ReachOut: reviews of cooperation, trading conditions overview
Turning to offshore brokers can undermine your financial balance. The warnings of the Central Bank of the Russian Federation have repeatedly pointed out the dangers of such a step, but there are still those who risk making quick money, hoping for luck. In practice, in 99% of cases, such risky investors become victims of financial scams. There are plenty of reviews about participation in fraudulent schemes. However, scammers find ways to bypass negative reviews by creating new fake brokers.
What is ReachOut company?
One of these new players is ReachOut. Despite claiming to be a regulated global broker, it turns out to be simply a fraudulent structure.
Evaluating the official website of this broker, it becomes obvious that it is a typical web resource that does not stand out for original design or informativeness.
Although the company does not disclose its market experience, it publicly presents the following statistical data:
- 165,000 active users,
- $77.45 million daily trading volume,
- 150+ trading instruments.
The fact that the company is silent about real reviews at the moment raises certain doubts. With such a number of clients, such information should simply be available.
By analyzing the ReachOut domain through whois, it can be found that it was registered in 2019 (last updated in June 2021).
Information about ReachOut Limited company: key facts
The managing offshore company ReachOut Limited is ReachOut Limited. According to the statement, it is registered in the Marshall Islands. However, the legal address provided on the website (Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshalls Islands) is standard for many financial scammers.
It is also worth noting that the company’s User Agreement states that it operates in accordance with the laws of another island nation – Saint Vincent and the Grenadines. This indicates the inaccuracy of the information provided and the company’s lack of seriousness in preparing its documentation.
ReachOut Limited does not have licenses for brokerage activities. In Russia, this company operates illegally. The Central Bank of the Russian Federation has not received any official data about it.
Offers from ReachOut company
ReachOut claims to offer trading opportunities in various assets, including:
- currency pairs,
- precious metals,
- commodities,
- securities.
However, the company does not provide information about the minimum deposit, leverage level, spreads, and other trading conditions. Their offers are clearly aimed at newcomers in the investment sphere.
Currently, there are no reviews confirming successful cooperation with ReachOut and fund withdrawals. However, undoubtedly, in the near future, a wave of negativity from their former clients will hit the scammers. The company exhibits all signs of dishonest activities.
Reviews about ReachOut company
ReachOut has not yet attracted a mass of negative reviews as it has just started actively promoting its services. Scammers use affiliate networks promising generous rewards for attracting new clients.
If you have 5 minutes, leave a review about your experience working with ReachOut. Your review could help someone avoid participating in a fraudulent scheme and protect their funds.
ReachOut scam: scheme essence
The ReachOut company’s fraud scheme is based on the trust and naivety of traders. They are not provided with clear cooperation conditions. Instead, they are promised round-the-clock support in several languages, the ability to copy successful trades of other traders, and assistance in forming investment portfolios for long-term investments.
The main goal of scammers is to obtain the initial deposit. After that, everything depends on the details. Scammers convincingly simulate profitable trading (it is worth noting that the website does not specify what software is used), and continue to drain funds from clients’ wallets. When a trader requests a withdrawal of funds, financial scammers either irreversibly withdraw your money or accuse you of fraud. In such a situation, the only hope is to seek professional help and the possibility of a chargeback.
Final recommendations
It is better not to deal with the ReachOut company! This is a typical financial fraud without legal legitimacy, and considering that the company was launched recently, there are no reviews about it yet. Be cautious, otherwise your capital may be at risk. ReachOut employees skillfully persuade unprepared traders and do not fulfill their promises.
I had an extremely unsatisfactory experience dealing with the broker, ReachOut. The supposed collaboration and trading conditions were absolutely abysmal. Firstly, their customer service was lacking to say the least. Every time I had an issue to raise, I was left on hold for an unacceptable amount of time and when I did get a hold of someone, they were unhelpful and dismissive.
The trading conditions were equally frustrating. The spreads were consistently wide and the slippage was even worse. I frequently found myself dealing with financial losses due to these poor conditions. Not to mention, the platform was full of technical glitches which only added to the unpleasant experience.
My account manager also seemed to lack basic knowledge about trading and was unable to provide me with any kind of support or useful advice. I felt like I was on my own navigating through this mess.
Overall, ReachOut was an absolute disappointment and a waste of my time and money. I would strongly discourage anyone thinking of using them as a broker.