Note: Richmond Investing's official website: https://richmondinvesting.com/ is currently inaccessible normally.
Richmond Investing Information
Richmond Investing is an unregulated forex and CFD broker owned by Zurix Corporation Ltd. The company was registered in the Marshall Islands but is said to be offshore operated in the UK. Its trading services involves in forex, CFDs on indices, commodities and cryptocurrencies. It offers a web-based trading platform and requires a minimum deposit of $/€150.
Is Richmond Investing Legit?
The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.
Downsides of Richmond Investing
Unavailable website: Richmond Investing's website cannot be opened currently.
Regulatory concerns: The company operates without any regulations, meanig that it does not comply to rules from any regulatory authorities. This heightens trading risks with them.
Lack of transparency: The broker does not openly reveal trading conditions such as leverage, commssions, etc.
High withdrawal fees: The broker charges a high proportion of withdrawal fees. This takes a large chunk out of customer profits.
What Can I Trade on Richmond Investing?
Richmond Investing claims to offer more than 1000 trading instruments including forex currency pairs, CFDs on indices, commodities and cryptocurrencies.
Forex: Forex, or foreign exchange, is the global marketplace for trading national currencies against one another, facilitating international trade and investment.
Cryptos: Cryptocurrencies are digital or virtual currencies that use cryptography for security, enabling peer-to-peer transactions on decentralized networks, with Bitcoin being the most well-known example.
Commodities: Commodities are basic goods used in commerce that are interchangeable with other goods of the same type, such as oil, gold, and agricultural products, often traded on exchanges.
Indices: Indices are statistical measures that represent the performance of a specific group of assets, such as stocks or bonds, helping investors gauge market trends and economic health.
When dealing with investment activities, always adhere to the principle of diversification by allocating funds across various products rather than concentrating on a single one you feel optimistic about.
Account Type/Leverage/Spread & Commission
Richmond Investing does not provide demo account for testing, which is common among unreliable brokers.
For live accounts, there are 4 tiered options, with minimum deposits of EUR 150, EUR 250, EUR 1000 and EUR 10000 for Promo 1M, Discover, Hobby & Work and Start Up account respectively. Traders can choose the one that is in line with their financial capacities.
Furthermore, the minimum trade size is 0.01 lot and the average spread is 2.2 pips.
Other key info such as leverage, commissions are not publically disclosed.
Trading Platform
Richmond Investing is said to offer a web-based trading platform with charting toops provided by Trading View. Popular choices like MetaTrader series are not provided.
Deposit & Withdrawal
Richmond Investing accepts funding via multiple methods: Bank Transfer, Master Card, and e-wallets, Skrill, Neteller, PayPal, Maestro, etc.
Nonetheless, withdrawal processing fees depending on withdrawal methods are found to be charged– 4% for credit cards, €100 for bank wire €100, 15% for E-Wallet and 10% for crypto withdrawals. Such high handling fees eat up a huge portion of customer profits and reduce their profitabilities.
Additionally, turnover requirements based on account types are necessary to withdraw winings from accounts that have used bonus funds provided by the broker.
Conclusion
In summary, though offers tiered accounts, Richmond Investing is not a recommended broker in general. Its operation without regulation implies less compliance to financial rules and unavailable website leaves no window for customer to know about the company. Furthermore, the lack of transparency in its trading conditions affects cost calculation and overall trading experience. And high withdrawal fees significantly cut into customer profits. Therefore, turning to a regulated and reputable broker is a wiser choice.
