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Rakuten Australia? E-Commerce branch as a Forex Broker?

  • #1
  • First Post: Edited 2:27pm Jan 4, 2018 10:26am | Edited 2:27pm
Anyone heard of Rakuten? A Japanese based ecommerce, pretty popular back then.
But they are ecommerce and now, broker?

Yet I saw this advertisement, <<<

https://i.snag.gy/jFrVRX.jpg

http://sec.rakuten.com.au

Whois:
http://whois.domaintools.com/rakuten.com.au

I wanted to join their broker, for their promise of low spread with no commission.


That's like, so? Saving $$$ in the long term of future of trading.

Whois from rakuten.com.au
https://i.snag.gy/nVwNG2.jpg

Whois from rakuten.com
https://i.snag.gy/713Tok.jpg

Whois from rakuten.co.jp
https://i.snag.gy/u8eDZX.jpg

No doubt rakuten au are hosting with rakuten.co.jp within the same server, proves they are not a scam page.

But did anyone traded with them? Haven't heard them before.
https://i.snag.gy/jFrVRX.jpg
Odd numbers are odd.
  • #2
  • Jan 6, 2018 9:10am Jan 6, 2018 9:10am
Fixed Spread and No Commission are red flags. "95% of Normal Trading Hours" means that they most likely will increase their Spread at the evening and during news releases. They will also be the counterpart of your trades. So this is most likely an attempt to make profit off the "90% of traders lose 90% of their account in 90 days" rule.
  • #3
  • Jan 7, 2018 2:07am Jan 7, 2018 2:07am
Quoting mw108
Fixed Spread and No Commission are red flags. "95% of Normal Trading Hours" means that they most likely will increase their Spread at the evening and during news releases. They will also be the counterpart of your trades. So this is most likely an attempt to make profit off the "90% of traders lose 90% of their account in 90 days" rule.
I notice that but, despite of that they are ranked in the #107 of all world wide web in the world!

https://www.similarweb.com/website/rakuten.co.jp

I decided to join them, sent my documents and awaiting to be approved.

https://www.similarweb.com/top-websi...egory/shopping
Odd numbers are odd.
  • #4
  • Jan 7, 2018 8:53am Jan 7, 2018 8:53am
Quoting rapidace
{quote} I notice that but, despite of that they are ranked in the #107 of all world wide web in the world!
Their e-commerce platform says nothing about their brokerage. Rakuten is a platform like Amazon.

But yea, give it a try.

I think for the common trader it will not make a big difference.
  • #5
  • Feb 26, 2018 5:26am Feb 26, 2018 5:26am
Any update on this? What's your experience with them?
  • #6
  • Feb 27, 2018 12:55am Feb 27, 2018 12:55am
Quoting rapidace
{quote} I notice that but, despite of that they are ranked in the #107 of all world wide web in the world! https://www.similarweb.com/website/rakuten.co.jp I decided to join them, sent my documents and awaiting to be approved. https://www.similarweb.com/top-websi...egory/shopping
What is your experience so far?
  • #7
  • Mar 15, 2018 9:37am Mar 15, 2018 9:37am
Quoting meyoik
{quote} What is your experience so far?
I just deposit $50, so far so good.

The execution speed is fast, about 0.01 to 0.05 second, which is 10 to 50ms.
Spread is tight, for example when you're hedging a position, you don't even notice the floating loss/profit moves much.
Quick response in customer service, I guess because they are new company, there aren't much client to serve at the moment.

What I don't like about is that, months ago they were offering leverage of 400:1. Yet they cancel it, now max leverage of 100:1.
Though they claim leverage of 400:1 will be back soon in their official page.

Second is, they claims to offer swap free account months ago even for non-muslim client, which they have changed their policy now!

Lastly, they don't offer the option, "Close by". I believe their spread is incredible low, I can understand it. But with hedging strategy, I strongly rely on this feature.

That's for now, I haven't gone into the part of withdrawal, will update soon.
Odd numbers are odd.
  • #8
  • Jun 30, 2018 4:24am Jun 30, 2018 4:24am
hi all i read :
owner of rakuten has assets of $ 4 billion
and rakuten is the new sponsor of barcelona and they have ASIC regulation is good ASIC...
and since he is an Australian broker he will not be subject to the new rules of ESMA...

but this broker is good or not? is scammer or no?
  • #9
  • Jun 30, 2018 7:31am Jun 30, 2018 7:31am
If you are looking for a serious Australian broker to escape the ESMA, I'd recommend Global Prime or IC Markets.
  • #10
  • Jun 30, 2018 12:15pm Jun 30, 2018 12:15pm
Hello, iīve opened real account with leverage 100. Now they offer an account with leverage 400, too. Iīve contacted via chat and they explained me they are market makers. Iīm manual trader with high time frames. Sometimes thereīs requote but this isnīt an issue for me. They seem serious broker. I didnīt withdraw money yet. iīm going to post here again if i can withdraw or if thereīs some problem with them.
  • #11
  • Jun 30, 2018 4:21pm Jun 30, 2018 4:21pm
Quoting mw108
If you are looking for a serious Australian broker to escape the ESMA, I'd recommend Global Prime or IC Markets.
hi mw108, im use tickmill ecn few spreads and 4 $ commission for 1 lot for my style of trading is very good but after 21 July tickmill lower the lever
i like also icmarket but is problem is they have commission 7$ per lot and this i not like... global prime i not know this broker, is good?

I saw rakuten broker they have few spreads and without commission, but it seems too good to be true...
  • #12
  • Jun 30, 2018 4:24pm Jun 30, 2018 4:24pm
Quoting jag1969
Hello, iīve opened real account with leverage 100. Now they offer an account with leverage 400, too. Iīve contacted via chat and they explained me they are market makers. Iīm manual trader with high time frames. Sometimes thereīs requote but this isnīt an issue for me. They seem serious broker. I didnīt withdraw money yet. iīm going to post here again if i can withdraw or if thereīs some problem with them.
hi jag1969 how are you? they tell me they have 95% of time fixed spreads and few spread, example on eurusd is 0,5 usdjpy is 0,6 audusd is 0,5 etc.etc. is true this?
  • #13
  • Jun 30, 2018 7:05pm Jun 30, 2018 7:05pm
Quoting italy
{quote} hi jag1969 how are you? they tell me they have 95% of time fixed spreads and few spread, example on eurusd is 0,5 usdjpy is 0,6 audusd is 0,5 etc.etc. is true this?
Yes, itīs true. I trade usually the usdjpy and your spread is 0.6 almost the 24 hours.
  • #14
  • Jul 2, 2018 11:30am Jul 2, 2018 11:30am
Quoting jag1969
{quote} Yes, itīs true. I trade usually the usdjpy and your spread is 0.6 almost the 24 hours.
wow good....
  • #15
  • Jul 2, 2018 11:31am Jul 2, 2018 11:31am
to escape from ESMA I would choose this broker, I think is the best, few spreads without commissions, but as I said before it seems too good to be true ... rakuten is a market maker broker, the market maker can manipulate the candles? true? I'm afraid of being cheated by this broker...
  • #16
  • Jul 13, 2018 1:58pm Jul 13, 2018 1:58pm
Quoting jag1969
Hello, iīve opened real account with leverage 100. Now they offer an account with leverage 400, too. Iīve contacted via chat and they explained me they are market makers. Iīm manual trader with high time frames. Sometimes thereīs requote but this isnīt an issue for me. They seem serious broker. I didnīt withdraw money yet. iīm going to post here again if i can withdraw or if thereīs some problem with them.
hi jag 1969 whats up with rakuten? you managed to withdraw money? if yes, how much money did they make you withdraw?
  • #17
  • Jul 13, 2018 3:48pm Jul 13, 2018 3:48pm
Hi, Italy. I didnīt withdraw yet. Iīve just funded my account two times. I trade slowly with this account. My objetive is to withdraw next year.
  • #18
  • Aug 1, 2018 9:01pm Aug 1, 2018 9:01pm
Hello guys,

Is anyone actually using this Rakuten broker? any feedback so far with them? I guess they are market maker, not a true ECN, hopefully not too much of a problem in terms of conflict of interest?
  • #19
  • Sep 26, 2018 3:34pm Sep 26, 2018 3:34pm
I don't know why is anybody concerned with broker saying they are a market maker, when I could bet my a*s that 99% of retail "ECN" brokers are market makers, or are using some "company" which provides them "liquidity", which is in fact a company created by them just to hide the true fact. There are a lot of threads about A and B books that brokers keep, and I don't see any problem with that as long as they play no tricks which are easily spotted anyway.

But what matters with Australian (ASIC) brokers is that there is no client fund protection, so unfortunately the only option for any serious capital is still FCA regulation and guarantee.

Could anybody trading with Rakuten be kind to post swap rates, just for a few majors EURUSD, AUDUSD... and pls mention are the rates in points, pips, or percentages (right click - specification - swap type).

I don't want to download the platform just to check this. Thanks
  • #20
  • Edited 2:15pm Oct 1, 2018 2:02pm | Edited 2:15pm
Quoting Smart1
I don't know why is anybody concerned with broker saying they are a market maker, when I could bet my a*s that 99% of retail "ECN" brokers are market makers, or are using some "company" which provides them "liquidity", which is in fact a company created by them just to hide the true fact. There are a lot of threads about A and B books that brokers keep, and I don't see any problem with that as long as they play no tricks which are easily spotted anyway. But what matters with Australian (ASIC) brokers is that there is no client fund protection, so...
I agree with you. My only trouble with this broker is that iīve funded my account via e-wallet. To withdraw you can do it via e-wallet up your initial deposit. The surplus you can just withdraw it via bank wire. This feature appears at your faqs and at your Terms and Conditions. At your home page they just write about your funding options. I live at a country where crossborders transfers are difficult. I didnīt realize about this difference between funding and withdrawal options. Considering that my english is not native and that frecuently brokers use to provide your clients same conditions for both payment options, withdrawal options are like hidden at your website. If i knew this, i didnīt open a real account with them. I did the withdrawal of my initial deposit, waiting the money credited at my e-wallet. I knew about this feature when i tried to do a withdrawal after four months trading, my profits during those four months were 233% of my initial deposit. Now iīve opened a trade with the Cad. I donīt know if someday iīll be able to do another withdrawal. So i take this account as a demo account.

I suggest that if you are thinking to use an e-wallet as payment option donīt choose this broker.

About your Market Maker business condition Smart1 is right. Furthermore, at my first contact with them via chat i asked them about this feature and they were honests with me, they explained me that they are MM, they didnīt try to hide it.
If my withdrawal of my initial deposit is credited at my e-wallet iīll post it here.
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