Richmonds Finance Review

A Broker Full of Fake Commitments

Reviews: 1

1 RATING
(1)

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Published: 17 May 2020

Posted by: Anonymous

Two Head Offices

Richmonds Finance is a forex trading company stated to be headquartered at Oud Metha, Dubai location.

The website of the company states that it is headquartered in the UK.

Not Regulated by Dubai FSA

The Dubai Financial Services Authority (DFSA) is the financial supervisory authority of the special economic zone of Dubai. The DFSA has no governing powers over the working of Richmonds Finance. The company has given an address of Dubai but it is not regulated by the regional financial authority. It can be checked at https://www.dfsa.ae/Public-Register/Firm

Not Regulated by FCA

The company claims to have headquarters in London but it is not regulated by the Financial Conduct Authority of the UK. The FCA doesn’t control the operations of Richmonds Finance. There is no provision of legal supervision. This means they can vanish with the funds of their traders anytime and there’s nothing to secure your funds from this. It can be verified at the link https://register.fca.org.uk/shpo_nosearchresultpage?mainsearchString=richmonds+finance&search=Richmonds+Finance

The headquarters’ details of the company are fake. The company is neither registered in Dubai nor in the UK. It is misleading information provided by Richmonds Finance to lure customers.

Misleading Ownership Details

Richmonds Finance has mentioned the owner as Crowd Tech Limited. It is another false claim.

Crowd Tech Limited only operates with the trade name of Trade360. They aren’t related to Richmonds Finance in any way.

Richmonds Finance fails to give details about the original owners of the company. There is no information about the actual team of the company. There is no authentic information about the experience and the career of the people behind the company.

List of Addresses but No Regulation

Richmonds Finance gives two other addresses of Australia and Cyprus for their offices and they claim that they fall under the regulation of Cyprus.

Not Regulated by CySEC

Richmonds Finance mentions that it is governed by the rules and regulations of the Cyprus region. The Cyprus Securities and Exchange Commission (CySEC) is the financial regulatory agency of Cyprus which does not does not supervise the functionality and operations of Richmonds Finance. There are no results in the register of the CySEC for Richmonds Finance. It can be verified at the link https://www.cysec.gov.cy/search/?searchtext=Richmonds%20Finance

Not Regulated by ASIC

The Australian Financial Service Authority is the regulatory body for financial institutions in Australia. The ASIC has no supervision over the operations of Richmonds Finance. The company has falsely reported an address of Australia. It can be checked at the link https://www.afsa.gov.au/search/Richmonds%20Finance

All in all, my Richmonds Finance review establishes that the company does not fall under the regulation of any financial supervisory body around the globe. It has mentioned three different addresses over at its website.

It is an offshore broker. There is no safety of funds while dealing with Richmonds Finance and there is no assurance that the broker will use your funds appropriately. There is no security provided to the traders by any supervisory authority. It is not recommended to deal with Richmonds Finance. The actual owners of the team aren’t mentioned as the company tries to mislead others about the owner’s details. Traders gripe over the false and misleading information of the Richmonds Finance. There is no trusted source to learn about the company’s basic information.

Absence of Demo Accounts

Richmonds Finance does not provide the facility of demo accounts to its customers. There is no option to judge the trading conditions without opening a live account with the company. There is no provision of trading without risking actual money to the traders. No efforts are made by the company to understand the value of the quality services to the traders.

Trading Accounts with High Minimum Investments

The company provides four types of live trading accounts.

  1. Micro account: The micro account of the company requires a minimum initial investment of $50,000. It is a gigantic amount for a basic account of any forex broker. The spreads are believed to start from 1 pip and leverage is set to 1:500. The leverage ratio is high as compared to regulated brokers. The spreads must start from as low as 0 pips.
  2. Standard account: The standard account of the company needs an initial minimum investment of $100,000. There is a decrease in leverage and an increase in trade size. The doubling of the amount of money cannot be realized with the weak services provided by the broker in its standard. There is the availability of funds management which is a high-risk option.
  3. Premium account: The premium account of the company decreases the spread to 0.6 pips and the leverage ratio to 1:100. The minimum initial investment amount is set to $250,000.
  4. VIP account: It starts with the minimum initial investment of $1,000,000. It is a huge amount of money to invest with any broker in one go. The services like leverage ratio, trade size, margin call, stop out level, and commissions remain the same as that of a premium account.

The four live trading accounts of the company are too risky. The organic account of the company starts with a huge investment of $50,000. It is 1000 times higher as compared to the standard minimum investment of regulated brokers. The spread and leverage ratio are provided but their authenticity cannot be established. There is no provision of social trading and no facility of PAMM accounts for professional traders.

The live trading accounts of the Richmonds Finance are set to grab money from the traders. Many regulated and reputed brokers are providing the same services at 500 times lower investment than this offshore unregulated broker.

Absent Link of a Trading Platform

Richmonds Finance claims to provide the MetaTrader platform to the traders but there is no direct link present at the website of the company. The absence of a demo account along with high charging live accounts and no support of trading platforms from the broker side make it the worst trading experience for the customers of the company. Meta Trader platform is the best trading platform in terms of its facilities and security. The faded association of the trading platform with Richmonds Finance puts the broker into the scanner once again.

Deposit and Withdrawal Problems (Hidden Charges)

Richmonds Finance does not provide any clarity about the deposit and withdrawal means. There is no information about the accepted means of deposit and withdrawal, the maintenance fee, deposit fee, minimum deposit amount, minimum withdrawal amount, and other payment conditions.

The provision of hidden charges associated with the fund’s transfer is not favorable for the traders. The company can deduct any amount of money without informing the trader.

The regulated traders, on the other hand, provide a complete deposit and withdrawal policy to its traders. There is clarity of the charges of the broker and the trader can choose the broker accordingly.

Richmonds Finance once again fails in providing these much-needed details to the traders.

Website Analysis and Social Media Absence

The website of the company is https://richmondsfinance.com/?lang=en. The IP address of the company is 104.28.15.131. The company does not provide any details about the location or the registration of the domain. It is kept hidden using paid services. There are no active links to the social media accounts of the company.

No presence of the company in social media is another hint of their fraudulent activities. Richmonds Finance does not have active Facebook and Twitter accounts. The company fails to understand the value of social media in sharing important updates with the traders. The lost bond of connectivity between the traders and the brokeris an indication of the low level of the customer-centric approach of Richmonds Finance

Zero technical support

Richmonds Finance does not provide 24*7 technical support for the company. There is no facility for live chat with the technical support team of the company. There is no provision of regional phone numbers and Skype numbers. There is no possible way that can connect a trader to the support team. It is erratic and irresponsible behavior of the Richmonds Finance.

Verdict: Richmonds Finance is NOT Trustworthy

Richmonds Finance cannot be given more than 0.5 over the 5 point rating scale. The company is not regulated under any financial watchdog. The company tries its best to trap the trader in its vicious circle of addresses. There are 4 different addresses but no regularization. It does not provide any lead in providing strong and reliable technical support to the trader. The absence of a demo account is questionable. The live trading accounts of the company are high-charging. There is no clarity about the trading conditions and the payment methods.

There are many red flags in Richmonds Finance and I recommend you to stay away from these scammers.

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