RightFX Review – The Truth About rightfx.com Brokerage Scam

Is RightFX a Scam or a Legitimate Broker?

RightFX claims it is the trading name for Right Group Financial Limited, based in London, UK. Even the website offers a number for company registration – 13210109.

This is because the company is not registered with the UK Financial Conduct Authority (FCA), which is the country’s financial market watchdog.

The FCA is known for its strict regulations. It does a tremendous job in ensuring a legal and smooth market operation. To legally offer services in the UK, brokers must register with this authority.

RightFX is a libel, meaning that the entity is an illegal provider. Since the FCA regulates brokers, it is better to stay with them. They have almost identical rules to the European Securities and Markets Authority.

Brokers must maintain an operating capital of at minimum 730,000 GBP. They should also provide clients with negative balance protection and segregated funds.

Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

RightFX is not a FCA-licensed broker. The fraud entity offered unregulated trading services primarily for traders from India, Turkey and the United Arab Emirates.

RightFX Broker Pretending to Be Regulated

We have debunked the myth that RightFX is regulated. We cannot verify that the brokerage mentioned is operating with an FCA license.

This makes RightFX’s reputation uncertain and suspect. It is possible that the website is run by an anonymous scammer pretending to come from the UK.

RightFX Trading Platform

RightFX claims it offers two platforms: the MetaTrader 5 platform and the proprietary RightTrader. While the latter is available only as a mobile application, MT5 offers mobile, desktop, and MAC versions.

The broker was vague about the platform, except for saying that it is meant for mobile trading. As for MT5, there are issues.

RightFX’s MT5 version seems to be owned by Liquidity Soft Solutions. This is a company that we are not familiar with. You’re likely to fall for a scam when you consider that RightFX is not regulated.

What Can You Trade With RightFX?

The broker’s website lists the following trading assets:

• Forex pairs – EUR/USD, GBP/JPY, AUD/CHF…
• Indices – DOW30, NIKKEI225, S&P500…
• Commodities – gold, silver, crude oil…
• Stocks – Amazon, Tesla, Apple, Google…

RightFX’s Trading Accounts Types

RightFX offers these types of trading accounts:

• Standard: 100 $, 1.4 pips spread, zero commissions, 1:500 leverage;
• Pro: 2,500 $, 0.9 pips spread, zero commissions, 1:500 leverage;
• ECN: 10,000 $, raw spreads, 5 $ per lot, 1:300 leverage;
• Zero spread: 20,000 $, 0.0 pips, 7 $ per lot, 1:400 leverage;
• Corporate: 100,000 $, raw spreads, 2 $ per lot, 1:300 leverage;
• Islamic: 100 $, spreads 1.8 pips, zero commissions, 1:400 leverage.

Although the account division may seem to be fine, there are many licensed brokers who can offer you a micro-account starting at 10$.

As you can see, leverage is significantly higher than the FCA limit of 1:30. Extremely high leverage can be very risky, and can lead to losses in volatile markets. This is why the legal limit.

Every day new scam brokers and trading bots appear on the web with only one goal – to steal your money. We have already exposed some of them, for example – Trade Genics, CED Capital Limited, FXrally.

RightFX: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about RightFX. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about RightFX!