On-line since:
Country of origin:
Regulation:
Payment options:
Minimum account size:
Minimum lot size:
Leverage:
Spreads:
Rietumu Bank is part of the large Latvian financial holding company Rietumu Group. This is a private Bank of Latvia that also provides brokerage services under the Rietumu FX brand. The Bank has been operating since 1992 under the FCMC license and offering services on the FX market since 2010.
Rietumu FX has access to all world's major exchanges, and its extensive network of counterparties enables the company to find the best prices for the execution of OTC (over the counter) deals. Rietumu FX offers its clients voice trading opportunities by using Rietumu trading desk.
The official website of Rietumu Bank is available in Russian, as well as in Latvian and English.
Trading conditions
The broker offers the following trading instruments – currency pairs, commodities, indexes, bonds, precious metals, stocks, futures, options, and CFD contracts. Rietumu FX has two account types: silver and gold. Each account has its own trading conditions. The gold account features narrow spreads and separate transaction fees. The maintenance fee is specified and based on the market value of the asset (turnover). The silver account has a wider spread without commissions. Bank fees are included in the spread. With the help of the mobile platform RB Trader Station, you can open a demo account and try your hand at trading without additional registration.
If you want to open a real account with Rietumu FX, you need to fill out a client questionnaire and send it by email.
Trading platforms
RB Trader Station is a powerful multi-functional platform that provides access to global markets with an exhaustive range of assets via a single interface. The platform supports more than 50 different types of orders and algorithms, as well as offers advanced tools for trading and position management. The mobile app of RB Trader Station enables you to trade from your account from almost any mobile device.
Support service
The support service is accessible 24 hours a day, 7 days a week by phone, e-mail, or feedback form. You can contact the customer service technical department by phone, email, or using a feedback form. The web site has an online chat.
Deposits and withdrawals
Rietumu FX allows only one payment method – wire transfer. To withdraw profit, you need to fill out an application. The request is processed within 10 banking days. The fee is up to $25.
Feedback
Reviews on Rietumu FX are quite contradictory. Some of them look like fabricated reviews to low the profile of the broker. However, there are also real complaints from traders. They are not pleased with the blocking of accounts, as well as problems with withdrawing funds. Withdrawing funds from Rietumu FX is a very difficult task: the application process takes too much time and transfer fees are high. In addition, the broker quite often delays the review period. Traders also write about having difficulty withdrawing funds. Moreover, on the Internet, there is information that the bank has been involved in several lawsuits.
Advantages and disadvantages
Advantages:
- regulated and licensed broker that is part of a major bank holding company;
- narrow spread without commission;
- several trading accounts;
- wide range of trading instruments;
- demo-account.
Disadvantages:
- complicated process of opening a real account;
- lack of training section for novice traders;
- high initial deposit;
- no bonus program;
- only one payment method;
- no information support for traders: economic calendar, current news, etc.
Conclusion
Rietumu FX is licensed and managed by a reputable financial regulator. The broker is part of one of the largest banks in Latvia. On the one hand, Rietumu FX looks attractive and reliable. However, beginners may be deterred by a high initial deposit and the lack of training materials. Traders should also be wary of a large number of negative reviews, as well as information about legal proceedings with the bank, which affects the company's reputation.
