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Rich Capital Review
Access to the financial markets is only possible through the services of an online broker and it does not take long for you to discover that there is not exactly a shortage of these platforms. Hundreds of thousands of these companies have been founded in the last couple of decades, which has both advantages and disadvantages. The good news is that there is not a lack of options, so you can find a competitive platform, but the downside is having to navigate through so many of them. One way to simplify the process is via this Rich Capital review.
Rather than having to check each brokerage individually, you can simply use a review to sort the options and find out if the platform is a suitable one. You cannot depend on recommendations alone because everyone has different priorities and preferences, so it is a must to do your own evaluation. Most importantly, you have to be careful because some of these companies are not authentic.
As a matter of fact, they are downright fraudulent and they are likely to make some misleading statements that will eventually give them away. As long as you are careful in your evaluation, you will have no trouble in identifying the gaps in their story and then take action accordingly. You do not want to sign up with a brokerage and then learn that you have fallen into a trap because that can be downright devastating.
No matter how hard the scammers may try, they will not be able to conceal their true nature if you are thorough in your evaluation. This is what you will also be able to do with Rich Capital when you come across this brokerage.
It promises access to more than 1,000 financial assets, fast execution and low spreads that make it an irresistible offer. But, there are misleading statements that you will find in the presentation of Rich Capital and they will tell you the truth. What are they? You can find them below.
Not licensed or regulated
One of the biggest claims that Rich Capital makes on its website is that it is fully licensed and regulated. You will find every expert recommending that you choose a licensed and regulated broker to stay safe from a scam and to fool people, this is what Rich Capital is claiming. However, when you decide to take a closer look at its license and regulatory status, you will find that its story just falls apart and this is only a misleading statement.
According to Rich Capital, it is licensed and regulated by the Czech Financial Supervision Commission (CFC), as it claims to be based in the Czech Republic. First off, you should note that there is absolutely no institution in the country by that name. The regulatory institution that oversees the financial markets in the Czech Republic is the Czech National Bank.
If you check the registers of the bank, you will not find Rick Capital listed anywhere, which means it is not regulated. Furthermore, when you go through the broker’s presentation, you will also notice that it boasts the logo of the Financial Supervision Commission (FSC) of Bulgaria. However, even when you check its online register, you will not find Rich Capital listed.
This means that Rich Capital is misleading its clients with the claims of being regulated and licensed and it is a virtually anonymous broker that you know nothing about. Another problem is that Rich Capital appears to have stolen its name from Rich Capital Holdings Limited, which is an investment firm based in Singapore.
It is a common tactic of frauds to use the name of a legitimate business to pass themselves off as one, when they are really a scam.
Lying about trading platform
The primary feature that an online broker offers to its clients is their trading platform because this is what traders use for executing their trades in the financial markets. In addition, the platform provides you the tools required for making smart decisions, which means it is directly connected to your trading performance.
When you check out the trading platform at Rich Capital, you will find that the broker claims to offer you the MetaTrader 4 (MT4) platform. While its advanced version i.e. the MT5 has now been introduced, the MT4 is also a powerful trading solution and comes with innovative technology and advanced tools that can be quite useful.
The problem is that when you actually try to trade at Rich Capital and want to use the MT4, this is when you discover that the brokerage is only misleading you. This is because it does not really offer the MT4 as claimed and instead has a basic web trading platform.
The platform has been designed in Russian and does not have any such special features to offer to traders. In fact, it is commonly found on fraudulent platforms that just want to create an impression on their clients and this is what Rich Capital appears to be doing.
Uncompetitive trading conditions
Since the trading conditions that a brokerage offers directly affect your profits, you should always take a look at them beforehand. Doing so in the case of Rich Capital is a smart move because it tells you just how uncompetitive the platform really is. The brokerage is offering spreads as high as 3.1 pips for the EUR/USD currency pair.
You should note that spreads are only considered good when they start at 1.5 pips or less and this is twice that. In addition, you will find that Rich Capital is offering leverage ratios as high as 1:200, which are not considered safe and can result in hefty losses.
Unreliable payment methods
When you try to make a payment on the Rich Capital platform, you will discover that it supports third-party payment methods, such as WellCoinEx and Alphapay. These are obscure services that do not give you the option of refund, which makes them extremely dangerous.
These misleading statements make it evident that Rich Capital is not a platform you should sign up with.