RH Trade is a contract for difference (CFD) broker whose official website was registered on September 18, 2023. The company primarily offers CFD trading services in forex, stocks, indices, commodities, energy, precious metals, and more to investors. The headquarters of the company is unknown. The broker's website is available in multiple languages, including English, Traditional Chinese, Simplified Chinese, Japanese, German, French, Arabic, Korean, Thai, Russian, and others. However, it does not provide services to jurisdictions where it may violate local laws or regulations.
Corporate Background and Regulatory Status:
According to publicly available information on its website, RH Trade is registered as RH Trade Ltd. The company claims to have its headquarters in Tulsa, Oklahoma, providing retail and commercial banking services in the central and southwestern United States. It is listed as one of the 50 largest financial services companies in the United States and the largest in Oklahoma, managing assets exceeding $4 billion for government and corporate clients. The broker claims to have raised over $3 billion for various projects in recent years. The website states that RH Trade is regulated by the Financial Crimes Enforcement Network (FinCEN) with an MSB ID of 31000255363121.
Upon verification, it was found that RH Trade is only a non-member of the National Futures Association (NFA) and is not regulated by the NFA. FinCEN's mission is to protect the financial system from illegal use, combat money laundering and related crimes (including terrorism), and promote national security through strategic utilization of financial authorities and the collection, analysis, and dissemination of financial intelligence. It does not provide regulation for financial derivatives trading.
RH Trade's website design closely resembles that of several other brokers, including Varna Trade, Kaerm IM, HCapitalForex, Arlington Asset Investment Corp Ltd, Huigu Limited, suggesting that these broker websites may be using the same template to create multiple sites. They are registered with FinCEN and the NFA, potentially to confuse investors.
Additionally, as of November 14, 2023, RH Trade's website has been registered for less than two months.
Account Opening:
To open an account with RH Trade, users need to register on its official website. The registration process requires providing name, personal email, phone number, country, residential address, uploading identification documents, choosing and setting a login password. The broker also requires users to fill in an invitation code registration form before submission, although a normal registration process usually does not require an invitation code.
Account Types:
RH Trade's website does not mention specific information about trading accounts. In the frequently asked questions section on its website, the broker claims to offer floating spreads as low as 1 point, leverage ranging from 1:100 to 1:500. However, detailed information on minimum deposit, trading commissions, margin levels, stop-loss levels, minimum trade volume, and other trading details are not explicitly disclosed.
Trading Platform:
RH Trade only provides a proprietary web-based trading platform for users. This platform's rules are highly opaque, and users may experience price manipulation and slippage, along with high trading fees.
Deposits and Withdrawals:
The broker's website does not disclose specific information about deposit and withdrawal methods.
Customer Support:
RH Trade only supports customer inquiries through email at support@rhtradefx.com, providing a limited means of contact.
Summary:
Traderknows advises investors that RH Trade's corporate entity registration information is unclear, and its claimed regulatory registration seems intended to mislead uninformed investors. The broker is not regulated by any official financial regulatory body in any jurisdiction, and the lack of clear information on the website, the requirement of an invitation code for registration, the use of a proprietary trading platform, and the limited contact options indicate red flags associated with potential fraudulent activities. Traderknows recommends traders to stay away from this platform to avoid unnecessary financial losses. Additionally, RH Trade's website design appears to be a template shared with VLC Trade LLC, OBV Trade MT5, SXHJAS GLOBAL LIMITED, ASEX CAPITAL GROUP LIMITED, KFCP GLOBAL LIMITED, Cberry Wt, Varna Trade, Kaerm IM, HCapitalForex, Arlington Asset Investment, Huigu Limited, indicating a potential network of related websites using the same template. As of now, RH Trade has been marked as a "boiler room" on Traderknows.
