de | cn | ru

Rift FX Review - is it scam or safe?

Rift FX review - is riftfx.com scam or safe forex broker?

RATING: 1.9 / 1 REVIEWS ForexBrokerz Rift FX
Rift FX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Rift FX is a forex brokerage owned and operated by Rift Broker ltd which is registered in Uganda and located at Parliamentary Avenue, Kampala. After going through the information the brokerage presents for itself we must say that we have our doubts about this brokerage. Read the whole review to find out why! 

 

Disadvantages



Missing regulation


There is no explicitly stated regulation on the brokerages website which most probably means that it is missing, since regulation is among the first things a brokerage will tell about itself, if only it could. At least there is no misleading information which, sadly, is common among scammers. Being registered in Uganda, a country in South Africa infamous for its wide-spread corruption and use of child-soldiers, certainly doesn’t breathe confidence in the eyes of potential traders. Nevertheless, a lack of regulation exposes potential clients of Rift FX to serious risks and due diligence requires us to state them. 

 

In layman’s terms -  there is no assurance for the safety of the clients funds, besides the supposed cordiality of the brokerage. Without regulation, we have no guarantee of the segregation of accounts i.e. the clients funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Compliance with a regulatory agency such as the FCA also requires the broker to have a starting capital of € 730 000 which significantly lowers the risk of them being frauds, since not many scammers can pull through with such an amount.

 

Having in mind the uncertainty over the regulatory status of Rift FX, as well as its Uganda address, we advise potential traders to orient themselves to safer and more legitimate brokerages. They can check out our list of recommended FCA-regulated forex brokers: 

 

>>List of FCA-regulated forex brokers<< 

 

Limited payment methods 

 

We always view a variety of payment methods as a big advantage, since its in favor of the traders and does not limit them in their options for funding and withdrawal. Rift FX, however, offers only two payment methods which is a negative in our books. Potential clients of the brokerage may deposit or withdraw via Skrill and Diamond Trust Bank. 

 

No crypto 

 

The brokerage offers clients participation in the forex financial markets. Potential traders may trade CFDs on currency pairs, stocks, indices, precious metals, commodities. Potential clients of Rift FX may not, however, offer CFDs on crypto which is among the most exciting products in the forex world. Interested traders should be sure to check our list of recommended Bitcoin forex brokers: 


>>List of Bitcoin forex brokers<<

 

Not enough information 

 

There is no information to be found on the website regarding account types. The lack of information should always be seen as huge negative, but having in mind the regulatory status of the brokerage, it is no surprising it is missing.  We would advise clients to always be as informed as possible before deciding to trade with a brokerage and see the lack or abundance of information as a serious criteria in deciding whether to trust a certain brokerage. 

 

 

Advantages 

 

Low minimum deposit

 

The minimum deposit required for the most basic account is the sum of $100 which is pretty usual. Having in mind the regulatory status of the brokerage, interested traders shouldn’t be quick to trust the brokerage with a such a sum. Traders who do not wish to put up so much cash just to get a taste of the action – we recommend the IG brokerage who can deliver compliance with the highest regulatory standards and does not have a required minimum deposit. 

 

MetaTrader4 trading platform 

 

Potential clients may have access to the MT4 trading platform which is by far the foremost platform in use at the moment. It can be accessed through almost any web browser, as well as mobile devices and has much valued by traders options in it. One such option is the MQL4 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. It is also used by more than 80 per cent of the trading world and should be counted as a big plus. However, the MetaTrader4 platform is best when it comes along with a air-tight regulation, so we invite interested traders to check out our list of recommended MT4 forex brokers: 

 

>>List of MT4 forex brokers<<

 

Social trading platform 

 

The brokerage an interesting feature which is not that common among brokerage, especially unregulated ones. The RiftFX MAM (Multi Account Management) system is made for proffestional traders who want to share their trades with clients who may follow them and copy-deal any trade. It is an exciting extra and certainly an advantage for the Ugandan brokerage, however, interested traders should check out our list of recommended Zulutrade forex brokerage who comply with the highest regulatory standards. 

 

>>List of Zulutrade forex brokers<<

 

Reasonable leverage

 

Leverage is a two-sided issue and is always problematic deciding whether a brokerage’s leverage should be seen as an advantage or a negative. On the one hand, it allows traders the possibility of significantly higher profits than would be if they traded with no leverage whatsoever, but in contrast to that – if the market trend leads to losses, leverage will increase the losses. Rift FX provides the clients with a leverage of 1:100 which is reasonable and nothing out of the ordinary.

 

Reasonable spread 

 

Through access on its trading platform, we could see that 24CM offers potential clients a spread of 1.4 pips on EUR/USD which is just about the industry average and the margin that we like. We count this as an advantage, even though regulation is lacking. The size of the spread has such importance in the trading world because it represents a sort of “constant cut” the brokerage gets, regardless of the losses or profits the client may acquire. As such, the lower it is, the higher the possible winnings of the traders. Interested traders should be sure to check out our list of recommended low-spread forex brokers: 


>>List of low-spread forex brokers<<

 

Conclusion 

 
 

Rift FX certainly has its advantages, even though it falls short on its regulatory status. The trading conditions could be better, but are good enough, the brokerage provides the MetaTrader4 trading platform and even has the option of social trading which is pretty neat. The minimum deposit is a bit high for clients to risk it with an unregulated brokerage, but we must say that Rift FX fares pretty well, when compared to other unlicensed brokerages in the trading world. 

Latest news about Rift FX
No news about Rift FX. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Rift FX

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

 

 

de | cn | ru