RannForex positions itself as the most open broker in Forex history. Its model involves honest relationships and mutual trust with clients. How feasible this can be judged by the reviews, in which there is both criticism and recognition. We will analyze the project registered in St. Vincent and the Grenadines to see if there is any scam.
- RannForex General Information
- Registration and Client Portal Review
- RannForex Trading Conditions
- Account Types Review
- Trading Platform
- RannForex — Deposit and Withdrawal of Funds
- Analytics and Partnership
- Is RannForex a Scam?
- Legal Information and License
- Rannforex.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
RannForex General Information
|Address||First Flour, First Saint Vincent Bank Ltd. Building, James Street, Kingstown, St. Vincent and the Grenadines|
|Assets||Forex (currency pairs), CFDs|
|Leverage||From 1:1 to 1:500|
|Trading Platform||MetaTrader 4, MetaTrader 5|
Registration and Client Portal Review
RannForex confuses with a strange site that looks frankly old-fashioned. Some interface elements, design, and animations are reminiscent of web standards from the early this century.
Unlike many anonymous brokers, RannForex is inextricably linked with its founder named Dmitry Rannev. We are told that this person has been widely known among traders since 2003. It also explains why the site has a Russian version and some elements are still not translated into English (So sometimes we had to use Google Translate.).
Be that as it may, let’s try ourselves as a client and open an account on the RannForex site. The corresponding button will take us to the account comparison, and then to the login form. Only after the third step will we finally see the registration form. In it, you should specify an email and come up with a password, as well as create a username.
Next, you will receive an email with an activation link that is valid for 48 hours. After that, you need to log in and finally get into your client portal. Here you will not be able to carry out any actions until you enter personal and contact information.
Finally, we see that RannForex provides a rather convenient client portal. You can open a live and demo account at the same time. When choosing, you need to specify the account name, currency, and leverage. The number of live accounts cannot exceed 10.
Also, you can:
- Jump to the demo directly in the web version of MetaTrader
- Change trading settings (order execution, stop loss activation, etc.)
- Deposit and withdraw funds
- Join the affiliate program
- Download all software versions
- Change personal settings
- View the help section
- Create a support ticket.
The broker obviously did a good job of making traders comfortable.
RannForex Trading Conditions
RannForex was founded by Dmitry Rannev, who knows firsthand about trading. He is also the CEO of AMTS Solutions, a brokerage software development firm. This promises to be something interesting.
The founder repeatedly emphasizes that he strives for the most open and transparent work of the company. As part of this goal, for example, the entire transaction history is recorded in the blockchain network. It runs on Ethereum and allows any user to search for their order or browse the database in full. Thus, RannForex cannot cancel client transactions in any way, since any interference will be displayed on the blockchain in front of everyone.
Account Types Review
RannForex has no minimum deposit, which makes the platform accessible to a wide range of clients. However, traders need to explore the line of accounts, which differ primarily in the type of software.
|MT4.Pro||Not set||To 1:500||Forex, CFDs|
|MT5.Pro||Not set||To 1:500||Forex, CFDs|
|MT5.Crypto.Fut||5 USDT||To 1:20||Crypto|
|PAMM||Not set||To 1:500||Forex, CFDs, Crypto|
In short, in terms of volume, margin, commission, swap and stop out, the first two accounts are identical. Their difference is in the technical features of MetaTrader versions. Logically, a crypto account has more unique characteristics.
Finally, RannForex, together with AMTS Solutions, offers a PAMM accounts platform (https://amtsinvest.com/en/). We won’t dwell on PAMM in detail; its concept is far from the classic brokerage.
In addition to the comparative table of accounts, the broker indicates:
- Detailed contract specifications
- Margin requirements
- Archive of ticks and quotes.
As in the case with the functionality of the client portal, such openness of RannForex so far only inspires confidence.
RannForex does not reinvent the wheel and uses the popular MetaTrader 4 and 5. They have earned the trust of customers due to their functionality, reliability, and simplicity. The program can be downloaded after registering on a desktop or smartphone. The terminal also works in the browser without an additional installation.
You can open a demo account in your client portal and practice trading. For more convenience, RannForex also provides a Market Depth from AMTS Solutions. The client can download it as a PC application in order to use MetaTrader more widely.
RannForex — Deposit and Withdrawal of Funds
You can deposit money into your account by:
- Payment systems (like Perfect Money and others)
- Cryptocurrency (BTC, USDT).
The withdrawal is the same. In all cases, except for transferring USDT through Binance, you need to pay fees from 0.5 to 2.5%. As you can see, RannForex does not accept bank cards. Instead, there are easy-to-follow guides on how to use crypto, especially on Binance.
Oddly enough, with such thorough working methods, RannForex treats the AML and KYC policies in a slipshod manner. It is clear from the relevant document that only personal and contact details are required to open an account. Moreover, without any verification of this data! It turns out that the only verification method is the activation link to your email. After that, you can safely trade.
However, RannForex still informs about its right (not the requirement) to ask for additional documents:
- Identity card
- Address confirmation.
The company may also request notarized documents. If they are not in English, you will have to resort to the help of an official translator.
Analytics and Partnership
In addition to the above analytical features, RannForex offers an economic calendar and a trading calculator. Also, you can study interesting statistics of trading accounts and PAMM accounts. So, for 5 years of work, the number of open accounts with the broker slightly exceeded 2.5 thousand.
The company provides details on accounts, profit and loss, trading turnover, equity, etc. This information can be very useful for experienced traders who will be considering RannForex for cooperation.
Finally, the broker offers a simple affiliate program. Under its terms, you will receive a reward of 10% of the trading commission, regardless of other circumstances. To participate in the program, it is enough to create an invitation link in your client portal.
Is RannForex a Scam?
The company definitely does not look like a one-day scam, but some of its features are confusing. Let’s see what’s going on with customer protection. We will rely on facts taken from official sources.
Legal Information and License
RannForex is built on the principle of transparency, but the project lacks a license to permit activities. In the description of the benefits, we did not find information about any regulator. The client agreement and the website footer say that the project is managed by Rann FS LLC from the offshore Grenadines.
Such a legal entity actually exists. It was created in 2019 and is currently awaiting cancellation. Most likely at the owner’s discretion. By the way, Saint Vincent and the Grenadines does not license or regulate forex brokers anyway.
At the same time, the news on the website indicates that Rann FS Limited was established in 2013. It was in Seychelles, but now the company registry (https://www.registry.gov.sc/) does not know about such an entity. However, unofficial sources say that it was created on 2018-08-02 and still exists.
Curiouser and curiouser! Finally, RannForex reports that the site is operated by RD Global Solutions LP. This is a UK-based partnership which is easy to register. The founders can be individuals and legal entities from anywhere in the world. No taxes are paid, and no financial statements are filed.
And yes, the partnership was created on 10 April 2017 by Dmitry Rannev and Rann FS Limited. It is not clear what organization this is if it was created in Seychelles in 2018. It’s funny that the legal address was changed on March 22, 2021, but Edinburgh is still on the site. Strange forgetfulness with such attention to detail.
As a bottom line, we have to say that the issue of RannForex legal regulation is completely confusing. Offshore, few companies, no licensing. Not very good for the most open broker in history.
Rannforex.com Domain Info
The domain check didn’t reveal any shocking facts. https://rannforex.com/ was registered in 2013, and real work began in 2017, which coincides with the words of Rannev. Curiously, there are mirrors with unpresentable URLs on the same IP. Such as rannforex2.com, rannforex3.com. The visual side of the project maintenance is obviously suffering.
No wonder RannForex is popular in Ukraine and Russia. What is truly strange is the huge proportion of visitors from Iraq, which has also increased significantly in recent times. The broker does not even provide Islamic accounts (swap-free), which are usually used by Shariah adherents. So this is another mystery.
You can use e-mail or online chat to contact RannForex. By the way, they answer instantly in the chat. Despite this, they do not have a phone, and on social networks there are one to two hundred subscribers each. Finally, there are no offices, just legal addresses.
RannForex is the author’s project of Dmitry Rannev, who worked at the Central Bank of Russia. He also worked for many years at Alpari, a notorious broker that gradually lost almost all of its licenses. By the way, it was Alpari who came up with PAMM accounts, which have gained worldwide popularity (No less sad one.).
It is expected that the client agreement contains unfavorable terms for the client. For example, RannForex is not responsible for losses, may charge additional fees, or terminate account access at any time. Recall that no one regulates the broker, so it’s free in its actions.
Pros and Cons
- Functional personal account.
- Detailed trading conditions.
- Free access to MetaTrader.
- 5 years of work.
- Outdated site.
- Lack of bank cards and transfers in payment methods.
- Careless verification.
- No license.
- Little global popularity.
- Lack of contacts.
- Connections with Alpari.
- No liability.
Frequently Asked Questions (FAQ)
The broker offers transparent trading in CFDs and currency pairs. There are also PAMM accounts here.
There is no initial deposit, except when you are trading on a crypto account. Apparently, it is possible to start trading with $1 here.
The company tries to show its transparency in every way. However, for 5 years it has not received a single license, and a real mess is going on in legal entities. It’s hard to trust this broker.