RingoTrade Review 2024: Is it a scam?

However, I advise caution when considering RingoTrade for a few significant reasons. Firstly, its services are exclusively available to residents of Kyrgyzstan, excluding a large number of potential international traders.

Additionally, the platform’s limited accessibility poses another drawback. Moreover, the conspicuous absence of positive online reviews raises questions of its reliability and the level of user satisfaction.

Advantages and Disadvantages of RingoTrade

Whether big or small, every broker has their advantages and disadvantages that set them apart.

Advantages 

• RingoTrade supports multiple options for making deposits.

• Low minimum deposit, making it easy for traders with a low budget to get started.

• Customer support is available 24/7 to provide answers to inquiries.

• The platform supports multiple language options, although limited. Including Russian, Chinese, and Kyrgyzcha.

Disadvantages

• RingoTrade isn’t licensed by any regulatory authority, which increases the risk the client stands to face from using the platform.  

• The platform interface isn’t interactive and engaging.

• RingoTrade doesn’t support other trading platforms such MetaTrader, meaning users have to rely on its proprietary platform.

• Limited number of instruments available for clients on the platform.
• Limited withdrawal methods, which can leave clients stranded.

Note:

• One aspect of using RingoTrade that I found less than satisfactory was the language inconsistency. Despite selecting English as my preferred language for site interaction, the onboarding email I received was in Russian, necessitating the use of a translator.

• The site’s news section is not as comprehensive and well-structured as one would expect. In 2022, only a single article was published, while in 2023, a mere three articles were released.
• A clear red flag on the site is the evident misinformation. For instance, there is a contradiction regarding the minimum deposit amount. While the homepage states it to be 10KGS, the FAQ page claims it to be 5KGS. Such inconsistencies create confusion for the users, significantly detracting from the platform’s credibility and usability.

• Another small detail I noticed was that when signing in, there isn’t an option to view the passwords as you type, making signing in more difficult.

Key Trading Terms and Conditions at RingoTrade

It’s important to understand that trading conditions vary widely from one broker to another, influenced by both external and internal factors. External factors encompass aspects like economic climate, market share, consumer demand, and prevalent trends.

On the other hand, internal factors are unique to each company, stemming from management decisions to the firm’s financial health.

The trading conditions on RingoTrade are:

1. Minimum deposit – $0.05 (or 5 Kyrgyz soms)
2. Rate – $0.7 (or 50 Kyrgyz soms)
3. Minimum withdrawal – 1 KGS ($ 0.011)
4. Maximum deposit — there’s no limit to it.
5. Account currency – Kyrgyz som
6. Types of options – higher/lower, touch, designer, combo options, classic options, turbo options, or stepped
7. Potential trader’s profit – up to 92% for each successful transaction
8. Payable Tax – this depends on the trader’s residence
9. Trade using mobile devices – yes
10. It is possible to work with popular cryptocurrencies.

Trading assets at RingoTrade

What’s the use of a broker that supports close to no assets? This is why I consider the assets offered by brokers very important.

So far, RingoTrade boasts of having over 140 financial instruments for users to trade, inclusive of eight popular crypto pairs.

The trading platform’s management ensures that, besides transactions with traditional currency pairs, you can work with cryptocurrencies, stock indices, and material resources. The main thing is to know all the factors affecting the value of these assets so that you are trading and never gambling.

RingoTrade Regulators

Beyond having security measures to boost your confidence as an investor and trader, it’s prudent that well-known authorities license every brokerage company.

Regulation signifies the platform’s legitimacy and how it handles clients’ funds. It also means clients can feel confident that their assets are secure in the event a broker goes under; for example, the FSCS (Financial Services Compensation Scheme) protects users up to $85,000.

RingoTrade fails in this category. The binary options trader currently isn’t regulated by any recognized institution. Similar to Ringo Trade, ExpertOption is regulated by any authority.

Without a license, RingoTrade isn’t the best choice for any trader. The lack of regulatory oversight means traders open themselves up to potential fraud and might not benefit from the expertise as with other regulated brokers.

This means you as a trader might be prone to misinformation; should any issue arise, there might be difficulty in resolving such issues, and traders might lose due to limited legal protection.

Simply acquiring approval by any tier of regulatory authority like the Financial Conduct Authority (FCA), Cyprus Securities and Exchange and Commission (CYSEC) would boost the company’s rating and allow it to work more widely in the global financial markets. As a trader, you might go for another broker due to a lack of regulatory oversight.  

RingoTrade Security

The security of any trading platform can’t be neglected. The details are what I need to know to be sure I’m trading with the right broker.

However, RingoTrade doesn’t have a clear directive of how security is maintained on the platform – a bad sign. Ideally, under the FAQ section on a site, this should be easily accessible, but it’s nonexistent in the case of RingoTrade.

The only section where you have this is under the “About Us” page. For information as sensitive as this, which helps users make a decision as well as potential users like myself, it is surprising that it is hidden on the site.

According to RingoTrade, clients’ security is ensured and it is held in a Segregated account; clients’ funds are only accessed when the broker is given a permit or consent to the action to trade binary options.

Beyond this, RingoTrade says it doesn’t get involved. Another observable drawback stems from the fact that RingoTrade didn’t state the banks into which users’ funds are segregated, which makes the broker up for questioning. Information such as this clearly opens the room for skepticism if not plainly addressed by the broker.

It isn’t hard to make a judgment about how the security of RingoTrade isn’t solid and guaranteed. There is little evidence to back even the claim of operating segregated accounts for users’ funds, which, under normal circumstances, should be proudly displayed.  

Also, RingoTrade didn’t state how it encrypted its user’s data that’s being shared to the platform such as credit card details are stored. Usually, this is done through Secure Sockets Layer (SSL).

RingoTrade Training

Based on my experience, informed decision-making is a key component of a successful trading or investment career. Without this, navigating the financial markets can be challenging.

RingoTrade, unfortunately, falls short in providing comprehensive educational resources for its users. The platform mainly offers a news section and an FAQ page, both of which are not as extensive as one might expect.

The news section, in particular, is lacking in depth and frequency of updates. To give you an idea, between 2022 and 2023 (at the time of writing), only four news articles were published on the broker’s site, an indication that educational updates are not a priority.

Contrary to other brokerage platforms which provide a wealth of educational content in various formats, RingoTrade offers none of these. The lack of such resources potentially puts traders at a disadvantage, especially beginners who need guidance to understand trading basics and the platform’s functionalities.

Even seasoned traders who may need further clarifications on specific aspects would find the platform unhelpful.

Although RingoTrade offers a demo trading option, which beginners may find useful, practicing trades without comprehensive educational resources to learn from is not ideal.

On the positive side, the platform’s FAQ section provides basic answers to commonly asked questions, and its support for four languages, albeit limited, broadens its usability across different regions.

However, RingoTrade’s overall approach to user education falls short compared to its competitors. A robust educational section is a mark of a quality broker; its absence may lead users to make costly mistakes.

In terms of its offline services, RingoTrade maintains dedicated facilities across three cities in Kyrgyzstan: Bishkek, Osh, and Kara-Suu, with twelve locations in total. This means that if you’re based in Kyrgyzstan, you can avail of their in-person services.

RingoTrade Terms and Conditions

General requirements for users who work on this trading platform are not much different from the conditions of other brokers. The trader must register, deposit the required amount, choose the most interesting trading type, and get to work. Discussed below are some of the general conditions I found using RingoTrade.

How to Deposit and Withdraw Money at RingoTrade

For me, having a smooth transition between deposit and withdrawal is crucial. I believe the next step for novices or pros traders who have studied carefully the requirements and how RingoTrade operates and want to get started will be registering and funding their account.

The Kyrgyz trading platform provides a wide range of ways to replenish the deposit, which can be made at the RingoTrade halls, via self-service payment kiosks, or using e-wallets.

• Payment via E-wallets and online banking is made through UMAI, RSK24, Mbank, Balance, Megapay, and Namba One.

• Payment through Self-payment kiosks can be done via the following platforms, Unipay, Pay24, UMAI, Kacca 24, Finca Bank, Onoi, Айыл банк, ОАО (Кыргызстан Банк), Capital Bank, MegaCom, Quickpay, and BeeLine.

• If you’re to make payments through RingoTrade trading halls, then there are three locations to consider; Bishkek, Osh, and Kara-Suu. If you find yourself in Bishkek, there are ten trading halls you can visit there, while Osh and Kara-Suu, each have one trading hall.

When making a deposit and withdrawal, certain details are required from the person, including your trading account ID, driver’s license, or military ID. Withdrawal is a straightforward process requiring certain identification documentation to be approved; this, of course, adds a layer of security.

Trading Platform

RingoTrade doesn’t support trading terminals such as MetaTrader 4, MetaTrader 5, or Trading View. Users will have to rely completely on the platform’s proprietary trading terminal which is completely web-based; it’s unavailable for download on iOS or Android.

This is a massive inconvenience for all types of traders. It simply signifies that you’re left to completely rely on web-based if you ever registered to the site and your data can be exposed and lost just by shuffling through the site.

I consider this an undesirable feature that can make users think twice before making a decision to use the platform. There is also no social or copy-trading feature offered by RingoTrade.

Analysis of The Main Features of RingoTrade

RingoTrade’s official website purports that it is the premier binary options broker in Kyrgyzstan. A cursory review of the site reveals the creators’ attention to professionalism.

Each segment of the service is purpose-built, and the user-friendly interface allows for swift navigation and understanding of the platform’s structure. Above all, RingoTrade is readily accessible to web users.

However, RingoTrade’s selection of just 140 trading instruments, as well as its restriction to Kyrgyz users only, significantly restricts its user base. This limitation hinders those interested in diversifying their portfolio across a broader range of instruments, thereby posing a setback for the platform in terms of market share and user appeal.

Customer Support

Good customer support is vital to a thriving brokerage business.

RingoTrade customer support is lacking. On the support page, you’ll get access to two official mobile numbers of the team, one for calling and communicating on WhatsApp with the team. You can also start a conversation via the chatbot or reach out via the official email.

I sent a message to the WhatsApp line provided and the experience wasn’t what I expected. After sending a message indicating I’d love to make an inquiry, the reply was in the Russian language. However, what followed (a minute after) was a reply in English.

This will be a different scenario for someone who resides in Kyrgyzstan, as the platform is dedicated to its residents. Also, unlike most other brokers whose customers’ and clients’ support is usually available only 24/5, RingoTrade pushes the limit and can be reached 24/7.

In addition, there are sections on the website that thoroughly explain users’ questions; these segments are the client’s agreement, Refund policy, privacy policy, and FAQ. With this, there is a confirmation that traders can get answers to questions they have before or while using the RingoTrade platform.

More About Kyrgyzstan Binary Options— RingoTrade

Despite its challenges, RingoTrade shares certain positive aspects with other binary options brokers. The company, a subsidiary of Binolux Ltd and registered in St. Vincent and the Grenadines, boasts notable security features backed by proper licensing.

Its platform is user-friendly, easy to navigate, and equipped with various tools to enhance the trading experience, including comprehensive educational resources and training.

Frequently Asked Questions

How Important is it For a Binary Options Broker to Be Regulated?

Regulated brokers have the interest of their clients at the heart. Since they’re regulated, the chances for scams are less as they’ve been vetted by top regulatory authorities and in case anything goes wrong there’s always some level of protection for users with funds in the brokerage company.

Can I use RingoTrade in Other Locations Outside Kyrgyzstan?

According to the details on the platform, you can’t use RingoTrade outside Kyrgyzstan. The broker is only operational in Kyrgyzstan, which limits its services and its customer acquisition.

How Reliable Is RingoTrade?

The reliability of RingoTrade can be doubted by those outside its operational jurisdiction. However, those within Kyrgyzstan will consider RingoTrade the right broker based on their system.  

Will Ringo Trade Expand into Other regions

At the moment, there are no indications of RingoTrade expanding into other jurisdictions beyond Kyrgyzstan.

Are Binary Options Safe to Trade?

Trading the financial market including binary options comes with risks, so it’s important for you as a trader to have a good understanding of how the market works before trading; this way you’re on a safer side.

Final Thoughts

RingoTrade may not be the optimal choice for many professional or novice traders seeking a reliable binary options broker. The lack of oversight from regulatory authorities can engender doubts about the platform’s credibility. Moreover, the broker’s inadequate investment in training and educational resources leaves it lagging behind competitors.

While RingoTrade does have some positive aspects, such as a user-friendly interface and a demo account for honing trading skills, these features are standard among many top brokers. The platform also offers a dedicated trading hall for learning and round-the-clock customer support.

However, one significant drawback is its lack of support for popular trading platforms like MetaTrader 4 (MT4), offering only its web-based proprietary platform instead.

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