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RightFX

Mauritius|2-5 years|
Suspicious Regulatory License|MT4/5 full license|Regional Brokers|High potential risk|

https://www.rightfx.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

5
Server Name
RightGroup-Live MT5
Server Location United Kingdom

Contact

support@rightfx.com
https://www.rightfx.com/
Level 6, Ken Lee Building, 20 Edith Cavell Street, Port Louis, Mauritius
https://www.facebook.com/OfficialRightFX/

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Right Financial Limited

Company Abbreviation

RightFX

Platform registered country and region

Mauritius

Company website
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Warning: Low score, please stay away!
Previous Detection : 2024-03-01
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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RightFX · Company Summary

Aspect Information
Registered Country/Region Mauritius
Founded 2-5 years
Regulation No license
Tradable Assets Stcoks, indices, currency pairs, commodities, energies, futures
Demo Account Not specified
Account Types Standard, Pro and ECN
Maximum Leverage 1:500
Spread 1.4 pips (Std)
Trading Platforms MT5, Right Trader app
Minimum Deposit $250
Payment Methods Bitcoin, Litecoin, Ethereum, Tether
Customer Support 24/7 live chat, online messaging, email: support@rightfx.com, social media

What is RightFX?

RightFX is a Mauritius registered brokerage firm, providing its clients with online forex trading services, including forex, commodities, indices, stocks and more. to ensure a comfortable business environment, RightFX offers three live account types and demo accounts with leverage up to 1:500 and variable spreads through the advanced MT5 trading platform and Right Trader app.

RightFX's home page

Pros & Cons

RightFX has several advantageous aspects as well as points to consider:

Pros Cons
A diverse range of financial markets Offshore regulation
Multiple platforms Restrictions on certain countries
Educational content and trading tools Commission on ECN account
24/7 customer service Only cryptocurrency payments
High minimum deposit

Pros:

  • A diverse range of financial markets: RightFX offers clients the opportunity to trade in a wide variety of markets, including forex, commodities, indices, stocks and more.

  • Multiple platforms: They offer both the advanced MT5 trading platform and their proprietary Right Trader mobile application, accommodating the needs of different traders.

  • Educational content and trading tools: The broker also offers comprehensive educational content, webinars, and advanced trading tools that add value to a trader's journey.

  • 24/7 customer service: RightFX offers round-the-clock customer support through live chat, email, online messaging, and various social networks. This assures traders of receiving assistance whenever required.

Cons:

  • Offshore regulation: RightFX is regulated offshore by the Financial Services Commission (FSC). Often, offshore regulation may not provide the same level of oversight and protection as regulation from more established financial regulatory bodies.

  • Restrictions on certain countries: RightFX is not available to residents from certain countries such as Israel, Iran and North Korea.

  • Commission on ECN account: While the Standard and Pro accounts do not have commissions, the ECN account charges a commission of $5 per lot.

  • Only cryptocurrency payments: RightFX only accepts Bitcoin, Litecoin, Ethereum, and Tether payments.

  • High minimum deposit: A minimum deposit of $250 is required for opening the standard account, which is higher compared to some other brokers.

It is recommended to thoroughly analyse these aspects and conduct further research before making a decision to trade with RightFX.

Is RightFX Safe or Scam?

RightFX is regulated by the Financial Services Commission (FSC), an offshore regulator, and has measures in place such as negative balance protection, segregated funds, secure encryption, and price slippage protection. While these measures certainly contribute to the safety and protection of client funds, it is still recommended to exercise caution when dealing with offshore regulated brokers.

offshore regulated by FSC
protection measures
protection measures

It's advisable to carefully check their terms and policies, reputation, customer reviews, and other relevant information before starting trading. Always remember that the security of your investment should be the utmost priority, and ensure you are comfortable with the level of risk involved based on the data you have at your disposal. If uncertain, consider seeking advice from a financial advisor.

Market Instruments

With RightFX , investors can access a massive market. Different types of trading assets are available on this brokerage platform, including stcoks, indices, currency pairs, commodities, energies, futuresLet's explore each of these categories briefly:

Stocks: RightFX allows trading of popular stocks like Tesla, Google, Apple, and Amazon. Investors can buy and sell shares of these well-known companies, potentially benefiting from their performance on the stock market.

stocks

Indices RightFX offers access to major global indices such as the nikkei, nasdaq, stoxx, dow jones, dax, euronext, london stock exchange and standard&poor's. These indices represent the overall performance of specific stock markets and provide opportunities for diversification.

indices

Currency pairs: RightFX offers trading opportunities in 60+ currency pairs (major, minor and exotic), allowing investors to speculate on exchange rate fluctuations between different currencies.

Commodities: RightFX allows trading of various commodities, including precious metals, agricultural products, and energy resources. Investors can speculate on the price movements of commodities such as gold, oil, wheat, or natural gas.

CFDs on energies: RightFX provides access to energy markets, allowing investors to trade energy commodities such as crude oil, natural gas, and others.

CFDs on energies

Futures: RightFX offers futures trading on global commodities, providing low spreads and efficient execution. Investors can take long or short positions in spot and futures commodities in order to capitalize on price movements. RightFX offers exchange-traded futures contracts, giving clients access to major global exchanges. This allows you to trade currency, commodity and interest rate futures on exchanges such as dgcx, lme, dme, lse, edx, me, eurex, fvvb, meff, nybot, hkex, nyse, hse, safex, ice, sfe, idem, sgx, imarex, tocom and tsx.

Futures

Account Types

RightFX offers three trading accounts to suit the trading needs and goals of different traders, namely Standard, Pro and ECN accounts.

Account Types

STANDARD Account:

This is the type of account preferred by traders. Requires a minimum deposit of $250 and offers a variety of 1.4 pips. No commission is charged and leverage is 1:500. The account is available on the MT5 trading platform and supports various instruments including FX Major, FX Crosses, FX Minor, Spot Metals, CFDs, Spot Indices, and Shares. Expert Advisors (EAs) are allowed and there is a 21-day no-trade period. The stop-out level is set to 30%.

PRO Account:

The PRO account requires a minimum deposit of $2500 and offers less dispersion of 0.9 pips. Similar to the STANDARD account, no commission is charged and the leverage is 1:400. It supports the same instruments and features as the STANDARD account, including Expert Advisers (EAs) and a 21-day no-trade period.

ECN Account:

The ECN account is designed for traders with a higher minimum deposit of $10,000. Offers gross spreads and charges a commission of $5 per lot. Leverage is slightly lower at 1:300. The ECN account does not support Expert Advisors (EAs), but still provides access to a wide range of instruments.

How to Open an Account?

To open an account with RightFX , follow these simple steps:

Step 1: Visit the registration page on the RightFX website. You can usually find a button labeled “OPEN ACCOUNT” on the home page.

click on OPEN ACCOUNT button

Step 2: After clicking the OPEN ACCOUNT button, you will be directed to a registration form. Fill in all required information accurately and completely. This generally includes personal details such as your full name, mobile number, email address, and password. Please follow the instructions provided on the form and make sure you meet any specific requirements or guidelines.

Fill in all required information

Step 3: Once you have completed all the necessary information, click on the “Register” button. At this point, you may need to review and agree to the terms and conditions of RightFX. It is important to read and understand these terms before proceeding.

Step 4: After completing the initial setup, you will receive an email from RightFX titled “confirm your email address” in your inbox. open the email and locate the confirmation message. Click the link or button provided to confirm your email address. This step is crucial to verify your account and activate it.

Step 5: By clicking on the confirmation link you will be redirected to RightFX website follow the additional instructions provided to complete the account setup process. This may involve additional steps, such as choosing a trading platform, or setting your account preferences.

Step 6: Once you have finished setting up your trading account, you are ready to start using RightFX services. You can proceed to fund your account, explore the available trading features and start trading the forex market.

Leverage

RightFX offers flexible leverage ranging from 1:300 to 1:500. High leverage is ideal for professional traders and scalpers as it can significantly increase your trading flexibility. However, leverage can increase both profits and losses, so inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

RightFX offers a variety of account types to cater to a range of trading preferences.

Account Type Spread Commission
Standard 1.4 pips No
Pro 0.9 pips No
ECN Raw $5/lot

The Standard account, with its spreads starting from 1.4 pips and no commission, could be a suitable choice for regular traders.

The Pro account, offering slightly lower spreads starting from 0.9 pips with no commission, might cater to more seasoned traders who deal with larger volumes.

For those who prefer to trade on interbank prices, the ECN account is designed with raw spreads and charges a commission of $5 per lot.

Each account type comes with a unique balance of costs and benefits, allowing traders to choose based on their expertise, trading volume, and risk tolerance.

Trading Platforms

RightFX provides versatility in trading platforms, appealing to a wide variety of traders. They offer MetaTrader 5 (MT5), a leading trading platform popular among advanced traders, which is accessible via web, Android, Windows and Mac OS. This platform is known for its advanced charting tools, numerous indicators, and its trading robots for algorithmic trading.

MT5

Alongside MT5, RightFX also provides its proprietary Right Trader app compatible with Android and iOS devices, allowing users to manage their trades conveniently from their smartphones. This level of accessibility facilitates on-the-go trading and makes it easier for traders to stay updated on market trends.

Right Trader Android app
Right Trader iOS app

Trading Tools & Education

Margin calculator: The margin calculator provided by RightFX allows traders to calculate the margin required for their trades. It helps them determine the amount of funds they need to have in their account to open a particular position. This tool allows traders to manage their leverage and risk effectively.

Margin calculator

Profit calculator: The profit calculator allows traders to estimate their potential profit or loss for a specific trade. By entering trade parameters such as open and close prices, volume, and currency pair, traders can calculate the potential outcome of their trades. This tool helps to assess the risk and reward of a trade before executing it.

Profit calculator

Live quotes: With RightFX, traders can access live quotes for more than 115 trading instruments. Live streams provide real-time price data directly from the server, ensuring that traders receive accurate and up-to-date information without delay. Live quotes allow traders to identify trading opportunities in their selected currency pairs and make timely decisions to book profits.

Live quotes

Economic calendar: RightFX offers an economic calendar that tracks important financial events and economic indicators. This tool helps traders stay informed about key announcements such as central bank decisions, economic reports, and political events that may affect financial markets. The economic calendar helps traders predict market movements, manage risk, improve trade planning, and make informed trading decisions.

Economic calendar

Market analysis: RightFX provides market analysis tools including technical analysis, fundamental analysis, and sentiment analysis.

Market analysis

Forex news: RightFX offers regular forex news updates to keep traders informed about market developments. Staying up to date with forex news is crucial to making well-informed trading decisions and navigating the dynamic forex market.

Forex news

Forex trading articles for beginners: It is designed to provide introductory information and guidance for people who are just beginning their forex trading journey. It covers essential concepts such as how the forex market works, basic trading strategies, risk management and trading psychology. This resource can be beneficial to those who have little to no prior experience in forex trading.

Forex trading articles for beginners

Deposits & Withdrawals

RightFX offers a variety of crypto payment options to its customers, which include Bitcoin, Litecoin, Ethereum, and Tether, providing flexibility to traders preferring digital money.

They have a large window for handling funds as they allow maximum deposit or withdrawal amount up to 1 million USD. The minimum deposit requirement to open an account is $250.

RightFX minimum deposit vs other brokers

RightFX Most other
Minimum Deposit $250 $100

They also try to keep the costs low by not imposing any fee on your deposit and withdrawal transactions. However, traders should note that payment provider fees may still apply.

For convenience, they provide an instant deposit service which means your trading account will be credited immediately after making a deposit. As for withdrawals, the process takes approximately between 30 minutes to 1 hour.

Notably, they are offering an attractive incentive in the form of a 50% deposit bonus. Always ensure to read and understand their terms and conditions associated with this kind of offers.

Deposits
Withdrawals

Customer Support

RightFX is truly committed to providing round-the-clock support to its traders. They have a 24/7 live chat feature for swift assistance and an online messaging service for more detailed inquiries.

online messaging

They can also be contacted via their email support@rightfx.comfor formal communication.

Besides, they maintain a strong online presence across several social networks like Facebook, YouTube, LinkedIn, Twitter, Telegram, and Instagram where traders can interact with them or stay updated with their latest news and updates.

social networks

For general questions or clarifications, traders can also refer to their FAQ section. This robust support system assures traders of receiving the necessary assistance whenever required.

FAQ page

Frequently Asked Questions (FAQs)

Q 1: Is RightFX regulated well?
A 1: No. It only holds an offshore regulated FSC license.
Q 2: At RightFX, are there any regional restrictions for traders?
A 2: It is not available for residents of Israel, Iran and North Korea, officially the Democratic People's Republic of Korea or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law.
Q 3: Does RightFX offer industry leading MT4 & MT5?
A 3: Yes. It supports MT5 and Right Trader app.

Q 4: What is the minimum deposit required to open an account with RightFX?
A 4: $250 for the Standard account, while higher for the other account types.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

User Reviews

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FX1483284817
more than one year
RightFX? Pretty decent in my books. Having tried a few brokers, I can tell you that their trading platform is pretty kick-ass. They've got the advanced MT5 platform - not to mention their cool Right Trader mobile app. Handy for trading on the go! Can we please take a moment to appreciate the sheer range of markets they offer? I mean, forex, commodities, indices, stocks... it's like a smorgasbord of trading action! Plus, their vast educational content and webinars are money for newbies and old hands alike. But, like anything in life, it ain't all sunshine and rainbows. The offshore regulation by the Financial Services Commission (FSC) feels a touch shaky. And the fact that they're off-limits to folks from some countries like Israel, Iran and North Korea is a bit of a downer too. Also, let's talk payments. I'm all for tech and progress, but the crypto-only payments can be a bit limiting for some traders. And did I mention the $250 minimum deposit for a standard account? Not exactly pocket change. But hey, safety-wise, they seem pretty solid. Things like segregated funds and negative balance protection make sleeping at night easier. Just remember, my friend: your hard-earned dough is at stake. So, be clear, comfortable, and confident with what you're getting into. If you're in any doubt, get some advice from a financial advisor before you dive in.
2023-09-13 17:48
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DJ6851
more than one year
Best forex broker with faster deposit and faster withdrawal. Live support is awesome.
2023-07-27 15:44
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0
0
Francis9213
6-12months
Good Broker been Trading with them for about 6 months now, have not faced any issues with regards to withdrawals and also they have a good and helpful sales team.
2023-07-20 20:01
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0
0
Vijay7335
6-12months
Regulated & trusted broker, Fast execution & fast withdrawal
2023-07-20 18:33
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0
0
FX1230780388
more than one year
Very bad service. I cannot withdraw, even though I have contacted their customer service many times but always no one answers my requests. It's a scammer!!
2023-02-21 11:55
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0
0
晨光曦阳
more than one year
A fake broker with fake registration address, they are just con artists try to take all your money away. Your losses are the source of their earnings. Don’t be silly. Don’t trade with this broker.
2022-12-01 14:38
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0
0
薄荷红茶(亲子游玩团票)
more than one year
I HATE THIS OFFSHORE BROKER!!! They scammed me, and i lost $3338. They used sweet words to induce me to jump into their traps, manipulating my account, rejecting my withdrawal requests… I have all the proofs. Just one piece: never ever trade with this one.
2022-11-30 16:07
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