Hello everyone, After a hiatus, we are back again with another amazing review article. This time, we will be talking about RIVA FX, a new proprietary trading firm launched in the middle of 2022. Although unlike most prop firms, we could not contact or did not sign up with their funding models, as their customer support has been providing the most unsatisfactory service. Thus, we could not jump in at risk with this new and inactive firm. However, based on the traders’ community reviews, we are here to give you a brief overview of the prop firm Riva FX.

Who is RIVA FX

Riva FX states that they have “built RivaFX to be the most transparent and trader-friendly prop firm.” However, there is no example or proof of the people working behind them. They are not authorized or have any legal license for the business. They have stated no address or communication opportunity to verify their legitimacy. After a long time, we have probably found a fishy prop firm in the middle of this trendy business.

Pros

Cons

1.  Receive 2 to 8 forex signals daily.

2.  Monthly aim of 300 pips

3.  4 years of strong and steady performance.

4.  Money back guarantee is valid for 60 days.

1.  Not providing free signals

2.  According to monthly subscription

3.  High cost

4.  Insufficient knowledge of the Forex market and its operation

5.  Insufficient knowledge of various currency pairings

6.  Lack of expertise in identifying indicators

7.  Some calls are being held for too long, resulting in losses

8.  There is no explanation behind trading

9.  Historical performance is mostly unproven


Riva FX Funding Models

Riva FX has three types of Funding Models.

Fast Track Program

This program is meant for low to high-level experienced traders with a two-stage evaluation and scaled funding goal options. The lowest cost, most trader-friendly.
Profit Target– 5.9% for Step 1 , 4.9%. for Step 2
Maximum Drawdown– 5%,
Minimum Trading Days– 5 in per step.
Phase 1– 30 calendar days from the date you receive access to the account.
Phase 2– 60 calendar days from the date of receiving access to your account.
Profit-share– 70%
The first program is a 2-phase program that enables traders to pay half the fee for phase 1 and the other half if they pass to phase 2. This is a great way for traders to reduce their risk and increase their chances of success and ability to retry.

Pros 1

Rapid Scale Program

The Rapid Scale program goal is to provide you with the best chances of success. This is an Evaluation with 1-step simulated account
Profit Target– 5
Maximum Drawdown– 5%,
There are no minimum trading days.
The challenge has unlimited free retries to pass if the account ends in profit, but does not meet the 5% target.
You will have 30 days to reach the target of 5% profit to gain your funded account, which offers a 50% profit split.
Profit-share– 50% with rapid scaling.
Payouts can be requested at anytime, once per week.

Rapid Pass Program

This the fastest way to test your skills and qualify for a profit-share funded account.
Profit Target– 7.9%
Maximum Drawdown– 8%,
There are no minimum trading days.
It takes a minimum of 1 day to get the benefits of an instant funded account but with 40% more capital in the profit share funded account and without the risk of losing large fees.
The challenge has unlimited free retries to pass if the account ends in profit.
You will have 30 days to reach the evaluation profit target to gain access to your funded account, which offers a 50% profit split. 
Profit-share– 50%
Payouts can be requested at any time, once per week. There is no minimum profit requirement.

Price of Riva FX Funding Models

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Top Features of the RIVA FX

Here are some of the major features of the Prop Firm RIVA FX.

1. Even though they say there are unlimited retakes, they charge a fee equal to the sign-up fee for the original plan minus 10%. You can only reset the same plan in the account. There is no reset offered on funded accounts.

2. You can Trade News with No Restrictions.

3. Meet Know-Your-Customer (KYC) requirements for authenticity and verification.
Documents to be provided for KYC and account purposes include:

– An official government ID, preferably a passport or driver’s license.
– Proof of Address documents, such as one of the following: Bank statements (redacted details accepted), utility bills, phone bills, or tax documents are accepted as long as they are clear and contain your full and exact name and address.
– Signed agreements with RivaFx and its prop firm partner, Monata Ltd. 

4. Available Currencies- USD, Euro, JPY, CHF, AUD, NZD, and gold. 

5. A maximum of 9 open trades at any one time. 

6. All trades must be closed on Friday by 5 p.m. Eastern U.S. time.

7. You must close all trades before the weekend starts or risk them being closed automatically along with your account.

8. They have a custom broker; DIS Deal Investment Solutions.

9. Leverage 1:50 to 1:200.

10. 1.5x Scaling everytime you reach 9%.

11. Wide Spread, especially during the news hours and the opening & the overlapping sessions period.

12. 5% Commission. This is a large number for the traders who aim to earn a good profit.

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