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In my experience as a forex trader, assessing the regulatory status of any broker or financial institution is absolutely crucial before I even consider opening an account. With Rakuten Bank, there are significant concerns that stand out to me. While the bank has been operating for over two decades and is a recognized digital bank in Japan with millions of accounts, it is currently not regulated for forex or brokerage activities by any recognized international financial authority. This lack of oversight is a serious red flag for me, as regulation plays a critical role in protecting customer funds, ensuring fair trading conditions, and offering recourse in the event of disputes. Another downside that I noticed relates to customer support. The fact that Rakuten Bank offers limited support—primarily in Japanese—could be problematic for non-Japanese speakers looking for timely assistance. In the forex industry, where issues can arise at any moment, accessible and responsive support is an essential factor I rely on. Furthermore, while Rakuten Bank does provide common banking services and a proprietary app, the absence of transparent, industry-standard trading platforms and a suspicious regulatory license signal an elevated risk. For me, these risks are significant enough to warrant extreme caution. Without regulation, I would hesitate to deposit substantial funds or trade actively, as my capital and interests wouldn't be adequately safeguarded. For anyone considering Rakuten Bank, I believe a very conservative and careful approach is warranted.