Wrich foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website http://client.wrich.net/customer/registration, about the company's legal and temporary regulatory information, the company's address .
Wrich Forex Broker
Basic Information
Hong Kong
5-10 years Suspicious Regulatory License Suspicious Scope of Business Belize Common Financial Service License Revoked Suspicious Overrun High potential riskCompany profile
Rating Index
Pros
Offers access to popular trading platforms like MT4 and MT5.
Provides VPS services for enhanced trading performance.
Has been established for several years, indicating some level of experience in the market.
Cons
Lacks proper regulatory oversight, which raises concerns about safety and trustworthiness.
Has a history of customer complaints and unresolved issues, indicating potential service shortcomings.
Received warnings about being a low-scoring broker, suggesting a need for caution among potential clients.
Wrich Forex Broker - Complete Information Guide
1. Broker Overview
Wrich, officially known as Wrich Forex Broker, has been operational for over 5 to 10 years. The company is headquartered in Hong Kong and is privately owned. Wrich primarily serves retail forex traders, offering a range of financial services and trading opportunities. Its development journey includes significant milestones such as the establishment of its trading platform and the expansion of its product offerings.
Since its inception, Wrich has focused on providing accessible trading solutions to a diverse clientele, which includes both novice and experienced traders. The company operates under the name "Always Rich" and has built a reputation for its commitment to customer service and trading technology. Wrich broker's business model primarily revolves around retail forex trading, providing clients with access to various financial instruments.
2. Regulation and Compliance Information
Wrich operates without a solid regulatory framework, which raises concerns among potential clients. The broker has faced scrutiny regarding its regulatory status, with reports indicating that its FSC license has been revoked. This lack of regulation can pose significant risks to traders, as there is no governing body overseeing its operations.
The broker's compliance measures include Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, which are essential for maintaining transparency and safeguarding clients' interests. However, the absence of an investor compensation fund further complicates the safety of funds deposited with Wrich. Clients should exercise caution and conduct thorough due diligence before engaging with this broker.
3. Trading Products and Services
Wrich offers a wide array of trading products, including over 50 currency pairs for forex trading, covering major, minor, and exotic currencies. In addition to forex, the broker provides Contracts for Difference (CFDs) on various asset classes, including indices, commodities, stocks, and cryptocurrencies. This diverse product offering caters to different trading strategies and preferences.
The broker is known for its commitment to regularly updating its product offerings, introducing new instruments based on market demand. Retail trading services are well-supported, with a focus on providing a user-friendly experience for individual traders. However, there is limited information available regarding institutional services or white-label solutions.
4. Trading Platform and Technology
Wrich supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are widely recognized for their robust trading capabilities. The broker's platform is designed to accommodate various trading styles, offering features such as automated trading, advanced charting tools, and a wide range of technical indicators.
In addition to the desktop platforms, Wrich provides a web-based trading solution that enables clients to trade directly from their browsers without the need for software installation. The broker also offers mobile applications for both iOS and Android, allowing traders to manage their accounts and execute trades on the go.
Wrich employs an ECN execution model, which facilitates direct market access and tight spreads. The broker's technical infrastructure is supported by reliable server locations, ensuring fast execution speeds and minimal downtime. Additionally, API access is available for clients interested in automated trading solutions.
5. Account Types and Trading Conditions
Wrich offers several account types tailored to different trading needs. The standard account requires a minimum deposit of $100, with spreads starting from 1.5 pips and a commission of $7.5 per lot. For more experienced traders, Wrich provides advanced account types, including professional and VIP accounts, which come with enhanced trading conditions.
The broker does not offer Islamic accounts, which may be a consideration for some traders. A demo account is available for clients to practice trading strategies without risking real capital. The leverage offered by Wrich varies, with a maximum of 1:200 available for professional accounts. The minimum trade size is set at 0.01 lots, allowing flexibility for traders of all levels.
6. Fund Management
Wrich supports a variety of deposit methods, including bank transfers, credit cards, and electronic wallets. The minimum deposit requirement varies depending on the account type, with the standard account starting at $100. Deposits are typically processed within 24 hours, ensuring that clients can quickly access their funds for trading.
Withdrawal methods are similar to deposit options, but clients should be aware of potential withdrawal limits and processing times, which can vary. Wrich claims to process withdrawals within 24 to 48 hours, but specific fees associated with withdrawals have not been clearly outlined. Clients should review the terms and conditions related to fund management before proceeding.
7. Customer Support and Educational Resources
Wrich provides multiple customer support channels, including telephone support, email correspondence, and live chat options. The support team is available during business hours, and assistance is offered in multiple languages, catering to a global clientele.
While Wrich does not have an extensive educational resource library, it offers some basic market analysis services, including daily updates and research reports. Traders can also find tools such as calculators and economic calendars on the broker's platform to assist in their trading activities.
8. Regional Coverage and Restrictions
Wrich primarily serves clients in Asia and other international markets, but specific restrictions apply to certain regions. The broker does not accept clients from countries with stringent regulatory environments, which may include the United States and Canada.
The company's operational footprint is concentrated in Hong Kong, where its main offices are located. However, potential clients should verify their eligibility based on their geographical location and any specific regulations that may impact their ability to open an account with Wrich.
In conclusion, while Wrich broker offers a range of trading products and services, potential clients should carefully consider the regulatory environment and the associated risks before engaging with the broker.