In the RightFX Review, you’ll see that there’s plenty of wrong with this broker. We shall analyze what RightFX has to offer in terms of the trading platform, assets, conditions, etc.
The fraudulent broker lied about its address and regulation, which we found inadmissible. Read through this review carefully to learn the truth about the RightFX trading scam.
RightFX claims to be the trading name of Right Group Financial Limited from London, UK. The website even offers a company registration number – 13210109.
The problem here is that this company isn’t registered with the UK’s Financial Conduct Authority (FCA), the country’s financial market watchdog.
Known for having some of the tightest regulations in the world, the FCA does a great job to ensure smooth and legal market functioning. All brokers must be registered with this authority in order to legally provide services in the UK.
The RightFX regulation is a lie, which means that this entity is an illicit provider. It’s better to stick with proper FCA-regulated brokers since the regulator implements virtually identical rules as the European Securities and Markets Authority (ESMA).
Brokers must have an operating capital of at least 730,000 GBP, provide clients with negative balance protection, segregated funds, leverage restriction (1:30) and a compensation scheme of up to 85,000 GBP in case of insolvency.
RightFX is not an FCA-licensed broker and yet, the fraudulent entity provided unregulated trading services primarily to traders from India, Turkey, the United Arab Emirates, and the United States of America.
We’ve debunked the lie about RightFX being regulated. Without an FCA license, we cannot be sure that the aforementioned company is actually operates this brokerage.
That makes the RightFX reputation uncertain and shady. The website could be run by some anonymous scammer pretending to be from the UK.
From what we gathered, RightFX conducted its scheme away from the UK. Dissatisfied clients are primarily those from the Middle East:
It seems that the RightFX trading scam found its way into the US as well. If you happen to know anything about this hoax, please let us know.
We assume RightFX used one or more common victim-finding methods. We’ve seen scammers like RightFX buying Google ads, spamming Facebook & Instagram posts, creating YouTube videos, posting fake LinkedIn ads, and running fraudulent online marketing campaigns.
Also, other tactics include private WhatsApp & Telegram chats and dating apps such as Tinder and Bumble. Let’s not forget about direct phone calls and emails.
Unfortunately, the vast majority of RightFX’s victims are Turkish traders. Trustpilot and ForexPeaceArmy are full of complaints against the broker. They indicate that their accounts were suddenly deleted. Here’s one negative experience:
All the positive transactions I made for 1 month were deleted in an instant. Everything went to waste while I was happy to make a profit. I’ve been scammed. I don’t recommend this company to anyone…
RightFX claims to offer two platforms – the renowned MetaTrader 5 and the proprietary RightTrader. The latter is only available as a mobile app while MT5 has mobile, desktop and MAC versions.
The shady broker didn’t say anything concrete about its proprietary platform except that it’s meant for mobile trading. As for MT5, there are issues.
MT5 is available for both iOS and Android. The platform can also be downloaded on a desktop and MAC.
The issues we’ve encountered will appear regardless of the device you use. Therefore, MT5 was used as a ruse here to lure potential victims.
As mentioned, MT5 is arguably the greatest platform that has graced the trading industry.
This amazing software was produced by MetaQuotes and equipped with cutting-edge tools such as algorithmic trading, multiple timeframes, live market reports, a customizable interface, etc.
However, RightFX’s MT5 version appears to belong to Liquidity Soft Solutions, a company we’re not familiar with. Add that to the fact that RightFX is unregulated and you’re in for a scam.
According to the broker’s website, the following trading assets are available:
Spreads and commissions vary for each account type. Thus, the Standard account’s spread starts from 1.4 pips with zero commissions and the Pro account offers 0.9 pips.
Those two types are basically with “fixed spreads”. Other types offer raw spreads but charge commissions (5-7 $ per lot). The Islamic account is commission-free with the spread starting from 1.8 pips.
Here’s an overview of the RightFX trading account types:
The account division seems alright but there are numerous licensed brokers that offer you a micro-account for just 10 $.
As you can see, the leverage significantly exceeds the FCA cap of 1:30. Extremely high leverage is really risky and often leads to losses in volatile markets, hence the legal limit.
RightFX says clients can use a free demo account. Using a demo account is great. It allows you to see what the platform looks like and get the feel of trading.
Just be careful if you decide to switch to a live account because investing real money is always risky.
RightFX offers multiple promotions such as a deposit bonus of 50%, Trade&Win, and a demo contest. It’s important to note here that the FCA banned brokers from issuing bonuses in the UK.
These concepts are pretty much prize games where you can win awards such as phones, cars or money. If we wanted to participate in a prize draw, we would’ve played the lotto.
Let’s look at the deposit methods available at RightFX:
Allegedly, RightFX doesn’t charge any transaction fees. As for the RightFX withdrawal methods, they only include bank transfers and Bitcoin but the minimum withdrawal amounts weren’t disclosed. Judging by the reviews, some clients had withdrawal issues.
To sum up, RightFX isn’t a legit UK broker since it’s not registered with the FCA. The provider broke several regulatory rules such as exceeding the leverage cap and offering bonuses.
If the broker violated any terms and conditions, please let us know. If you lost money to RightFX, know that you’re not the only victim of RightFX scam.
Don’t worry, Global Fraud Protection has you covered. Our team of experts can try to get your money back via a recall or the crypto-tracing software CipherTrace.
If this broker steals your money, contact us for help. The easiest and fastest way to book your free consultation is via Online Chat.
No. RightFX is unregulated so don’t invest. If you did, contact us as soon as possible so we could help you.
Yes. RightFX offers a free demo account on its website.
Yes. RightFX offers an Android and iOS version of MT5 as well as its own RightTrader mobile app.
MT5 is a great platform but the version that RightFX offers is shady. It doesn’t belong to the original producer, i.e. MetaQuotes.
No. RightFX is unregulated so don’t invest. If you did, contact us as soon as possible so we could help you.
Yes. RightFX offers a free demo account on its website.
Yes. RightFX offers an Android and iOS version of MT5 as well as its own RightTrader mobile app.
MT5 is a great platform but the version that RightFX offers is shady. It doesn’t belong to the original producer, i.e. MetaQuotes.
The post RightFX Review – Is a Dishonest Scam Brewing Here? appeared first on Global Fraud Protection.
