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The WikiFX Score of this broker is reduced because of too many complaints!

Rifa

United Kingdom|2-5 years|
Regulated in United States|Suspicious Regulatory License|MT4/5 White Label|Chinese market only|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|

https://www.rifa-inc.com/en/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
RifaTechnology-Demo MT5
Server Location Hong Kong

Contact

https://www.rifa-inc.com/en/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

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

Rifa Technology Company Limited.

Company Abbreviation

Rifa

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 4
Previous Detection : 2024-03-03
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 28 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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    Rifa · Company Summary

    Note: Rifas official site - https://www.rifa-inc.com/en/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

    Rifa Review Summary in 10 Points
    Founded 2020
    Registered Country/Region United Kingdom
    Regulation NFA unauthorized
    Market Instruments Forex Currency Pairs, Precious Metals, Crude Oil, CFDs
    Demo Account Not disclosed
    Leverage Up to 1:500
    EUR/USD Spread Not disclosed
    Trading Platforms Proprietary platforms
    Minimum Deposit USD 10
    Customer Support Address

    What is Rifa?

    Rifa, Rifa Technology Company Limited., is a United Kingdom -based global brokerage firm who operates in Hongkong. It offers Forex Currency Pairs, Precious Metals, crude oil, as well as CFD products as its market instruments to traders. However, it is important to note Rifa currently has an NFA unauthorized regulatory status which raises concerns when trading.

    In the upcoming article, we will thoroughly examine this broker's attributes from multiple perspectives, offering you straightforward and well-organized information. If you find this topic intriguing, we invite you to read further. Towards the conclusion of the article, we will also provide a concise summary to give you a quick overview of the broker's key characteristics.

    Pros & Cons

    Pros Cons
    • Wide range of trading instruments across multiple asset classes • NFA unauthorized
    • Acceptable minimum deposit • Lack of transparency
    • Website unfunctional
    • Limited details on payment methods
    • Limited customer support channels
    • Negative reviews from their clients
    • No MT4/5 trading platforms

    Rifa Alternative Brokers

    There are many alternative brokers to Rifa depending on the specific needs and preferences of the trader. Some popular options include:

    • Forex.com- Forex.com is a reputable and well-established broker known for its user-friendly trading platforms and extensive educational resources, making it an excellent choice for both novice and experienced traders.

    • TigerWit- TigerWit offers innovative blockchain-based trading technology and a wide range of financial instruments, making it an attractive option for traders seeking cutting-edge solutions and diverse market opportunities.

    • TD Ameritrade-TD Ameritrade is a powerhouse in the brokerage industry, offering a comprehensive suite of investment services, advanced trading platforms, and research tools, making it a top choice for traders and investors looking for a full-service brokerage experience.

    Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is Rifa Safe or Scam?

    Is Rifa Safe or Scam?

    When considering the safety of a brokerage like Rifa or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

    • Regulatory sight: It is not regulated by any major financial authorities,which means that there is no guarantee that it is a safe platform to trade with. Besides, the official website of the broker is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky.

    • User feedback: 32 reports regarding scams and unable to withdraw on WikiFX should be taken into consideration as potential red flags. It is recommended to conduct thorough research and due diligence before engaging with any broker or investment platform.

    • Security measures: So far we cannot find any security measures info on Internet for this broker.

    Ultimately, the decision of whether or not to trade with Rifa is a personal one. You should weigh the risks and benefits carefully before making a decision.

    Market Instruments

    Market Instruments

    Rifa offers a diverse selection of market instruments to cater to the trading preferences of its clients.

    Traders can delve into the world of Forex currency pairs, capitalizing on the fluctuations in global exchange rates.

    Moreover, Rifa provides access to precious metals like gold and silver, allowing traders to participate in the dynamic commodities market.

    For those interested in the energy sector, the inclusion of crude oil as a market instrument offers opportunities to speculate on oil price movements.

    Additionally, Rifa offers CFD (Contracts for Difference) products, providing traders with a versatile range of assets to trade, from stocks and indices to commodities and cryptocurrencies.

    Accounts

    Rifa maintains an air of exclusivity regarding its account information, with no specific details available on its website. However, the broker offers a notably low minimum deposit requirement of just USD 10, which can be appealing to traders looking for an accessible entry point into live trading.

    To access comprehensive account information, including spreads, leverage, and other trading conditions, interested traders are encouraged to directly reach out to Rifa. This approach ensures that prospective clients can obtain up-to-date and personalized details, allowing them to make informed decisions aligned with their trading preferences and financial goals.

    Leverage

    Leverage

    Rifa offers its clients leverages up to 1:500. Leverage is a powerful tool that allows traders to control a larger position in the market with a relatively smaller amount of capital. With a leverage ratio of 1:500, clients have the potential to amplify their trading positions substantially, thus increasing the potential for both profits and losses.

    While higher leverage can enhance trading opportunities, it also comes with increased risk, as market fluctuations can have a more significant impact on account balances. Traders are advised to approach leveraged trading with a thorough understanding of the associated risks and to implement risk management strategies diligently.

    Trading Platforms

    Rifa offers proprietary trading platforms to its clients, providing a unique and potentially advantageous trading experience.

    However, specific details about these proprietary platforms are not available on the broker's website and Internet. Interested traders seeking more information about these specialized platforms are encouraged to reach out to Rifa directly to gain insights into the features, functionalities, and benefits of these proprietary platforms, ensuring they have the necessary information to make informed decisions and potentially optimize their trading strategies on Rifa's platform.

    See the trading platform comparison table below:

    Broker Trading Platforms
    Rifa Proprietary platforms
    Forex.com Forex.com and MT5
    TigerWit WebTrader, Mobile App
    TD Ameritrade Thinkorswim

    User Exposure on WikiFX

    On our website, you can see that total 32 reports of scams and unable to withdraw which should be marked as red flag. We strongly urge traders to conduct a thorough review of the information at their disposal. Before engaging in any trading activities, we recommend checking our platform for relevant information. Should you come across any suspicious or fraudulent brokers or have unfortunately fallen victim to such entities, please don't hesitate to inform us through the Exposure section. Your cooperation is greatly appreciated, and our team of experts will make every effort to assist in resolving the issue for you.

    User Exposure on WikiFX

    Customer Service

    Rifa does not offer direct customer service support via phone or email, as such information is not provided on the site. However, they do have a physical address in Hong Kong, indicating that they may provide in-person customer service or support through mail.

    Address: Suites 3510-3515, 35/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong.

    Conclusion

    According to available information online, Rifa is a UK-based brokerage firm who operates in Hongkong. It offers Forex Currency Pairs, Precious Metals, Crude Oil, CFDs as market instruments to traders.

    However, the fact that it is NFA unauthorized regulatory status is an immediate red flag, as regulated brokers are subject to oversight and compliance with established financial regulations, providing clients with a level of assurance and protection. The lack of proper regulation and oversight increases the potential risks for traders, leaving them vulnerable to potentially fraudulent activities or misconduct. Additionally, an unfunctional website indicates a lack of professionalism and attention to details, which further erodes confidence in the company's ability to provide reliable and efficient services. Besides, 32 reports of scams and unable to withdraw that also raise concerns.

    As such, individuals considering Rifa as their brokerage firm should exercise extreme caution and thoroughly research alternative, regulated options that prioritize transparency, security, and accountability.

    Frequently Asked Questions (FAQs)

    Q 1: Is Rifa regulated?
    A 1: No. It has been verified that this broker currently has an NFA unauthorized regulatory status.
    Q 2: What kind of trading instruments does Rifa offer?
    A 2: Rifa is a UK-based brokerage firm offers Forex Currency Pairs, Precious Metals, Crude Oil, CFDs as market instruments to traders.
    Q 3: Is Rifa a good broker for beginners?
    A3: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of the lack of transparency and 32 reports of scams/unable to withdraw on WikiFX.
    Q 4: Does Rifa offer the industry leading MT4 & MT5?
    A 4: No.
    Q 5: Whats the minimum deposit does Rifa request?
    A 5: The broker requests a minimum deposit of USD 10.

    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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    Comments

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    Gansir
    more than one year
    Let me share my experience with this broker. Initially, it looked promising but then, my hard-earned money started disappearing. The whole FCA regulation thing, a big red flag. You expect a broker to have all its legalities in check, right? But Rifa, zilch! They're out there with no regulation whatsoever. So, here's my advice to you all, tread carefully when it comes to Rifa. Lost some bucks dealing with them, my loss your gain. Learnt my lesson, ain't falling for that one again.
    2023-11-17 15:42
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