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Rietumu FX is a brokerage company that offers trading in almost 60 currency pairs, as well as precious metals and commodities.
Rietumu FX is a subsidiary of the Latvian bank Rietumu, established in 1992. The broker is regulated by the Latvian Financial and Capital Markets Commission (FCMC).
Like most European financial market regulators, FCMC has a set of rules and requirements for the organizations it controls, such as keeping client funds in segregated accounts and participating in client compensation programs. As a general rule, all Forex brokers operating in Latvia must also be regulated by the FCMC.
Judging by the choice of language on the Rietumu FX website, it is mainly looking for clients from France, Germany and China (apart from Latvia). Probably Russian is intended for Russian speakers living in the country.
Trading conditions
Rietumu FX has two types of accounts: silver and gold. The trading conditions for both are fairly similar, except for the spreads. The silver trading account is available with higher spreads, while the gold trading account has lower spreads, but a commission is charged.
Unlike many Forex brokers, Rietumu FX does not offer a free demo account.
Minimum deposit
Rietumu FX requires a minimum deposit of $ 1,000 for both private and corporate clients.
Spreads and commissions
Rietumu FX offers variable spreads on both types of trading accounts. The spread for the most traded currency pair, EURUSD, starts at 3.1 pips for silver accounts, with an average of 3.4 pips. This spread is above the overall average of 1.5 pips for variable spreads.
Gold account spreads are significantly lower. For the EURUSD pair, it starts at 0.1 pips and is around 0.4 pips. But a commission is charged on this account.
Leverage
The highest value reaches 1: 100. According to the website, this leverage is for accounts with balances less than $ 250,000.
Trading platform
Rietumu FX says that it offers the Rietumu FX trading platform, but in reality it is MetaTrader 4 with all its capabilities, tools and versions of graphical and technical analysis: desktop, web and mobile.
MT4 has been around for over 10 years and is used by hundreds of brokers and thousands of traders around the world. The platform is stable and reliable, has many features, offers an API, supports PAMM and MAMM functions, and has a wide range of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading. The platform also supports hedging.
The QUIK trading terminal is another broker's offer, thanks to which clients can trade on the Moscow Exchange (MOEX).
Support service
Available 24/7 by phone, chat and email.
Ways of payment
We could not find payment methods on the Rietumu FX website. We assume that it at least accepts wire transfers, especially considering that it is a subsidiary of a bank.
Pros:
is a division of a European bank; regulated broker; several platforms to choose from.
Minuses:
replenishment of funds by bank transfer; high minimum deposit.
RIETUMUFX is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
RIETUMUFX profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. RIETUMUFX received a score of 1 of 5 on our resource.