Unique Selling Points
1. Rich Parent Company Heritage: Rietumu FX has a strong affiliation with Latvia's Rietumu Bank, established in 1992. Over the years, the bank has grown substantially, becoming a prominent financial institution in the region. In 2021, Rietumu Bank achieved recognition by securing a place among the top ten highly-rated companies in the TOP 101 ranking, a prestigious evaluation conducted by Prudentia Company in collaboration with the Nasdaq Riga Stock Exchange. Notably, the bank is also known for its support of the Latvian national hockey team at the Ice Hockey World Championship and its involvement in noteworthy lending projects, such as the "Kadrioru Plaza" office and residential complex in Tallinn. Additionally, Rietumu Bank has contributed to the restoration of St. James' Cathedral, the oldest church in Riga, through its charity fund "Nākotnes Atbalsta fonds."
2. Special Trading Sessions: Rietumu FX offers clients access to special trading sessions for specific financial instruments. These sessions align with the trading hours of underlying future contracts on CME and ICE exchanges, ensuring precision in timing. Notably, the break times for different instruments are as follows:
For XTI: A break occurs from 00:00 to 01:00 Riga time.
For XBR: The break lasts from 00:00 to 03:00 Riga time.
For XAU, XAG, XPT, and XPD: There is a break from 00:15 to 01:00 Riga time.
Comprehensive Customer Protection Policies: Rietumu FX operates under the regulatory oversight of the Latvian Financial and Capital Market Commission (FCMC). This regulatory commitment requires the broker to adhere to stringent guidelines and frameworks. Rietumu FX prioritizes customer protection by maintaining clients' funds in segregated accounts and participating in compensation programs. In the unfortunate event of losses resulting from non-fulfilled investment services or irreversibly lost financial instruments, each Rietumu FX client is guaranteed compensation, which can reach up to 90% of the loss value, capped at EUR 20,000, and paid in euros. Furthermore, Rietumu Bank's website educates clients about potential threats to their accounts and how to mitigate them. The Deposit Guarantee Law, enforced in Latvia since 1998, is in place to safeguard clients' funds.
Introduction
Rietumu FX, a globally recognized brokerage firm headquartered in Riga, Latvia, offers a comprehensive overview for potential account holders and traders. Founded in 2008, it operates as an affiliate of the Latvian RIETUMU bank, which was established in 1992. Rietumu FX specializes in Forex trading, offering access to nearly 60 currency pairs, precious metals, commodities, and Social and Share Dealing trading.
Today, Rietumu FX provides its clients with the convenience of voice trading through the Rietumu trading desk. This feature allows individuals to carry out transactions in stocks, bonds, futures, and options with the assistance of professional brokers. Rietumu has access to major global exchanges and a wide network of partners, enabling them to secure the most favorable prices for over-the-counter (OTC) transactions.
This Rietumu forex broker review aims to assist traders in making an informed decision regarding the broker's services.
Supported Countries
Rietumu Bank primarily conducts its operations in the Baltic region and various European Union (EU) nations. Since Rietumu FX operates as a subsidiary of the bank, it is reasonable to assume that it functions within similar geographical areas. However, the broker's website does not explicitly state the countries it accepts. Nevertheless, some online reviews suggest that Rietumu FX accepts clients from Germany, Latvia, China, and France.
Although Rietumu FX does not provide a list of countries where its services are not offered, clients in countries such as the United States of America, Cuba, Syria, North Korea, and Iran are not allowed. Also, it refrains from offering its services in countries where such activities are expressly forbidden or in nations currently under sanctions.
Customer Service Rating
Despite Rietumu FZ's established presence in the industry, it notably lacks any reviews on Trustpilot and ForexPeaceArmy, which are widely recognized as leading platforms for trustworthy evaluations. However, one can find a mix of opinions about Rietumu FZ when exploring forex-broker-rating.
Certain clients characterize Rietumu as a conservative firm but acknowledge that the broker's strict adherence to regulations enhances its reputation as a dependable and stable company. On a more positive note, users commend Rietumu for offering a wide array of trading instruments and the flexibility to employ various trading strategies.
Conversely, some traders voice concerns, alleging that Rietumu may manipulate quotes within its platform, a practice they deem unacceptable.
RIETUMU FX Trading Platforms
Rietumu offers its clients a range of options to access the financial markets through various trading platforms. Customers can choose from the following platforms:
MetaTrader4 (MT4): Rietumu FX operates on the MetaTrader 4 platform, a popular choice among traders worldwide since 2005. MT4 is a versatile platform that allows users to trade a wide variety of assets through a user-friendly interface. It supports over 50 different trading orders and algorithms. The RB Trader Station is another option, providing access to stocks, futures options, and numerous other instruments across more than 100 global markets. Rietumu combines the user-friendly interface of the MT4 platform with state-of-the-art Straight Through Processing (STP) execution technology, providing traders with real supply and demand conditions. This includes the ability to trade FX, metals, and energies, access market liquidity from leading banks, achieve immediate order execution through STP, benefit from tight spreads and quotes from major liquidity providers, and enjoy support for scalping without proximity restrictions on stop and limit orders.
Rietumu FX Webtrader: This web-based trading terminal from MetaQuotes allows traders to operate from any computer or operating system. Rietumu FX Webtrader offers full trading functionality, including the ability to place new orders, modify open positions, and analyze charts without downloading or installing a platform.
Mobile Rietumu FX: The mobile version of MetaTrader4 provides similar functionality to the PC version. It supports all trading functions, execution modes, and powerful technical analysis tools, except algorithmic trading functions. This mobile terminal connects to MetaTrader 4 trade servers using a trader's Account and can work with both real and demo accounts. To access a live account, users should connect to the Rietumu-Live2 server. This mobile application allows traders to stay connected and manage their trades on the go.
Type of Trading Accounts on RIETUMU FX
Rietumu FX welcomes both individual and corporate clients, offering them a choice between two types of accounts:
Silver Account: The Silver Account requires a minimum deposit of $1,000 and allows for a minimum trade size of 0.01 lot. Clients can utilize a maximum leverage ratio of 1:100. The average spreads for this account type stand at 0.4 pips.
Gold Account: Similar to the Silver Account in terms of trading features, the Gold Account distinguishes itself with tighter spreads. However, a commission is applied. Just like the Silver Account, a minimum deposit of $1,000 is necessary, and the minimum trade size is 0.01 lot, with a maximum leverage of 1:100. Spreads start at 0.4 pips, accompanied by a commission of 0.025% per round turn. It's worth noting that RIETUMU FX maintains the $1,000 minimum deposit requirement for both private and corporate clients.
Trading Denominations on RIETUMU FX
Rietumu FX allows clients to denominate their accounts in USD or EUR. However, this choice may appear somewhat limited when compared to other brokers who provide a wider range of account denomination options to cater to their client's preferences.
Company Structure
Rietumu FX, a subsidiary of Rietumu Bank, which was established in 1992, operates under the regulation of the Latvian Financial and Capital Markets Commission (FCMC). This regulatory oversight ensures that Rietumu FX adheres to the rules set forth by this reputable European financial market authority.
The parent company of Rietumu FX, Rietumu Bank, has its official registration and headquarters situated in Latvia. It is identified by Registration No. 40003074497 and VAT No. LV40003074497. This location and registration details affirm its presence and operations in Latvia. 2018 Rietumu Bank adjusted its business strategy to align with the latest regulatory requirements. This strategic shift received high praise from Latvian supervisory bodies and international partners, bolstering Rietumu FX's reputation as a trusted company.
While Rietumu FX doesn't display any awards on its homepage, it's worth noting that its parent company, Rietumu Bank, has earned a place among the top ten highly rated companies in the TOP 101 ranking, a collaborative effort between Prudentia Company and the Nasdaq Riga Stock Exchange. This recognition further enhances its credibility in the industry.
RIETUMU FX Licenses and Regulatory Compliance
RIETUMU FX operates under the regulation of Latvia's Financial and Capital Market Commission (FCMC), holding license number №018/245. While this regulatory oversight provides a level of security, some potential clients may express concern due to the absence of supervision from top-tier regulatory bodies.
RIETUMU Forex Customer Protection
Operating under the regulatory oversight of the Latvian FCMC, Rietumu FX is bound by strict guidelines and regulations that prioritize customer protection. Among the measures in place is the practice of keeping clients' funds in segregated accounts and active participation in compensation programs.
Furthermore, Latvia's Deposit Guarantee Law, effective since 1998, reinforces the protection of clients' funds. Under these protective policies, each Rietumu FX client is assured of compensation amounting to 90% of the value of financial instruments irreversibly lost or losses resulting from unfulfilled investment services. However, this compensation is capped at EUR 20,000 and is paid in euros.
Additionally, Rietumu Bank offers valuable education to its clients through a dedicated webpage, providing insights into potential account compromise risks and offering guidance on safeguarding user accounts. Rietumu FX employs advanced encryption measures to fortify security further, ensuring that clients are shielded from various forms of cyber threats and attacks.
Customer Service
Rietumu FX offers several convenient ways for clients to contact their customer support team. You can get in touch with their support team via phone at (+371 6702 55 55), fax at (+371 6702 55 88), or email at ([email protected]). Their support services are available in English, Russian, and Latvian and are accessible from 09:00 to 23:00, according to Riga time. However, the platform lacks a Live Chat feature on its website and a dedicated FAQ page.
Trading Information
On the Rietumu FX platform, traders will find quotes available for trading from Monday at 00:00 to Friday at 23:59 Riga time (UTC +2). However, there's a brief daily maintenance period from 23:59 to 00:02 Riga time (UTC +2) when quotes aren't accessible.
The sessions align with the underlying futures contract trading times on CME and ICE exchanges for metals and energies trading. Margin requirements are following the regulations set by the European Securities and Markets Authority (ESMA). Specifically, the initial margin is set at 1/10 of the standard for hedged positions.
It's important to understand that the quotes displayed on the platform are indicative. The actual execution price depends on the prevailing market price and size at the moment of the trade. Rietumu FX's platform is designed for swift execution and doesn't employ price smoothing mechanisms. Commissions on trades are calculated based on the trade value of the transaction and are as follows:
For Forex: 0.025% round-turn
For Spot Metals and Spot Energies: 0.05% round-turn
As for order sizes, the minimum is 0.01 lots, while the maximum stands at 100 lots. Larger order sizes may be accommodated with prior consent. If you opt for the gold account, you can benefit from spreads starting at 0.1 pips. Specifically, for EUR/USD, the spread typically amounts to approximately 0.4 points. This is considering a commission of 0.025% round-turn for forex and 0.5% round-turn for metals.
Tradable Instruments
Regarding the trading instruments offered by Rietumu FX, it's worth noting that the selection is somewhat limited. The platform primarily focuses on providing access to
Forex pairs
Precious metals
Energies
Shares
Commodities
While these options can be suitable for many traders, it's important to recognize that clients won't find access to Cryptocurrency markets or Indices here. This limited range of assets may impact investors looking to diversify their portfolios across a wider spectrum of financial products.
RIETUMU FX Leverage
RIETUMU FX provides a maximum leverage ratio of 1:100 for its available instruments. It's important to note that the actual leverage a trader can access may vary depending on factors such as the type of instrument, the trader's country of residence, and the prevailing trading conditions.
Deposits and Withdrawals
Deposits
When it comes to depositing funds on Rietumu, traders are required to complete a cash funds transfer order within their dashboard area. Deposits can be made through internal bank transfers during the hours of 09:00 to 17:30 Riga time (UTC +2), with support for USD and EUR only.
However, this method of depositing funds is somewhat limited. Clients cannot access various other deposit options such as credit cards, Neteller, Skrill, and more. Regardless, if the currency you send doesn't match the denomination of your trading account, Rietumu will automatically convert it to the Account's currency. It's worth noting that the exchange rate applied in such cases may not always be advantageous to the client.
Withdrawals
Similar to the deposit process, clients are required to initiate a cash funds transfer order within their dashboard area when making withdrawals. Rietumu FX typically processes withdrawals swiftly within 1 to 2 business days. This ensures that clients can promptly access their funds when needed.
RIETUMU FX Trading Education and Training
Trader education is a crucial aspect of attracting clients, but Rietumu FX appears to offer limited educational support for traders. Notably, the platform lacks mention of specific educational resources.
However, it's important to note that Rietumu FX does grant clients access to daily market news reviews and fundamental insights from top analysts. Additionally, it provides newswires from global news agencies such as Dow Jones, Reuters, and theflyonthewall.com, which can be valuable sources of information for traders looking to stay updated on market developments.
FAQs
Is RIETUMU FX a Scam?
RIETUMU FX is a legitimate online brokerage firm that operates under the regulatory oversight of the Latvian Financial and Capital Market Commission (FCMC) with license number №018/245. This regulatory authority ensures that RIETUMU FX adheres to strict guidelines and regulations, providing a level of security and transparency for its clients.
As for customer reviews, some positive aspects noted by clients include RIETUMU FX's reputation as a stable and reliable company. On the downside, some traders have raised concerns about potential issues related to quote adjustments within the platform, which they find manipulative. Additionally, RIETUMU FX has limited educational resources available for traders, which could be a drawback for those seeking comprehensive learning materials.
How do I open a RIETUMU FX trading account?
To open a Rietumu Forex trading account, follow these straightforward steps:
Visit the official Rietumu website.
Navigate to the "Brokerage" section in the main menu.
Locate and click on the "Open An Account" button.
Download the Client application form designed for operations in the financial instruments market.
Complete and sign the document as required.
Send the completed form via mail to the provided address.
Based on your submitted document, the bank will assign you one of the following client statuses: eligible counterparty, professional client, or retail client, as specified by the Law of the Financial Instrument Market of the Republic of Latvia.
Fill out the appropriate form and undergo a basic "know your customer" (KYC) process. This step ensures the accuracy of your submitted details and safeguards the security of your funds and account information.
Submit all the necessary forms.
Download the MT4 trading platform, which is used for trading on RIETUMU FX.
Finally, proceed to fund your Account before you can start live trading.
Conclusion
This Rietumu FX broker review provides valuable insights into several key aspects of this brokerage firm. Rietumu FX offers traders access to the MetaTrader 4 (MT4) platform, known for its versatility and functionality. This platform is available for various devices, including web and mobile versions. Rietumu FX provides access to Forex pairs, Precious metals, Energies, Shares, and Commodities, which, while decent, may not offer the diversification options some traders desire.
Clients can choose between Silver and Gold accounts, each with its unique features, including spreads and commission structures. Rietumu FX provides a maximum leverage ratio of 1:100, although it may vary depending on the instrument type and other factors. In addition, platform clients can denominate their accounts in USD or EUR, although this limited choice may not suit all traders. Deposits can be made through internal bank transfers during specified hours. Withdrawals are processed promptly within 1 to 2 business days.
While Rietumu FX caters to clients in various regions, it's important to note that some countries might be restricted. It's advisable to check their official website for the most up-to-date information. Rietumu FX operates under the regulatory oversight of the Latvian Financial and Capital Market Commission (FCMC) and holds license number №018/245, ensuring a level of regulatory compliance and transparency.
The platform claims to prioritize client safety by keeping funds in segregated accounts, participating in compensation programs, and offering insightful market news and analyses. Customer support is available during specific hours and in multiple languages. However, educational resources are somewhat limited, which may be a drawback for those seeking comprehensive learning materials.
