Richtmfx

Richtmfx is a forex and CFD broker that claims to be registered in the United Kingdom and was founded on 25 June 2019. The broker operates the website richtmfx.com and presents itself as an execution-only service provider catering to both retail and institutional clients.

As of our review, independent public information about Richtmfx is highly limited. The broker does not appear to have a significant online footprint, and no verified user reviews or independent performance data are available. This lack of transparency is a notable concern for any potential trader.

Richtmfx states on its record that it is regulated by two authorities: the Financial Conduct Authority (FCA) in the United Kingdom and the Cyprus Securities and Exchange Commission (CySEC). Both are listed with a 'Forex Execution License (STP)' status, but the status field is marked with a dash (—), indicating that the current licensing status is unconfirmed or not publicly verifiable.

FXCanary cross-checked these licence claims against the respective public registers. As of our research, we were unable to independently confirm that Richtmfx holds active regulatory authorisation from either the FCA or CySEC. Traders should treat these regulatory claims with extreme caution and seek independent verification before committing funds.

According to the information on file, Richtmfx offers two account types: a Standard account and an Institutional account. The Standard account requires a minimum deposit of $50 and offers a maximum leverage of 1:100. The Institutional account is aimed at larger traders with a minimum deposit of $10,000 and also provides a maximum leverage of 1:100.

While these account tiers are typical for many retail brokers, the lack of further details on spreads, commissions, and trading conditions means that traders cannot properly evaluate the cost of trading. The single leverage option across both accounts is also unusual, as institutional accounts often offer higher leverage or customisable terms.

Richtmfx lists its available instruments as forex, commodities, and CFDs. This is a standard product offering for a retail forex broker. However, no specific details on the number of currency pairs, types of commodities, or CFD products (e.g., indices, stocks) are provided.

Without a comprehensive list, traders cannot assess whether the broker covers the markets they intend to trade. The absence of information on trading platforms (e.g., MetaTrader 4/5, cTrader) further compounds the lack of clarity surrounding the broker's service.

FXCanary's Scam Risk Score for Richtmfx is 85 out of 100, which falls into the 'Severe' risk category. This score reflects the combination of unverified regulation, limited public information, and the lack of any credible independent reviews or track record.

Traders should be aware that dealing with a broker that cannot demonstrate clear regulatory oversight carries significant risk. Until Richtmfx provides verifiable proof of its licences and transparent trading conditions, we strongly advise against depositing funds with this entity.