Regulation: Not regulated
Deposit Methods: Credit Cards, Bank Wire, eWallet
Minimum Deposit: $250
Free Demo Account: No
Types of Assets: Forex pairs, Stocks, Indices, and Commodities
Discovering and inspecting new brokers has always been a passion for us. There isn’t a better feeling than finding a new Forex broker with excellent trading conditions. We won’t lie, with years, that job has become much harder since there are so many fraudulent companies. Still, we do not lose our hope and we believe that good brokers still exist. Yes, it’s hard to find them, but that’s what our reviews are for. To see whether someone deserves your trust or not.
On today’s menu, we have RichmondSuper. A broker that already gained sympathies from clients, so we wanted to see if there is a specific reason for that.
We decided to start with a comparison of account types. After all, trading conditions are an important part and we cannot skip them. This broker offers five different trading accounts and each of them has specific benefits. We are satisfied with the variety, but let’s see what awaits us within each one of them.
The first account is called Trial and the minimum deposit requirement for this one is the lowest. It’s just $250, so if you are a beginner, this is the most suitable option. This account gives you the possibility to trade with more than 200 assets, an exclusive right to all market reviews and leverage up to 1:100. Not bad at all, we have to say.
Passive Income is a little bit more advanced account that provides you with a dedicated senior account manager, bonus funds, leverage up to 1:200, spreads from 1.5 pips and financial planning. This time, the minimum deposit requirement is higher — $10,000.
With a Portfolio Management account, you have to deposit $50,000 but aside from all those things we mentioned above, you will get weekly webinars, tier two trade room analysis and level two prioritized withdrawal.
The next account is Retirement and with it, you can count on leverage up to 1:400, ultra-tight spreads from 0.0 pip, full access to webinars and all VIP events. But if you want to gain all those accesses, you have to deposit $100,000.
If your trading appetite is much higher than this and you are ready to invest $250,000 or more, you will have an exclusive right on Heritage account. This account is special because you do not have a certain offer that is already determined. Instead, it’s all custom-tailored according to your needs. Needless to say, this account is an amazing opportunity if you are an experienced trader.
We had to add this part in a review because we feel like many people are looking for a license only and that’s a big mistake. Just to be clear, regulation is important but it’s not an absolute must.
You might be confused to read this, but let us explain. When you trade with a regulated broker, it gives you a certain dose of security. But keep in mind that the license is not a guarantee for good conditions. If a broker is licensed it doesn’t mean it will be the best choice for you, nor that it will give you a possibility to choose between different account types, platforms, etc.
So, instead of looking for a license, make sure to see if a broker suits your needs and sensibility. This way, you will know if the account is safe and frauds prevented. As you can see, with RichmondSuper the service is flawless so far and there is no need to worry about the license.
The offer we saw so far was excellent. But the thing is, without a proper platform you won’t be able to use that offer. So, now we will see whether RichmondSuper taught on that part, too.
The first thing we liked is the unique platform instead of MT4. Don’t get us wrong, we are huge MetaTrader fans, but sometimes we all need a little break and refreshment. The thing that concerned us the most was optimisation and responsiveness. If the platform can’t be used on mobile phones, it’s practically useless. Luckily, this one can be used on every device and you can trade no matter the place. It has a nice design, without too many details. So, each client can use it without any assistance, which is a big plus.
Also, this is a fully customizable platform and if you do not like the chart, there is an option to change everything and make it suitable for you. This platform fulfilled the expectations we had and honestly, that’s not an easy job. So, if you are still having second thoughts, go to the website and try to customize the platform. You will see how satisfying and easy it is.
We should also dedicate a few words about the asset selection, which is more than amazing. And the best thing is that you can have full access to all of the 200 assets no matter which accounts type you sign up for. How cool is that? Not to mention that there is an entire list of different trading tools and signals you can use to advance your trading game. This takes you along the way, especially if you are a first-timer. It means that you will never be left to fight for yourself alone – the Iron-bits platform is adjusted precisely to assist you with all these quirks if you happen to stumble upon any. All in all, it is a pretty great platform and it is easy to find your way around it, which is a great advantage for all the Iron-bits clients -regardless of their experience or trading background.
From everything we have seen, we doubt that you will have problems with this broker. Still, it’s nice to know you can count on help if something happened. If something is bothering you, there are four different ways to reach out the support. Email, phone number, online form and Live Chat. Use whatever you prefer.
Of course, with Live Chat things will be much faster and you will receive an answer sooner than with email. That’s why we decided to send a message there and see if the representatives are responsive and polite. They are, indeed. Someone replied within a minute and we continued the conversation.
Not only were they polite, but educated as well. We asked three questions about the withdrawals and platform customisation, and they gave us an answer to every single thing we asked. So, if you need assistance, someone will be there for you.
Deposits and Withdrawals
To make a deposit request, you have to open an account and complete a few steps. One of those steps is to choose the desired method (Credit Cards, Bank Wire and eWallet) and after that, you are all set. There is one thing that caught our attention the most, the possibility to use multiple credit cards for deposit. In that case, an equal amount will be transferred back to you to each card and any profit you make can be withdrawn with Bank Wire. This is a great opportunity and we do not see it often.
As for the processing time, it depends on the account you chose (each one of them has a different prioritization level), so keep that in mind when you are deciding on the account. Also, there is the identity Verification process before each withdrawal and that will slow down processing time for a bit. It usually lasts from seven to ten business days and before you say it’s too much, think about the safety of your account. Identity Verification is not here because of the broker, it’s there to protect your account from potential frauds and that’s why we do not mind to wait a bit more.
Education is one of our favourite parts of a review. First of all, it shows us if a broker really cares about the client’s improvement and second, we always find some interesting information about the Forex market inside those eBooks.
Unfortunately, not many brokers understand the importance of good education. We fail to understand why, but it’s a common thing among brokers to omit this segment. Lucky for us, RichmodSuper doesn’t think like that and we were able to find an Education Center on the website.
When you go to the main menu and visit that part about education, you might be surprised by the variety of articles. There is a Glossary (a mandatory page, if you ask us), a FAQ page where you can find answers to all those questions about trading, account, platform, etc. and the eBook segment that caught our attention the most.
There are so many eBooks created for both professionals and beginners. All of them are written in such a nice way and we assure you will enjoy reading them. From basic strategies to advanced guides. This broker covered everything and we are glad to see that.
It’s very important to choose someone who is ready to pass its knowledge onto you. Keep in mind that you cannot be successful if your trading skills remain at the same level from day one. So, the only advice we can give you is to look for a broker that will help you learn and spend some time each day reading their eBooks or watching video lessons. It will mean a lot.
If you are looking for a new broker, RichmondSuper can be a perfect choice. Everything this broker provides is excellent, from trading accounts to customer support and now we can see why there are so many positive comments from the clients. It’s definitely worth a try.