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RH Trade -

Score

1.24 /10
Danger

RH Trade

United States

Scam Brokers

1-2 years

Suspicious Regulatory License

High potential risk

https://www.rhtradefx.com/en/index

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Comparison

Quantity 12

Exposure

Time Machine
Website

Score

Regulatory Index0.00

Business Index4.95

Risk Management Index0.00

Software Index4.00

License Index0.00

The WikiFX Score of this broker is reduced because of too many complaints!
Time Machine
Website

Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

RH Trade

Company Abbreviation

RH Trade

Platform registered country and region

United States

Company website

Company summary

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

This platform is a Ponzi Scheme. Please stay away! 5
Previous Detection : 2024-11-11
  • This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
  • The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

WikiFX Verification

Exposure

12 pieces of exposure in total
Pyramid scheme complaint
Expose
Others

I don't have money

I don't have money

2023-11-28 09:02
Resolved

I want my money back

Withdrawals are not possible during crude oil reservations. After that, you will not be able to withdraw money unless you pay the instruction fee. Withdrawals are refused for various reasons. I would be happy if we could somehow resolve this.

2023-11-27 05:36
Others

I can no longer trade!

Until yesterday, I wanted to withdraw all my trades and funds, but I had to set conditions to prevent withdrawals, but today I can't log in to the exchange. The system does not open when I tap the exchange icon. $2177.52 is gone! It's a terrible vice. It's a scam.

2023-10-25 16:28
Unable to Withdraw

If you apply for a withdrawal after completing the payment, you will be charged an instruction fee, and once you pay, you will be charged an acquisition tax. No matter what I do, I won't accept withdrawals.

It was said that spot price funds were needed to complete the oil transaction. I was told that there would be a 30% penalty if the payment was unsuccessful, so I worked hard to collect the funds. Thanks to some FX guidance regarding virtual currency, I managed to have the funds ready by the deadline and the transaction was completed successfully. I was told that there was a plan for further instruction, but when I tried to withdraw some of the funds, I was told that I needed to pay the instruction fee. Although I had not heard of this beforehand, thanks to the guidance I was able to reach the target amount, and after confirming that there would be no further charges, I made the payment. After confirming the payment, I was informed that the full amount could be withdrawn, so I applied for a withdrawal. Shortly after I applied for a withdrawal, I started being asked to pay acquisition tax. I asked them several times, but a few days passed with no progress and they just kept repeating, ``Pay your taxes.'' Meanwhile, the Financial Services Agency and the police. We also confirmed with lawyers and tax accountants that ``there is no system that requires tax payments for withdrawals from exchanges,'' and even when we told them this, they did not change their attitude. The amount that cannot be withdrawn is approximately $160,000 (25 million yen).

2023-11-27 21:38
Resolved

I would like to withdraw the entire amount. If this is a scam, I'm even more disappointed.

I transferred 1.1 million yen. I would like a full refund. It's too cruel.

2023-11-19 12:26
Scam

The website suddenly disappeared

I started on October 16th and deposited a total of 300,000 yen. At the end of the year, there were suddenly no more transactions. And when I looked at the site at the beginning of the year, it was gone. I would like the remaining money refunded.

2024-01-09 00:46
Resolved

I can't wait to withdraw money.

I made two deposits. Transfer to: Financial institution/Seven Bank Branch name: Cattleya Branch Branch number: 111 Account number: 2858026 Beneficiary name: Kyoko Kojima/Kiyoko Kojima Bank name: Higashiharu Shinkin Bank Branch name: Nagoya Branch Branch number: 014 Account number: 0013439 I deposited a total of 1,100,000 yen with my name (kana): Ka)CB.

2023-11-20 19:40
Unable to Withdraw

I cannot withdraw money because I am required to pay acquisition tax.

We were able to move forward with the crude oil trade that needs to be held until 11/21. When we checked in advance, we were told that it was possible with a leveraged budget, but halfway through we were told that we needed in-kind funds. There was also a clause that stated there would be a ``30% penalty fee'' if the agreement could not be fulfilled, so we managed to collect enough funds to become in-kind funds. I had confirmed that once the payment on November 21st was completed, I would be able to withdraw money freely on November 22nd, so for some reason I felt relieved at this point. Then, when the deadline came and the payment was completed successfully, I requested a withdrawal, but the withdrawal was refused because I was told that I would have to pay a transaction guidance fee. The funds I deposited were not enough to cover the requested physical funds, but I raised the shortfall through virtual currency FX under the trading guidance of the representative, so there was no need to incur any guidance fees in advance. I hadn't heard of it, but I thought it couldn't be helped and paid the bill. At the time of payment, I had confirmed that there would be no further charges, but now I was told that I would not be able to withdraw the money unless I paid the acquisition tax. Naturally, there was no way that we would have to pay the acquisition tax, so we consulted with them. This is a very large amount of money, so we would appreciate your help.

2023-11-24 09:23
Resolved

I can't withdraw money.

Even though they say the money will be credited within 48 hours after canceling the claim, it has not been received.

2023-11-23 06:23
Unable to Withdraw

Can't withdraw money

When I try to process a withdrawal, I am charged one after another. First, there is a 5% instruction fee, and then there is personal income tax. I have never heard that it is necessary first, but when I withdraw money, I am charged one after another.

2023-11-30 16:47
Resolved

I withdrew money from my system account, but it wasn't transferred to my account!

Since your number of trades has not yet reached the requirement of 5 lots per trade and 20 trades in total, all withdrawal amounts will be returned to your trading account. please confirm. Once you have completed 20 transactions, you will be able to withdraw again. As part of our cooperation, we will do our best to process your withdrawal requests. However, please understand that some restrictions may be due to regulations or company policies, so they cannot be completely avoided. We also ask that you complete a certain number of transactions before withdrawing the full amount. Thank you very much.

2023-10-23 14:12
Unable to Withdraw

Can't withdraw money

This is the second time that I have not been able to withdraw the approximately $10,600 remaining in my account. The first time was on November 9th when I was told that the system would not approve the withdrawal. The cause seems to be that I did not log in or make any transactions for about 10 days. When I asked what I should do, I was told that as long as I logged in and made transactions for 15 consecutive days, I would be fine. From the next day until December 10th, I logged in every day and traded on my own without any guidance. The condition should now be clear. I requested a withdrawal again. This time, they asked me to pay taxes and fees. Do I have to pay tax every time I withdraw money? When I asked what the tax rate was, that question disappeared and I was told that I couldn't come to work unless I paid a 5% tuition fee, and they wouldn't take care of the formalities. I've indeed been tutoring since November. I was told that I would receive 5% of the profits. However, I was told that I could not teach because my account balance was low. At that time, I had about $10,900 in my account. Mr. Ishibashi, who was guiding me, told me to contact him when my account balance reached $20,000. In other words, I was asked to make an additional deposit. I don't have that kind of money, so I couldn't make a deposit. I gave up on the instructions and went through the withdrawal process. What this company says changes every time. I think they don't want to withdraw money. By the way, I was told that the 5% instruction fee is 5% on total assets, not on profits.

2023-12-14 14:23
    RH Trade · Company summary

    Note: Regrettably, the official website of RH Trade, namely https://www.rhtradefx.com/en/index, is currently experiencing functionality issues.

    RH Trade Review Summary
    Founded Within 1 year
    Registered Country/Region United States
    Regulation NFA (Suspicious Clone)
    Market Instruments N/A
    Demo Account N/A
    Leverage N/A
    EUR/ USD Spread N/A
    Trading Platforms N/A
    Minimum Deposit N/A
    Customer Support Email: support@rhtradefx.com

    What is RH Trade？

    RH Trade, a recently established trading platform, claims to be registered in the United States. Their customer support can only be reached via email at support@rhtradefx.com. However, it is important to note that their regulation by the NFA is considered suspicious and raises concerns about their legitimacy. Additionally, their official website is inaccessible.

    RH Trade

    If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.

    Pros & Cons

    Pros Cons
    N/A
    • NFA (Suspicious Clone)
    • Some reports of withdrawal issues
    • Lack of industry experience
    • Inaccessible website
    • Limited communication channels

    Cons:

    - NFA (Suspicious Clone): RH Trade being regulated by the NFA as a “Suspicious Clone” raises concerns about their legitimacy and adherence to industry standards.

    - Reports of withdrawal issues: There have been reports from users about difficulties in withdrawing funds from RH Trade, which suggests potential problems with their financial operations.

    - Lack of industry experience: RH Trade lacks a track record or established presence in the industry, making it difficult to assess their reliability and expertise.

    - Inaccessible website: The fact that the RH Trade website is inaccessible raises doubts about their credibility and transparency.

    - Limited communication channels: RH Trade only offers limited communication channels, with customer support available solely through email. This leads to delays or difficulties in resolving issues or obtaining assistance.

    Is RH Trade Safe or Scam？

    There are suspicions that this broker's claim of being regulated by the National Futures Association (NFA) with a license number of 0559070 may be a clone or fraudulent. It is important to exercise caution and be aware of the potential risks associated with dealing with this broker.

    suspicious clone NFA license

    Additionally, the inaccessibility of their official website raises doubts about the trustworthiness of their trading platform. These factors contribute to an increased level of risk when investing in RH Trade. If you are considering investing with RH Trade, it is crucial to conduct thorough research and carefully evaluate the potential risks compared to the potential rewards before making any final decisions. In general, it is advisable to select brokers that are properly regulated to ensure the safety of your funds.

    User Exposure on WikiFX

    Our website has received reports of users being unable to withdraw funds from this broker. We advise traders to thoroughly review the available information and be aware of the risks involved in trading on an unregulated platform. Users are encouraged to check our platform for information before engaging in any trades. If you come across any fraudulent brokers or have been a victim of such, please report it to us in the Exposure section. Our team of experts will do everything in our power to assist you in resolving the issue.

    User Exposure on WikiFX

    Customer Service

    Customers can get in touch with customer service line using the information provided below:

    Email: support@rhtradefx.com

    Conclusion

    In conclusion, RH Trade is a trading platform that lacks transparency and credibility. It has been flagged as a “Suspicious Clone” by the NFA, calling into question its legitimacy. There have been reports of withdrawal issues, indicating potential problems with their financial operations.

    Considering the above points, it is important to exercise extreme caution when dealing with RH Trade. The lack of regulation, reports of issues, and the inaccessible website are red flags that suggest potential risks for investors.

    Frequently Asked Questions (FAQs)

    Q 1: Is RH Trade regulated？
    A 1: No. It has been verified that this broker currently has no valid regulation.
    Q 2: How can I contact the customer support team at RH Trade？
    A 2: You can contact via email: support@rhtradefx.com.
    Q 3: Is RH Trade a good broker for beginners？
    A 3: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website and reports of unable to withdraw.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

    In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

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    User comment

    4

    Comments

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    Phylis
    more than one year
    RH Trade gets top marks for their withdrawal options and trading platforms! Quick, secure withdrawals and a sleek platform make trading a breeze.
    RH Trade gets top marks for their withdrawal options and trading platforms! Quick, secure withdrawals and a sleek platform make trading a breeze.
    Translate to English
    2024-07-25 18:04
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    Willem Hunter
    more than one year
    RH Trade's customer service is an absolute joke. I've been trying to withdraw my remaining account balance for three days now and they're ghosting me completely. I just want my own money back after some losing trades, but they're giving me the silent treatment. It shouldn't be this difficult to get access to your own funds! I'm not even asking for anything crazy, just requesting a simple withdrawal. But getting a response from their garbage support team is like pulling teeth.
    RH Trade's customer service is an absolute joke. I've been trying to withdraw my remaining account balance for three days now and they're ghosting me completely. I just want my own money back after some losing trades, but they're giving me the silent treatment. It shouldn't be this difficult to get access to your own funds! I'm not even asking for anything crazy, just requesting a simple withdrawal. But getting a response from their garbage support team is like pulling teeth.
    Translate to English
    2024-03-14 17:25
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