RightFX Review

Category: Reviews | Author: Trading Brokers | Date: September 21, 2023

RightFX, a forex and CFD broker operating on the MetaTrader5 platform, has garnered attention for its offering of various trading instruments, competitive spreads, and swift execution speeds. Moreover, the broker provides a suite of services encompassing customer support, market analysis, and educational resources. However, before committing to RightFX as your broker of choice, it’s essential to meticulously examine several critical factors that shape your trading journey. In this comprehensive review, we will meticulously evaluate RightFX across key domains, including regulation, platforms and tools, education, available markets, account types, and funding methods. By delving into these aspects, you will gain a comprehensive understanding of what RightFX brings to the table.

Pros & Cons

  • Offers the popular and widely used MetaTrader 5 platform
  • Provides 24/7 customer support and market analysis
  • Accepts various payment methods, such as credit/debit cards, e-wallets, and cryptocurrencies
  • It holds no license from any reputable authority
  • Offers a limited range of markets and instruments, only forex and stocks
  • Does not offer much in terms of education, only a glossary of trading terms

Summary

RightFX Review

RightFX Review

RightFX is a dedicated online broker specializing in forex and CFD trading, with its core operations centered on the MetaTrader5 platform. The broker proudly emphasizes a broad spectrum of trading instruments, coupled with a commitment to competitive spreads and rapid execution. For the benefit of its clientele, RightFX extends continuous 24/7 customer support and provides invaluable resources in the form of market analysis and educational materials. RightFX accommodates traders with three distinct account types: Standard, Pro, and ECN, each featuring distinct minimum deposit requirements, spreads, commissions, and leverage options. Clients will find a multitude of payment methods at their disposal, including credit/debit cards, bank transfers, and various e-wallet options.

AvaTrade Logo

Our #1 Broker 2023

AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

RightFX is an online forex and CFD broker that claims to be based in the UK, but does not have a valid license from the Financial Conduct Authority (FCA), the main regulator for financial services in Britain. Instead, RightFX is registered by two offshore authorities: the Financial Services Commission (FSC) of Saint Vincent and Grenadines, and the FSC of Mauritius. These regulators are known for their lax rules and low standards, and they do not offer much protection or compensation for traders in case of insolvency or fraud.

The broker also has restrictions on certain countries, such as Israel, Iran, and North Korea, which may limit its market access and credibility. Therefore, we advise traders to avoid RightFX and look for other brokers that have proper regulation, transparency, and reputation. There are many reputable brokers that are licensed by the FCA or other top-tier regulators, such as the CySEC in Cyprus, the ASIC in Australia, or the MAS in Singapore. Please see a list of regulated brokers for some alternative options.

Platforms & Tools

RightFX provides its clients with the MetaTrader 5 (MT5) platform, a widely used and well-established platform in the forex industry, developed by MetaQuotes Software.

MT5 Trading Platform

MT5 Trading Platform

MT5 offers a range of valuable tools and features, including multiple order types, advanced charting tools, trading signals, copy trading, and multi-currency/multi-asset capabilities.

Right Trader

Right Trader

In addition, RightFX offers the Right Trader app, which allows users to trade on the go from their smartphones. RightFX offers access to MT5 via three avenues: web, desktop (compatible with Windows and Mac), and mobile (available for Android and iOS). The web version ensures accessibility across various browsers and operating systems, without requiring downloads or installations.

Education

RightFX appears to have limited educational offerings for its clients, with its sole educational resource being a glossary of trading terms. This glossary provides definitions and explanations for common trading concepts and jargon like leverage, margin, spread, lot, pip, and more. However, it should be noted that this resource is quite basic and lacks coverage of essential topics such as technical analysis, fundamental analysis, risk management, and trading strategies, which are vital for traders looking to build a comprehensive knowledge base.

For those seeking a more extensive and well-rounded education in forex trading, we recommend exploring additional educational sources available online. Numerous platforms and websites offer a wide range of educational materials, both free and paid, catering to traders of all experience levels. These resources can help you further your understanding of forex trading and enhance your trading skills.

Markets

RightFX offers its clients a diverse array of markets and trading instruments, catering to various trading preferences and strategies. The broker’s market offerings encompass a wide spectrum, including forex, stocks, indices, commodities, metals, and energy products. Here’s a breakdown of the markets available through RightFX:

  • Forex: RightFX provides access to the dynamic world of forex trading, offering a selection of major, minor, and exotic currencies, allowing traders to engage in the global foreign exchange markets. While the variety of forex pairs is notable, potential traders should be aware that specific details about these pairs, such as spreads and trading conditions, may not be readily available on the broker’s website.
  • Stocks: RightFX extends its market offerings to the realm of global equities. Clients can trade stocks from various markets without the burden of commission fees. The broker touts advantages like speedy transfers, high leverage, and swift execution for stock trading. However, the lack of a comprehensive list of available stocks and detailed trading conditions on the website might leave potential stock traders seeking more transparency.
  • Indices: RightFX enables clients to participate in index trading, where they can speculate on the performance of stock market indices from around the world. These indices represent the collective performance of a group of companies within a specific market or sector. While indices offer diversification opportunities, detailed information about the available indices and their trading terms may require clarification.
  • Commodities: RightFX offers access to the commodities market, where traders can engage in the buying and selling of various raw materials and primary agricultural products. Commodities provide a means of diversifying portfolios and hedging against inflation. However, traders considering commodities may wish for more specific data regarding the range of available commodities and associated trading conditions.
  • Metals: Clients of RightFX can explore the metals market, which includes precious metals like gold and silver. Precious metals are often sought after for their potential to act as safe-haven assets. While RightFX offers metals trading, comprehensive information about the available metals and their trading particulars is advisable.
  • Energy: RightFX extends its market offerings to energy products, allowing traders to engage in the trading of energy commodities like crude oil and natural gas. Energy markets are influenced by geopolitical events and supply-demand dynamics. Similar to other markets, traders interested in energy products might benefit from more detailed insights into available options and trading conditions.

Accounts

RightFX provides a range of account options to cater to the diverse needs and preferences of its clients, offering three distinct types: Standard, Pro, and ECN. Each of these accounts comes with its own set of features and requirements, as outlined below:

  • Standard Account: The Standard account at RightFX is designed for traders looking for an accessible entry point. With a minimum deposit of $250, this account offers a competitive spread of 1.4 pips and does not charge any commission. Traders using the Standard account can enjoy leverage of up to 1:500, providing flexibility in their trading positions. Additionally, RightFX offers a 21-day swap-free period for this account type, making it suitable for traders with specific religious or interest-related requirements. The trading platform for the Standard account is MetaTrader 5 (MT5).
  • Pro Account:For traders seeking more competitive spreads and advanced features, RightFX presents the Pro account. With a minimum deposit requirement of $2,500, this account offers a narrower spread of 0.9 pips and, like the Standard account, does not involve any commission charges. The Pro account provides traders with leverage of up to 1:400, giving them the potential to maximize their positions. Similar to the Standard account, the Pro account also includes a 21-day swap-free period. Traders using this account type execute their trades on the MetaTrader 5 (MT5) platform.
  • ECN Account: RightFX’s ECN account is tailored for professional traders who require raw spreads and high trading volumes. To open this account, traders must deposit a minimum of $10,000. The ECN account offers raw spreads, accompanied by a commission of $5 per lot traded. While the spreads are not explicitly mentioned, this account type provides traders with leverage of up to 1:300, which can be a valuable tool for those managing large positions. Similar to the other account types, the ECN account comes with a 21-day swap-free period. Traders who select the ECN account also utilize the MetaTrader 5 (MT5) trading platform.

Funding

RightFX asserts that it provides a range of payment methods for its clients, including Visa, Mastercard, Skrill, Neteller, Perfect Money, Bitcoin, among others. Regrettably, specific details regarding fees, processing times, or minimum/maximum limits for these payment methods are notably absent from the broker’s website. Furthermore, the website lacks comprehensive information about the withdrawal policies and procedures associated with each payment method. This lack of transparency concerning payment-related matters may necessitate further inquiry or caution from potential clients.

Conclusion

In conclusion, RightFX, an online broker specializing in forex and CFD trading, presents itself with the MetaTrader5 platform, multiple account types, and claims of competitive trading conditions. However, serious concerns arise due to its lack of regulatory authorization, raising significant doubts about its credibility and trader security. Educational resources are limited to a basic glossary of trading terms, potentially leaving traders seeking comprehensive education dissatisfied. Market offerings appear restricted, primarily focusing on forex and stocks, with minimal transparency regarding trading conditions. Moreover, the website’s lack of transparency regarding payment methods, including fees, processing times, and limits, adds uncertainty for potential clients. While RightFX offers some notable features, traders should consider alternative brokers with longer track records and more robust regulatory frameworks to ensure a safer and more comprehensive trading experience. For additional choices, we encourage you to explore our trading broker reviews.

RightFX Logo

$250

RightFX is a forex and CFD broker that offers trading on the MetaTrader5 platform with three types of accounts, various payment methods, and some promotional offers.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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