Do not let this fine-looking website deceive you. Riley Finance is not completely “clean” in terms of the legal aspects of one broker.
So, if you want to keep your funds safe, you should read the Riley Finance Review. Here we’ve analyzed the broker’s legal background, areas of interest, trading software, conditions, and funding methods.
Riley Finance’s website looked familiar to us at first. We suspected that it was taken from somewhere else and decided to investigate Riley Finance’s regulation.
Since this shady broker claims that it operates in the United Kingdom, the logical step would be to check whether this entity is registered with the UK’s Financial Conduct Authority (FCA).
We did so but didn’t find Riley Finance in the FCA’s register. That means that Riley Finance is not a regulated or licensed broker. Chances are, Riley Finance is a trading scam.
It’s reason enough to avoid Riley Finance. Do not trust FutureProfit either, it’s another fake UK brokerage.
Instead, find a reliable broker that’s actually regulated by the FCA. Aside from the UK’s regulator, the European Securities and Markets Authority (ESMA) is also a tight jurisdiction.
For US brokers, check their regulatory status with the CFTC and the NFA. If you’re from Australia, make sure your broker is registered with ASIC. Canadian providers must be in IIROC’s database.
It seems that Riley Finance used this “UK broker” cover to infiltrate domains with heavy regulations. Here’s a list of countries where this unscrupulous broker tried to find clients:
Riley Finance is not authorized to operate in any of these countries. We must pressure the FCA to issue a warning against this financial swindler.
When we scrolled down Riley Finance’s website, we saw logos of various social media and communication platforms. This broker is active on WhatsApp, Viber and Telegram, plus an email.
Perhaps that’s how the broker looks for potential clients. Or perhaps Riley Finance runs fraudulent marketing campaigns.
But, when we clicked on those links, they just took us to the top of the Home page. It’s all shady business in our eyes. We wouldn’t trust Riley Finance.
According to Riley Finance’s website, traders can access a web-based platform. This trading terminal can also be opened on mobile.
We didn’t get to see the broker’s WebTrader but we can assume that it’s lackluster. Browser-based platforms don’t offer advanced features such as automated trading and multiple timeframes.
WebTrader is nowhere near reliable third-party software such as MT4, MT5 or cTrader in terms of trading capabilities. We recommend you find a licensed broker that offers the latter three platforms.
When it comes to trading instruments, Riley Finance offers the following selection:
Riley Finance’s spreads seem favorable. The broker offers floating spreads around 0.4 pips for FX major pairs.
Considering that the industry’s standard is 1.5 pips, Riley Finance offers tight and competitive spreads but the broker didn’t mention the commissions.
If there are any, we expect them to be high as is the case with another fraudulent broker we covered – Aiko Markets.
Here’s an overview of Riley Finance’s different trading accounts:
Despite writing that the minimum deposit is 0 $, the FAQ section of the website states otherwise. There, the broker said that the minimum deposit is 250 $, which is more plausible.
We also found out that Riley Finance offers leverage up to 1:100. That’s more proof that this isn’t a legit UK broker, as the FCA limited its brokers to leverage of 1:30 for retail clients.
No. Riley Finance doesn’t offer a free demo account. We consider this a huge red flag. Basically, you’re not allowed to see the trading platform and trade for free unless you open a live account and invest real money. Of course, you’d be at risk of getting scammed right off the bat.
Based on the information on Riley Finance’s website, the available payment methods are the following:
Riley Finance’s withdrawal policy is pretty vague and shady. The broker charges a 50 $ inactivity fee and awards bonuses.
Bonuses will undoubtedly lead to withdrawal issues since Riley Finance has a terrible bonus policy. Namely, the broker requires clients to reach a trading volume “equal to the Bonus/credit amount received divided by Four (4).”
Basically, if you have received a 2,000 $ bonus, you would have to reach a turnover of 500 lots or 50 000 000 currency units.
Cons: No trading license; Ineffective web platform; No demo account; Extremely high leverage
Pros: None
To sum up, Riley Finance is an unregulated broker. If you have evidence that Riley Finance violated any terms and conditions, please let us know.
Global Fraud Protection can assist you in getting your money back. Our team of experts can help you with a chargeback or use advanced tracing software called CipherTrace to try and locate your money.
If this broker steals your money, contact us for help. Book your free consultation with us today using Online Chat and find out what you can do to get your money back.
No. Riley Finance is an unregulated broker. If you’ve been scammed, contact us for help as soon as possible.
No. Riley Finance doesn’t offer a free demo account for practice.
No. All the trading with Riley Finance is done via a browser, on a web-based platform.
No. Riley Finance’s trading platform is an ineffective online terminal with limited features. We recommend brokers that offer MT4 or MT5.
No. Riley Finance is an unregulated broker. If you’ve been scammed, contact us for help as soon as possible.
No. Riley Finance doesn’t offer a free demo account for practice.
No. All the trading with Riley Finance is done via a browser, on a web-based platform.
No. Riley Finance’s trading platform is an ineffective online terminal with limited features. We recommend brokers that offer MT4 or MT5.
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