Note: RichFund's official site - https://en.richfundco.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is RichFund？
RichFund is a broker based in 2009 in China. It currently holds no regulations and its official website has already shut down.
Pros & Cons
Pros:
Cons:
No Regulation: The lack of oversight from a financial regulatory authority can be a major drawback as it questions the legitimacy and safety of the investment and trader's funds.
Dead Official Website: An inactive or non-functional official website is a red flag for potential clients as it indicates a lack of professionalism and could imply that the company is no longer operational.
Limited Customer Support Channels: Customer service via email only is a significant disadvantage, as traders cannot receive the support they need in a timely or efficient manner.
Is RichFund Legit？
Regulatory Sight: RichFund is currently functioning without any regulation, meaning it does not fall under the supervision of any financial regulatory bodies and does not possess any licenses to operate in the financial market. The absence of any such oversight raises concerns about the firms adherence to financial standards and regulations, increasing the risk for investors.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
Market Instruments
RichFund offers a certain range of market instruments. These include:
Forex: Forex trading involves the exchange of one currency for another, and it is the largest and most liquid market in the world.
Commodities: Traders can trade precious metals like gold and silver, as well as a range of other commodities including oil, natural gas, agricultural products, and more.
Indices: Traders can access a selection of global stock market indices, so users can speculate on the performance of broader market segments and diversify their investment portfolios.
Shares: Ownership stakes in individual companies, allowing investors to participate in their performance and dividends.
Leverage
RickFund provides a maximum leverage of 1:200 across all account types. Leverage allows traders to open positions that are larger than their actual deposit. In this case, with a leverage of 1:200, for every 1 a trader has in their account, they can take a position in the market up to 200. This could potentially amplify profits, but losses can also be amplified, particularly for inexperienced traders.
Spread
RichFund offers a fixed spread of 1.8 pips. A fixed spread means that the spread value does not change according to market conditions. It remains consistent regardless of trading time or market volatility. The spread of 1.8 pips is not a very competitive spread, since the average spread provided in the industry is at around 1.5 pips.
Trading Platform
RichFund offers its clients access to the MetaTrader 4 platform, a widely recognized and trusted trading platform in the industry. This platform allows users to execute trades, analyze markets, and manage their accounts efficiently. Users have the flexibility to access the platform directly from a web browser, making it convenient for trading on the go. Additionally, the MetaTrader 4 platform is available for desktop users who prefer a more comprehensive trading experience. It also supports mobile trading, enabling users to trade seamlessly from their Android or iOS devices, providing flexibility and accessibility to the markets anytime, anywhere.
Customer Support
RichFund provides its customer support mainly via email at support@richfundco.com. It does not provide other immediate service channels such as phone calls or live chat, and support through email only is rather limited. RichFund also provides its office's address at 16-17th Floor, 22-24th Floor, Exchange Square Two, 8 Connaught Place, Central, Hong Kong. This address can be used for official correspondence or for in-person inquiries.
Conclusion
As a broker, RichFund is not currently regulated and its official website is non-functional. Its customer support is very limited, too. We do not recommend this broker to any user.
Frequently Asked Questions (FAQs)
Question: Is RichFund regulated？
Answer: No, it is not regulated.
Question: Does RichFund support MT4/5？
Answer: Yes, it does support MT4.
Question: What is the minimum deposit required？
Answer: The minimum deposit required to open an account is $500.
Question: What is the spread provided by RichFund？
Answer: RichFund provides a fixed spread of 1.8 pips.
Question: What is the maximum leverage provided by RichFund？
Answer: The maximum leverage provided is up to 1:200.
Question: Is my money safe with RichFund？
Answer: Not at all. RichFund is not a regulated broker and it does not apply extra security protocols either. What's worse, its official website is dead already.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
