Is it true that Rich Point Capital can amplify our profit potential through their “fortified and elite trading hub”? The broker is boldly professing unparalleled trading excellence, customer-oriented service and committment to education. In fact, RichPointCapital paints a picture of a financial market that is abundant in profit potential which can only be realized if we limit our choices to this particular broker.

Beginners may believe these bubbly promises but in our review, we take things one step at a time to answer all of your questions concerning this online brokerage.

General information about RichPointCapital broker

Website	https://www.richpointcapital.com/
Company	Nocim Venture Inc.
Address	Canary Wharf, 1 Canada Square, London E14 5AA, United Kingdom
Phone number	+442081752897 +16474939200
Email	support@richpointcapital.io
License	⚠️ None
Date of Launch	July 2023
Min. Deposit	€1000

Review of Rich Point Capital website

It’s exciting to see some blues, whites and text fonts that are pleasing to the eye. The vibe stays positive and relaxed throughout our perusal activity. The broker has ensured that their promises to traders sit on the top section of the homepage while the account choices come to the bottom. They clearly let us know that RichPointCapital is a CFDs broker offering digital instruments like Forex, Stocks, Indices and Commodities.

They also provide a sneak peak of their WebTrader software as well as a widget showing various assets with their respective bid and ask price. Important pages like about us, privacy policy, terms and conditions were not forgotten either.

Still this broker puts themselves in a compromising situation because their terms and conditions page is just a copy-paste of a now defunct website called thenabcrypto.io.

The client dashboard and trading platform of Rich Point Capital broker

To open an account, the broker needs you to submit your name, email, phone number, date of birth and password. It is at this stage that you’ll also set your default account currency. In this case, we preferred USD.

No sooner had we registered than one of the staff members from RichPointCapital called us to coerce for a deposit. This is not good practice considering that people need not to rush through things when dealing with new brokers in town. A broker who is pushy is a turn off since they come across as desperate yet fishy.

Inside the client portal, WebTrader and Deposit buttons stand out. On the left side, we get access to KYC verification center, trading history, deposit and withdraw money as well as records showing our monetary transactions on the platform. We can also use the “contact us” feature to reach out to the broker in case of an event that we want clarity about, whether this is an issue related to a deposit, withdrawal or a technical challenge.

Now, let us take you through the trading platform. This is a WebTrader terminal and we find it very popular among unlicensed CFDs brokerage. We have reviewed the WebTrader terminal before so we won’t delve into details.

Something worth knowing is that if you plan to use an automated trading software like an expert advisor or a manual indicator, the WebTrader is not your go-to platform since it doesn’t support third-party plugins.

Broker account type features

Up to 7 account plans are offered by RichPointCapital broker. The company has also reiterated that personal account managers, bonuses and weekly trading sessions are standard across all plans. In addition to this, leverage is up to 100:1. Upgrade by paying more money and the broker unlocks extra features such as “direct line” with an account manager through Whatsapp, weekly market reviews, monthly dividends, additonal bonuses, smart money management plan and trade insurance.

By the way, there’s no clarity on trade insurance. CFDs brokers like to promise the possibility of trade insurance but how they implement it is not clear. As far as online retail trading is concerned, your money is used as equity that enable you to buy and sell. If there is no money in your trading account, you cannot open positions. Likewise, if there is no funds in your account, the broker can’t give you a bonus. This trade insurance thing seems to be empty talk.

Is Rich Point Capital a scam broker?

We put a lot of things into consideration in order to answer this question in the most accurate way. The relationship between Nocim Venture Inc and Rich Point Capital is not clearly defined on this website. Our guess is that Nocim Venture Inc is the whitelabel provider of this broker. This means that Nocim Venture Inc provides and maintains the platform while also handling payment processing. Rich Point Capital only pays a monthly fee for things to keep running seamlessly.

Nocim Venture Inc is a St Vincent and the Grenadines company as our search returned positive results. However, this broker is claiming to be from the UK.

The truth is that Forex brokers should get a license from the location where they’re based. Even if they’re using an offshore whitelabel provider, this license should come from the local regulator.

In this case, we’re talking of the FCA as the financial authority overseeing brokers in the UK but Rich Point Capital is not licensed by this authority.

This intricate relationship between a UK based brokerage and an offshore company suggests that Rich Point Capital cannot be a trusted broker. It’s credibility suffers because they are still an unlicensed broker who is not permitted to operate in the UK.

Information about richpointcapital.com domain

The identity of the owner is private and the website was registered in March 2023 and updated in July 2023. This means that activities on the domain began in July 2023. Impressions of the website was actually captured by Internet Archives website in November, suggesting that this is a very recent broker with no track record. It’s important to note that this entity is also anonymous as the identity of the owner is private.

Pros and Cons

Summary of broker review

Turns out that RichPointCapital is a broker that can’t be trusted due to lack of transparency and credibility. Their association to an offshore company where Forex regulations don’t exist is a worrying thing to see. And the recent spate of reviews and PR articles praising this broker is something we consider misleading and not in good faith. In our opinion, this broker exudes the characteristics of a scam.