Richmond FX Review: richmondfx.com a Scam Broker - Topedgefx.com

Richmond FX Review: richmondfx.com a Scam Broker

Richmond FX offers a variety of trading instruments which include currencies, precious metals, commodities, CFDs and Futures.

However, they cannot beat these brokers in terms of quality of service and reputation.

Therefore, if a good broker is what you want, visit this page and pick any of those.

In this Richmond FX review, we’ll talk about their account types, their regulatory status and features in general.

We’ll then come to a conclusion and let you know whether or not it is safe to trade with richmondfx.com.

Richmond FX Review

This broker first appeared online in April 2019. 

RichmondFX claims to operate from London on this physical address:

Address: Crosswall 17 , London EC3N 2LB. They can be reached on this E-mail :uk-support@www.richmondfx.com.

However, they also claim that they have a well equipped head office located in Oud Metha, Dubai.

richmondfx review

These two statements are conflicting and if there is truth in their claims, we should at least see that RichmondFX is authorized and licensed by both DFSA (UAE) financial regulator and the FCA in the UK.

They also claim to have offices in Zurich and Singapore respectively.

The face behind Richmond FX is a company known as Elit Property Vision LTD.

Little is known about this company Elit Property Vision LTD. If indeed this company exists, we must verify whether they’re regulated because it’s clear that RichmondFX broker isn’t.

The broker claims to provide powerful trading tools and also wants traders to know that Richmond FX is working with honest, reliable and hard-working professionals.

They also claim that their platform provides fully automated investment advisory service, a wide range of investing strategies from experienced portfolio managers, powerful trading tools, resources and support and so much more.

This broker offers an in-house trading software known as RichmondFX Trading system in addition to the regular MT4 trading platform.

The RichmondFX trading system is available for desktop and mobile users alike.

The four account types offered by this broker are as follows:

[tabs][tab title=”Micro Account”]Minimum Deposit: $250

Trading platform: MetaTrader 4, Webtrader and Mobile Trading

Spreads: From 1.0 pip

Leverage: 1:50 to 1:500

Min Trade Size: 0.01 lot

Account Currency: USD EUR

Fund Management: Not available

[/tab] [tab title=”Standard Account”]Minimum Deposit: $1,000

Trading platform: MetaTrader 4, Webtrader and Mobile Trading

Spreads: From 1.0 pip

Leverage: 1:50 to 1:500

Min Trade Size: 0.01 lot

Account Currency: USD EUR

Fund Management: Available

[/tab] [tab title=”Premium Account”]Minimum Deposit: $25,000

Trading platform: MetaTrader 4, Webtrader and Mobile Trading

Spreads: From 0.6 pip

Leverage: 1:50 to 1:500

Min Trade Size: 0.1 lot

Account Currency: USD EUR

Fund Management: Available

[/tab] [tab title=”VIP Account”]Minimum Deposit: $100,000

Trading platform: MetaTrader 4, Webtrader and Mobile Trading

Spreads: From 0.6 pip

Leverage: 1:50 to 1:500

Min Trade Size: 0.1 lot

Account Currency: USD EUR

Fund Management: Available

[/tab][/tabs]

From the table above, you can see that RichmondFX is also providing portfolio management service.

It’s not clear who is trading investor accounts in this case.

With some brokers, a feature called PAMM or MAMM accounts enables experienced traders to trade accounts of other less experienced investors.

However, this broker does not appear to offer any of these account types and so this begs the question of who exactly is investing clients’ funds into the financial markets.

Deposits, withdrawals plus fees

Richmond FX accepts debit and credit cards in addition to wire transfers.

This would raise the question of what fees apply to any of these methods.

Furthermore, withdrawal times should also come into the picture since traders would love to know how long before their profits are sent to their bank accounts.

Debit and credit card deposits/withdrawals attract a fee of 2%. Processing time for deposits is 2 hours. However, withdrawals take much longer, typically between 3 to 5 business days.

Wire transfer deposits attract 0% fees and can take up to 2 hours to be credited into a trader’s account.

Is RichmondFX a scam?

A Forex broker that does not have a license is definitely up to no good regardless of how good their service or products are.

This broker’s regulatory status is not known.

Secondly, there are no reviews or customer feedback regarding this broker.

This makes us believe that they don’t have clients yet. As soon as traders sign up, we will begin seeing reviews from these traders and most likely feedback will be negative.

Also, the Italian financial regulator has warned that Richmond FX broker is targeting clients in their jurisdiction when they do not have authorization to provide financial services there.

Regulation is one of the most important factors to consider before you open an account with any broker.

Brokers like PaidOption24, Pacoxr, Masdar Investment, Live Markets and so on are operating with a license and committing a crime.

RichmondFX is no exception and if financial regulators have already warned the public against trading with this unregulated broker, it is better to take heed of this warning.

Conclusion

Richmond FX may be a scam as far as we are concerned.

They may be offering the much celebrated MT4 trading platform and friendly spreads. However, this does not mean the broker will treat you nice.

Also, since there are no feedback from any traders regarding this broker, it is better to keep off from their services.

Thanks for reading this Richmond FX review.

I want to hear your comments now.

One Response

  1. Ryan Williams January 14, 2020

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