RIETUMUFX

About company:

Rietumu FX is a brokerage company that offers trading in almost 60 currency pairs, as well as precious metals and commodities.

 

Rietumu FX is a subsidiary of the Latvian bank Rietumu, established in 1992. The broker is regulated by the Latvian Financial and Capital Markets Commission (FCMC).

 

Like most European financial market regulators, FCMC has a set of rules and requirements for the organizations it controls, such as keeping client funds in segregated accounts and participating in client compensation programs. As a general rule, all Forex brokers operating in Latvia must also be regulated by the FCMC.

 

Judging by the choice of language on the Rietumu FX website, it is mainly looking for clients from France, Germany and China (apart from Latvia). Probably Russian is intended for Russian speakers living in the country.

 

Trading conditions

Rietumu FX has two types of accounts: silver and gold. The trading conditions for both are fairly similar, except for the spreads. The silver trading account is available with higher spreads, while the gold trading account has lower spreads, but a commission is charged.

 

Unlike many Forex brokers, Rietumu FX does not offer a free demo account.

 

Minimum deposit

Rietumu FX requires a minimum deposit of $ 1,000 for both private and corporate clients.

 

Spreads and commissions

Rietumu FX offers variable spreads on both types of trading accounts. The spread for the most traded currency pair, EURUSD, starts at 3.1 pips for silver accounts, with an average of 3.4 pips. This spread is above the overall average of 1.5 pips for variable spreads.

 

Gold account spreads are significantly lower. For the EURUSD pair, it starts at 0.1 pips and is around 0.4 pips. But a commission is charged on this account.

 

Leverage

The highest value reaches 1: 100. According to the website, this leverage is for accounts with balances less than $ 250,000.

 

Trading platform

Rietumu FX says that it offers the Rietumu FX trading platform, but in reality it is MetaTrader 4 with all its capabilities, tools and versions of graphical and technical analysis: desktop, web and mobile.

 

MT4 has been around for over 10 years and is used by hundreds of brokers and thousands of traders around the world. The platform is stable and reliable, has many features, offers an API, supports PAMM and MAMM functions, and has a wide range of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading. The platform also supports hedging.

 

The QUIK trading terminal is another broker's offer, thanks to which clients can trade on the Moscow Exchange (MOEX).

 

Support service

Available 24/7 by phone, chat and email.

 

Ways of payment

We could not find payment methods on the Rietumu FX website. We assume that it at least accepts wire transfers, especially considering that it is a subsidiary of a bank.

 

Pros:

 

is a division of a European bank; regulated broker; several platforms to choose from.

 

Minuses:

 

replenishment of funds by bank transfer; high minimum deposit.