Is Richmond Super a scam? Richmond Super
I have recently invested a large sum of money with this company that offer several different services, including Forex Trading and arbitrage trading. I am now concerned that I can’t find them as a regulated broker, but they are not on your avoid list. They are based in London, according to several online reviews. There are many favourable personal reviews but there are also others saying “stay clear, they are a scam.” It worries me that there are such comments, seeing I have a rather large sum of money in an account on their site. Can you investigate and tell me whether I have made a grave error in trusting the accounts manager in investing funds. If they are a scam, they have a very top notch website, and personel that are very skilled in their performance. If they are not legit, warnings should be sent to all regulating authorities. Thank you for your assistance.
We have done some research and can definitely say that Richmond Super cannot be trusted. It is an offshore unregulated Forex broker. And the lack of regulation is the main red flag in our case. Unfortunately, a bunch of good reviews on the net and a good-looking website do not guarantee anything when the broker is not regulated. especially, when this broker does not provide any information about the company behind the brand’s name, as well as its address and regulatory information.
What we managed to find is that the terms and conditions state Richmond Super is under the jurisdiction of the courts of St. Vincent & Grenadines. It is now clear the broker is registered offshore and traders funds are not protected by any proper regulator. We have covered all the reasons such brokers should be avoided in our article Forex Trading: Why Avoid Brokers from St Vincent & The Grenadines. This is the reason why we always ask traders to avoid unregulated brokers and do a proper research before investing. The lack of information (or false information) about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity.
We would recommend you to immediately stop investing and trading with this broker and try to withdraw your funds, because you may get into trouble.