Richmond FG Broker Review 2020

General Information

Website URL: https://www.richmondfg.com/

Founded: N/A

Regulation: N/A

Languages: English, Spanish, Italian

Deposit Methods: Credit Cards, Bank wire transfer, QIWI Wallet, WebMoney, Yandex

Minimum Deposit: $500

Free Demo Account: No

Types of Assets: CFDs, Forex, Cryptocurrencies, Indices, Spot metals

Regulation

There are a lot of brokers out there who are functioning quite well without having a proper licence. It is tricky, but sometimes it works for both sides. However, in the case of Richmond FG, things are a bit more complicated than that. Namely, the company is not only unregulated, but it is also warned against by the Financial Conduct Authority (FCA) website. 

FCA is one of the longest-standing regulatory bodies in the UK, which creates strict and harsh regulatory frames for the brands in the trading world. It makes sure that your rights as a trader are fully protected, as well as your personal information and your funds. As you can conclude from this, Richmond not only lacks a licence, but they are also considered dangerous in the regulatory circles.

Trading Platform

The Richmond FG trading platform is not MT4, which is a shame but makes sense considering that they don’t hold any type of licence. As a result, the platform is not generated by trusted software, so it’s a gamble to engage with it. And though it looks quite well designed and professionally managed, you should keep this fact in mind.

The trading platform is also quite rich and offers some of the most popular trading assets, from CFDs and Stocks to some Metals and other Commodities. However, the widest variety of assets is within the Forex section of the website. Not only does it offer the standard world currencies such as USD and JPY, but you can also find some other, less-known names such as the Swedish Krona, the South African Rand and the Polish Zloty.

You can also trade cryptocurrencies, from Bitcoin to Ethereum and Litecoin. These types of assets are still quite new on the trading landscape, and their value and impact are yet to be shown in the upcoming years. The leverage is at 1:200 which is way above the industry average of 1:30 for Europe and 1:50 for North America, which raises eyebrows within the trading community.

Account Types

Richmond FG offers you no less than 6 different account packages. From the Micro to the VIP account, each one comes with certain benefits and advantages. However, the leverage is the same for the first 4 account types, as shown below:

As you can see, the minimum deposits for the Micro, Mini, Silver and Gold account are quite different but offer the same leverage which is 1:200. So, for this part, Richmond FG could use some work towards originality and diversity. There are so many new and inclusive features that this company could add to attract new clients, from better spreads to additional perks regarding trading and educational tools.

Deposits and Withdrawals

The Richmond FG trading platform accepts 5 forms of payment. They include credit cards, bank wire transfers and several e-wallets, including QIWI Wallet, WebMoney and Yandex. However, what stands out with this section the most is the fact that Richmond FG offers crypto trading, but zero crypto wallets to go along with that activity.

The minimum to withdraw your money is $50 which is not a lot. However, if you wish to make a deposit, you will need to spring for a minimum of $500! This is quite a lot, especially considering how unreliable the broker is.

Education

The educational tools on the Richmond FG webpage are quite modest. They only include a few basic terms and explanations on what trading is and how can you invest your money, which is something that you can learn literally anywhere else on the Internet or from friends. Still, this could be helpful for clients who are engaging in trading for the first time.

However, Richmond FG still has a lot of explaining to do. There is such a huge variety of trading and educational tools available today, and it is a real shame that Richmond FG does not acknowledge any of them.