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Alert: Beware of the Unlicensed Iraq-based Broker RIFX
Abstract：RIFX is an illegitimate broker operating in Iraq and the website is available in both English and Arabic.
It states its advantages - no re-quotes, no pricing issues, or hidden fees and a license from Juba (South Sudan). Looking at the overall theme, the platform does look enticing. However, it just tries to mislead investors into thinking it is legit, while in fact, it is not licensed in Juba (South Sudan), nor anywhere else for that matter.
Claims to have a license provided by Juba
At first sight, the website is incredibly limited, while the short legal documents are also very uninformative. RIFX claims to be headquartered in Iraq, with an office in Bagdad. Nevertheless, the broker suggests that it holds a license from Juba (South Sudan), this turns out to be a lie. As per the information we hold, no matter Juba or South Sudan has no authorities that issue licenses for forex trading or regulate entities offering forex activities.
Misleading company profile
The company tries to sell a convincing story that it has been around since 1995. RIFX claims to have over 50 years of collective experience. Actually, the website(https://ri-fx.com/) was created two years ago.
With a presence in the Middle East, the US, Europe, and the Caribbean, the platform offers several account types with its leverage capped at 1:400. There is, however, it fails to mention the trading instruments(except forex) for the only FIX account. For any regulated broker, if it is, it has a cap on the acceptable leverage, which was on all forex entities by jurisdictions. Regulators in America and Europe have set the maximum leverage far below 1:400. That means RIFX is nothing more than a shady broker.
All evidence clearly states that RIFX is a scam. That means your funds in this broker are unsafe and cannot be protected by any law.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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