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RickGlobal Review - is it scam or safe?

RickGlobal review - Is rickglobal.com scam or good forex broker?

RATING: 1.1 / 0 REVIEWS RickGlobal
RickGlobal is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


RickGlobal is an offshore forex and CFD broker, offering over 250 trading instruments with three account types, leverage as high as 1:500 and a web based trading platform.

 

Account type Min. deposit Max. leverage Spreads
Basic Account $500 1:500 n/a
Advanced Account $1000 1:500 n/a
Smart Account $10 000 1:500 n/a

 

The company behind the broker is incorporated in Vanuatu and they say to be licensed by the local Financial Services Commission (VFSC). That however does not give them legal right to target customers on regulated markets like the European Union or Australia for example, so if you are about to start trading with them be sure to read this review first.

 

RickGlobal Advantages:

 

Fine selection of trading instruments

 

RickGlobal offers 43 currency pairs, many of which exotic or minor like USD/ZAR, USD/TRY, USD/SGD, USD/SEK, USD/RUB, USD/PLN, USD/NOK, USD/MXN and USD/CNH. And the broker also offers a variety of CFDs – on gold, oil, natural gas, 9 indices, 2 ETFs, stocks and several crypto pairs with coins like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, Ripple and Zcash. 

 

Still, if you are into crypto trading you may also check our list of regulated brokers, trading with bitcoin CFDs as well:

 

 >>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

Currently such leverage levels are available only with offshore brokers and the reason is quite simple - although attractive high leverage comes with higher risk, and that forced virtually all major regulators in Europe, the US, Canada, Japan and Australia to limit the maximum leverage offered to retail clients well under 1:100. 

 

RickGlobal Disadvantages:

 

Questionable license

 

RickGlobal  says to be holding a license by the Vanuatu Financial Services Commission (VFSC), but that does not impress us much. Our issue with the Vanuatu Commission is quite straightforward – Vanuatu is a small atoll in the middle of the Pacific Ocean, and that means VFSC simply lacks the resources to oversee internationally operating brokers like RickGlobal, not to speak about their regulatory requirements, which are not comparable to the ones adopted by most regulators in Europe or Australia for example.

 

Also the broker claims to be operating from an office in London, the UK. If this is true than legally RickGlobal should be licensed and authorized by the Financial Conduct Authority (FCA) in the UK, which they are not, and that further decreases their credibility. Besides, here you may check our list of brokers regulated by the FCA:

 

>>FCA Regulated Forex Brokers<< 

 

Otherwise the company behind RickGlobal is called RickGlobal Limited and as far as we understand is incorporated in Vanuatu.

 

Trading bonuses

 

You should be especially wary with any trading bonuses a broker like RickGlobal might offer you. The general problem with all trading bonuses is that they are invariably linked to some minimum trade volume requirement, which too often is used as a pretext to cancel your withdraw requests.

 

Unusual inactivity fee

 

RickGlobal says they will start charging you a monthly inactivity fee of 10 USD if you have not traded for just 30 days. That is not a usual practice. Most brokers may charge you an inactivity fee only after your account have been dormant for over a year.

 

RickGlobal accepts only Bitcoins

 

Apparently the only payment method accepted by RickGlobal are bitcoins and that is clearly a disadvantage. Bear in mind that most brokers accept payments with credit card like VISA and MasterCard, bank wire and e-wallets like NetellerSkrill.

 

Bear in mind that if you have payed with credit cards like VISA or MasterCard and you have been scammed, you can always file for a charge back with the respective credit card provider.

 

Also take a note that according to their new anti scam policy, Skrill requires all brokers it partners with, to prove they hold a legit license. As we already discussed RickGlobal does not have a reliable license. 

 

Besides, crypto payments are probably the most anonymous way to send or receive money, so its no wonder why such payment venues are preferred by scammers and other criminals. Still, here here you may also check our list of brokers accepting bitcoins as well:

 

 >>Forex Brokers Accepting Bitcoin<<

 

Seemingly attractive spreads

 

When we opened the RickGlobal trading platform the benchmark EURUSD spread floated around 0,6 pips, which looks attractive. The broker however, says to be charging trading commissions, without giving any details, so here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

High minimum deposit requirement

 

RickGlobal says you can open a trading account with a minimum deposit of 500 USD, while with most other brokers the minimum deposit requirement is no higher than 250 USD. And besides, some well known brokers like FBS and IG do not have a minimum deposit requirement at all.

 

MetaTrader4 no available 

 

RickGlobal  offers a web based trading platform, which you may see below. 

 

 

Unfortunately the platform lacks many standard features we are used to with classic trading solutions like the MetaTrader4 fore example.

 

MT4 is probably the most widely used trading platform on the market. It has nearly 100 integrated, customizable market indicators and trading robots, which will readily help you run automated trading sessions. On top of that MT4 has an excellent set of advanced charting tools so here you may check our list of brokers, supporting the platform as well: 

 

>>MT4 Brokers<<

 

Conclusion:

 

Despite its Vanuatu license we can not add RickGlobal to our list of reliable and regulated brokers. We discussed our reasons above, so here we will just repeat our usual advise to trade only with brokers licensed and authorized by familiar and well respected institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

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Traders` reviews for RickGlobal

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