RichmondFG Review (2023)

Is RichmondFG a scam or legit broker?

No, it is not safe to trade with RichmondFG. RichmondFG is a broker that offers forex currency pairs, stocks, commodities, CFDs, and indices. The company is owned and operated by Elit Property Vision LTD with the registered address in Sofia, Bulgaria. However, the broker is not authorized or regulated by the Financial Supervision Commission in Bulgaria or any other regulator.

Forex and CFD brokers are required to have a license by the local financial authorities in order to offer and provide financial services. RichmondFG doesn’t carry such license, so it cannot be considered as a reliable broker to invest with.

 Moreover, RichmondFG has recently been blacklisted by Italy’s regulator CONSOB:

“The National Commission for Companies and the Stock Exchange has ordered the following company to cease the infringement, consisting of the provision of unauthorised investment services and activities to the Italian public.”

Also, previously the broker has been banned by German BaFIN, however, back in 2018, there was a different company behind the brand’s name, Terraquest Media Ltd.

Conclusion

Well respected financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) are effectively enforcing strict financial and ethical rules on all overseen brokers. That’s why we recommend choosing among the brokers regulated with the mentioned authorities. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.