RICHMOND Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
Business
License
FSPR Revoked 
You gained small profits at first on this platform but then it led you to deposit more. When you wanted to withdraw, it blocked your account and asked for 80% margins. Beware.
In this comprehensive review of Richmond, we delve into the broker's regulatory status, user experiences, and overall reputation in the trading community. The consensus is overwhelmingly negative, with multiple sources labeling Richmond as an unregulated and potentially fraudulent broker. Key findings include its offshore registration in the Marshall Islands and a lack of credible regulatory oversight.
Note: It's essential to recognize that Richmond operates under various entities across different regions, which complicates its regulatory status. This review aims to provide a fair and accurate assessment based on multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service | 2 |
| Trading Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
We score brokers based on a combination of user feedback, expert analysis, and regulatory compliance.
Founded in 2017, Richmond operates under various names, including Richmond Investing and Richmond FX. The broker claims to offer a wide range of trading instruments, including forex, commodities, stocks, and cryptocurrencies, primarily through the MetaTrader 4 platform. However, it is crucial to note that Richmond lacks regulation from any recognized financial authority, which raises significant concerns regarding the safety of funds and trading practices.
Richmond is registered in the Marshall Islands and is unregulated, which poses a considerable risk for traders. According to 55brokers.com, the broker has been flagged by the FCA in the UK due to its misleading claims about regulatory compliance. The absence of a reputable regulatory body means that traders have little to no recourse in the event of disputes or issues with withdrawals.
Richmond offers various methods for deposits and withdrawals, including bank transfers, credit cards, and e-wallets like Skrill and Neteller. The minimum deposit requirement is reported to be around $150, which is relatively low compared to other brokers. However, many users have reported difficulties in withdrawing their funds, with some claiming their accounts were frozen after they attempted to make withdrawals, as noted by PremiumRecoup.
The broker does not appear to offer any substantial bonuses or promotions. This lack of incentives can be a red flag, as many reputable brokers provide bonuses to attract new clients. Additionally, the absence of a demo account limits traders' ability to practice before committing real money.
Richmond claims to offer a diverse array of tradable assets, including over 60 forex pairs, commodities, and cryptocurrencies. However, the quality of these offerings is questionable, given the broker's unregulated status. Traders are advised to exercise caution and consider alternative platforms that are regulated and offer a wider range of financial instruments.
The spreads offered by Richmond are reported to start at around 1.5 pips, which is competitive but not exceptional. However, the lack of transparency regarding additional fees or commissions raises concerns about the overall cost of trading with this broker. Traders should be wary of hidden fees that may apply when trading with unregulated brokers.
Richmond offers leverage of up to 1:500, which is significantly higher than what regulated brokers typically offer. While high leverage can amplify profits, it also increases the risk of substantial losses. This practice is often associated with unregulated brokers, as it can lead to more aggressive trading practices that may not be in the best interest of the trader.
The primary trading platform available through Richmond is MetaTrader 4, which is widely recognized and favored by many traders. However, the lack of a mobile trading option and reliance on a web-based platform can hinder the trading experience for those who prefer flexibility.
Richmond is reported to have restrictions on trading for clients in certain jurisdictions, particularly in regions with strict regulatory requirements. This limitation can affect potential clients looking to trade from those areas.
Richmond offers customer support primarily in English, which could be a barrier for non-English speaking traders. The quality of customer service has been criticized, with many users reporting unresponsive support and difficulties in resolving issues.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service | 2 |
| Trading Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
In conclusion, the Richmond review indicates that potential traders should exercise extreme caution and consider more reputable, regulated alternatives for their trading needs. The risks associated with trading with an unregulated broker far outweigh any potential benefits.
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