RiftFX is the broker that you definitely should cross off on your checking list. After having a close investigation of this brokerage services, nothing but huge disappointment came along. We encourage you to learn all ins and outs in this RiftFX review.
About the Company
The first sticking point in this review was to find a solid information about RiftFX. Specifically, about its background and legal info. As expected from the fraud, RiftFX is absolutely unregulated. This certainly undermines any further trust or expectation of making profits with this broker. By trying to collect at least some facts about RiftFX, we finally identified that the firm is headquartered in Jubilee Insurance Centre 14, Parliamentary Avenue, Kampala, Uganda. Their website is owned and is operated by Rift Broker Limited. RiftFX Forex broker was founded in 2017.
The website itself has a nice design but is not intuitive when it comes to navigation. Moreover, RiftFX is only available in English, which substantially lowers the score for user-friendliness. Indeed, the customers from the US are not able to trade with RiftFX.
Although we do not recommend to sign up with this broker, for the sake of curiosity we will guide through all the steps of account setup as well as the account types RiftFX offers.
Opening an account is relatively easy and should not take much time. When the user submits the general information, RiftFX then provides the choice of two accounts: demo or live. There is also the Managed Account (Multi-Account Management) – with Leader and Follower subcategories.
Once the desirable account is selected, RiftFX fraud asks to complete the KYC procedure by submitting the personal documentation. Never do this when you deal with the scam brokers. The demo account comes with the virtual equity of 10000 USD. It is accessible merely within the 30 days upon opening.
Now let’s see what comes with the account packages RiftFX promotes. The real account is available only in two currencies – EUR or USD, while the minimum deposit requirement is 100 USD. The broker emphasizes that it offers tight spreads that provide the greatest efficiency and presumably cost-effectiveness. However, this is far from being true. For example, on EUR/USD pair RiftFX established the fixed spread of 2 pips. This is higher in comparison to the industry peers, e.g. XM with 1 pip on all major currency pairs.
Ironically, in the “Trading Conditions” section, RiftFX convinces that the spread for EUR/USD is 1.2 pips. It breeds even more confusion. The same situation is with the leverage. The website contradicts itself – in one section RiftFX claims to offer the leverage of up to 1:500, while in the other just 1:100.
Trading Platform and Conditions
The selection of trading platforms is rather poor at RiftFX. The trader can choose only vanilla MetaTrader 4, which comes with desktop and smartphone versions. Additionally, RiftFX permits automated trading (Expert Advisors), hedging and scalping on their MT4. RiftFX offers the Hybrid execution type, combining the STP and market-maker model. The minimum volume is 0.01 lot. No commissions apply.
The broker also has a limited pool of trading instruments to choose. Currently, only 52 currency pairs and 12 Index CFDs are available.
Despite the questionable reputation, RiftFX scam allures the traders with its promotions. We strongly recommend abstaining from the tempting promos introduced by the suspicious brokers. However, if you are still curious about RiftFX bonus program, you may see the following list:
- 100% Trading Bonus
- 100 Dollar Bonus
- Live Account Referral Bonus
- Education Referral Bonus
The first bonus mentioned states to grant the client with the free credit bonus of 5,000 USD/EUR. The main condition is to open a live account with the equal deposit. Indeed, the trader cannot withdraw the bonus straight away. RiftFX allows withdrawing profits made with bonus only after 90 days and upon completing the trading volume of 100 lots.
The 100 dollar bonus is self-explanatory. The broker provides 100 USD/EUR on every new live account, provided the deposit of at least 250 USD is made. Unfortunately, no more information is provided with regards to this promo.
Other two bonuses are merely referrals. For the live account referral bonus, RiftFX provides 50 USD available for the withdrawal, when the referred person completes trading 2 lots. The education referral bonus is supposed to grant 50,000 UGX (around 13.5 USD) for introducing the potential client to participate in “Weekend Forex Trading Course”.
RiftFX Reviews: Customer Support
As we previously mentioned, the RiftFX site is only available in English. Same goes for the customer support – it is not multi-lingual. Moreover, there are no decent means of communicating with the client support, apart from 1 phone number and the email. No live chat is available, therefore do not expect any issue to be resolved instantly. Overall, the customer support is one of the reasons to post a negative RiftFX opinion.
The indirect customer support is represented by the FAQ section, which leaves a lot to be desired. It provides only basic information – some blend of trade-related questions and superficial deposit/withdrawal info.
Perhaps one of the weakest points of RiftFX is their system of deposits and withdrawals. First of all, they provide a miserable list of funding options. Namely, there are only two – wire transfers with Diamond Trust Bank and Skrill. Turns out that RiftFX does not support credit/debit cards. The only “good” thing is the absence of transaction fees.
Now let’s check the time it takes to deposit or withdraw funds. Depositing money requires 5-7 days, while the withdrawal request is processed within 3-7 days upon submission.
Is RiftFX scam? Yes, this broker is untrustworthy and does not deserve to be dealt with. Despite pompously claiming to be the first Forex broker in East Africa, RiftFX did not debut as the highly promising brokerage. In reality, it offers a fairly low quality of services, poor choice of platforms and tradable instruments as well as completely ridiculous payment options. We advise steering clear from this broker and trade only with reputable brands such as Plus500 or Easy Markets.