RightFX Review – Facts About RightFX.Com Broker
RightFX Review, At a first glance, RightFX might sound like they provide everything you need as an investor. From the most competent trading platform today to the tightest spreads and distinctive account types to rich educational tools and materials.
Attop of that, there’s even claims of being registered and properly licensed. However, the true matter of things is so different on many levels it will make your head spin. It only demonstrates how far these faux schemes are willing to go to earn quick and avoid legal charges. Our RightFX review will bring you the whole truth about one such scheme.
|Company||Right Group Financial Limited|
Compliance and Fund Safety at RightFX
First things first, location of a broker heavily implies their predispositions for a regulation. That’s how we immediately, and for certain, know RightFX is a shady offshore firm. Saint Vincent doesn’t have an authority that specializes in licensing and supervising brokerage firms. FSA had completely and entirely given up on this responsibility.
So, now that you know they do not run under the loop of their domestic regulatory body, naturally, you expect them to have a license by another entity. Well, you’re in for a disappointment. RightFX doesn’t show up in any of the registers we’ve looked through. This includes FCA, BaFin, CySEC, ASIC, NFA and IIROC.
Considering the fact that the brokerage operates in many areas, let’s compare their conditions with the lawful standards that legit brokers abide by.
For example, the beginning investment the broker has to make in the EU and UK is 730 000 EUR/GBP. In the US that sum is set at a tremendous 20 000 000 USD. The leverage in EEA and UK is set at 1:30 maximum, while it’s slightly higher in the US – 1:50. Segregation of funds is an absolute priority and no legit brokers can avoid it. Still, RightFX seems to ignore this mandatory rule.
RightFX also sets their leverage at 1:500, and doesn’t really provide the negative balance protection, like they claim. Funds security that ESMA and MiFID make sure of in EEA, RightFX doesn’t pay any attention to. As they’re unlicensed and unmonitored, all their claims fall apart.
It appears that this faux broker is an offshore scam, safely tucked away on a far away island, where regulatory standards don’t reach.
Available Trading Software at RightFX
Strangely enough, the most prestigious and most favored of all trading platforms of modern trading is available at RightFX. We’re speaking of MT5, of course. Known for its high flexibility and richness in features, this terminal is your best partner in trading.
Providing numerous indicators, customization tools and options like automated trading, expert advisors and others, MT5 is a lightning-fast, most reliable trading software. Unlike the most generic web trader that the likes of RightFX provide. By this we mean TopTrade500, for example.
The downside is still the fact that RightFX is not licensed to provide the online financial services. Their offer may be the best on the market, but it carries no value in the general sense without a regulation to guarantee its legitimacy.
Account Types Available at RightFX
RightFX likes to refer to their clients, or better said- victims, as unique. Therefore, RightFX promises them unique account types that could meet all their trading needs and preferences. To attract new investments, RightFX offers the first 21 days of trading swap-free.
Packages differ in terms of the deposit requirements, swaps and commission. The leverage also varies from 1:300 to 1:500, which is absurdly high. Another fake broker with a name just as generic offers this kind of ridiculous leverage – Broker Capitals.
The following account types are what RightFX offers:
- Standard – $100
- Pro – $2500
- ECN – $10 000
- Zero Spread – $20 000
- Islamic – $100
Methods of Deposit and Withdrawal
Under the excuse of wanting to make money transfers instant and seamless, RightFX only enables payments via crypto. The digital currencies accepted are Bitcoin, Litecoin, Tether and Ethereum. And although these transactions are indeed the fastest, they’re absolutely not recommended.
The devil lies in the fact that these cashouts are definite and hardly trackable. On top of that, RightFX can preserve their anonymity in the process, and walk away from the crime unharmed.
As for the fees that pertain to payouts, the Terms and Conditions doc only says how the Client unconditionally accepts all fees applicable to their account. So good luck with the surprises if you’re disrespectful of your capital enough to invest here.
How the Fraud Has Carried Out
It should be clear that sometimes swindlers set up such convincing websites, they’re actually hard to detect as scam. But all the warning signs are there, if you look carefully. For example, RightFX offers bonuses which are banned by the regulatory criteria in EEA and the UK, where they claim to operate from.
Furthermore, they are very mysterious as to which fees incur during withdrawals. RightFX only forces you to agree to the Terms and Conditions so they could later abuse their right and your agreement to their bizarre circumstances.
These include the notorious withdrawal fees, conditions, verifications and documents. If you’ve been foolish to accept the deposit bonus too, you’re in for a painful ride. Dangerous as they are, they will prevent all your attempts to get your deposit back.
As the population of scammers in the Forex industry grows, so do the chances of you finding one. Or being contacted by one, much more likely. That’s why you need constant information mining to prepare yourself, so there’s no surprises.
Tomorrow, when you stumble upon a fraudulent website, you’ll know how to check their legitimacy and reliability. By using this RightFX review as your guide, you’ll be prepared for at least some of the potential encounters.
FAQs About RightFX Broker
Is RightFX a Regulated Broker?
RightFX doesn’t own a legitimate license as a financial services provider. They provide zero proof of it and the site doesn’t appear in any of the databases we checked.
Is My Money Safe at RightFX?
Although RightFX claims to have segregation of funds, negative balance insurance and compensation funds, they have no evidence of it in the form of a license. So no, your money is not safe.
What Is The Minimum Deposit at RightFX?
The smallest amount of money you can invest with RightFX before opening an account is $100.