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RietumuFX Review – is it scam or safe?

Rietumu FX review - Is it scam or safe forex broker?

RATING: 3 / 0 REVIEWS RietumuFX
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 Trading accounts 

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Silver $1000 0.01 lot 1:100 3.4 pips
Gold $1000 0.01 lot 1:100 0.4, commission: 0.025% round turn

 

Rietumu FX is a Lativan forex brokerage that offers trading in nearly 60 forex pairs, plus precious metals and oils. The forex portfolio is comparable to that of other major regulated forex brokers like FxPro, which offers around 70 pairs and LCG with around 60.

 

The Company. Security of Funds

 

Company Country Regulation
Rietumu Banka Latvia FCMC

 

Rietumu FX is a subsidiary of the Latvian Rietumu Bank, established in 1992. The broker is regulated by Latvia's Financial and Capital Market Commission (FCMC).

 

Like most European financial markets regulators, the FCMC has a set of rules and requirements for the entities it oversees like keeping the client funds in segregated accounts and be members of client compensation schemes. Generally, all forex brokers that operate in Latvia, must be regulated by the FCMC as well, although exceptions are made for the MiFID associated EU brokers.

 

Judging by the language selection on Rietumu FX's site, it is mostly seeking clients from France, Germany and China (besides Latvia). The Russian language is most likely intended for the almost 26% of Russians living in the country.

 

Trading Conditions

 

Rietumu FX has two types of accounts: Silver and Gold. The trading conditions on both are rather similar, except for the spreads. The Silver trading account comes with wider spreads, while the Gold has tighter ones, but they carry commissions.

 

Unlike many forex brokers, Rietumu FX does not offer a free demo account.

 

Minimum deposit

Rietumu FX requires a minimum deposit of $1000 both for private and corporate clients. The condition is tucked away in the Financial and Stock Market Operation Fees section of the site, under the Electronic Trading Platforms category and is listed as “Minimum deposit for platform application”.

 

Spreads & Commissions

Rietumu FX offers variable spreads on both types of trading accounts. The spread on the most traded forex pair – EURUSD starts from 3.1 pips for the Silver accounts and the average is 3.4 pips. This spread is above the general average of 1.5 pips for variable spreads, even considering the fact that the broker includes its fees and commissions in it.

 

The spreads with the Gold accounts are considerably tighter. That for the EURUSD pair starts at 0.1 pips and averages at around 0.4 pips. But this spread comes at a price and most brokers with tighter spreads charge commissions. So does Rietumu FX: 0.025% round turn on forex and 0.5% round turn on metals.

 

Leverage

The highest leverage Rietumu FX offers is rather low: 1:100 and it is for the major pairs.

As per the broker's site, this leverage is for the predominant case of accounts with less than $250 000 in funds. The client accounts with deposits of more than that have even lower leverage, but, honestly, this hardly concerns the majority of retail traders.

 

Most brokers, like FxPro and Grand Capital, for example, offer much higher leverage. Even the European subsidiary of FXCM offers a leverage of 1:400 on its mini account.

 

Trading platform

 

Rietumu FX says it offers the trading platform Rietumu FX, but in fact it is the massively popular MetaTrader 4 with all its options, functionalities, charting and technical analysis tools and versions: desktop, web and mobile.

 

MT4 has been around for over 10 years and is used by hundreds of brokers and thousands of traders across the world. The platform t is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading. The platform also supports hedging.

 

MT4 is offered by all sorts of brokers – big and small, unregulated and well-regulated like FXCM, Fibo Group, Circle Markets, etc.

 

Methods of payment

 

We could not find the methods of payment accepted by Rietumu FX. Our guess is that it at least accepts bank transfers, especially considering that it is a subsidiary of a bank.

 

Conclusion

 

Rietumu FX is part of the trading division of the Rietumu Bank, which means it is reliable and regulated. On another hand, though, like most forex brokers that are part of a division of something else, they are somewhat of an afterthought. - Something along the lines of “We are a large financial institution and we have a brokerage division. Why don't we offer trading in forex too?”

 

This is not necessarily a bad thing, but there certainly are brokers with better trading conditions whose only business is forex and CFDs. Besides, the $1000 minimum deposit requirement is rather high for smaller retail clients. And then there are also the rather wide spreads.

 

Pros Cons
Regulated High minimum deposit
MT4 Wide spreads
  Low leverage

 

 

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Traders` reviews for RietumuFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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