Beware! RichFund is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
As soon as we started assessing the so-called broker, we faced an atypical issue- we simply didn’t know how to label this sham. That’s because they failed to stick to a name. Yeah, that’s right, they introduce themselves as Rich Fund, RFFX, zhfx, Qianbenli Forex, QBLFX and QBL Prime at the same time. What a fiasco! That’s a scam, and we are going to prove it in the full RichFund review.
RichFund REGULATION AND SAFETY OF FUNDS
RichFund mentions nothing specific about licenses, but the headquarters are allegedly located in Hong Kong. So, the broker needs an HKSFC authorisation to legally sell their services to the public, and we went to research the authority’s register. Well, we found a warning instead of a license. HKSFC issued an alert against the broker, exposing it as a scam scheme, so your funds will be in danger if you deposit with RichFund. For more information, have a look at the screenshot below. If you are looking for Hong Kong brokers, you’d better follow the link and pick some of the high-rated ones.
You can also check the high-rated EU brokers and British brokers on both lists. The European companies are well regulated, but most importantly, covered by deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. As an FCA licensee, TeraFX is a part of the British fund FSCS, so their clients would be able to place their claims. However, we wish they don’t have to do so.
RichFund TRADING SOFTWARE
RichFund provides MetaTrader4, an excellent platform that’s indeed a market leader in terms of trading volumes. However, in this case, that’s not a positive feature because many people may believe the broker is trustworthy, which it’s not. Anyway, the EUR/USD spread is 1.8 pips fixed, which is a tolerable Buy/Sell difference, but not the best you can find. Most of the regulated companies offer highly competitive spreads of 1 pip or less, so it’s not worth wasting time with otherwise exposed scams.
Instead, we can offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists while talking about software. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Recently, MT5 surpassed MT4 in terms of numbers, but it’s still lagging in trading volumes. Overall, both platforms are on par leading the markets, so MetaTrader is the obvious choice.
RichFund offers 1:200 leverage, a risky ratio having the potential to inflict severe losses on clients. In fact, leverage is so dangerous that many financial authorities forcefully restrict its usage. Namely, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced, and risk-tolerant traders eligible to open an account in Switzerland can safely go for it.
RichFund DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $500, or 5 times more than the regulated industry standards on average. The broker doesn’t mention anything about funding methods, and we didn’t bother checking their deposit system because it’s a dirty scam. You shouldn’t send even a dime to those fraudsters.
Anyway, while talking about funding, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
Information about withdrawals and fees is not available either. The Terms we accessed concern totally irrelevant stuff, and we can’t consider the document adequate for a broker. For instance, by accepting their Terms, you agree that you have 40 million USD at your disposal or an expected yearly income of 25 million USD. Such nonsense!
Overall, RichFund is an exposed scam, and you should stay as far away as possible from this fraudulent enterprise.
HOW DOES THE SCAM WORK
Scammers are liars and thieves. They’ll promise opportunities that sound too good to be true, get-rich-quick schemes, guaranteed risk-free profits and so on. By creating a false sense of hope, they are trying to entice people into their fraudulent plots.
It all starts with the ads. Scammers create numerous websites and social media profiles to promote their fictitious services. You can see Instagram pages showing lush lifestyles, yachts, cars, money and pictures of winning trades. Such a showcase make people interested and easier to suck into the scheme.
Once you provide your phone number, scammers won’t stop calling you. They’ll promise you the moon and the stars to make you start investing ASAP. If you agree, they’ll pretend to manage your account, and out of the blue, you’ll see mind-boggling profits on your name. You’ll probably sincerely believe that’s true and will most likely ask to take your money out. Well, they won’t let it happen, but will skillfully manipulate you to deposit again, promising much more lucrative deals. Before you know it, you may depart with your savings waiting for scammers to make you a millionaire overnight. That’s not going to happen, though, and those crooks will carry on asking for additional deposits. They’ll shamelessly announce to you that you have to pay to withdraw your money. At this point, the scam should be pretty obvious. From then on, scammers will cut communication, and you’ll never hear them again.
WHAT TO DO WHEN SCAMMED
Getting scammed may have long-lasting consequences. However, the first thing you have to do is to start actively looking for assistance and reduce further risks. Deactivate your bank card immediately and call your bank.
Quickly report what happened to the authorities, file a complaint, call the police. Seek help actively!
Then, it’s critical not to act hastily because fraudulent fund recovery agencies and individuals can double-scam you.
Share online your experience; it’s important to protect others, too. Be responsible!