RH Trade Forex Broker
Basic Information
United States
Scam Brokers 2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
RH Trade Forex Broker - Complete Information Guide
1. Broker Overview
RH Trade, established within the past 1-2 years, is a trading platform that claims to operate out of the United States. The company asserts that it is registered as RH Trade Ltd, with its headquarters purportedly located in Tulsa, Oklahoma. This broker primarily serves retail clients looking to engage in Forex and Contract for Difference (CFD) trading.
Despite its claims of being a reliable and secure business environment, the platform has raised significant concerns regarding its legitimacy and transparency. The company has not established a notable presence in the financial industry, making it difficult for potential clients to assess its reliability. The lack of a solid track record is a critical issue, as investors typically prefer brokers with proven histories and established reputations.
RH Trade operates under a business model that focuses on retail Forex trading and CFD services, offering clients access to various financial instruments. However, the absence of a clear operational history and the dubious nature of its regulatory claims have made many investors wary of engaging with this broker.
2. Regulatory and Compliance Information
RH Trade claims to be regulated by the Financial Crimes Enforcement Network (FinCEN) in the United States, with an MSB regulatory number of 31000255363121. However, upon further investigation, it has been found that RH Trade is not a member of the National Futures Association (NFA) and does not hold any valid regulatory licenses. This raises significant concerns regarding its compliance with industry standards.
The broker has been flagged as a "suspicious clone," indicating that its claims of regulation may be misleading. The lack of transparency regarding client funds and the absence of investor compensation schemes further exacerbate these concerns.
Furthermore, RH Trade has not disclosed any information regarding the segregation of client funds or its adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. This lack of compliance with essential regulatory measures poses a high risk for potential investors.
3. Trading Products and Services
RH Trade offers a range of trading products, primarily focusing on CFDs across various asset classes. The broker provides access to several Forex currency pairs, although the specific number of pairs available is not disclosed. In addition to Forex, RH Trade claims to offer CFDs on:
- Indices
- Commodities
- Stocks
- Cryptocurrencies
- Precious Metals
However, there is minimal information regarding the frequency of product updates or the addition of new trading instruments. The lack of a demo account or any detailed information on retail trading services further limits the potential for new clients to evaluate the platform effectively.
While RH Trade claims to cater to both retail and institutional clients, the specifics of institutional services, white-label solutions, and asset management offerings remain unclear and unverified.
4. Trading Platform and Technology
RH Trade provides a proprietary web-based trading platform for its users. Unfortunately, there is no support for popular trading platforms like MetaTrader 4 or MetaTrader 5. The proprietary platform's rules are described as opaque, which raises concerns about potential issues such as price manipulation and slippage.
In addition, there is no mention of mobile applications for iOS or Android devices, which limits accessibility for traders who prefer mobile trading. The broker's execution model remains unspecified, leaving potential clients in the dark regarding whether RH Trade operates on an ECN, STP, or Market Making basis.
The technical infrastructure, including server locations and API access for automated trading, has not been disclosed, further complicating the evaluation of this broker's capabilities.
5. Account Types and Trading Conditions
Details regarding account types at RH Trade are scarce. The broker does not explicitly mention the conditions for standard accounts, including minimum deposit requirements, spreads, or commissions.
However, it is claimed that floating spreads can start as low as 1 point with leverage ratios ranging from 1:100 to 1:500. The absence of information about minimum trade sizes and overnight fees also raises red flags for potential investors.
There is no indication of specialized accounts, such as Islamic accounts or corporate accounts, nor is there any mention of a demo account policy to help new traders familiarize themselves with the platform.
6. Fund Management
RH Trade has not provided clear information regarding the deposit and withdrawal methods available to clients. Common methods such as bank transfers, credit cards, and e-wallets are standard in the industry, yet specifics are lacking.
The minimum deposit requirement for different account types is also undisclosed, leaving potential clients uncertain about the initial investment needed. Furthermore, there is no information provided about deposit processing times, fees, or withdrawal limitations.
Reports from users indicate that there have been significant issues with fund withdrawals, raising alarms about the broker's financial operations and overall reliability.
7. Customer Support and Educational Resources
Customer support at RH Trade is limited to email communication via support@rhtradefx.com. There are no additional support channels such as phone or live chat, which could lead to delays in addressing client inquiries.
The broker claims to offer support in multiple languages, including English, Traditional Chinese, Japanese, German, French, Arabic, Korean, Thai, and Russian. However, the effectiveness of support in these languages has not been verified.
In terms of educational resources, there is no mention of webinars, tutorials, or eBooks that could help traders improve their skills. Additionally, there is no indication of market analysis services, daily reports, or trading tools like calculators and signal services.
8. Regional Coverage and Restrictions
RH Trade claims to serve clients primarily in the United States and potentially in other regions. However, the specific areas where the broker operates are not clearly defined.
The broker does not provide a detailed list of countries or regions from which it does not accept clients, nor does it specify any unique restrictions that may apply to certain jurisdictions. This lack of clarity can pose significant risks for potential investors who may unknowingly breach local regulations by trading with RH Trade.
In summary, while RH Trade presents itself as a viable trading platform, the numerous concerns regarding its regulatory status, transparency, and operational practices warrant caution. Potential clients are advised to conduct thorough research and consider the risks involved before engaging with this broker.
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Latest Reviews
ichika
Japan
I started on October 16th and deposited a total of 300,000 yen. At the end of the year, there were suddenly no more transactions. And when I looked at the site at the beginning of the year, it was gone. I would like the remaining money refunded.
Exposure
2024-01-09
ばんじー
Japan
This is the second time that I have not been able to withdraw the approximately $10,600 remaining in my account. The first time was on November 9th when I was told that the system would not approve the withdrawal. The cause seems to be that I did not log in or make any transactions for about 10 days. When I asked what I should do, I was told that as long as I logged in and made transactions for 15 consecutive days, I would be fine. From the next day until December 10th, I logged in every day and traded on my own without any guidance. The condition should now be clear. I requested a withdrawal again. This time, they asked me to pay taxes and fees. Do I have to pay tax every time I withdraw money? When I asked what the tax rate was, that question disappeared and I was told that I couldn't come to work unless I paid a 5% tuition fee, and they wouldn't take care of the formalities. I've indeed been tutoring since November. I was told that I would receive 5% of the profits. However, I was told that I could not teach because my account balance was low. At that time, I had about $10,900 in my account. Mr. Ishibashi, who was guiding me, told me to contact him when my account balance reached $20,000. In other words, I was asked to make an additional deposit. I don't have that kind of money, so I couldn't make a deposit. I gave up on the instructions and went through the withdrawal process. What this company says changes every time. I think they don't want to withdraw money. By the way, I was told that the 5% instruction fee is 5% on total assets, not on profits.
Exposure
2023-12-14
Phylis
Hong Kong
RH Trade gets top marks for their withdrawal options and trading platforms! Quick, secure withdrawals and a sleek platform make trading a breeze.
Positive
2024-07-25