RainbowIndia is a forex broker that claims to offer a variety of trading services, including forex trading, CFD trading, and cryptocurrency trading. However, there is a growing body of evidence that suggests that RainbowIndia is a scam broker.
Company Overview
RainbowIndia is a relatively new broker, having been founded in 2022. The company did not disclose its headquarters place, and it does not have any other regulatory licenses. This means that RainbowIndia is not subject to any financial regulations, which makes it a very risky broker to trade with.
Team
The team behind RainbowIndia is anonymous. The company does not have a website or any other public information about its management or staff. This lack of transparency is another red flag that suggests that RainbowIndia is a scam broker.
Services or Products
RainbowIndia offers a variety of trading services, including forex trading, CFD trading, and cryptocurrency trading. However, the company does not have a demo account, which makes it difficult to test out its trading platform before you start trading with real money.
License and Regulations
RainbowIndia does not have any regulatory licenses. This means that the company is not subject to any financial regulations, which makes it a very risky broker to trade with.
Why Dealing With An Unlicensed Broker Is Risky?
There are many reasons why it is risky to deal with an unlicensed broker. First, unlicensed brokers are not subject to any financial regulations. This means that they can do whatever they want with your money, including stealing it. Second, unlicensed brokers are often scams. They may promise you high returns, but they will never deliver. Third, unlicensed brokers may not have a trading platform or any other infrastructure to support their trading. This could make it difficult or impossible to withdraw your money.
Legal Warning Against RainbowIndia
The Financial Conduct Authority (FCA) of the United Kingdom has issued a legal warning against RainbowIndia. The FCA warns that RainbowIndia is not authorized to provide financial services in the UK and that it is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
There are a number of complaints about RainbowIndia online. Some people have reported that they have been unable to withdraw their money from the broker. Others have said that they have lost money trading with RainbowIndia.
Feedback About Their Trading
The trading platform offered by RainbowIndia is difficult to use and lacks many of the features that you would expect from a reputable broker. The spreads are also very high, which means that you will lose money on every trade.
Feedback About Their Customer Service
The customer service offered by RainbowIndia is poor. The representatives are often rude and unhelpful. They may also try to pressure you into making trades that are not in your best interests.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by RainbowIndia, there are a few things you can do. First, you should report the scam to the authorities. You can also try to get your money back through a chargeback or by filing a lawsuit. Finally, you can use Reviews Advice to warn other people about RainbowIndia and help them avoid getting scammed.
Besides alerting people, you can also get help for recovering your lost funds. Through a free consultation call, you will get some recovery service recommendations to get help in recovering the lost funds.
Final Thought
RainbowIndia is a scam broker. It is not regulated and there are many complaints about the company online. If you are considering trading with RainbowIndia, immediately stop doing that. There are many reputable brokers out there that you can trade with instead.
