Once we tried to check RichFund broker’s website, we discovered that it’s not even functioning. That was the first of many red flags we’ve come across. Let’s see what else we dig out about this illicit brokerage.
Read our RichFund review. We can guarantee you will be speechless.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||SFC, CONSOB, IOSCO|
|Owned by:||Rich Fund Tech Group Limited|
|Headquarters Country:||Hong Kong|
|Types of Assets:||FX, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
RichFund Regulation and Security
RichFund, a.k.a RFFX, is a brand of Rich Fund Tech Group Limited. The company was illegally established in Hong Kong, allegedly in 2009. Why do we say allegedly? The regulatory body of Hong Kong, SFC, does not recognize this company. So, who can guarantee that anything they told us is true?
Since now you know that RuchFund regulation does not exist, what more you need?
Warnings From Financial Regulators
Since the broker states to be in Hong Kong, the HK SFC was the first to publish an official warning against the broker, saying it’s an illicit entity.
This warning was followed by the same one coming from the Italian CONSOB.
In the end, one of the private regulatory organizations, IOSCO, gave us the same warning regarding RichFund broker. Beware of this scam, and other brokers such as Axis Capital Group, MallonFX, and Finexico.
Fund Withdrawal Issues
Usually, with bogus brokers that are not under any regulatory jurisdictions, we see some withdrawal issues. Since these brokers have nobody above them who could control their actions, it’s clear why they decline to return money to clients because they don’t need to.
In the case of RichFund, we’ve learned that the broker is refusing to process withdrawal requests, and if the client insists too much, the account is getting suspended.
Always look for a Tier1 regulated broker.
Since the broker is causing withdrawal issues for many people, you can already guess what kind of RichFund reviews we’ve seen. Traders stated the company is a fraud, calling the brokers who work there anything but competent for their job. Also, each one of them recommended not to be involved with the broker, giving it a rating of 1/5, poor.
How Does Online Trading Scam Work
Online trading scams are something inevitable in the world of offshore brokers and low regulations. These companies have been promising profits since the very beginning. You are usually signing up to a false ad giving you fake hopes of making thousands of dollars. However, not everything is so bright after you make an initial deposit. The money went to the broker but did not come back.
If you find yourself in this story, contact us for help.
Scammed by RichFund?
If you were involved with a RichFund broker and had a bad experience, contact us immediately. We will help you start the chargeback process today.
But what is a chargeback? This is a way to refund your card in case you were scammed online. You need to go through a bureaucratic process, and we know how to deal with it. Send us a message via online chat, tell us your story, and let’s start moving. Time to get your money back!
What is RichFund?
Richmond is an online trading brokerage without proper regulation.
Is Richmond a scam?
Richmond is a scam brokerage blacklisted by several authority bodies.
Is RichFund regulated?
No, RichFund is not a regulated brokerage, but rather a blacklisted one.