Overview of RYKAN
RYKAN is an unregulated Australia-based company that operates as a forex and CFD broker, offering a range of trading instruments, including forex, stocks, indices, commodities, and cryptocurrencies. The company provides various account types, catering to different levels of traders. Traders can access their services through the popular MetaTrader 4 trading platform, known for its use and advanced features like charting, technical analysis, and automated trading.
RYKAN's leverage ratios and minimum deposits vary depending on the trading instrument and account type, with the highest leverage ratio reaching 1:500 and the lowest deposit being $250. The company claims to be regulated by the Australia Securities & Investment Commission, however it is being labeled a suspected clone and therefore unregulated. They have established offices in Seychelles, China, and Vietnam, and their headquarters are based in Australia. The website is inaccessible and customers can only reach out for support via email limiting the credibility of this company.
Regulation
The Australia Securities & Investment Commission (ASIC) has identified RYKAN as a suspicious clone, meaning the RYKAN is unregulated.
A “suspicious clone” designation refers to an entity that imitates or clones the identity of a legitimate company, often with the intention to deceive investors or clients. In the financial context, a suspicious clone may copy a genuine company's name, address, or contact details to create a false impression of authenticity.
Pros and Cons
RYKAN offers a variety of trading instruments, including forex, stocks, indices, commodities, and cryptocurrencies. They provide different account types and the availability of MetaTrader 4 as the trading platform. The relatively high leverage ratios, reaching up to 1:500, may attract traders seeking amplified potential gains.
One significant concern about RYKAN is its suspicious clone designation by the regulatory authority, Australia Securities & Investment Commission (ASIC) and therefore unregulated status. The unavailability of the company's website further adds to the lack of transparency and makes it challenging for potential clients to access essential information about their services and regulatory status. The limited information provided about the company's establishment, regulation, and website status may raise questions about its credibility. Lastly, as RYKAN only offers a singular customer support option, customers can feel alienated in the case that this communicatino channel is down.
Inaccessible Website
RYKAN's website is currently inaccessible, which can have implications for the company's credibility. A website being unavailable may raise concerns among potential clients and investors, as it hinders access to essential information about the company's services, offerings, and regulatory status. Moreover, the inability to create a trading account with RYKAN due to the inaccessible website may result in missed trading opportunities and potential disadvantages for traders who were interested in their services.
Market Instruments
RYKAN provides forex, stocks, indices, commodities, and cryptocurrencies as market instruments. Explicit on these options are as follows:Forex: RYKAN facilitates forex trading, allowing investors to participate in the foreign exchange market by trading major and minor currency pairs including but not limited to EUR/USD and GBP/JPY.
Stocks: RYKAN enables trading in stocks, giving investors the opportunity to buy and sell shares of various companies listed on global stock exchanges. Examples include Apple Inc. (AAPL) and Microsoft Corporation (MSFT).
Indices: RYKAN provides trading in indices, allowing investors to track the performance of a specific group of stocks from a particular stock market. Traders would have access to trade the S&P 500 Index and the FTSE 100 Index.
Commodities: RYKAN offers trading in commodities, allowing investors to buy and sell various raw materials and resources, examples of such commodities include gold and crude oil.
Cryptocurrencies: RYKAN facilitates trading in cryptocurrencies, providing access to digital assets like Bitcoin and Ethereum. Investors can trade BTC/USD and ETH/AUSD, among other cryptocurrency pairs.
Table comparing Market Instruments of RYKAN with Competing Brokerages:
Account Types
The account types offered by RYKAN are Standard Account, Mini Account, and Cent Account. Specifics are as follows:
Standard Account: RYKAN's Standard Account is the basic account type, offering traders access to a range of trading instruments, including forex, stocks, indices, commodities, and cryptocurrencies. The account comes with variable spreads, allowing traders to benefit from market fluctuations. The maximum leverage available for the Standard Account is 1:500, enabling the potential for amplified gains.
Mini Account: RYKAN's Mini Account is designed for beginners, offering them a smaller account type to get started in trading. The Mini Account provides fixed spreads, allowing for more predictable trading costs. The maximum leverage available for the Mini Account is 1:200, still providing the potential for enhanced trading opportunities.
Cent Account: RYKAN's Cent Account is a micro account type, catering to traders who wish to trade with smaller amounts of money. The Cent Account also offers fixed spreads for more predictable trading costs. The maximum leverage available for the Cent Account is 1:100, still offering potential leverage for trading.
Account Types and Features:
Minimum Deposit
RYKAN requires a minimum deposit of $250 to open a trading account. This initial deposit serves as a starting point for traders to access the various account types and trading instruments offered by the company. The minimum deposit amount allows traders to get started with their chosen account type, whether it's the Standard Account, Mini Account, or Cent Account, without having to commit large amounts of capital upfront.
Leverage
RYKAN offers different leverage ratios based on the trading instrument and account type. For major forex pairs, the maximum leverage available is 1:500 for the Standard Account, 1:200 for the Mini Account, and 1:100 for the Cent Account.
Minor forex pairs have leverage ratios of 1:200 for the Standard Account, 1:100 for the Mini Account, and 1:50 for the Cent Account. Leverage for commodities and indices is consistent across account types, with a maximum of 1:200 for the Standard Account, 1:100 for the Mini Account, and 1:50 for the Cent Account.
Cryptocurrencies have unique leverage ratios, with 1:2 for the Standard Account and 1:1 for both the Mini and Cent Accounts.
Maximum Leverage Comparison Table:
Spread
RYKAN offers different spreads depending on the account type. For the Standard Account, spreads are variable, meaning they may fluctuate based on market conditions. The Mini Account, on the other hand, provides fixed spreads, allowing for more predictable trading costs. Similarly, the Cent Account also offers fixed spreads, providing traders with greater cost certainty during their trading activities. While specific spread values are not mentioned, the availability of both variable and fixed spreads allows traders to choose the account type that aligns with their trading preferences and risk tolerance.
Deposit & Withdrawal
RYKAN offers multiple deposit and withdrawal methods for its clients. Traders can fund their accounts through bank transfers, credit cards, and debit cards. These traditional payment options provide convenience and flexibility to clients for funding their trading activities.
However, specific details regarding any fees associated with these methods are not mentioned. Nonetheless, the availability of various deposit and withdrawal options allows traders to choose the most suitable method based on their preferences and accessibility.
Trading Platforms
RYKAN offers the popular MetaTrader 4 (MT4) trading platform to its clients. MT4 is a recognized and widely-used platform in the industry, offering features like charting, technical analysis, and automated trading capabilities.
The table below compares the trading platforms offered by RYKAN with those of other competing brokerages:
Customer Support
RYKAN offers customer support through email communication at cs@rykan.com. Clients can reach out to the company's customer support team via email to seek assistance, inquire about services, or address any concerns they may have. Unfortunately, as this is the sole method of communication, in the case this channel is out of service, there would be no direct access to customer support for RYKAN, which increases the risk register of the company.
Conclusion
In conclusion, RYKAN is an unregulated forex and CFD brokerage that provides trading services across various financial instruments. The company offers different account types, such as the Standard Account, Mini Account, and Cent Account, each with its specific features and leverage options. Traders can access the widely-used MetaTrader 4 trading platform.
RYKAN's credibility is marred by the designation as a suspicious clone by the regulatory authority, raising doubts about its legitimacy and trustworthiness. The unavailability of the company's website and lack of customer support variety further adds to the lack of transparency and makes it challenging for potential clients to access essential information about their services and regulatory status.
FAQs
Q: What types of trading instruments does RYKAN offer？
A: RYKAN offers a range of trading instruments, including forex, stocks, indices, commodities, and cryptocurrencies.
Q: What are the available account types at RYKAN？
A: RYKAN provides various account types, such as the Standard Account, Mini Account, and Cent Account.
Q: What is the minimum deposit required to open an account with RYKAN？
A: The minimum deposit required to open an account at RYKAN is $250.
Q: Which trading platform does RYKAN offer？
A: RYKAN offers the widely-used MetaTrader 4 trading platform.
Q: How can traders reach RYKAN's customer support team？
A: Traders can contact RYKAN's customer support solely through email at cs@rykan.com.
Q: What is the leverage offered by RYKAN？
A: RYKAN offers varying leverage ratios, with the highest reaching up to 1:500 for certain instruments.
