An Arabic platform claiming compliance with the SEC, RIFX is a big joke. Building your future with the right choice is their call to action. Ri-fx is an Iraq-based platform that seems to think it can get global recognition via SEC affiliation. Unfortunately, the platform didn’t count that you can confirm a platform’s license using an online registry. The Securities and Exchange Commission doesn’t have any platform licensed under the above name. Here’s the full RIFX Review.
The platform tries to sell a convincing story that they have been around since 1995. RIFX claims to have over 50 years of collective experience. In addition, the platform claims to be fully capable of managing multiple client accounts.
Looking at the overall theme, the platform does look enticing. However, it comes with an Arabic-default language. We believe the platform tries to attract Arab investors living in America and Europe. Sadly for them, we did our due diligence and found the platform wants.
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RI FX claims to be an entity belonging to RIFX Capital Corporation. We haven’t heard of the company, and they are not on any registry. The platform has a welcome bonus for memes who deposit with MasterCard.
According to the platform, when you deposit $500, profits are more easily. We don’t see how that’s possible, but it is proof we are dealing with amateurs. All they want is for naive Arabic investors to sign up with the platform.
We possibly can’t let this happen as it’s our duty to expose such platforms. The website has been running for 399 days as we publish this post. June 23, 2020, is the day the website went live. Unfortunately, for over a year, the platform has failed to garner a positive review.
RIFX offers one account type to investors with the minimum deposit set at $100. So the leverage for the platform is 1:400. And it's for this reason that we know for sure SEC hasn’t registered the platform.
Even FINRA has a cap on the acceptable leverage on all forex entities. Regulators in America and Europe have set the maximum leverage as 1:100. The FIX account is the only investment account on offer.
You get fixed spreads starting from 1.5 pips. There are no commissions or hidden fees on the platform. Scalping and hedging are possible with the option of getting an Islamic account. Unfortunately, the platform fails to mention the trading instruments for the FIX account.
Members can get VPS accounts for as little as $20 a month. RIFX offers two VPS accounts for $20 and $30, respectively. With the $20 subscription, you get 4 virtual cores with a first-time installation fee of $7.
The second VPS account comes with a $30 monthly subscription with 6 virtual cores. In addition, you get gigs of SSD 400 and Mbit/s post of 400. The installation fee is $7 for first-time users. Records indicate the platform is using Windows Server 2019.
If you decide to become their affiliate partner, chances are you won’t get paid. Besides getting commissions, the platform claims to offer benefits to members. Tracking down conversions is a problem as there’s no transparency.
The platform claims to provide users with a commission statement that would be best if. However, he also consideredso considers the consequences of referring family and friends to the platform. Once things spiral over, they will point the finger at you.
You end up losing your credibility and reputation over an offshore and unregulated platform. In addition, with the platform claiming to have a license from the SEC, you might face legal charges. So it’s best to keep your reputation intact.
The people running the platform remain unknown and faceless. Anonymity is a risky option, especially when dealing with online platforms. The platform ought to come clean as to who owns and runs the platform.
We don’t have any information on the skill levels of the team behind it. Will the platform offer account managers for newbies? Without any names backing the platform, we feel it’s best to stay away from it.
According to the contact page, the company headquarters is in Basra, Iraq. However, there’s a phone number listed that didn’t go through when we called. The platform also claims to have a branch in Baghdad, near the Tunisian embassy.
Despite even posting Google maps, most Iraqi traders haven’t heard of the platform. We asked around using Iraq trading platforms and found no lead. Instead, what is evident is the platform’s attempts to control communication.
The platform can call you at any time, not the other way around. In most cases, they will call asking investors for more deposits. We have seen this scenario play out in several offshore-based platforms.
One of the few positive aspects of the platform is the availability of a demo account. But, unfortunately, you have to register to start using the demo account. Sadly, we couldn't do it due to security concerns. Then, of course, there’s also the question of the platform in question.
There’s an MT4 demo account that gives users a chance to test how trading works. You should sign up with demo accounts before committing funds to a real account. That’s the only way of ensuring a platform will work out as planned.
Funding the above accounts is fast, and the process takes less than twenty minutes to complete. The available funding methods include Asian Hawala, MasterCard, Neteller, Skrill, and Zain Cash.
Withdrawing funds from the platform remains the biggest hurdle you will face as a member. But, unfortunately, there’s no proof anyone has managed to reach this point. For over a year, no one has come out with proof you can withdraw from the platform.
RIFX is not a licensed or registered entity, and they are using false claims. The fact that they use the SEC as their registrar is compelling. We believe they think no one will bother checking with the SEC.
Even after making this bold statement, there are no registration documents to back their claim. Instead, you will see registered platforms posting copies of their license for all to see. In most cases, they even have a link to the registration page.
You should ensure the platform in question is duly registered. Check with reliable regulators to confirm a platform’s compliance. These regulators include ASIC, BaFIN, CNMV, CONSOB., CySEC, FCA, FINMA, and more.
Other than offering a demo account, another positive aspect is the availability of the MT4 trading platform. It gives members a huge advantage. MT4 offers advanced tools and an intuitive user interface. We recommend using MT4, MT5, and SIRIX platforms.
With the platform using false registration claims, the safety of funds is out of the question. There’s no compliance to protect investors. Once you deposit funds, you are on your own. Lack of oversight gives the platform the chance to operate as they please.
The platform fails to prove their case. Therefore, we won’t recommend them for the following reasons.
To find out the best ways of investing, you need to look at tenable investment platforms.
If you have any questions, feel free to write to us.
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