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RichPointCapital Review | Could It Be Another Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 1
RichPointCapital - logo

Currently, the internet is filled with numerous brokerage companies that claim to be the best and place themselves above others. Meet one of these intermediaries – RichPointCapital, whose office, according to the official website, is located in the United Kingdom. However, despite its British origin, there is no regulation from the FCA; instead, the footer features the legal entity Nocim Venture Inc with a license from SVGFSA, which requires verification. Surprisingly, there are many positive reviews about the platform, but they should definitely not be trusted. We will try to understand whether this organization represents a danger or not, as it could be another scam.

Highlights

🏛️ Country United Kingdom
⚠️ Regulation
🖥️ Website https://www.richpointcapital.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit €1,000
⚖️ Minimum and Maximum Leverage 1:100
⚙️ Trading Platform WebTrader
📨 E-mail support@richpointcapital.io
📞 Phone +442081752897, +16474939200

First Impression of Richpointcapital.com

The first thing that immediately catches our eye is the template website. We have encountered similar brokerage resources more than once. A standard header with identical sections, a homepage listing pseudo-advantages and fake merits, an identical range of tariff plans, and much more that looks so similar to other firms. RichPointCapital used a template to create its own site.

Clients can familiarize themselves with the following information:

  • Platforms.
  • Account types.
  • Trading. Tradable assets.
  • About us. Info about the company, legal data, and FAQs.
  • Contacts.

Much of the text on the site is meaningless. Some motivational and pompous expressions describe how profitable, comfortable, and safe RichPointCapital is. However, no real evidence is provided. Anything can be written, but it’s also necessary to add verifications. Without them, it’s just words. Moreover, the broker hardly reveals any information about itself. Neither the foundation date, business model, or management are known.

RichPointCapital - site

Even from an aesthetic and design perspective, the site does not stand out. There is no graphic design or unique style. Overall, RichPointCapital has presented a boring and template site with minimal useful information.

Partnership and Bonuses

We do not see an affiliate program. Usually, such firms offer to enter a promo code at the time of account registration, but RichPointCapital does not even have this option. However, bonuses are offered. Clients can receive a deposit bonus from 5% to 35% depending on the selected account type. However, there are no explanations for under what conditions these bonuses are provided. Although we assume that the firm will require some unimaginable trading turnover before the bonus and the profit obtained with its help can be withdrawn. Such offers are never just for nothing.

Account Opening on Richpointcapital.com

Testing the platform’s capabilities on a demo account is impossible because the broker does not offer such an option. However, we can see what the personal account looks like and evaluate the terminal’s capabilities. To do this, you need to create an account at RichPointCapital.

Overall, the registration process is simple and no different from other firms. Users need to provide personal information, agree to the terms, and create a password.

Registration

Email or phone number confirmation is not required, so essentially, there is no security system for the personal account. Anyone can enter, as the trader will not even receive a notification that someone has logged into their account. Perhaps RichPointCapital will consider this?

The personal account is simple, with a few sections on the left side, and the main information in the center:

  • Personal details.
  • Trading history.
  • Deposit funds.
  • Transaction history.
  • Withdrawal.
  • Contacts.

RichPointCapital - personal cabinet

A button to open WebTrader is also available. However, it has no buttons for downloading the terminal to computers or smartphones, but we will talk about the platform later. As for the client portal, users are unlikely to get lost, as it is primitive. On the one hand, this is good because beginners can quickly understand where to click and what to do. On the other hand, there are no advanced features.

Verification

At the footer of the official site, a document with the AML & KYC policy is available. It describes what it is, why it is necessary, and why the firm adheres to the AML & KYC policy. In short, RichPointCapital requires clients to provide proof of their identity and place of residence. This can be a passport or driver’s license, and in the second case, a utility bill or bank statement. Additionally, when depositing with a bank card, you’ll need to photograph it and upload it to the personal account.

Here, we want to add that you should not rush to upload documents to little-known companies. It’s unknown into whose hands your personal data will fall and what will be done with them. It is recommended to undergo KYC only in verified and reliable firms.

Pros
  • AML & KYC policies are described in detail.
Cons
  • No time frame for processing the documents is outlined.

Trading Software

The RichPointCapital platform is available only in WebTrader format. Separate applications for Android/iOS smartphones have not been developed, although the terminal is adapted for mobile browsers. There is also no computer program.

We cannot check how the platform is technically arranged, how quickly orders are opened, and whether indicators and technical analysis tools are properly applied, as a demo account is not offered. Clients have access to pending orders, graphical and technical analysis, indicators, several timeframes, and different types of charts. RichPointCapital also allows changing the theme from dark to light or blue, switching languages, and setting alerts.

Terminal

Not only are there no applications for Android/iOS, but traders also do not have options like auto-trading or uploading their indicators/settings templates. In short, the RichPointCapital terminal clearly cannot compete with well-known and popular platforms. Why doesn’t the broker connect a modern and multifunctional alternative? For example, MetaTrader.

Features RichPointCapital Unicorntradefx Infinity Markets
Demo Account
Mobile App
Own Development

How Can I Trade With RichPointCapital?

Trading conditions play a crucial role when choosing a broker. Traders look for a more advantageous platform where they can earn more. How profitable and comfortable are the conditions at RichPointCapital? Let’s try to find out now.

All Info About Accounts

The available services directly depend on the tariff plan chosen by the client. RichPointCapital offers 7 types of accounts. The better the account type, the more opportunities and options are available, but also the higher the minimum deposit requirement. For example, the first tariff starts at 1,000 euros, and the second at 5,000, and so on.

The broker offers the assistance of a personal manager, but their competencies are not described. Also, users have access to trading sessions, leverage from 1:1 to 1:100, deposit bonuses from 5% and more, analytics, market reviews, and financial research. Moreover, RichPointCapital provides more affluent clients with monthly dividends from 2%, a long-term financial plan, protected trades, risk management, and other options.

Account types

A minimum deposit of 1,000 euros is a high indicator, especially compared to other firms where this threshold is no higher than 1-10 euros. At the same time, it’s important to remember that there is no demo account here, so practicing with virtual money is not possible.

There’s an attempt by the broker to extract more money from clients. The better the tariff, the more advantageous the conditions. Such an approach is most often found among dishonest and suspicious brokers. Also, RichPointCapital does not specify the sizes of commissions and spreads, which are the most important parameters, so it’s impossible to determine how profitable trading here can be.

Pros
  • None.
Cons
  • Inadequate initial deposit requirements.
  • Spreads and commissions are not specified.
  • Demo is absent.

Market Analysis and Education With Richpointcapital.com

All additional services were described in the tariff plans, but some minor features are available to all users. These include a small table with online quotes of popular financial instruments, FAQs, and basic information about market types. RichPointCapital lacks a news feed and an economic calendar, so you’ll have to use these tools on other resources.

Deposit, Withdrawal, and Fees

Judging by the design of the official website and information in the personal account, RichPointCapital supports various methods of money transfers. These include credit/debit cards, bank wire transfers, Skrill, Neteller, PayPal, Qiwi, Sofort, and Bitcoin. The minimum amount for fund withdrawal is $100, but this depends on the method, for example, for bank wire transfers not less than $500. Withdrawal of funds is impossible without successfully passing verification. Commissions are not specified.

Features RichPointCapital TradeVtech WebTradePros
Debit/Credit Cards ✔️ ✔️
Electronic Payments ✔️ ✔️
Crypto Transfers ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

In the “contacts” section, there are two phone numbers and an email address. However, the email address turned out to be fake. Yes, RichPointCapital provided a non-existent email address.

Fake email

Likely, the phone numbers are also fabricated. Moreover, the broker did not even create an online chat, through which clients could quickly contact the support staff to answer their questions and problems.

Pros
  • None.
Cons
  • The email is fake.
  • No online chat.

Is RichPointCapital Dangerous?

We have significant doubts regarding the safety of the company. Why? Count the number of red flags that have been discovered so far: a template website, opacity, secrecy, inadequate conditions, a primitive terminal, lack of a demo and affiliate program, and fake contact information. Too many negatives for one platform. However, to confidently determine whether RichPointCapital is fraudulent or not, we will further check the duration of operation and licenses, as well as legal information.

How Long Does The Broker Work?

It’s unsurprising that RichPointCapital does not specify its foundation date. The approximate date of the platform’s launch can be determined by reviews on the internet and the domain of the official website. Reviews began to appear at the end of 2023, and the domain was registered on April 24, 2023. So, it’s very likely that the company is very young and has been operating very recently.

Domain

How Is RichPointCapital Regulated?

The last thing we’ll check, but most importantly, is regulation. First, we’ll check with the FCA regulator, as the office address is listed in London, meaning it’s a British organization. We were met with quite the expected result. RichPointCapital is not listed on the Financial Conduct Authority register.

RichPointCapital - FCA

The footer mentions the legal entity Nocim Venture Inc., which has a license from SVGFSA. This is true, such a firm was found in the registry of Saint Vincent and the Grenadines. It was registered there in 2019. However, we have certain doubts as to whether Nocim Venture has any relation to RichPointCapital. It seems to us that this legal entity was simply taken from the registry and placed on the website of our review subject, and in reality, it has no relation to the brokerage platform.

In addition, the Companies House registry also showed that the company is absent there. So, the address in the United Kingdom turned out to be fake, which is absolutely unsurprising.

Companies House

Features RichPointCapital RannForex Odyssey Investment Group
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

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Expert Opinion

Everything can be understood from the official website. RichPointCapital belongs to brokerage scammers who create uniform and template fake sites to scam people out of money. Fraudsters invent offices that don’t exist, contact data, and other facts. It’s a fake, so one should never take at face value what is written on the internet. Fact-checking is always necessary. And if you want to replenish your deposit here, then don’t do it because you are guaranteed to lose all your money. So many negatives, it’s just outrageous. The platform reeks of blatant scam.

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The level of trust
Quick withdrawal of funds
Efficiency of technical support

1 review about RichPointCapital

MONSTER February 13, 2024 - 13:28
Too bad, I'm not getting a refund
The level of trust
Quick withdrawal of funds

And who will return my money? I thought it was a legal broker. But the withdrawal of funds has not been processed for more than two weeks, and I can’t get in touch with these scammers. And recently, I finally became convinced that it’s fraud. I decided to file a complaint with the FCA, but such a company was not found there. Rich Point Capital is a fake broker altogether; it doesn’t exist. Just a site with payment data, where I transferred money and lost it.

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