RenQ is a cryptocurrency exchange that claims to offer a variety of services, including spot trading, margin trading, and derivatives trading. However, there is growing evidence that RenQ is a scam broker.
Company Overview
RenQ was founded in 2022 by a team of anonymous individuals. The company’s website does not provide any information about its team members or its financial backing.
Services or Products
RenQ offers a variety of trading services, including spot trading, margin trading, and derivatives trading. However, the company does not disclose its trading fees or spreads.
License and Regulations
RenQ is not licensed by any financial regulatory authority. This means that there is no government agency that oversees the company’s activities or protects its customers.
We tried to search and find their regulation information. But, there was nothing found. We also tried to contact their customer service to get some information. But they are not as responsive as they advertise.
Why Dealing With An Unlicensed Broker Is Risky
Dealing with an unlicensed broker is risky for a number of reasons. First, there is no guarantee that the broker will be honest or transparent with its customers. Second, there is no way to hold the broker accountable if something goes wrong. Third, the customer’s funds may not be protected in the event of bankruptcy or fraud.
Legal Warning Against RenQ
The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a warning against RenQ. The FCA warns that RenQ is not authorized to conduct regulated activities 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 negative reviews about RenQ online. Some customers have complained that the company’s trading platform is buggy and that it is difficult to withdraw funds. Others have said that they have been scammed by RenQ.
Feedback About Their Trading
The few customers who have left positive reviews about RenQ’s trading platform have said that it is easy to use and that the spreads are competitive. However, these reviews should be taken with a grain of salt, as they could be fake.
Feedback About Their Customer Service
Customer service is one of the most important aspects of any brokerage firm. However, RenQ’s customer service is notoriously poor. Customers have complained that they have been unable to get in touch with the company’s customer support team and that they have not received any help when they have had problems.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by RenQ or any other broker, there are a few things you can do. First, you should report the scam to the relevant authorities. In the UK, you can do this by filing a complaint with the FCA. Second, you should try to recover your funds. This may be possible if you can track down the people who ran the scam. Finally, you should learn from your mistakes and be more careful in the future.
Reviews Advice is ready to help you with our experts and educational resources. We also will provide you with a free consultation and service recommendations to help you recover the funds.
Final Thought
RenQ is a scam broker that should be avoided. If you are considering trading with RenQ, we advise you to reconsider. There are many legitimate brokers out there that offer the same services without the risk of being scammed. If you are looking for a new broker, you can check our scammers’ lists. If your next broker is on the list, you can skip them.
