Richly Active Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Richly Active Review.
Richly Active Review
Richly Active offers 2 basic trading account types and two additional ones (ECN Pro ECN Manager), which we will not discuss, as they require initial deposits above $ 50,000.
Both basic accounts are said to offer variable spreads and leverage up to 1:500 on the standard MetaTrader 4 platform. As the variable spreads indicated on the broker’s website are rather low, we suppose that commission fees are also charged. Nonetheless, we could not test Richly Active’s services – the broker’s MT4 is not available for download even after you open a demo account. We consider this a significant disadvantage as it reveals that the broker does not offer fair and transparent pricing.
Despite of this, Richly Active requires a minimum investment of $1000, while most brokers, even reputable and regulated ones, demand $100 – $200 as a start. For example, by investing $100 in leading broker FxPro, one may use spreads averaged 0.3 pips on cTrader platform, to which a commission of $4.5 applies per side (standard lot).
The Company. Security of Funds
Company
Country
Regulation
Richly Active Limited
SVG
FSA
Richly Active appears to be one of the many offshore forex brokers that claim to offer tight spreads, no conflict of interest (ECN/STP execution) and high leverage levels. It does not stand out among them in any way. Even worse, it does not offer demo accounts, the information on its website is inconsistent and scarce, there is no live chat and no valid telephone number. Many of the links on Richly Active’s webpage redirect to the home page and some of the content is simply greeking instead of real text.
We don’t recommend offshore brokers as a general rule, and we would advise you to stay away from this one in particular. Considering the above said, it is very likely that Richly Active is active in making itself rich, not its “clients”, if you allow me the pun. So, you’d better select among the reputable brokers regulated in the EU (by CySEC in Cyprus or FCA in the UK) or Australia.
Trading Platform
Richly Active Limited offers its clients the good old MetaTrader 4 (MT4), available as a desktop download, web version and mobile apps.
Supported by the majority of brokerages, MT4 provides all the necessary tools and features for traders to analyze price dynamics of financial instruments (solid charting, numerous analysis indicators, back-testing options, etc.), to execute trades and create & use trading robots (Expert Advisors).
Methods of Payment
Richly Active offers its clients wide range of payment options: via credit/debit card, wire transfer, and eWallets such as Neteller, cashU, iDEAL.
Richly Active is yet another offshore MT4 forex broker whose offerings appear attractive, but yet it is not recommended. Firstly, because It is registered offshore, and then, because it does not offer fair and transparent pricing – no MT4 download for demo account holders and limited information on website.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Richly Active Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Richly Active Review.