Beware! Richness Empire 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 Richness Empire, a broker officially exposed as a scam scheme. It’s a brand name of a horrendous business that’s notoriously famous for tricking people into dating scams, which is disgusting. We were not at all surprised to see Richness Empire is actually blacklisted by a European financial authority, and that’s the least they deserve. Find out which regulator issued a warning against this imposture in the full Richness Empire review.
Richness Empire REGULATION AND SAFETY OF FUNDS
Richness Empire is somewhat linked to a criminal company we are already pretty familiar with- Business Choice Partners. They operate a series of fraudulent brokers and dupe people into dating scams by deploying women and romance. The broker itself was detected by the British financial regulator FCA and was consequently awarded a warning. Therefore, your funds will be in danger if you deposit with Richness Empire because it’s an officially exposed scam. Beware!
Avoid them and see the high-rated EU brokers and British brokers instead. The European markets offer high-grade security, and there are even deposit insurance funds protecting traders’ money in case of insolvency or fraud. For example, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. Many market-leading companies are regulated in Europe, so opening an account with them is a no-brainer.
Richness Empire TRADING SOFTWARE
Richness Empire provides with MetaTrader5, which is by far one of the best platforms available for Forex trading. However, Richness Empire is a proven scam, so the software benefits don’t mean anything in this case. The EUR/USD spread is 2 pips, or twice higher than the regulated brokers’ standards of 1 pip. The Buy/Sell difference forms some of the trading costs, and the lower it is, the better the trading conditions. The FX market is highly competitive, so it’s not as challenging to find regulated brokers offering spreads as low as 0.1 pips.
To do so, consider the licensed high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which can also deliver upper-class platforms and a significantly better environment. Both MTs feature sophisticated trading tools such as Expert Advisors, Algo Trading, complex indicators and advanced charting tools. Traders can also access a marketplace with more than 10 000 apps that can be successfully fit into for better results.
The maximum possible leverage is 1:1000, which is a ratio no one should ever utilise. 1:1000 effectively transforms trading into gambling because the position’s opening price would be some 10 pips away from the Margin Call level. This means that a small move in the wrong direction could instantly annihilate the trading account. Nevertheless, on their website, they claim the highest leverage is 1:200, but that’s not true. Indeed, 1:200 is also an overly risky ratio we can’t recommend to traders with little or no experience.
In fact, leverage is the most dangerous aspect of trading, so many financial authorities imposed regulations to reduce leverage-related risks. As a result, EU, British and Australian brokers have to limit their clients 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.
Richness Empire DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit requirements are unknown. We also know nothing about withdrawal provisions, fees, inactivity policy, refund policy, bonuses and so on because Richness Empire doesn’t present any sort of legal documentation whatsoever. The absence of documents such as Terms and Conditions, User Agreement, Client agreement etc., makes their business illegal but also leaves traders unaware of critical trading conditions. Well, Richness Empire is a scam scheme, so that’s nothing unusual.
There is no information about funding methods either, but 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, and you won’t face scammers.
Overall, Richness Empire is an exposed scam and a very dangerous one indeed, so you should avoid it. Also, make sure to contact the authorities if they approach you.
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!