Overview of Rich Mass
Rich Mass (HK) Limited, established in Hong Kong for 2-5 years, offers diverse investment options across equities, fixed income, and derivatives. Equities encompass stocks, ETFs tracking varied portfolios, and ADRs for foreign company shares. Fixed income includes bonds, short-term notes, and bank-issued CDs. Derivatives span options, futures contracts, and swaps.
Account types cater to different needs: a checking account provides basic banking services, an investment account allows commission-free trading with retirement tools, a business account offers no-fee services, and IRAs address retirement planning.
Leverage of up to 5:1 is available, with spreads of 0.10% to 0.25% for most stocks and ETFs, and a $4.95 commission for trades. Deposit/withdrawal options encompass wire transfers, ACH transfers, and checks, with varying fees. Rich Mass offers trading platforms for different skill levels: Rich Mass Pro for experienced traders, Rich Mass Basic for beginners, and Rich Mass Mobile for on-the-go trading. However, Rich Mass operates without valid regulation, potentially posing risks. Reviews suggest caution due to withdrawal challenges and unexpected losses.
Pros and Cons
Rich Mass offers diverse market instruments including equities, fixed income, and derivatives, while also providing commission-free trading. It features multiple account types such as checking, investment, business, and IRA. Leverage of up to 5:1 on margin accounts is available. The platform boasts user-friendly trading platforms, including Rich Mass Pro, Basic, and Mobile. It also offers a variety of retirement planning options through IRAs. However, it's worth noting that Rich Mass operates without valid regulation and its main website is inaccessible. Customer support options are limited, and there are problematic user reviews concerning withdrawal and investment guidance. Additionally, the platform has limited withdrawal and deposit methods, and there is a $2.50 fee for check deposits and withdrawals.
Is Rich Mass Legit？
Rich Mass operates without valid regulation, posing potential risks to investors and traders. It is important to exercise caution and carefully consider the implications before engaging with their services.
Market Instruments
EQUITIES
Equities offered by Rich Mass include a variety of stocks, representing ownership shares in different companies. Additionally, they provide Exchange-traded funds (ETFs), which track diverse stock portfolios, and American depositary receipts (ADRs) that enable access to shares of foreign companies.
FIXED INCOME
Within the realm of fixed income, Rich Mass offers bonds, which are essentially loans issued by various entities such as governments and corporations. They also provide short-term debt instruments known as notes, issued by both governments and corporations, as well as Certificate of Deposits (CDs) issued by banks.
DERIVATIVES
Rich Mass deals in derivatives, which encompass options, allowing contract holders the right to buy or sell assets at predetermined prices and dates. They also facilitate futures contracts, which bind the holder to buying or selling an asset at agreed-upon prices on specific dates. Swaps are another derivative offered, permitting parties to exchange payments based on predetermined formulas.
Account Types
CHECKING ACCOUNT:
Rich Mass offers a checking account with a minimum balance requirement of $100. Account holders can take advantage of a modest 0.01% APY interest rate and access some features such as online banking, bill pay, check writing, and a provided debit card. It's important to be aware that each ATM transaction comes with a $2.50 fee.
INVESTMENT ACCOUNT:
Exploring the world of investments, Rich Mass provides an investment account that mandates a minimum balance of $1,000. What sets this account apart is its commission-free trading, giving account holders the ability to explore a diverse range of investment products. To assist investors, the platform also offers retirement planning tools and the option to seek financial advice.
BUSINESS ACCOUNT:
Designed for businesses, Rich Mass introduces a business account that requires a minimum balance of $500. Notably, this account comes with no monthly fees. It provides unlimited check writing capabilities, a debit card, and facilitates online banking, bill payment services, along with merchant services.
IRA ACCOUNT:
Rich Mass addresses retirement planning needs through various types of Individual Retirement Accounts (IRAs), including Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, and Rollover IRA. Each IRA type serves distinct purposes.
Leverage
Rich Mass offers a leverage of up to 5:1 on margin accounts. This means that for every $1 you deposit, you can borrow an additional $4 to trade with.
Spreads & Commissions
Rich Mass offers spreads of 0.10% to 0.25% for most stocks and ETFs. They charge a commission of $4.95 per trade for stocks and ETFs.
Deposit & Withdrawal
Rich Mass allows deposits and withdrawals via wire transfer, ACH transfer, and check deposit/withdrawal. There is no fee for wire transfers or ACH transfers. There is a $2.50 fee for check deposits and withdrawals. The minimum deposit amount for a Rich Mass account is $100. There is no minimum withdrawal amount.
Trading Platforms
Rich Mass Pro: This platform is designed for experienced traders and offers a wide range of features, including real-time quotes, charting tools, and advanced order types.
Rich Mass Basic: This platform is designed for beginner traders and offers a simpler interface with fewer features.
Rich Mass Mobile: This platform is designed for traders who want to trade on the go. It offers a mobile-friendly interface and access to all of the same features as the Rich Mass Pro platform.
Customer Support
Rich Mass provides customer support through the email address support@richmasshk.com, offering a direct channel for clients to reach out for assistance and inquiries.
Reviews
Reviews on WikiFX regarding Rich Mass indicate problematic situations. One user experienced challenges with withdrawal after being influenced by a WeChat contact's investment guidance. Another suffered losses despite initial gains based on a professional teacher's stock recommendations. These reviews emphasize potential risks associated with the platform.
Conclusion
In conclusion, Rich Mass (HK) Limited, operating for 2-5 years in Hong Kong, presents both advantages and disadvantages. On the positive side, Rich Mass offers a range of market instruments including equities, fixed income products, and derivatives. The account types include checking, investment, business, and IRA accounts, each catering to specific needs. Leverage of up to 5:1 is available for margin accounts, and the trading platforms, such as Rich Mass Pro and Rich Mass Mobile, offer varying levels of sophistication. However, there are notable drawbacks. Rich Mass lacks valid regulation, potentially exposing investors to risks. The absence of a main website raises concerns, and problematic user reviews highlight issues like withdrawal challenges and losses. Caution is advised for those considering engagement with Rich Mass's services due to these potential risks and limitations.
FAQs
Q: What types of market instruments does Rich Mass deal with？
A: Rich Mass offers equities (stocks, ETFs, ADRs), fixed income (bonds, notes, CDs), and derivatives (options, futures, swaps).
Q: Is Rich Mass a legitimate company？
A: Rich Mass lacks valid regulation, raising concerns about legitimacy. Caution is advised when considering their services.
Q: What types of account does Rich Mass offer？
A: Rich Mass provides checking, investment, business, and IRA accounts, each with distinct features and requirements.
Q: What leverage does Rich Mass offer on margin accounts？
A: Rich Mass offers a leverage of up to 5:1 on margin accounts.
Q: What are the spreads and commissions at Rich Mass？
A: Rich Mass offers spreads of 0.10% to 0.25% for stocks and ETFs, with a commission of $4.95 per trade.
Q: How can I deposit and withdraw funds with Rich Mass？
A: You can use wire transfer, ACH transfer, or check deposit/withdrawal with Rich Mass. Wire transfers and ACH transfers have no fees, while checks have a $2.50 fee.
Q: What are the trading platforms provided by Rich Mass？
A: Rich Mass offers Rich Mass Pro for experienced traders, Rich Mass Basic for beginners, and Rich Mass Mobile for mobile trading.
Q: How can I contact customer support at Rich Mass？
A: You can reach Rich Mass customer support through the email address support@richmasshk.com.
Q: Are there any reviews about Rich Mass？
A: Reviews on WikiFX highlight potential issues, including challenges with withdrawal and losses despite stock recommendations.
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