 (0)87 551 3106. Contact email address is: [email protected], and their official website is: https://rmdtrader.com/.
For complaints and withdrawal problems, read this.
Our review of RMDTrader find that investors & forex traders can trade with the industry leading MT5 trading app. They offer the full suite of MetaTrader trading software including; Metatrader 5 Desktop, WebTrader and Mobile Apps for Android & iOS.
New investors at RMD will find a wide range of underlying assets available for trading including: Forex, Energy, Precious Metals and Crypto Currency, and Commodities like Oil and Gold.
Three types of trading accounts are offered. The RAW account, Standard or Islamic Account. On the RAW account, your spreads are lower, but you will be paying a commission of $5.00 per lot. This is made for more active traders. On the Standard account type, there are no commissions, but you will find that spreads start at 0.7.
Fake Forex Traders
If you, like many people in South African’s are getting involved in Forex trading, because of a trader you found on Instagram, think again. Many traders create fake Instagram profiles, and show off a high roller lifestyle, and claim their success comes from Forex trading.
Before following a Forex trader, you should know that many of these people are very often a fraud! They are setup as Introducing Brokers, and they are looking to profit from your trading volume.
You should go educate yourself about Forex trading and look at the copy trading features at regulated brokers like AvaTrade.
Is RMDTrader a Regulated Broker?
Yes, RMDTrader is regulated by the FSCA in South Africa with FSP license number 50259. They are also licensed by the FSC Mauritius as an investment dealer.
When you check a new online broker to see if they are legitimate or a scam, the first thing to do is verify their license. All Forex / Crypto brokers must be licensed and regulated by your local financial regulator. By using a licensed broker, you can be assured that they are regulated and operate in a fair manner. It is very important for all investors to verify that the brokerage firm they are using, actually has a valid license.
If you are having problems making a withdrawal from your broker, read this.
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There are many new Forex brokers to compare and choose from online.
You get an easy trading platform, and Free Demo Accounts. Read more at: Pepperstone.com.
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