Richmond FG is one of those dangerous companies that oftentimes go unnoticed for quite a while, usually until it’s too late. We could present to you the long list of negative sides and scams that this shady company has done over the years. Instead, we will mention the most important thing that proves just how sketchy they are, and that is the warning from the FCA (Financial Conduct Authority).
FCA is one of the most respected regulatory bodies in the trading landscape. They make sure that the brands follow through on their promises, but also take care that the industry standards are respected as well. This includes fair leverages, honest bonuses, impartial withdrawal methods, and of course, the safety of every market participant. So, not only that Richmond FG is not regulated but they also managed to attract the attention of such major authority that felt the need to warn everyone else about them.
With suspicious brokers such as Richmond FG, there is no amount of poise and appeal of the trading platform that could make these problems disappear. Richmond FG is a pretty alluring broker company with a lot of assets up for trading, yes. However, the company that is on the blacklist of one of the most reputable regulatory bodies is the company you should keep away from.
Platform and Execution SCORE: 31%
Richmond FG trading platform is quite well designed and user-friendly. It offers a variety of CFDs and currency pairs, including some of the most exotic currencies, including the Norwegian Krone, Singapore Dollar, Turkish Lira and Mexican Peso. You can also find some indices and cryptocurrencies including Tron, Litecoin, Bitcoin and Ethereum. The first one came under major fire for fraud in the past couple of years, so you get the idea about what this platform really is. Still, we have to admit it is a pretty impressive spread of assets, and it is up to you as a client to choose which one you will try your luck with.
The details about leverage spreads and other key factors that affect your trading
are not listed anywhere. The closest we got to during our research is the confusing Terms & Conditions policy, which only shows general terms such as the definition of a bonus. When in fact, the amount of that bonus, for example, is nowhere to be found. But when you dig deeper and outside the website, you will find about the traders’ experiences with impossibly high 1:200 leverage and spreads bellow 1.5 pips. This information should still be visible on the website, because the clients will usually just move on to the next platform if they can’t find the basic explanation for their question.
Withdrawal Speed SCORE: 15%
Richmond FG does not offer a variety of payment methods to their clients, which is not so strange considering the shady business they’ve been representing for a while. Namely, for your depositing and withdrawal needs you can use your credit card, a bank wire transfer and several lesser-known e-wallets such as Web Money and Yandex. However, what stands out is the fact that no cryptocurrency wallets are available, despite Richmond FG offering trading on crypto.
The minimum amount for withdrawals is $50, but you will need to be able to make a turnover of 30 times more than your initial deposit in case you’ve used a bonus. This is a pretty thick string attached, especially to a broker that doesn’t guarantee you a lot in return. Also, the minimum deposit amount for the basic account is $500, which is more than unreasonably high compared to the other brokers.
We should also add that this broker uses some of the most popular schemes known to the trading community, including guaranteeing segregated accounts for the clients. In other words, these accounts keep your funds separate from the ones that belong to the company. So, if something happens, your funds are still yours. However, the thing about this situation is that a broker cannot promise that, especially without any type of regulation.
Support and Assistance SCORE: 11%
You can only use one type of communication channel if you wish to speak to someone from the Richmond FG customer support team. The only way to do so is to fill in a brief form at the bottom of the page. There isn’t even a live chat option, not to mention an email address or a phone number. This sends a pretty clear message that Richmond FG doesn’t like to keep in touch with their clients, as well as hear their needs and complaints.
In addition, there is no way to know when your form will actually receive feedback, which is another big downside. The company could use a friendly and efficient customer support team, that’s for sure. For now, it is clear that the company underestimates the importance of connecting with clients and hearing what they have to say.
Education and Tools SCORE: 17%
The educational section of the Richmond FG webpage is easy to find and scroll through. It is divided by a few smaller tabs such as the fundamental analysis, risk management and trading volatility. And although these sections provide a lot of information, they are still missing the critical note of accuracy and efficiency. Instead, there are no relations with the current economic events or other indicators that this section is regularly updated.
Still, no matter how detailed these sections are, they do not seem to be revealing anything new. They mainly list things like “What is trading” and “How does Forex trading work?” And though that could be useful for the first-time clients, it also shows a lack of interest and dedication. Not to mention that you can learn all of this through a Wikipedia page on the same topic! All in all, Richmond FG could benefit from creating a different, more dedicated and personal approach to its clients.