Beware! RightFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We are reviewing RightFX, a broker pretending to be a legit UK entity. They even published a British incorporation certificate as legitimacy proof on the website, but this doesn’t make them trustworthy. Otherwise, RightFX’s platform is MetaTrader5, but the trading conditions are pretty unfavourable. However, those are not the only discrepancies we could detect, and you can find out the rest in the full RightFX review.
RightFX REGULATION AND SAFETY OF FUNDS
RightFX is presented as a UK broker, but our research showed that they hold no license to sell financial products and services to the public. For more information, look at the picture at the bottom of this section and make sure to stay away because this is most probably a scam. We’ll support our accusations with evidence later in the review. Your funds are not safe if you deposit with RightFX because it’s a fishy unregulated broker and very likely a scam scheme.
Stay away from RightFX and see the high-rated EU brokers and British brokers instead. The European markets are strictly regulated, and deposit insurance funds protect traders’ money in case of insolvency or fraud. So, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. Don’t hesitate if you are allowed to open an account with EU or UK regulated brokers.
RightFX TRADING SOFTWARE
RightFX delivers MetaTrader5, but the trading conditions are unfavourable, to put it mildly. In fact, the MT distribution is third-party provided- by Liquidity Soft Solutions, a company we could unearth absolutely nothing about. The EUR/USD spread on the demo account is 6 pips, which is 6 times worse than the regulated brokers’ average offer- 1 pip and below. The spread is the Buy/Sell difference, and that’s the price traders need to pay to open a position on the market, so lower rates make trading more affordable and improve profit potential. The regulated FX market is bustling with reputable brokers offering much lower spreads, and you shouldn’t waste your time with scam suspects like RightFX.
So, you’d better check the high-rated MetaTrader4 brokers and MetaTrader5 brokers by clicking on the links provided. We suggest these because MetaTrader is seen as the best retail FX platform. It provides sophisticated features such as Expert Advisors, Algo Trading, complex indicators and various charting tools. The platform also comes with a marketplace where you can find more than 10 000 apps you can benefit from.
The maximum leverage possible is 1:500, which is considered a ratio too risky for retail clients and especially for those with little or no trading experience. This level delivers excellent profit potential, but the risks involved are tremendous, and traders more often than not get lightning-quick losses rather than profits. In fact, leverage is so dangerous that many financial authorities restricted its usage by imposing regulations.
As a result, EU, British and Australian brokers are limited to 1:30, while Canadian brokers and US brokers are not allowed to provide more than 1:50. Most of the high-leverage brokers are poorly regulated offshore businesses, so be cautious.
RightFX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with RightFX is $100, which is pretty much the standard. The funding methods are undisclosed, and we couldn’t actually test their deposit systems because we couldn’t register due to an error we know nothing about. That’s not really evidence of a scam but it certainly undermines their credibility.
Speaking of funding, see some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated brokers on the lists are strictly regulated, so you won’t face scammers.
And now, we’ll present you with the ultimate scam sign. The RightFX legal documentation is missing because all of the links provided are broken. As a result, there is nothing about withdrawal requirements, fees, dormant procedures, refund policy, bonuses etc. Moreover, the absence makes their business illicit because those documents serve as a contract between the parties.
Overall, RightFX is an unregulated entity with no legal documentation, which is more than enough to avoid this suspicious business.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s effectively a process. In the usual scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept their fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes and so on. Their imagination is very rich, and they would invent as many stories as possible to get the deposits wanted.
But the money transfer is not an end; that’s the beginning of the actual Forex scam. Gradually, scammers would manipulate the victims and would urge them to invest more. For example, the con artists would not allow people to trade but would pretend to manage the account instead of the traders. They’d then falsify the trading results to show victims massive profits and ask for more money, promising to generate a fortune in no time. However, if the victim asks for a withdrawal, that won’t happen. Scammers would come up with a story that the unfortunate trader needs to deposit again if they’re going to pull money out. Those criminals won’t stop asking for more, whatever the situation.
In the worst case, the victim would believe in the scammers’ falsehood and deposit repeatedly. Sooner or later, though, the scam would become evident, and that would be a signal for the fraudsters to cut the communication and disappear. They would abandon the website and would create a new one, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!