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RichmondFG Review - is it scam or safe?

RichmondFG review - Is richmondfg.com scam or good forex broker?

RATING: 1 / 0 REVIEWS RichmondFG
RichmondFG is an offshore broker. Your money is not safe.

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RichmondFG is a forex and CFD broker offering a wide variety of trading instruments, including crypto CFDs, with a choice of several account types. What is more, the broker even offers binary options bets. Unfortunately, we have some serious issues with RichmondFG's legitimacy and regulatory status, so in case you are considering trading with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $500 1:200 3.6 pips, floating
Mini Account $2500 1:200 n/a
Silver Account $10 000 1:200 n/a
Gold Account $50 000 1:200 n/a
Diamond Account $250 000 1:300 n/a
VIP Account $500 000 1:400 n/a

 

RichmondFG Advantages:

 

Good selection of forex pairs and crypto CFDs

 

As we noted, RichmondFG offers a really good selection of trading instruments, including over 50 forex pairs, with a number of exotic currencies like Norwegian Krone, Swedish Krona, Danish Krone, Honk Kong Dollar, Singapore Dollar, Chinese Yuan, Polish Zloty, Hungarian Forint, Israeli Shekel,Mexican Peso, Turkish Lira, Russian Rubble and South African Rand.

 

Among the other assets, offered on RichmondFG's web based trading platform, we found CFDs on spot metals like silver, gold, platinum, palladium and copper, energy and agricultural commodities like oil, natural gas, cocoa, coffee, sugar, cotton, orange juice, soybean, and wheat, 23 major indices, a selection of ETFs, bonds, stocks, and even crypto CFDs on a variety of major coins, including Stellar, Qtum, Tron, NEO, Litecoin, IOTA, Ethereum, Ethereum Classic, EOS, Dash, Bitcoin Gold, Bitcoin, Bitcoin Cash, Cardano, Zcash, Ripple and Monero. Still, we would suggest you to take a look at our list of brokers also trading with Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Besides, RichmondFG offers binary options bets on most of the above mentioned instruments. 

 

High leverage

 

With most account RichmondFG offers its clients leverage as high as 200:1, which is basically enough to fit any trading style. However, you should keep in mind that higher leverage, if used without caution, can easily deplete your funds with the slightest fluctuation of the market.

 

RichmondFG Advantages:

 

Ne license

 

RichmondFG is owned and operated by Terraquest Media – a company based in Bulgaria, which unfortunately is not registered with the local Financial Supervision Commission or by any other financial authority in the European Union. 

 

So basically RichmondFG does not have a license to provide financial services as a forex and CFD broker in EUor other markets like USA, Japan and Australia, where forex and CFD brokers are required to have a license by the local financial authorities, such as the Financial Conduct Authority in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). 

 

On top of that, as we already noted, RichmondFG is offering binary options bets as well – a practice totally banned by the the European Securities and Markets Authority (ESMA) on the European market since the beginning of July.

 

Have in mind that properly regulated brokers have to report regularly to the financial watchdog, supervising them, to allow external audits, to maintain a certain level of operational capital and to keep all clients' money in a segregated, protected form creditors account. In some cases licensed brokers are even obliged to insure the trading capital, deposited with them.

 

Traders with FCA regulated brokers, for example, are entitled to a compensation of up to 50 000 GBP, in case their broker happens to be insolvent. A similar compensation scheme with all CySEC regulated brokers guarantees traders up to 20 000 EUR of their trading capital.

 

So here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

We tested  RichmondFG with a demo account and the benchmark EURUSD spread turned out to be as high as 3,6 pips, which is nearly three times higher than the levels, usually considered attractive with a standard account. Have in mind that as a rule competitive spreads should start below 1,5 pips. Also, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Unreasonably high minimum deposit requirement

 

RichmondFG asks us for a minimum deposit of 500 USD to open a Micro account and that, in our view, is excessive. Have in mind that most broker require an initial investment of about 250 USD, while some big well established names like FBS and IG do not have a minimum deposit requirement at all. 

 

MetaTrader4 not supported

 

RichmondFG offers a rather cheap looking, overly simplified, web based trading platform, that lacks many standard features, offered by classic trading solutions like the MetaTrader4. 

 

 

With an MT4, for example, you can run automated trading sessions with the help of specially designed trading robots, or Expert Advisors, which can be easily modified on a proprietary editor. Another feature is the excellent charting package and the numerous market indicators. So, here you may also check our list of brokers, supporting the MetaTrader4: 

 

>>MT4 Brokers<<

 

Neteller and Skrill not available as payment methods

 

RichmondFG accepts a variety of payment methods, including major credit or debit cards like VISA and MasterCard, several e-wallets like QIWI Wallet, WebMoney and Yandex, as well as bank wire. However, the website does not work with two really popular e-wallets – NetellerSkrill and does not accept payments with Bitcoins. So, if you have a Bitcoin wallet, here you may check our list of brokers, accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Have in mind, as well, that if you accept a bonus by RichmondFG, as a precondition for any withdraw you will have to reach a certain minimum trading volume, calculated by the formula: 30 times the sum of the bonus and your initial deposit.

 

 

So, be careful with the bonuses.

 

Conclusion:

 

Unfortunately RichmondFG turned out to be yet another unregulated, low credibility broker, where your money will not be safe. As we already discussed, trading with unregulated brokers comes with an unreasonably high risk of loosing your money to scammers, so our best advice is to invest with properly licensed companies only.

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Traders` reviews for RichmondFG

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