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Richly Active Review - is it scam or safe?

Richly Active Review - is richlyactivelimited.com scam or good forex broker?

RATING: 2 / 2 REVIEWS ForexBrokerz Richly Active
Richly Active is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
RAL  $1000 0.01 1:500 From 0.5 pips (+ commission)
ECN $5000 0.01 1:500 From 0.1 pips (+ commission)

 

Richly Active offers 2 basic trading account types and two additional ones (ECN Pro ECN Manager), which we will not discuss, as they require initial deposits above $ 50,000.

 

Both basic accounts are said to offer variable spreads and leverage up to 1:500 on the standard MetaTrader 4 platform. As the variable spreads indicated on the broker’s website are rather low, we suppose that commission fees are also charged. Nonetheless, we could not test Richly Active’s services – the broker’s MT4 is not available for download even after you open a demo account. We consider this a significant disadvantage as it reveals that the broker does not offer fair and transparent pricing.

 

Despite of this, Richly Active requires a minimum investment of $1000, while most brokers, even reputable and regulated ones, demand $100 - $200 as a start. For example, by investing $100 in leading broker FxPro, one may use spreads averaged 0.3 pips on cTrader platform, to which a commission of $4.5 applies per side (standard lot).

 

The Company. Security of Funds

 

Company

Country

Regulation

Richly Active Limited

SVG

FSA

 

Richly Active appears to be one of the many offshore forex brokers that claim to offer tight spreads, no conflict of interest (ECN/STP execution) and high leverage levels. It does not stand out among them in any way. Even worse, it does not offer demo accounts, the information on its website is inconsistent and scarce, there is no live chat and no valid telephone number. Many of the links on Richly Active’s webpage redirect to the home page and some of the content is simply greeking instead of real text.

 

We don’t recommend offshore brokers as a general rule, and we would advise you to stay away from this one in particular. Considering the above said, it is very likely that Richly Active is active in making itself rich, not its “clients”, if you allow me the pun. So, you’d better select among the reputable brokers regulated in the EU (by CySEC in Cyprus or FCA in the UK) or Australia.

 

Trading Platform

 

Richly Active Limited offers its clients the good old MetaTrader 4 (MT4), available as a desktop download, web version and mobile apps.

 

Supported by the majority of brokerages, MT4 provides all the necessary tools and features for traders to analyze price dynamics of financial instruments (solid charting, numerous analysis indicators, back-testing options, etc.), to execute trades and create & use trading robots (Expert Advisors).

 

Methods of Payment

 

Richly Active offers its clients wide range of payment options: via credit/debit card, wire transfer, and eWallets such as Neteller, cashU, iDEAL.

 

Conclusion

 

Richly Active is yet another offshore MT4 forex broker whose offerings appear attractive, but yet it is not recommended. Firstly, because It is registered offshore, and then, because it does not offer fair and transparent pricing – no MT4 download for demo account holders and limited information on website. To sum up the baove:

 

Pros Cons
MT4 offered  Offshore broker
Seemingly tight spreads  High initial investment required
  imited information on website
  No demo MT4 availa, no blelive chat

 

Latest news about Richly Active
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Traders` reviews for Richly Active

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

An unreliable exchange

It is an illegal customer to conduct a fraud that is difficult to get back the principal. It is a reality that many people besides me are not getting the principal back.

Youngjin Yoo 01/29/2019

Confirm transaction account facts

We opened a trading account on November 31, 2017.
The transaction account is 2100063632-YOUGJIN YOO
RichiyActive-Live 1: 400, USD 75394
access point: DC1

Yu Young Jin 09/21/2018
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