RTFX Review

WHO IS RTFX?      

According to research in South Africa, RTFX has been in operation since 2000 and it is a Switzerland-based company with headquarters based in Geneva.

RTFX provides online trading services and facilities to various traders under European regulations through the use of proprietary trading platforms.

SAFE OR SCAM

When choosing a broker, it is imperative that traders ensure that brokers are regulated and authorized only through reputable, well-known regulatory entities.

Without such regulations and authorizations in place, client funds cannot be secured, and it may lead to substantial losses and the information of clients may be compromised. Unregulated brokers call into question their legitimacy along with other factors.

Access to the RTFX website cannot be obtained, but according to previous reviews, RTFX is regulated and authorized by the MFSA.

PRO AND CONS

LEVERAGE

Leverage is a useful tool that is offered to traders in allowing them to open large positions despite their initial deposit. As useful as this tool may be, when used incorrectly it can expose traders to risks of incurring losses greater than their initial deposits.

Should the trader have access to leverage of, for instance 1:30, and they have made a minimum deposit of $1,000, they can subsequently open positions to the value of $30,000.

When opening a live trading account with RTFX, traders have access to a maximum leverage of 1:50.

ACCOUNTS   

According to previous reviews, seeing that the RTFX website is inaccessible, RTFX offers two account types namely a Standard Account and a Micro Account.

There is no other information pertaining to these account types other than the minimum deposit of $2,500 when opening an account, typical spreads on FX majors which is between 3 to 4 pips and leverage up to 1:50.

According to previous reviews, RTFX offers a demo account but the inaccessibility to the website greatly complicates the ability of traders to further explore the broker’s offering and trading conditions.

Although, as can be derived from previous reviews, RTFX does not offer favourable trading conditions when taking into consideration the high minimum deposit and the spread offered when compared to other brokers.

Brokers who offer similar often have minimum deposits of merely $100 and spreads that start from as low as 0.0 pips and this puts RTFX at a great disadvantage where affordability is concerned, especially for beginner traders or traders with lower amounts of capital.

MARKET INSTRUMENTS

RTFX offers the following tradable instruments:

• Forex, and
• CFDs

The RTFX website is inaccessible, so it is not possible to ascertain which currency pairs are offered or to explore the different types of CFDs that can be traded through the broker.

FEES

There can be differentiated between two types of fees that traders can encounter when opening an account with RTFX, these are trading and non-trading fees.

Trading fees related to the costs when trades are executed while non-trading fees pertain to broker fees, which is how brokers make their money, such fees include commissions, spreads, margin requirements, and deposit and withdrawal fees, amidst others.

There is a great lack of information pertaining to the fees that traders may be subjected to due to the inaccessibility associated with the RTFX website. When generally speaking, traders need to acknowledge the following types of fees they may be subjected to:

• Spreads and commissions
• Margin requirements
• Overnight or swap fees
• Inactivity fees
• Account maintenance and management fees
• Deposit and withdrawal fees
• Currency conversion fees, and more.

DEPOSIT AND WITHDRAWAL

There is no information on the payment options provided by RTFX, but brokers often offer similar payment methods which mainly consists of:

• Bank Wire Transfer
• Credit/Debit Cards
• Various e-Payments such as Skrill, and Neteller.

The ease with which funds can be deposit and withdrawn along with supported deposit currencies and payment methods is a crucial factor to be considered when comparing brokers and this information specifically for RTFX is not available.

Despite deposit currencies not being indicated, it is expected that major currencies such as USD, GBP, EUR, and several others, will be accepted when making deposits and withdrawing funds form the trading account.

TRADING PLATFORMS

Information derived from previous reviews indicate that RTFX does not offer the use of either MetaTrader 4, MetaTrader 5, or any other well-known trading platform, but that RTFX provides use of proprietary trading platforms such as:

• RTFX Trader
• RTFX Web Trader, and
• RTFX Mobile Trader

HOW TO OPEN AN ACCOUNT

The RTFX website is not available, so it is unclear what the account opening process is, but a generalized approach can be used, as used with other brokers, and in addition, the same requirements will apply.

In order to register for a live account with RTFX, traders will have to complete an online application that requires some basic personal information, contact information and residential information.

Due to strict regulations, all traders who apply for an account will have to go through a “Know Your Client”, or KYC, process which involves the submitting of documents pertaining to proof of identity as well as proof of residence.

These documents will go through a verification process and once they have been approved, the trader will be able to fund their account with the minimum required deposit, and trading can commence.

Traders are, however, not encouraged in opening an account with this broker as there is vital information missing and thus the legitimacy of this broker is greatly questioned despite the fact that it is indeed regulated by a well-known regulatory entity.

CUSTOMER SUPPORT

The only contact information for this broker, as indicated in previous reviews, is a telephone number along with the information that customer support is available 24/7 in English, French, German, and Italian.

EDUCATION       

There are no educational tools or resources indicated for RTFX and it would appear that this broker does not cater for beginner traders when weighing the trading conditions available along with minimum deposits, leverage, and spreads.

RESEARCH         

RTFX only provides live Forex news, according to previous reviews which puts this broker at a further disadvantage.

Most brokers provide a section on their websites that cater for resources such as market news, blogs, live updates, strategy aids, economic calendars, and more in an effort to further assist traders in making the best trading decisions.

AWARDS

There are no awards indicated for this broker.

CONCLUSION  

The first point of concern with RTFX is that the website is inaccessible and that previous reviews do not provide enough information on this broker.

Judging by the available information, this broker charges exuberant fees and the trading conditions are not favourable in addition to not catering for beginner traders. Trading and non-trading fees are substantially higher when comparing to other brokers.

Ensuring that a broker is regulated is merely one factor to consider in a long list of other considerations and even though RTFX is regulated, the lack of information is concerning, and traders are not advised to open an account with this broker unless further research is done.

It is imperative for traders to adequately research, evaluate and compare brokers before making a choice as brokers facilitate the execution of trades along with being entrusted with client funds.

It is crucial that brokers offer demo accounts so that traders can be provided with a hands-on experience of the trading environment provided by the broker. Providing accounting information is just as important, along with other crucial trading conditions.

DISCLAIMER

RTFX warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.

Before deciding to trade with RTFX, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

Traders are also advised to evaluate their exposure to risk, their willingness to be exposed to risk, and to what extent they can, financially, cater for such risks as it may lead to losses that exceed the initial deposit of the trader.

Traders are warned that margin trading may lead to great gains, but there are risks involved which could result in loss as the prices on Forex and CFDs are unpredictable and speculation at times, may be risky, and it may lead to substantial losses.

FAQs

TRADING ENVIRONMENT

How many instruments can I trade with RTFX?

You can trade Forex and CFDs.

Which platforms are supported by RTFX?

• RTFX Trader
• RTFX Web Trader, and
• RTFX Mobile Trader.

Does RTFX offer leverage?

Yes, RTFX offers a maximum leverage of 1:50.

What spreads can I expect with RTFX?

Typical spreads on FX Majors range from between 3 to 4 pips.

Does RTFX charge commission?

This information is not available from either the RTFX website or previous reviews done on this broker.

Is RTFX regulated?

Yes. RTFX is regulated and authorized by MFSA.

Is RTFX a recommended forex trading broker for experts and beginners?

No. RTFX is not recommended to traders at all based on the fact that the website is inaccessible and there is not substantial information on the broker through previous reviews that have been done.

What is the overall rating out of 10 for RTFX?

1/10

ACCOUNTS

What is the difference between a demo and live trading account?

A Demo Account is a risk-free account which is funded by virtual money and allows traders to either practice trading, explore the brokers offering, or test trading strategies in a mimicked live trading environment.

Does RTFX offer a demo account?

Yes, as can be derived from previous reviews done on this broker.

How long is the demo account valid?

Demo accounts can typically be used for up to 30-days until they expire, depending on the broker’s offering. It cannot be ascertained as to whether RTFX offers a demo account, thus the expiration period cannot be confirmed.

Which live trading accounts does RTFX offer?

RTFX offers a Standard Account and a Micro Account.

What are the available deposit currencies for a live trading account?

There is no indication pertaining to the deposit currencies that are supported when deposits or withdrawals are made, but it can generally be accepted that popular and common currencies such as USD, GBP, and EUR will be accepted.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for RTFX?

$2,500 regardless of the account opened with RTFX.

How do you make a deposit and withdrawal with RTFX?

There is no information on the payment options provided by RTFX, but brokers often offer similar payment methods which mainly consists of:

• Bank Wire Transfer
• Credit/Debit Cards
• Various e-Payments such as Skrill, and Neteller.

Does RTFX charge withdrawal fees?

There is no existing information that suggests that either deposit or withdrawal fees are charged, although some payment methods may incur some fees, normally charged by banking institutions pertaining to transaction costs, for instance, in the case of Bank Wire.

How long does it take to make a withdrawal?

Depending on the withdrawal method used, processing times are between one business days and up to ten days.