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Ridder Trader Review: High Risk (Ponzi Scheme)

Ridder Trader Review: High Risk (Ponzi Scheme)

TraderKnowsTraderKnows
2024-05-13
Summary：Ridder Trader, a forex platform, registered in Mauritius on April 13, 2023. This article reviews Ridder Trader's licenses, products, software, fund security, deposit/withdrawal channels, and leverage ratios.

Introduction to Ridder Trader Company:

Ridder Trader primarily provides contract for difference (CFD) trading services to investors, covering various financial instruments such as forex, precious metals, indices, commodities, futures, and stocks. The company is headquartered in Kuala Lumpur.

Publicly available information on its official website states that Ridder Trader Ltd is the registered corporate entity in Mauritius, with its registered address as C/O LEGACY CAPITAL CO LTD, 40 SILICON AVENUE 2ND FL, SUITE 201, THE CATALYST EBENE MAURITIUS, and its registration number as C196218.

As of November 3, 2023, the company's directors are BHATOO SHAKEEL, BOODHOO NAASIR-UD-DEEN, and NG'HWANI MARY PAUL. The specific office address of the company is C/O LEGACY CAPITAL CO LTD, 40 SILICON AVENUE 2ND FL, SUITE 201, THE CATALYST EBENE MAURITIUS.

Ridder Trader毛里求斯企业与商业登记部（CBRD）注册信息查询结果

Ridder Trader's official website is https://riddertrader.com/, and a Whois query reveals that the domain was registered on June 22, 2020.

Ridder Trader官网域名的Whois查询结果

The broker also has a registered entity in Saint Vincent and the Grenadines, known as Ridder Trader Ltd, with a registration date of June 15, 2020, and an enterprise registration number 25924.

Ridder Trader于圣文森特和格林纳丁斯金融服务管理局（SVGFSA）的注册信息

Is Ridder Trader Compliant and Legal? Does it hold the appropriate financial regulatory licenses?

While gathering information about Ridder Trader Ltd, it was discovered that its associated company is Ridder Trader Group, whose previous official website was https://riddertraderltd.com. This website is now defunct. Ridder Trader Group itself has been exposed as a Ponzi scheme and operates in an unregulated state.

Ridder Trader脸书账户

Ridder Trader claims on its official website that its registered entity, Ridder Trader LTD, is authorized and regulated by the Financial Services Commission (FSC) of Mauritius, with license type SEC-2.1B and license number GB23201566. TraderKnows verified that the broker does indeed possess this license. However, the FSC of Mauritius only grants offshore financial licenses, and the regulatory oversight of Mauritius licenses is relatively weak. Moreover, Ridder Trader obtained this financially weak license three years after its establishment and operation, raising concerns about the safety of its trading.

TraderKnows understands that the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) does not regulate, monitor, supervise, or license business companies (BC) engaged in foreign exchange trading or brokerage activities. The regulatory scope is limited to ensuring that BCs comply with the obligations stipulated in Chapter 149 of the Revised and Consolidated Laws of Saint Vincent and the Grenadines of 2009. This means that companies registered in Saint Vincent and the Grenadines do not have regulatory oversight.

RIDDER TRADER LTD于毛里求斯金融服务委员会(FSC)官网查询结果

Trading Instruments Offered by Ridder Trader

According to Ridder Trader's official website, the broker provides trading services for a wide range of financial assets, including forex, commodities, stocks, indices, futures, and precious metals.

Ridder Trader提供的金融工具

Trading Software Provided by Ridder Trader

Ridder Trader offers trading services to users through its customized TradeEvo platform, which is available for both mobile and web trading. The broker claims to provide a custom MT5 trading platform to users, but the provided link did not open, suggesting potential false advertising.

RidderTrade提供的交易平台

screenshot-20230915-151340

Fund Security

Ridder Trader does not disclose any third-party fund custody information on its official website, which means that the security of users' funds cannot be guaranteed.

Deposit and Withdrawal Channels

Ridder Trader does not provide any information regarding users' deposit and withdrawal channels, making it unclear how users can make deposits and withdrawals.

Leverage Ratios

The broker publicly states leverage ratios of 200-1000 times, while compliant brokers generally offer leverage ratios in the range of 10-100 times.

Ridder Trader提供的账户类型

Ridder Trader提供的账户类型

Summary

Ridder Trader LTD is a broker packaged by Ridder Trader Group but remains essentially a Ponzi scheme. The broker does not disclose key information concerning user fund security, deposit and withdrawal channels, among other critical details. Currently, this company is labeled as "Ponzi Scheme" on TraderKnows. We advise you to stay away from this platform or promptly withdraw your funds to prevent substantial losses.

Ridder Trader is listed as "suspected fraud" on TraderKnows.

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Ponzi Scheme

Ponzi scheme is a type of financial fraud model that promises high returns and pays early investors with the funds from new investors, ultimately leading to losses for the majority.

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Ponzi Scheme

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