Beware! RiFX 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.
RiFX is an illegitimate broker operating from god knows where, but judging by the mix of Arabic and English, we assume some offshore location. Only offshore nations allow for scammer brokers to continue going unregulated. RiFX is basic in its features and look, and what we see is not the first nor the last time we will ever witness such things. All in all, this brokerage is a common scam, and not one that really trie to hide its features. We encourage readers to go through the review to see what RiFX is made of.
Creating a live account was easy and quick, and we think that just about any wondering user can create one. However, the user area was blocked, and the only way to unblock it is to provide a couple of ID copies proving your identity. We are sure that if a user provides these he or she will regret it for RiFX will use it against him or her.
The surprising thing was that we were still able to open a live trading account with the MT4, even without providing any ID documents. Yet, we had no log in credentials. Therefore, we are stuck: we have no choice bu to take all the trading details from the website, a source which should not be fully trusted!
We find on the site that the leverage is capped at 1:400, and the average fixed spread is 1.5 pips. There is, however, no news on the available trading assets.
As we mentioned, the website is available in both English and Arabic.
RIFX REGULATION AND SAFETY OF FUNDS
The broker suggests that it holds a license from the US’s Securities and Exchange Commission or SEC, which is in charge of enforcing the law at times of market manipulation. It is not an FX license issuer, although many users will be sold by now. In the United States, the only agencies that can regulate FX brokers are the CFTC and the NFA. These are considered the most demanding and most severe of all FX regulators, thus resulting in a very underpopulated US brokerage market. We are 100% certain that RiFX is not licensed in the US.
However, the company keeps asserting that it functions under US state laws, and doesn’t seem to let go of this claim. This is completely untrue, of course. There is nothing else to work with here, making it easy for us to conclude that RiFX is completely UNLICENSED and most probably a scam!
We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.
RIFX TRADING SOFTWARE
We accessed an MT4 from the user area however we could not open an account with it because we had no credentials.
However, the logo on the whole MT4 download process for Real For Investment – the parent firm of the broker- did not match the one we see on the website of RiFX. This suggests that either the MT4 servers do not belong to the broker, or that the MT4 uses an older version of RiFX’s logo. There is also the possibility that the broker stole the MT4, but we do not have proof of this.
For now, it seems, the MT4 is fully available.
RIFX DEPOSIT/WITHDRAW METHODS AND FEES
The information on payment will be taken from the website since we have no way to get it from the most trustable source: the user area.
The minimum deposit is $100, and unfortunately, this is the only real payment info that we could muster from the broker. That includes any withdrawal details. The website is incredibly limited, while the short legal documents are also very uninformative. But what can you do – the broker is, after all, unlicensed.
Overall, we see not one reason to invest in this joke of a broker. All your fund deposited at RiFX are at a risk.
How does the scam work?
Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.
They get to this point once after being tempted by one of the thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Whichever one happens to be the source of the ad, either one will ask the client for contact details.
Through these contact details, the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user gets to build an artificial trust with the reps of the scam.
After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.
This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.
What to do if scammed?
Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.
Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.
Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!
Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!
Rich Snippet Data