Rapidnex Review – What Made ASIC Take Away Their License

Rapidnex is a doomed Australian broker with a questionable past full of shady activities that made ASIC revise and deny their license. Now primarily a crypto trading platform, the Rapidnex website still advertises other instrument classes as available, but to no avail. Proper trading is absolutely not possible when the site enables a bogus platform and fake conditions.

Anyhow, once a properly regulated broker is now nothing but a fraudulent scheme. The following Rapidnex review describes in detail what happened and why this entity is now dangerous for your funds.

Tier 1 License Lost

RAPID (QLD) PTY LTD is the owning company of Rapidnex. It was established back in 2012 and was properly licensed by the Australian regulator – ASIC. As evident, the register now says that the status of the company is such that they’re subject to a strike-off action, which is in progress. 

Strike-off means that ASIC is undertaking the process of removing a company from their register. The causes for that could be that the company hasn’t paid an annual fee, is inactive, has no liquidator or has breached regulations.

Another company address is allegedly in the UK. But FCA has no record of this company, either. That means that the broker doesn’t ensure funds’ security and deposits are at risk. 

Traders Swindled

Rapidnex has a most common approach to deception. Forex optimists are usually less experienced and less knowledgeable traders that easily get tangled up in the web of lies. Tireless boiler room agents facilitate the process of recruitment and extort money easily by promising huge gains. 

Investors from the following countries have suffered the most so far:

• Australia
• Netherlands
• United Kingdom

Please beware of trading offers that sound too good to be real – their purpose is to force you into investing. Contact us if you need help in recovering the funds lost to this or any other suspicious entities.

What Victims Say

The Rapidnex page on Trustpilot is packed with negative reviews. User complaints must have alerted ASIC of the shady operations going on behind the curtains. Moreover, their business name there is “Turbo trade”, which makes things all the more suspicious. 

A contrast to that is their Sitejabber page that features high ratings. We suspect these come from the company itself of review seller networks that profit by selling untruthful reviews.

Trading Conditions Imply Regulatory Breaches

Basic conditions at Rapidnex directly suggest ASIC violations. For example the software shows 1:100 to be the available leverage. The website, on the other hand, shows a 1:90 ratio as highest available, which is another rule breaker. 

Spreads start from 0.0 pips on EUR/USD, which is not quite believable coming from a company lined up for deregistration. TradeCare365 also has attractive conditions that are not plausible in practice.

Poorly Designed Tools and Features

Out of the entire Rapidnex offer, nothing could possibly attract an investor’s attention. The Tradingview-based web terminal, shockingly expensive accounts and limited number of assets don’t add to the general impression. Let’s revise these elements separately.

Rudimentary Web App

The Rapidnex platform represents an unstable and utterly unreliable basic web app. It was built on a Tradingview widget that doesn’t show the real prices and statistics that the broker charges and enforces. 

Such software doesn’t compare to industry leaders like MT5 and cannot perform well. RoboInvest employs practically the same software.

Limited Assets

Besides the most common and most traded instrument classes, there’s nothing out of the ordinary at Rapidnex:

• Forex (EUR/USD, EUR/GBP, USD/AUD, CAD/EUR)
• Commodities (Sugar, Cotton, Coffee, Soybean)
• Crypto (BTC, ETH, LTC, DOT, SOL, EOS)
• Indices (Dax, Dow Jones, Nasdaq, Nikkei)
• Metals (Gold and Silver)

Accounts Cost a Fortune

There’s only three Rapidnex accounts and they’re not at all affordable. The packages sure promise some unrealistic features. These are personal broker, trading signals, live streams and weekly webinars, but they’re are just overpriced: 

• Silver – $10.000
• Gold – $50.000
• Platinum – $100.000

BitMarket Capital has just as pricey accounts that don’t have anything much to offer.

Standard Account as Demo

During a limited time, every trader can try their luck on a trial account. This is referred to as the Standard account with a free margin of $100.000. The trading conditions on it are purposely designed to make trading look a piece of cake so you’d invest real cash right after.

Implausible Withdrawals

Funding channels available at Rapidnex are only credit cards and crypto. Shady payment service providers are who unlicensed brokers usually partner up with to defraud clients and perform personality theft and compromise other data. 

If you pick credit card funding, you may have a better chance at withdrawing funds. These are more safe and transparent ways of transfering funds and they also allow chargeback.

Customer Support

The Rapidnex support office has several available phone numbers, emails and an online form as a way of getting in touch. The diligence of the customer service team is questionable, though. Also, online chat and callback features aren’t available.

Let Us Help You Withdraw

It has become obvious by now that this company is not a good option to choose as your broker partner. If you’ve already invested here, however, there’s a chance to regain your lost funds. 

If you contact us promptly, our recovery experts can walk you through a chargeback process and help you establish control over your invested capital. Your first consultation is always free.

FAQ Section