Ruby Markets presents itself as a meticulously regulated trading platform, boasting numerous reputable trading licenses. The platform’s website boldly assures users of optimal trading conditions, offering enticing features such as high leverage, tight spreads, and minimal fees.
Despite these seemingly robust claims, the entire brokerage operation is an elaborate hoax masterfully crafted to exploit unsuspecting traders, ultimately resulting in the misappropriation of their funds. If you have fallen victim to this cunning scheme, we invite you to delve into our comprehensive Ruby Markets Review, where we will dissect the deceptive tactics employed and provide valuable insights on how you can initiate the process of recovering your hard-earned money.
The Financial Conduct Authority (FCA) has also published a warning about this company.
Ruby Markets Regulatory Deception:
Let’s unravel the deceptive web of regulatory claims made by Ruby Markets. The platform boldly asserts its legitimacy through purported licenses from renowned financial market authorities, a facade designed to ensnare unsuspecting traders.
Upon scrutinizing the background of this self-proclaimed fake provider, red flags immediately surfaced. A regulatory warning, issued by the Financial Conduct Authority (FCA) on November 27, 2023, casts a shadow over Ruby Markets. Similar to the case of FBK Markets, it was discovered that Ruby Markets lacks the necessary licensing to offer Forex trading services, making the platform a potential hazard for all funds entrusted to it.
The FCA, in its warning, explicitly states that trading with Ruby Markets comes with significant drawbacks. Traders engaging with this broker won’t have recourse to the Financial Ombudsman Service in the event of a complaint. Moreover, they won’t benefit from the protection afforded by the Financial Services Compensation Scheme (FSCS) should issues arise.
In light of these alarming revelations, it becomes imperative for traders to exercise caution and opt for regulated providers operating under the watchful eye of esteemed financial authorities. Reputable regulatory bodies such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), MAS (Singapore), CySEC (Cyprus), among others, offer a secure framework within which traders can operate, ensuring transparency, accountability, and safeguarding the interests of market participants. Choosing licensed entities over unscrupulous platforms is a crucial step in fostering a secure and trustworthy trading environment.
Ruby Markets Targeting Vulnerable Traders:
As per information available on godaddy.com/whois, the domain Ruby Markets.com was registered some years ago. Over the span of four and a half years, this financial imposter has strategically targeted unsuspecting traders, primarily focusing on individuals residing in countries known for stringent financial regulations. Notably, these countries are from different continents across the world.
Despite the robust financial regulations in place in these regions, Ruby Markets has audaciously operated as a financial swindler, preying on traders in contravention of established laws. Each of these countries has enacted laws designed to thwart unauthorized entities from defrauding local traders. A key provision mandates that every brokerage firm must possess the requisite license or permit to operate within their jurisdiction.
In a blatant violation of these regulations, Ruby Markets not only lacks the necessary licenses but also flouts specific rules set forth by regulatory authorities. One such violation involves offering users leverage that exceeds the prescribed limits in Europe (1:30) and the UAE (1:20). This misconduct has not gone unnoticed, prompting regulatory bodies like the Financial Conduct Authority (FCA) to issue warnings against Ruby Markets, alerting traders to exercise extreme caution when dealing with this platform.
The deliberate disregard for regulatory standards and the breach of established financial laws underscore the dubious nature of Ruby Markets’s operations. Traders are urged to stay vigilant, adhere to local regulations, and opt for platforms that operate within the confines of the law to ensure the safety and security of their investments.
Trading Platform Evaluation:
Ruby Markets’s trading platform presents itself as a straightforward web-based terminal catering to a range of popular trading instruments, including Forex currency pairs, indices, commodities, precious metals, stocks, and cryptocurrencies. Despite the enticing claims made on the deceptive website, the platform falls short of delivering on its promises.
The user interface, in contrast to the alluring advertisements, is rather lackluster, offering basic charts, graphs, and indicators. While beginners might be drawn to its simplicity, seasoned traders are likely to find the platform lacking in advanced features and tools. Notably absent are crucial elements such as advanced trading tools and the option for a demo account, denying users the opportunity to test the platform risk-free. For a deeper understanding of why this absence is concerning, one can refer to our CoinW review.
For those seeking a genuinely enriching trading experience, the recommendation is to adhere to licensed providers that support well-established third-party software like MetaTrader 4, MetaTrader 5, SiriX, or cTrader. These platforms are widely regarded as among the best in the industry, offering a plethora of tools and features. Traders utilizing MetaTrader, for instance, can benefit from automated and algorithmic trading, advanced charting capabilities, live market reports, seamless API integration, a diverse range of timeframes (20+), the use of Expert Advisors (EAs), and lightning-fast order execution.
In conclusion, opting for platforms that support recognized third-party software ensures not only a more robust trading experience but also access to a suite of tools that can significantly enhance trading strategies and decision-making processes. Traders are encouraged to prioritize platforms with proven track records and comprehensive features to safeguard their investments and trading endeavors.
Live Account Types and Trading Conditions:
The trading conditions advertised on Ruby Markets’s website are riddled with inconsistencies and red flags. Notably, the platform offers maximum leverage of either 1:100 or 1:500, figures that significantly surpass the legal caps enforced in reputable jurisdictions. While high leverage has the potential to amplify profits, it also exposes traders to heightened risks, turning leverage trading into a particularly precarious endeavor.
In examining the bid/ask gap for the Ruby Markets EUR/USD pair, the platform appears competitive with a 1-pip spread. However, a notable concern arises as the commissions associated with trading on Ruby Markets are not transparently disclosed. Hidden fees are a common tactic employed by scammers to deceive unsuspecting traders, and the absence of clear information on commissions raises suspicions.
Adding to the list of concerns is the absence of a demo account option. For beginners, the ability to practice trading in a risk-free environment is crucial before venturing into the complexities of the market with real money. Legitimate brokers recognize this need and routinely offer free demo accounts. Ruby Markets, on the other hand, fails to provide this essential feature, further emphasizing the platform’s unreliability.
In light of these discrepancies and red flags, caution is paramount. Traders are advised to steer clear of Ruby Markets and opt for platforms with transparent trading conditions, clearly outlined fees, and the provision of a demo account for skill development and risk-free exploration of the platform’s features. Prioritizing platforms that prioritize the safety and education of traders is essential to fostering a trustworthy trading environment.
Deposit and Withdrawal Process:
Various payment methods, including credit/debit cards, wire transfers, and cryptocurrencies, are listed for funding live accounts. However, scammers’ preference for crypto payments, which are challenging to trace and undo, adds to the platform’s dubious nature. Traders are advised to exercise caution and seek professional assistance for fund recovery if they fall victim to Ruby Markets’s schemes.
Key Facts and Verdict:
In summary, our unequivocal verdict is that Ruby Markets is an elusive and deceptive broker, operating anonymously and primarily targeting traders from different continents around the world. This unscrupulous provider has recently earned the dubious distinction of being blacklisted by the Financial Conduct Authority (FCA).
Our resounding recommendation is to steer clear of this platform due to its lack of regulation and glaring lack of transparency. The absence of regulatory oversight and transparency raises significant concerns about the safety and security of funds entrusted to Ruby Markets.
For those who have fallen victim to the Ruby Markets scam and incurred financial losses, it is imperative to take swift action. We strongly advise seeking professional assistance from Scam Brokers Reviews to initiate the fund recovery process. By utilizing the form below, you can schedule a free consultation with our team, providing detailed information about your case. Our dedicated experts are ready to guide you through the steps of recovering your funds, offering support and expertise at every stage of the process.
Remember, swift action and informed decisions are key to recovering from such fraudulent schemes. Let our Reviews be your ally in navigating the recovery process and reclaiming what rightfully belongs to you.
What to Do If You Fell Victim to the Ruby Markets Scam:
- Stop All Engagement with the Platform
Cease any further engagement with the company, including accessing the website, replying to emails, or contacting customer service representatives.
- Document All Your Activities and Losses
Gather evidence by taking screenshots of your account, transaction receipts, emails, and message logs. Create a record of damages, including money, crypto, or personal data lost.
- Report the company to All Relevant Authorities
File reports about this company, its social media channels, and associated payment processors to local and international authorities, including the police, FTC, CFPB, social media platforms, domain registrars, and cryptocurrency exchanges.
- Reset All Account Passwords
Immediately reset passwords for your email, financial accounts, crypto wallets, and other sensitive logins. Enable Two-factor authentication for additional security.
- Run a Malware Scan
Check your devices for malware using a trusted antivirus program to remove any viruses or spyware from the scam site.
- Install an Ad Blocker
Install an ad-blocker to block malicious ads or phishing attempts, providing an additional layer of protection.
- Warn Others about the Scam Dangers
Spread awareness about the tactics of the company and similar crypto scams in your social circles and online communities. Share your story to prevent others from becoming victims.
- Consult Legal Options for Potential Recourse
Discuss your case with an attorney to explore potential options for pursuing the scammers and recovering stolen funds. While challenging, victims have sometimes gained restitution through civil lawsuits and class action cases.
FAQ Section:
- What is Ruby Markets?
– Ruby Markets is an anonymous fraudulent entity posing as a legitimate and licensed Forex brokerage firm. - Is Ruby Markets Regulated?
– No, Ruby Markets is not a regulated firm and has been blacklisted by the UK’s FCA regulator.
For more genuine reviews on this kind of company, visit the website at www.marketrefree.com