Beware! RichmonWales.com 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.
RichmonWales.com does one thing absolutely right. And that is the name it has chosen for itself. This is perhaps one the best-named brokers we have ever seen, although things in such cases can be quite subjective. Yet you cannot deny the accessibility of the name. However, once you see through and beyond the name you will be faced with a very typical unregulated broker. In the following review, we will not reveal anything that has not been said thousands of times by us beforehand in previous reviews. The only real difference here is that the name of the broker is different. Please read on before you invest any money.
Registering an account with this company was easy though we had one major issue that was not connected to the registration process itself but to the registration form. Most regulated brokers use a template registration form that they just attached to their website. This template that is used today is perhaps the most popular one and it is always a sign that the company is not legit.
What’s even worse is that the user area is also a similar template. But at least we were able to access a web Trader. In this terminal we were able to see that users can trade with forex currency pairs, commodities, cryptocurrencies, stocks, and indices. The EUR/USD spread was 0.7 pips; a very good value indeed, and perhaps the best thing about this broker. We found no leverage value anywhere on the webtrader; user area claims that the leverage is maxed out at 1:100.
The websites of this company is available in English only. There is an option to change the language but once you do this the website will be due to an error page.
RICHMONWALES.COM REGULATION AND SAFETY OF FUNDS
We know very well at the moment we stepped into this company that it is unregulated. We must provide at least some evidence as to why the broker is not regulated.
First of all the United Kingdom address is completely unfounded and cannot be in any way true. Actually, it can be true but that means that the broker is offering illegal forex services in one of the most heavily regulated FX environments in the world which would make this broker very impressive at dodging the gaze of authorities. But we would like to take the easy road and claim that the broker is not at all licensed in the United Kingdom.
Other than that we find mentions that the broker is available only in such places where users are allowed by the local authorities to access the company. So, RichmonWales.com is available only to users that are allowed to access it? But this would mean that the users themselves are licensed and not the broker. Do you see the way that the company tries to shift the attention from being regulated?
RichmonWales.com it’s nothing more than any illegitimate and unregulated broker and a scam.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
RICHMONWALES.COM TRADING SOFTWARE
The trading software used here is one of the most popular ones used by unregulated brokers. And this is not just our own speculation; it is a fact proven by hundreds of reviews that we have previously written.
The company trading software offers a couple of helpful trading tools, but we believe that users will eventually grow tired of this software. That is what separates this web trader from a legitimate trading software; terminals used by legitimate brokers tend to expand the knowledge of users the more they use the software whereas unregulated brokers just add some inadequate web trader in order to fill the spaces.
RICHMONWALES.COM DEPOSIT/WITHDRAW METHODS AND FEES
Let us just see what the user area has to say about payment methods. According to the deposit area clients can pay by means of Cardpay and AllPrimePay, two alternative payment methods that allow for quick and fast credit or debit card payments. We could not get a minimum deposit from the user dashboard. The withdrawal section of the client area revealed nothing.
The minimum deposit as seen on the website is $250. According to the sites withdrawal requests are processed within 48 hours and the minimum withdrawal is $100 for wire transfer and $50 for all other payment methods. There is also a 3.5 percent fee applied to all withdrawals. Of course, we cannot vouch for any of this payment information.
But readers should not be too preoccupied with this information because we do not recommend the broker as it is, and so whatever the payment details might really be it should be of no concern to our readers. RichmonWales.com is unregulated and scam and you should not invest in it.
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.