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RVG Financials Review - is it scam or safe?

RVG Financials Review - is rgvfx.com scam or good forex broker?

RATING: 1.4 / 1 REVIEWS ForexBrokerz RVG Financials
RVG Financials is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type

Minimum deposit  

Minimum trade size

Maximum leverage

Average Spreads

Cent $50 0.01 1:500

1.6 pips

Fixed $50

0.01

1:200 fixed
Basic $50 0.01 1:200

1.6 pips

Pro $1 000 0.01 1:100

1.6 pips

 

RVG Financials offers several account types in order to suit the different preferences of traders. Its clients can choose between fixed and variable spreads, and are able to trade in micro lots. Unfortunately, this broker does not provide any information regarding its trading costs on the website.

 

RVG Financials Advanatges:

 

MT4 available

This broker's choice of a platform is anything but surprising, as more than 80% of the forex companies are reviewing offer access to the good old MetaTrader 4. Although the MT4 has been around for more than 10 years, its popularity is not going away. This is probably ude to its great chating, numerous Eas with which to automate your trades, its customization options and ease of use.

 

Commission-free trading

Although RVG Financials has not disclosed any information regarding the cost of trading, when we tried out its demo MT4 platform, no commission fees applied.

 

High leverage levels offered

Leverage levels provided by this broker vary by account types, however the ratios offered on its Cent account are reaching 1:500. Leverage levels that high may help you score big profits with ionvesting small amounts, but they can also bring losses, exceeding your initial investment.

 

>>More brokers offering leverage of 1:500 or higher<<

 

Many payment methods supported

Another part of RVG Financials` offering we find attractive is the various options for deposits and withdrawals it provides: Those include bank wire, credit/debit cards, Skrill, Neteller, FasaPay and China UnionPay.

 

RVG Financials disdvantages:

 

Registered offshore

RVG Financials is one of the thousand brokers who have chosen to register their company offshore, probably because of the low-cost procedure, favorable taxes and lax regime. From a trader’s point of view, however, offshore registration of a forex broker means unreliability, as it involves many risks.

 

>>Why trading with an offshore broker is risky?<<

 

No CFDs on indices, stocks, BItcoin

RVG Financials offers trading in around 40 currency pairs, as well as CFDs on precious metals. Although such forex instrument portfolio is not bad, it lacks some important tradeable products, such as indices, stocks, and cryptocurrency CFDs.

 

Spreads not specified on website and actually not very good

We consider the lack of information on trading costs a disadvantage, as in our opinion all forex brokers should clearly present the fees they charge for their services. In fact, all major brokers have included such information on their websites.

 

When we tested RVG Financials`s demo MT4. We found the spreads floating around 1.5 – 1.8 pips on EUR/USD, and although no commission applies, this is above the industry’s average. By comparison, one of the most popular brokerages worldwide, FxPro, offers spread averaged 1.4 pips on its commission-free accounts.

 

Fees charged on deposits and withdrawals

Although RVG Financials provides numerous payment options, it charges fees on most of them. Here is the detailed information:

 

 

Conclusion

 

Launched in 2017, RVG Financials is a young broker that uses the popular MT4 platform. Its product portfolio is not very extensive, and its spreads are far from the best we have seen. Nonetheless, the main disadvantage of this broker is the offshore registration. The broker is operated by RVG Financial Limited, registered in Saint Vincent and the Grenadines. As we have reiterated many times, trading with offshore brokers is dangerous – there is no guarantee you will see your deposit again, let alone potential profit.

 

So, you’d better trade with a company that complies with certain rules and is overseen by a reliable financial regulator.

 

>> A list of FCA-regulated brokers<<

 

Pros

Cons

MT4 available

Registered offshore

High leverage levels

Spreads not specified on website

Commission-free trading

Limited product portfolio

 

Fees charged on deposits and withdrawals

 

Latest news about RVG Financials
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Traders` reviews for RVG Financials

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