Is RickGlobal a scam or legit broker?

No, it is not safe to trade with RickGlobal. RickGlobal is owned by RickGlobal which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is $2,000 only, to pay a fee, and within a 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as RCM FX, OlympusMarkets and more. 

According to the website, “RickGlobal is a licensed world-class stock exchange broker, which provides high-quality financial and investment services to customers around the world. All the services and financial operations of our company are regulated by the Financial Services Commission (VFSC).”

As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

The company doesn’t provide any details about it’s location or contact phone number. We can judge from the map on the website that RickGlobal is located in the United Kingdom. However, there is no proof from the local regulator the FCA that broker is allowed to provide financial services. 

We advise all investors and traders to avoid RCM FX and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as XM.com and FXTM.

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