Overview of Rich Smart
Rich Smart is a New Zealand-based broker that offers a variety of market instruments for trading. Traders can access forex instruments with major currency pairs, metal and energy markets, index-spot trading, stock contracts for difference (CFDs), and cryptocurrency trading. However, it is important to note that due to the lack of regulation, engaging with Rich Smart may carry additional risks in these markets.
The broker provides different account types, including the ECN Account and the Standard Account. The ECN Account offers spreads starting from 0 pips and charges a commission of $6 per lot, while the Standard Account features spreads starting from 1 pip and offers zero commission trading. Leverage options are available for Forex, indices, and commodities, with varying ratios depending on the chosen account type. It is essential to carefully consider the risks and benefits associated with these account types before selecting one.
Pros and Cons
Rich Smart offers a range of market instruments, including forex, metals & energy, index-spot, stock CFDs, and cryptocurrencies, providing traders with diverse options for investment. They also provide two account types, including an ECN account with no commission. The broker features MetaTrader 4 (MT4) as their trading platform, which is known for its comprehensive features and tools. Rich Smart accepts multiple payment methods, providing options for clients to deposit and withdraw funds. Additionally, their spreads start from 0 pips. However, the broker has limited information available, including details on deposit and withdrawal processes. Furthermore, there is a lack of specific trading tools and educational resources. Lastly, Rich Smart has limited language support and availability.
Regulation
Rich Smart is a regulated broker, and it is regulatted by the ASIC in Australia under regulatory license number 441277. Meantime, it also registered with ASIC, holding an AR license.
Market Instruments
Forex: Rich Smart offers a range of forex instruments for trading, including major currency pairs such as AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, EURGBP, EURJPY, and GBPJPY. These currency pairs allow traders to speculate on the exchange rate movements between different currencies.
Metal & Energy: Rich Smart provides access to metal and energy markets, including XAGUSD (Silver), XAUUSD (Gold), UKOil (Brent Crude Oil), USOil (WTI Crude Oil), and NGAS (Natural Gas). Traders can participate in these markets by speculating on the price fluctuations of these commodities.
Index-Spot: Rich Smart offers index-spot trading, allowing traders to engage with various stock indices. Some examples of the indices available for trading include AUS200cash (Australian 200 Index), EU50cash (Euro Stoxx 50 Index), FRA40cash (CAC 40 Index), GER40cash (DAX Index), JAP225cash (Nikkei 225 Index), N25 (Nifty 25 Index), and SPA35cash (IBEX 35 Index).
Stock-CFD: Rich Smart enables traders to trade stock contracts for difference (CFDs) on a variety of stocks. Traders can speculate on the price movements of stocks such as AAPL.OQ# (Apple Inc.), MSFT.OQ# (Microsoft Corporation), AMZN.OQ# (Amazon.com Inc.), TSLA.OQ# (Tesla Inc.), GOOG.OQ# (Alphabet Inc.), FB.OQ# (Facebook Inc.), AIG.N# (American International Group Inc.), JNJ.N# (Johnson & Johnson), JPM.N# (JPMorgan Chase & Co.), and LVMH.PA# (LVMH Moet Hennessy Louis Vuitton SE).
Cryptocurrency: Rich Smart provides trading opportunities in the cryptocurrency market. Traders can engage in speculative trading on cryptocurrencies such as BCHUSD (Bitcoin Cash), BTCEUR (Bitcoin Euro), BTCUSD (Bitcoin Dollar), DSHUSD (Dashcoin Dollar), ETCUSD (Ethereum Classic Dollar), ETHUSD (Ethereum Dollar), LTCUSD (Litecoin Dollar), XRPEUR (Ripple Euro), and XRPUSD (Ripple Dollar).
Account Types
Rich Smart offers a range of diversified trading account types to cater to the varying needs of traders.
ECN
One such account type is the ECN Account, which boasts a spread starting from 0 pips. With a minimum order volume of 0.01 and a step lot size of 0.01, this account allows traders to execute trades with precision. There is a commission of $6 per lot, ensuring that the broker generates revenue from the trading activity. The account also offers the option of swap, with a margin call set at 100% and a stop out level at 50%. Leverage options are available, with Forex offering a leverage of 1:500, and indices and commodities offering a leverage of 1:100.
STANDARD
Another account type provided by Rich Smart is the Standard Account. It features a spread starting from 1 pip, providing traders with a slightly wider spread compared to the ECN Account. Similar to the ECN Account, the Standard Account has a minimum order volume and step lot size of 0.01. One notable aspect of this account is that it offers zero commission trading, eliminating the need for traders to pay additional fees per lot. The account also provides the option for swap, with the margin call set at 100% and a stop out level at 50%. Traders can access leverage options, with Forex offering a leverage of 1:500, and indices and commodities offering a leverage of 1:100.
How to Open an Account？
To open an account with Rich Smart, follow these steps:
- Click on the “OPEN ACCOUNT NOW” button on their website.
2. Fill in the required information, including your email address and desired username.
3. Generate a unique user name, such as “AsGwlBznTaRK.”
4. Click on the “Send email verification code” button to receive a verification code to your registered email address.
5. Check your email and enter the verification code provided.
6. Review and agree to the terms and conditions.
7. Click on the “Register” button to complete the account opening process.
Leverage
Rich Smart offers leverage options for its trading accounts. The Forex market allows a leverage of 1:500, while indices and commodities have a leverage of 1:100.
Spreads & Commissions
Rich Smart offers different spreads and commissions based on the account type chosen. The ECN Account features spreads starting from 0 pips and a commission of $6 per lot. In contrast, the Standard Account has spreads starting from 1 pip and offers zero commission trading. These variations in spreads and commissions provide traders with options based on their trading preferences and requirements.
Trading Platforms
The trading platform offered by Rich Smart is MetaTrader 4 (MT4), which has received recognition in the industry. MT4 remains a popular choice among retail traders, catering to both beginners and experienced individuals in the financial market. The platform provides a comprehensive range of features and tools necessary for trading. Moreover, it includes embedded functionality and opportunities that are characteristic of MQL platforms. MT4 is available for Windows, Android, macOS, iOS, and also has a web-based version.
Within the MetaTrader 4 platform, there are several notable features that enhance the trading experience. These features include three types of order execution, a collection of 50 ready-to-use indicators for technical analysis, basic tools for graphic analysis, and the option to program custom trading robots using the MQL4 programming language. Additionally, MT4 offers trading capabilities such as one-click trading, allowing users to enter the market and close positions with a single click. Traders can also access the MetaTrader Market within the platform to purchase Expert Advisors and indicators directly. Furthermore, the platform provides news and signals, facilitating fundamental analysis and keeping users informed about financial market events.
Rich Smart provides the MT4 trading platform for users across various devices. Whether operating on Windows, Android, macOS, iOS, or via the web trader, traders can access the features and functionalities offered by MT4.
Payment Methods
Rich Smart offers a variety of payment methods to accommodate the needs of its clients. These include Bank Transfer, Tether (a stablecoin), Mastercard, VISA, and FastPays. Bank Transfer allows for direct transfers between bank accounts. Tether enables transactions using a stable cryptocurrency. Mastercard and VISA offer the method of using credit or debit cards, while FastPays provides a payment gateway integrating multiple options.
Customer Support
Rich Smart offers customer support through various channels, including email and phone. For email inquiries, customers can reach out to support@ricsmagroup.com. Phone support is available at +64 9802 3421. They have a physical address at L8W5/300 Queen Street, Auckland Central, Auckland 1010, New Zealand. The broker claims to provide multi-language support, ensuring assistance is available round the clock, five days a week.
Conclusion
In conclusion, Rich Smart, a broker based in New Zealand, presents both advantages and disadvantages. The lack of proper regulation raises concerns about transparency and accountability, potentially exposing investors to risks. Engaging with an unregulated broker like Rich Smart carries a higher likelihood of encountering fraudulent activities or unethical practices. On the positive side, Rich Smart offers a variety of market instruments for trading, including forex, metal and energy, index-spot, stock-CFD, and cryptocurrency. They also provide diversified trading account types, such as the ECN and Standard Accounts, catering to different trading needs. The broker utilizes the widely recognized MetaTrader 4 platform, offering a range of features and tools for trading. Rich Smart supports multiple payment methods, including bank transfer, Tether, Mastercard, VISA, and FastPays. Customer support is available through email and phone, with multi-language support offered. It is essential for investors to exercise caution and thoroughly assess the risks associated with engaging with an unregulated broker like Rich Smart before making any decisions.
FAQs
Q: What market instruments does Rich Smart offer？
A: Rich Smart offers forex, metal & energy, index-spot, stock-CFD, and cryptocurrency trading instruments.
Q: What are the account types offered by Rich Smart？
A: Rich Smart provides ECN and Standard account types with varying spreads and commission structures.
Q: How can I open an account with Rich Smart？
A: To open an account, visit their website, fill in the required information, verify your email, and agree to the terms and conditions.
Q: What leverage options does Rich Smart offer？
A: Rich Smart offers a leverage of 1:500 for Forex trading and 1:100 for indices and commodities.
Q: What are the spreads and commissions at Rich Smart？
A: The ECN Account features spreads starting from 0 pips with a commission of $6 per lot, while the Standard Account has spreads starting from 1 pip with zero commission.
Q: Which trading platform does Rich Smart offer？
A: Rich Smart offers the MetaTrader 4 (MT4) platform, available for various devices, including Windows, Android, macOS, iOS, and web-based.
Q: What payment methods are accepted by Rich Smart？
A: Rich Smart accepts Bank Transfer, Tether, Mastercard, VISA, and FastPays as payment methods.
Q: How can I contact customer support at Rich Smart？
A: You can reach Rich Smart's customer support via email at support@ricsmagroup.com or by phone at +64 9802 3421. They provide multi-language support during weekdays.
Q: What is the address of Rich Smart？
A: Rich Smart's physical address is L8W5/300 Queen Street, Auckland Central, Auckland 1010, New Zealand.
2024-08-31 16:39
2024-07-25 18:05
