Rietumu FX Review South Africa (2022) – ☑️Pros & Cons Revealed

Rietumu FX at a glance

Rietumu FX Review – 21 key points quick overview:

 Rietumu FX Overview

According to research in South Africa, Rietumu FX is a global broker with head offices in Riga in Latvia. It was founded in 2008 and is affiliated with the Latvian RIETUMU bank.

Rietumu FX is regulated by the Financial and Capital Market Commission of Latvia (FCMC) and is publicly listed.

Rietumu FX offers Forex trading in about 60 currency pairs, precious metals, and commodities and mainly services traders from Latvia, France, Germany, and China.

Rietumu FX offers voice trading with a professional broker and has access to the world’s leading exchanges.

Rietumu FX Safety and Security

One of the best benchmarks to measure the safety of a broker like RIETUMU FX is to establish which regulating authorities are watchdogs over its actions.

RIETUMU FX is a subsidiary of the Latvian Rietumu Bank, which was established in 1992 and is regulated by Latvia’s Financial and Capital Market Commission (FCMC).

FCMC has a set of rules and requirements, such as keeping customers’ funds in segregated accounts and participation in compensation programs.

Rietumu FX Leverage

Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.

Leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.

RIETUMU FX offers a maximum leverage ratio of 1:100 for the major pairs, for accounts with a balance of less than $250 000.

Rietumu FX Accounts

A forex account at Rietumu FX is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against the Islamic faith.

Rietumu FX does not provide a free demo account.

Rietumu FX offers the following types of accounts:

Silver Account

The minimum deposit for this account is $1 000, the minimum trade size is 0.01 lot and the maximum leverage ratio that may be used is 1:100. Average spreads are 3.4 pips.

Gold Account

This account has the same kind of trading features as the silver account, except for its spreads. The gold account has lower spreads, but a commission is charged.

A Gold Account can also be opened with $1 000; the minimum trade is 0.01 lot and maximum leverage 1:100. Spreads are from 0.4 pips, with the commission: 0.025% round turn.

RIETUMU FX requires the $1 000 minimum deposit both for private and corporate clients.

Rietumu FX Market instruments

The most popular market instruments available from most brokers for trading include:

Forex

Forex trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

Commodities

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and play a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices

Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

RIETUMU FX offers the following of the above: 60 forex pairs, precious metals and oils, and transactions in shares, bonds, futures, and options.

Rietumu FX Fees

Cost depends on different factors, like spread and margins, and RIETUMU FX clients may also experience different fee structures according to their country or place of residence.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

RIETUMU FX charges 2% of trade value if the share price is less than $1; 1% of the trade value if the share price is between $1 and $3; and $0.025 per share if the share price is more than $3.

This commission varies for countries and exchanges as well as for RB Trader Station, QUIK, and the RIETUMU forex trading platform.

RIETUMU FX provides floating spreads on both accounts. The spread for the most traded currency pair EUR/USD starts from 3.4 pips.

The gold account spreads start from 0.1 pips and make up about 0.4 points for EUR/USD – with commission – 0.025% round turn on forex and 0.5% round turn on metals – charged.

Rietumu FX Deposit and Withdrawal

Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.

In the case of Rietumu FX, the following are required: a $1 000 minimum deposit both for private and corporate clients and for both its account types – Gold and Silver.

The company website is not clear on methods of payment, but apart from bank transfers, Credit cards, PayPal, Payoneer, and Neteller are also mentioned by other sources.

Rietumu FX Trading Platforms

The forex trading platform provided by RIETUMU FX to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

RIETUMU FX provides the RB Trader Station as its flagship platform.

RB Trader Station offers direct access to stocks, options, ETFs, futures, and other financial instruments on over 100 exchanges in 24 countries.

RB Trader Station has a mobile version, as well as a web-based version called WebTrader, with a simplified interface that best suits traders working with a single financial instrument.

RIETUMU Banka further provides the QUIK workstation, a powerful tool to trade securities, specifically on the Moscow Stock Exchange.

The RIETUMU FX trading platform itself is basically the MetaTrader 4 with all its opportunities, instruments, graphical and technical analysis as well as desk, web, and mobile versions.

How to open a Rietumu FX account step by step

Similarly to a bank, to register a forex trading account with RIETUMU FX for the first time, you will be required to go through a basic “know your customer” process, which will allow RIETUMU FX to ascertain that your submitted details and ensure the safety of your funds and account details.

Rietumu FX Customer support

Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.

In the case of RIETUMU FX customers can reach the support team by means of phone, fax, or email. Support is available in English, Russian and Latvian and is given between 09:00 and 23:00 (Riga time).

Rietumu FX Education

Before starting to trade, potential clients of Rietumu FX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

Very little educational content is found on the Rietumu FX website.

Rietumu FX Research

To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.

With RIETUMU FX they have access to daily reviews of market news and company fundamentals from leading analysts, and newswires from global news agencies.

Rietumu FX Awards

Being an awarded company instills extra confidence in traders.  Although Rietumu FX is acclaimed by customers, there is no indication of awards won on its homepage.

Rietumu FX Pro and Cons

Conclusion

Disclaimer

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

Before deciding to trade with RIETUMU FX, 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.

RIETUMU FX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence RIETUMU FX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

Frequently Asked Questions

How many instruments can I trade with RIETUMU FX?

You can trade several different instruments with RIETUMU FX, which include the following:

Forex

Precious metals and oils

Shares

Bonds

Futures

Options

Which platforms are supported by RIETUMU FX?

RIETUMU FX provides the following trading platforms:

• RB Trader Station
• QUIK
• WebTrader

Does RIETUMU FX offer leverage?

Yes, RIETUMU FX offers leverage of up to 1: 100

What spreads can I expect with RIETUMU FX?

The silver account spreads start from 3.4 pips and the gold account spreads start from 0.1 pips.

What is the overall rating out of 10 for RIETUMU FX?

6/10

Featured SA Shares Writer and Forex Analyst.