Home Broker Reviews RI Markets Review

RI Markets Review

89
0

RI Markets is an online Forex broker located in the Marshall Islands. The company offers 0% commission fees on three different account types and does not seem to have any minimum deposit requirements. While this makes them seem like an attractive option initially, you’ll want to read more to see whether this broker is truly worthy of consideration.

Account Types

RI Markets offers three different account types to choose from, with the options being Silver, Gold, or Platinum. As you may have guessed, the Platinum account would be considered the very best account this broker has to offer. All of the account types come with differing spreads and leverages. All accounts are commission free. You’ll also receive a swap discount if you’ve chosen either the Gold or Platinum account type.

Silver Account

Spreads: 3 pips

Leverage: Up to 1:200

No Minimum Deposit & Commission Free

Gold Account

Spreads: 2.6 pips

Leverage: Up to 1:400

No Minimum Deposit & Commission Free

Platinum Account

Spreads: 1.9

Leverage: Up to 1:500

No Minimum Deposit & Commission Free

One of the best things about choosing this broker are the lack of deposit requirements for any of the account types, which is especially helpful for beginners or anyone that is trying to get on their feet. Keep in mind that the higher spreads offset the lack of commission fees, although spreads do seem as though they may be better than those advertised. More on that later. The leverage options are also high for all account types, but there are some specifications based on the type of asset being traded. This broker offers swap-free Islamic accounts in addition to the three primary account types and all accounts are commission free.

Platform

RI Markets exclusively offers the award winning MetaTrader 4 trading platform. MT4 is the leading software for trading CFDs, forex, and futures options. It has the ability to analyze financial markets and carry out trading operations through a user-friendly interface. The platform offers indicators and charting tools, a swift trading process, and offers simplified entry of orders. MT4 can be downloaded directly onto your PC, or on mobile via the App store or the Google Play Store. The program is also available via the WebTrader, which is the browser-based version. You can download MT4 directly from the website by navigating through the options under the ‘Trade’ section.

Leverage

The maximum leverage choices differ based on the account type you’ve chosen and the asset that you’re trading. On the Silver account, the maximum leverage goes up to 1:200 on FX. You will be able to find higher options than this elsewhere, but the other two account types do offer higher leverages. With the gold account, the maximum leverage is 1:400 on FX, while it goes as high as 1:500 on the Platinum account. Both of these leverage options are very competitive, but we do recommend sticking with a lower leverage if you’re inexperienced. Moving on, we’ll take a look at the maximum leverages for metals, indices, and commodities. For the Silver account, your options will go as high as 1:50 on all of these assets. Meanwhile, the Gold account has options as high as 1:100, and the Platinum account offers leverage as high as 1:125 on these choices. Finally, on stocks, the maximum leverage for the Silver account is 1:20, while Gold offers 1:40, and Platinum offers 1:50.

Trade Sizes

Micro lots are allowed for trading on all three account types. It’s nice to see this offered, although you’ll also find this option available with many other brokers. There do not seem to be any maximum trade sizes, although this may vary by asset. The broker also fails to mention any margin call or stop loss levels. Either way, these levels are put into place by every Forex broker to stop you from placing trades once the equity in your account reaches a certain level. If you’d like to know more, feel free to reach out to support via phone or email.

Trading Costs

This company offers commission free accounts and no fees were taken for commissions when we tested out the demo account. Since many other brokers do charge these fees, this definitely makes this broker stand out for offering three different commission free account types. Earlier, we mentioned that swap discounts are available for the Gold and Platinum account types. For the Gold account, the discount is 25%, while the discount for the Platinum account is 50%. Swap-free Islamic accounts are also available for religious reasons. Since no commission fees are charged, this broker profits solely from swaps and spreads.

Assets

RI Market’s asset portfolio consists of Forex options, commodities, precious metals and stock indices. Forex options include currency pairs, like the EUR/USD and many other popular options, as well as exotics. If you’re interested in trading precious metals, your options will be gold and silver. You’ll also be able to invest in stocks, which have been proven to offer the most potential for growth in the long run. Commodities are also available for trading, including options like sugar and coffee, just to name a few. The asset portfolio with this broker is pretty diverse, so we did feel they did well in this category. However, we’re always looking for cryptocurrencies, so you’ll have to look elsewhere if the lack of them is a deal breaker for you.

Spreads

RI Markets provides examples on their ‘Account Types’ page of the typical spreads for each account type. However, the spreads seem to be much lower when testing from a demo account, which makes the actual spread offers a little confusing since you’d expect the website to list the best spreads available. For the most basic Silver account, the spreads seem to average around 3 pips. This is higher than the industry average, so the spreads for this account type aren’t very competitive. The Gold account offers better options, which average more around 2.6 pips. Not surprisingly, the Platinum account offers the best spreads, averaging around 1.9 pips. Note that all of this is based on the website’s listings. If you’re actually trading from a demo account, spreads are much lower, averaging around .5 pips. The best thing to do is to test out the spreads on a demo account yourself in order to get a clearer idea of exactly what to expect.

Minimum Deposit

RI markets does not list any minimum deposit requirements for any of the three account types. Since the industry average is aimed more towards $100 and above, this makes the broker notable on that regard. However, you do want to deposit enough where you could actually place some trades before needing to make another deposit.

Deposit Methods & Costs

The available deposit methods include credit or debit card, wire transfer, and Skrill. Keep in mind that your withdrawal must be made to the payment you used to fund your account, so you’ll also want to consider this when choosing a deposit method. Fortunately, RI Markets will not charge any fees from their side for deposits. However, your bank may charge some unavoidable fees from their side if you choose to fund via wire transfer. The website does not offer much information about the length of time it takes to fund, but you can expect wire transfer to take a few days, while the other options would be likely available within a day.

Withdrawal Methods & Costs

In accordance with regulation laws, clients must withdraw to the same method they have used to deposit. There is a minimum withdrawal requirement of 100 USD for credit/debit card and wire transfer. For Skrill, the requirement is $5 USD. RI Markets does not charge any fees from their side, but they do advise clients that their personal bank may issue a charge. Usually, these fees are around $30, but you can certainly check with your bank if you want to know beforehand. If you do submit a withdrawal request, the company will contact you by phone or email to verify, so be sure to be expecting their call.

Withdrawal Processing & Wait Time

RI Markets mentions that their company may take up to 5 business days to process a withdrawal request. Honestly, this time frame is longer than what we’d like to see. On the website, RI Markets explains that it may take up to 7 days to receive funds based on international locations and other interference. Overall, it’s understandable that some locations may have a longer wait time, but it would be nice if the company would finish processing withdrawals within a couple of days to speed up the overall process.

Bonuses & Promotions

The website does have a page dedicated to their bonus policy, but the page states that offers may change from time to time. It does seem as though clients would need to reach a minimum volume requirement in order to meet requirements to withdraw any awards. Since the website mentions that the bonuses are tailor-made for clients, you’d need to ask support directly to see what type of bonus you may qualify for.

Educational & Trading Tools

We’re happy to report that RI Markets has dedicated an entire section of their website to educational tools. This really backs up their company statement that touches on providing service for novice traders. If you’re interested in education, you’ll be able to find articles that include helpful trading strategy tips. The articles are offered in addition to EBooks, courses, and tutorials. Several trading tools are built into the MT4 platform, but you’ll also find an economic calendar available directly on the website. If you’re a beginner, RI Market’s education center is a great place to start your education.

Demo Account

Although we were able to find some information that suggested demo accounts are offered, we were unable to find any way to access demos without creating a real account. We decided to test the process to see if they are available to registered users, but the process wouldn’t allow us to move on without making a deposit. Since it’s so difficult to access, it’s better to just consider this broker not to offer these account types. Fortunately, the MT4 platform does offer the ability to create a demo account, so this is always an option if you cannot create one through the website.

Customer Service

If one needs to get in touch with support, the options are phone, email, or filling out a contact form. You may notice that Live Chat, one of the most popular contact methods offered among brokers, is missing from the list. Many brokers fail to provide their direct phone numbers, so the fact that RI Markets does list their number helps to make up for the missing live support function. Still, some may prefer to get in touch via instant messaging instead. You can also email the company or fill out a form on their website. A positive note about this company’s customer service? It’s available 24/5. So, while you may be out of luck on the weekends, you’ll be able to speak with an agent at all hours of the night. This isn’t something you’ll find with many other brokers.

Email:

Customer-support@rimarkets.com

documents@rimarkets.com

Phone:

United Kingdom: 442035147720

South Africa: 27 212048668

AUS: 61 871303500

Russia: 74999712320

Countries Accepted

Those located in the US will be able to successfully register with this broker by choosing ‘United States Minor Outlying Islands’ from the country’s drop-down list. Since many brokers choose not to allow those located in the US to create accounts, it’s nice to see that option offered here. If you are in the US, you may find your choices are more limited, so that would be more of a reason to consider this broker as an option. This broker does mention that the US, Canada, and other jurisdictions will be restricted. If you’re in doubt, simply visit the account opening page to see if your location is available on the list.

Conclusion

RI Markets offers 0% commission fees and provides three separate account types to choose from. The spreads from this broker seem to be average or above average from a quick glance but trading on a demo account makes it seem as though the spreads are lower than advertised. Competitive leverages are offered, especially for the Gold and Platinum account types. When it comes to funding, there are no fees charged from the broker’s side, but you’ll find that the processing times are a bit lengthy for withdrawals. More than 350 instruments are offered, but some may be disappointed that cryptocurrencies aren’t included in that list. If you’re a beginner, you’ll be happy to know that there are a lot of educational opportunities available on the website. This is offered in addition to 24-hour customer support and the ability to trade from the award winning MetaTrader 4 platform.

LEAVE A REPLY

Please enter your comment!
Please enter your name here