Rakuten Securities on Hot Seat: TU Expert Panel Offers Insights
Rakuten Securities, backed by over two decades of experience and a subsidiary of Rakuten Group Financial Corporation, offers competitive pricing, trade copying services, and an Introducing Broker program, but falls short in areas like the absence of micro accounts, limited trading instruments, and lack of MT5 web version, leading Traders Union to rank it 152 out of 350 companies and advise traders to consider alternatives.
Comprehensive broker reviews are vital for traders to minimize risks, gain market insights, and maintain industry standards for a safer trading environment.
Traders Union, a leading authority in broker assessments, has recently recognized Rakuten Securities for its enticing low-entry threshold but has also identified important drawbacks that every investor should be aware of.
With over two decades of experience, Rakuten Securities, a subsidiary of Rakuten Group Financial Corporation, boasts an intriguing blend of features and limitations
Notably, this online broker is focused on serving traders from the United States, the European Union, and the Asia-Pacific region who engage in currency pairs, precious metals, and index trading.
With spreads ranging from 0.50 pips, the online platform also strives to provide competitive pricing for its clients with secured regulation by the Australian Securities and Investments Commission (ASIC).
One interesting feature that Rakuten Securities offers is the opportunity for passive income through trade copying services. Here, market participants can choose to copy trades via platforms like Myfxbook and ZuluTrade.
At the same time, potential users benefit from a straightforward commission structure, paying a predetermined commission only upon successful trades.
In the latest review, Traders Union experts have also cited that the firm offers the freedom to select a provider based on their performance, whether measured in total pips earned or average pips per transaction.
Expanding on its offerings, Rakuten’s Introducing Broker (IB) program extends significant discounts to partners, affording them up to $14 or 60% of the cumulative trading spread from connected clients.
As a result, this program equips partners to grow their Forex ventures by providing marketing resources and comprehensive analytics for monitoring users and their trading activities
Nonetheless, TU specialists emphasized that Rakuten Securities falls short in a few areas. For instance, the platform lacks micro accounts, which can limit options for traders with smaller capital.
Even more, its range of trading instruments is restricted, with notable omissions such as crypto, stocks, binary options, futures, and bonds.
Another drawback is the absence of access to the web version of the MT5 platform, potentially disappointing clients who prefer this popular option. Consequently, most users primarily rely on MetaTrader 4, an industry standard available in both desktop and mobile versions.
Rakuten Securities Australia caters mainly to professional traders, offering standard accounts with a minimum deposit of $50 and promoting competitive narrow spreads.
However, Russian and Ukrainian traders are not served by the Australian-based platform, which results in limited reviews from these regions.
This scarcity of client testaments, coupled with some negative feedback, positions Rakuten Securities in a less favorable position among the top Forex brokers. Furthermore, the lagging industry awards suggest a lower level of popularity among market participants.
While its website is informative, specific trade conditions are only accessible post-registration or by contacting the company via email. Correspondingly, customer support is exclusively available in English, confirming its primary focus on Western and European investors.
Given these drawbacks, Traders Union analysts strongly advise users to explore alternative companies offering better conditions, as indicated by numerous negative reviews and a rather modest TU ranking of 152 out of 350 companies.
In line with this, it is crucial for clients to meticulously assess their trading priorities when contemplating Rakuten Securities as a prospective partner in their Forex journey.
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