Rakan Trade has been flagged by Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". Carrying on unlicensed capital market activities of fund management This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Rakan Trade seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Comprehensive tools|Good analytical tools
Cons: Minor UI glitches occasionally
Rakan Trade advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Competitive fees|Risk management tools
Cons: Live chat only during business hours
The so-called education at Rakan Trade is just marketing. Every webinar ends with a push to deposit more. The market analysis is generic and often wrong. If you want real education go elsewhere. I wasted for nearly two years thinking they would help me learn.
Pros: Fast support response|Professional team|Educational resources
Cons: Live chat only during business hours|Cannot customize dashboard fully
What really bothers me about Rakan Trade is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them from a blog post comparing services and I fell for the polished exterior. Never again.
Pros: Tax reports included|Portfolio tracking tools|Competitive fees
Cons: Desktop app not available on Linux
I looked into Rakan Trade and found they appear in the regulatory warnings database. Securities Commission has issued a notice about this firm. Whether this is a misunderstanding or a serious concern, the fact remains that proper due diligence is essential. Always verify the regulatory status of any company before investing your hard-earned money.
Cons: Appears in regulatory warnings database|Uncertain regulatory status
I was about to invest with Rakan Trade but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Securities Commission has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Flagged by Securities Commission|Cannot verify credentials
I had a dispute with Rakan Trade and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Social trading features|Portfolio tracking tools|Detailed reporting|Educational resources
Cons: Desktop app not available on Linux
I was contacted by Rakan Trade through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Pros: Professional looking website
Cons: Blocked my account|No legitimate license|Fake returns
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Rakan Trade is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics