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