Rich Capital Broker Review – Is This Broker Scam or Trustworthy?

Rich Capital Broker Review

A clear scam masquerading as a licensed FX and CFD broker is Rich Capital Broker. The website’s primary language is Russian, and the English translation is incomplete and essentially useless, making it clear that the deception is primarily targeted at the Russian people. In this Rich Capital Broker review, we’ll go into great depth on how to spot a fake financial services firm like Rich Capital Broker.

Regulation Of Rich Capital Brokers And The Safety Of Funds

The fact that Rich Capital Broker doesn’t identify the firm that owns and runs this website is the first warning sign. Only the financial firm’s name is mentioned in the legal documents, not the name of the legal company.

As a result, we can be certain that the stated contact information for the Czech Republic is false.  Nothing regarding Rich Capital Broker can be located in the record of the Czech Federal Bank, which is in charge of monitoring forex firms in the country.

There is no mention of the jurisdiction in the Terms & Privacy Policy text. However, there is one additional document on the website, the Bonus Policy, which by itself suggests that this cannot be a licensed broker with a base in the European Union. Forex brokers are not allowed to employ bonuses and promotions, according to all reputable authorities worldwide.

However, there are no pertinent executive or regulatory bodies in this offshore zone. The regional Financial Services Authority expressly advises that it doesn’t provide licenses to brokers who deal in currency and other markets. This helps firms with local incorporation falsely advertise that they provide brokerage services in order to participate in illegal conduct.

Only reputable brokers working in well-established financial hubs like the UK, EU, USA, or Australia should have your trust. There, are strong regulatory agencies like the FCA of the UK, the CySEC, the CFTC of the US, and the ASIC of Australia. These brokers offer protections to their clients, including negative fund protection and segregation of customer and broker money.

Broker Trading Platform by Rich Capital

Rich Capital Broker asserts to provide MetaTrader 4, one of the most popular platforms in the market. However, the download links for the platform are broken. After creating an account, Rich Capital Broker doesn’t offer login information for a trading server. The user dashboard shows no indication of any trading software.

Trading Conditions

Whatever trading conditions Rich Capital Broker promises to offer are irrelevant because it lacks both the required platform and legal authorization to engage in forex trading. However, Rich Capital Broker doesn’t even attempt to define fictitious terminology; the website lacks information about trading characteristics like leveraging, spreads, minimum deposits, etc.

Genuine brokers provide a range of account kinds that are suited to the preferences and needs of traders with various levels of experience, capital, and investment intents. Typically, you may register a beginner account with a very small minimum deposit, frequently around 100 USD or perhaps just 50 USD.

Deposits and withdrawals

AlphaPay, an unidentified payment processor, is the only available deposit option. Genuine brokers often give their customers a wide range of open payment options, including bank transfers, credit, debit cards, and well-known e-wallets like Skrill, PayPal, and Neteller.

Neither the website nor the legal documents make it apparent whether Rich Capital Broker levies transaction fees. Withdrawing money is, however, nearly impossible if the trading account has received a bonus. Bonus Policy states that the account must trade at least 10,000x the bonus amount. Such traps are frequently used by con artists to deny withdrawal requests.

Conclusion

No sensible trader with invest with this trading platform at knowing about the red alerts it shows. On the other hand trading with an unauthorized broker is just like driving a car with close eyes. You will definitely be hit by a catastrophic event if you do that.