Riley Finance – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Riley Finance - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://rileyfinance.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Credit Cards, Debit Cards, Crypto Wallets
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Forex, Stocks, Crypto, Metals, Indices, Commodities, NFTs
Trading Accounts and Condition
Riley Finance offers their clients the following account types:
- Main: The deposit ranges from $0 to $2,500.
- Bronze: The deposit ranges from $2,500 to $10,000.
- Silver: The deposit ranges from $10,000 to $25,000.
- Gold: The deposit ranges from $25,000 to 50,000.
- Platinum: The deposit ranges from $50,000 to $100,000.
- VIP: The deposit ranges from $100,000 onwards.
While the broker does not mention any of the trading conditions on their website, we found out that the spread for the EURUSD on their trading software was set at 0.4 pips and the maximum leverage offered was 1:100. We do not know anything about other trading conditions such as commissions, order execution methods and so on.
Riley Finance – Advantages
You will find no advantages in trading with Riley Finance.
Riley Finance – Disadvantages
Given below are all the reasons why Riley Finance is a scammer:
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Lack of Regulation
Riley Finance claims to be a globally reputed broker. However, besides a UK address, this broker has not provided us with any other corporate information. We do not know the name of the company that runs this brokerage. We do not have any contact information (if you click on any of the Contact Us icons – WhatsApp, Phone, etc. – the only thing that happens is the About Us page refreshes).
By claiming to be based in the UK, this broker is implying that it is regulated in this country. However, to be regulated in the UK, brokers need to be registered with and licensed by the FCA, the Financial Conduct Authority – the UK’s financial regulator.
We checked the FCA’s database. There is no broker by the name of Riley Finance listed with this authority.
Thus, considering the fact that this broker is pretty much anonymous and it not listed with any financial authority, we can safely conclude that we are dealing with an unregulated broker. This means that Riley Finance is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Trading Software
Another sign of Riley Finance’s scam is the fact that their trading software is of the poorest quality.
The trading software is a broker’s prime offering. This is the software that brokers need to offer their services (trading conditions). This is also the reason why brokers offer their clients the best possible software in the market – the MetaTrader 5 software. This trading platform user friendly enough for beginners and has enough tools for pros.
So, when a broker offers traders a poorly constructed trading platform that barely performs the basics, you know you are dealing with a scammer.
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Issues with Trading Conditions
Not only is the trading platform offered by Riley Finance substandard, but their trading conditions are incomplete and unfair – yet another sign that we are dealing with a dishonest broker.
For example, there is no spread mentioned anywhere on their website, but when we checked their trading platform, we found out that the spread offered stands at 0.4 pips. This is well below market standards, and to offer such a spread, a broker would need to charge commissions and fees to be able to offset the expense of such low spreads. We do not see any information on commissions and fees, so this leaves us with a question mark.
Next, this broker does not mention the kind of leverage ratio they offer. We once again had to check their client area for this information. We found out that Riley Finance is offering a leverage of 1:100. Considering that this broker claims to be based out of the UK, we know that this leverage ratio is also bogus – and it also tells us that this broker is not regulated by the FCA.
In the UK, a broker cannot offer their clients a leverage of more than 1:30. Anything above that ratio is illegal. Therefore, the 1:100 ratio offered by Riley Finance tells us that we are dealing with a scammer.
As for the minimum deposit, a $0-minimum deposit does not make sense. Traders need some funds in their accounts to be able to trade, so this minimum deposit is just illogical.
There is also no mention of other trading conditions, so we know that this broker is not being honest with their clients.
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Issues with Payments
In their client area, the broker claims to offer the following payment options: credit or debit cards, and cryptocurrency wallets. The withdrawals area shows an additional payment option – wire transfers. These kinds of discrepancies tell us that we are dealing with a scammer.
Furthermore, while the broker states that there are fees and commissions for withdrawals and deposits, there is no information provided on what these are.
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Bonuses Offered
Riley Finance also offers their clients bonuses. This is a clear sign of this broker’s lack of honesty since the types of bonuses offered are illegal in most jurisdictions – especially the UK.
Brokers offer such bonuses, which they call non-deposited funds, to unwary customers. Once these funds are mixed with your own funds, there is no way to segregate them. Then the broker puts in conditions for withdrawing bonus-related funds.
First, you are expected to meet an unrealistically high trading target (in Riley Finance’s case, that target has been set at one-fourth the total bonus funds deposited in your account). Then, if you do not meet this target, you will not be able to withdraw any funds. And if you try to withdraw your funds, then you will have to forfeit all bonus related amounts – including the profits you have made using that bonus amount.
At the end of the day, you will not be able to ever withdraw any of your funds.
Conclusion
Riley Finance cannot be trusted.
Crypgraph
Pros
- None
Cons
- Lack of Regulation
- Poor Trading Software
- Issues with Trading Conditions
- Issues with Payments
- Bonuses Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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