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Richmondfx Review - is it scam or safe?

Richmondfx review - Is richmondfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Richmondfx
Richmondfx is an offshore broker. Your money is not safe.

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Richmondfx is presented both as a wealth management company and a forex and CFD broker, where you can trade a great variety of instruments, including stocks, ETFs, options, indices and even crypto coins with a choice of four account types, leverage as high as 1:500 and the MetaTarader4 platform. And the broker says to have offices in London, Zurich, Singapore and Dubai, where we are told their headquarters are located.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Micro Account $250

1:500

1,5 pips
Standard Account $1000 1:500 1 pip
Premium Account $25 000 1:500 0,6 pips
VIP Account $100 000 1:500 0,2 pips

 

As exciting as all of this may sound there are few things that you should consider before depositing any funds with Richmondfx, starting with the fact that they are not licensed and authorized to provide any kind of financial services on regulated markets like the European Union for example, and  what is even more disturbing – they have already been blacklisted by the financial regulator in Italy as a potential scam.

 

Richmondfx Advantages:

 

Nice selection of trading instruments

 

Because we always try to come up with any possible advantages about a broker we investigate, here we  may start with the comprehensive selection of trading instruments. On Richmondfx trading platform we counted well over 60 forex pairs, many of which minor or exotic like USDDKK, USDHKD, USDHUF, USDMXN, USDNOK, USDSEK, USDSGD, USDRUB, USDTRY, USDCZK, USDPLN, USDCNH and EURZAR, as well as CFDs on various assets including gold, silver, platinum, palladium, oil, natural gas,  stocks, indices, and a long list of crypto coins - Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Monero, Zcash, Ripple, Ethereum Classic, Bictoin Gold, Verge, Cardano, IOTA, Stellar, NEM, Qtum, Lisk, Golem, Siacoin, NEO, Tron Tether and Waves. If you want to trade the crypt markets however, here you may check as well our list of regulated brokers also offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

MetaTrader4 supported

 

This should be counted as another advantage. Still, bear in mind that at Richmondfx the platform is provided by a third party - Lexbond Systems Limited and that is not a common practice.

 

Otherwise MT4 is a highly reliable trading platform, well known to most traders, which features more than sixty modifiable market indicators and trading robots with the help of which one can easily run automated trading sessions. And the excellent pack of advanced charting tools is yet another reason for you to check our list of brokers, supporting MT4 as well:

 

>>MT4 Brokers<<

 

Attractive spreads

 

As tested with demo account the benchmark EURUSD spread floated close to 1,5 pips and that is generally considered attractive with a standard account. Still, here you may also take a look at our brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Acceptable minimum deposit requirement

 

Richmondfx asks for a minimum deposit of 250 USD and that is more or less in line with what most other brokers would also require. Still, we should also note that with some big and well known brokers like  FBS and IG you will be able to start trading with just 5 USD or even less.

 

Richmondfx Disadvantages:

 

Blacklisted by CONSOB, no license

 

Honestly we are a bit confused, which is the company behind Richmondfx. On their homepage we see the name of Elit Property Vision LTD, which is supposedly based in London, with branches in Zurich, Switzerland and Singapore, but in their “company profile” section we are told that the broker is owned and operated by Richmondfx LTD, with a head office in Dubai. So basically we can not be sure, which  of the two companies is genuine.

 

 

On top of that Richmondfx appears in the latest warnings list of CONSOB – the official financial regulator in Italy. You can see the warning here:

 

 

Needless to say that  Richmondfx is not regulated as it should be, if they really want to offer any kind of financial services on regulated markets like the EU. And bear in mind that regulation is the single factor that can protect your money from getting stolen by scammers. So be sure to trade only with legit brokers, licensed and authorized by an official financial watchdog such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

 

And besides, with a FCA broker your funds will even be covered by an insurance of up to 85 000 GBP. Here you may check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Trading bonuses

 

You should always be especially wary if a broker offers you a trading bonus. The practice is highly controversial and is banned on regulated markets like the European Union altogether. The general problem with all trading bonuses is that they always come with some additional withdraw conditions, as for example some minimum trade volume requirement, which quite too often scammers use as a pretext to cancel your withdraw requests. 

 

VISA, MasteCard and Skrill not accepted as payment methods

 

Although in its presentation Richmondfx says to be accepting payments with various e-wallets and credit cards, when we proceeded with our registration in turned out they accept payments with a single e-wallet – NasPay. 

 

The fact that  Richmondfx does not accept payments with credit cards like VISA and MasterCard or Skrill – probably the most popular e-wallet on the European market - is notable for two reasons. First if you pay with VISA or MasterCard and you realize you have been scammed, you can always file for a charge back (actually you can do that within 540 days). 

 

And the absence of Skrill can be explained with Skrill's new anti scam policy – according it the money transfer company partners only with regulated brokers and as we already established  Richmondfx is not a regulated broker. Here you may check our list of brokers, where you can pay with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

Richmondfx is blacklisted by CONSOB, the financial regulator in Italy for a reason – they target EU customers without proper authorizations. On top of that despite their claim to be based in Dubai or London, our experience shows that usually unregulated brokers like Richmondfx are registered offshore. So once again we will repeat our usual advise to trade only with brokers, licensed and authorized by some major financial regulator, like the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for Richmondfx

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