Riyadex Review 2026: Regulation, Accounts, Fees and Red Flags

Short answer: Riyadex is an MT5-only CFD broker run by Riyadex Financials (Pty) Ltd, which the FSCA register lists as an authorised financial services provider, FSP 52504, since 23 September 2022. Accounts start at $10 (Standard and Cent) and go up to $10,000 (ECN), with leverage up to 1:500. The catch: the register lists the company as an intermediary for derivatives, while its Client Agreement says it issues CFDs as principal, and we could not find it on the FSCA’s list of OTC derivative providers.

How this review was made: we read every legal document on riyadex.com, its account, fee, FAQ and platform pages, and searched the FSCA, Kenya’s Capital Markets Authority, the FCA, IOSCO’s I-SCAN warnings database, UK Companies House and the RBI Alert List, all as of 23 October 2026. We have not opened a live account, so there are no measured spreads or withdrawal times here.

Riyadex in four numbers. Source: Riyadex website, Client Agreement and the FSCA register, October 2026.

Riyadex at a glance

Entity you sign with	Riyadex Financials (Pty) Ltd, Cape Town, South Africa, registration 2021/775225/07
Regulator	FSCA (South Africa), FSP 52504, authorised 23 September 2022
What the licence covers	Category I FSP; derivative instruments as “Intermediary Other” on the FSCA register
Account types	Standard, Premium, ECN, Cent
Minimum deposit	$10 / $5,000 / $10,000 / $10 on the account page; the FAQ says $100
Commission	None on Standard, Premium and Cent · $5 on ECN
Leverage	Up to 1:500 on every account
Platform	MetaTrader 5 only (desktop, web, iOS, Android), plus copy trading
Account currencies	USD, EUR, GBP
Deposit and withdrawal fees	$0 from Riyadex; third-party charges passed on
Inactivity fee	$10 per month after six months without trading
Not available to	16 listed countries, including the US, Russia, Ukraine and Israel

Is Riyadex safe and legit?

Riyadex is a trading name of one company. The footer of every page says “Riaydex is a trading name used by Riyadex Financials (Pty) Ltd” (the misspelling is in the original) and that the company is regulated by the FSCA of South Africa under FSP No. 52504 and registration number 2021/775225/07, with an office at 1 Edgemere Road, Elfindale, Cape Town (source). The Client Agreement, dated v.04.2026, names the same company as your counterparty and says the agreement is governed “exclusively by the laws of the Republic of South Africa” (Client Agreement).

What the FSCA register shows

We searched the FSCA’s financial services provider register for FSP 52504 in October 2026 (FSCA). It returned:

Field	FSCA register
Name	RIYADEX FINANCIALS (PTY) LTD
Status	Authorized
Registration number	2021/775225/07
Date authorised	23/09/2022
Physical address	1 Edgemere Road, Elfindale, Cape Town, 7945
Representatives	“This FSP doesn’t have any Representatives”
Derivative instruments	Category I, marked under “Intermediary Other” only

So the licence is genuine, and the company name, number and address match the website. Two things on the register do not match what Riyadex tells clients.

Intermediary or principal? Clause 7.1 of the Client Agreement says Riyadex is authorised as an “Over-the-Counter Derivatives Provider (‘ODP’) authorized to issue and trade CFDs as Principal”, and clause 7.4 says it “acts as Principal with respect to all CFD orders”. The FSCA register lists derivative instruments only in the intermediary column, with no advice permissions. The FSCA also runs a separate search of authorised OTC derivative providers. A search for “Riyadex” there returned “No results found” on 23 October 2026, while the same search for another broker’s name returned its approved entries (FSCA ODP search). We could not confirm the ODP status the Client Agreement claims. Ask Riyadex for its ODP approval before you deposit.

The legal disclaimer says something else again. It describes the company as authorised “to deliver advice and intermediary services on an execution-only basis” and says it “operates with duly authorized representatives” (source). The register shows no representatives and no advice category for derivatives.

The “CMA” claim

The homepage says “Licensed by the CMA and FSCA”, and the About page says Riyadex is “licensed and regulated by CMA and FSCA” (homepage, About). Neither page says which country’s Capital Markets Authority, and no CMA licence number appears anywhere on the site. The Legal page lists only the FSCA licence (source). Kenya’s CMA licensee lists and site search returned nothing for Riyadex in October 2026 (CMA Kenya licensees, CMA Kenya search). Treat the CMA licence as unconfirmed until Riyadex names the regulator and a number you can check.

The UK company

The footer names Valdora Ltd, UK company number 17354811, as “an independent representative of Riyadex Financials (Pty) Ltd”. Companies House shows Valdora Ltd as an active private company incorporated on 22 July 2026, with an accountant’s office as its registered address (Companies House). Riyadex does not say it is FCA-authorised, and the FCA website search returned no results for Riyadex (FCA). A UK address does not give you any UK protection here.

Regulator warnings

We found none. IOSCO’s I-SCAN database, which collects warnings published by its member regulators, returned “There are no warnings that match your search criteria” for Riyadex (I-SCAN). The FSCA enforcement actions search also returned no results (FSCA). No warning is not the same as approval: a broker that is a few years old may simply not have drawn attention yet.

What protection you do and do not get

• Complaints: you can escalate to South Africa’s FAIS Ombud if a complaint is unresolved after four weeks, and must do so within six months (Complaints policy).
• Client money: clause 18.1 says client money sits in segregated trust or escrow accounts. Clause 18.2 adds that money passed on as margin collateral is a full ownership transfer, “rendering clients general creditors in insolvency events”, and clause 18.4 says Riyadex bears no liability if a bank holding client funds fails (Client Agreement).
• Liability cap: clause 29.6 caps Riyadex’s total liability at the service fees you have paid.
• No compensation scheme: none of the documents we read mention an investor compensation scheme, insurance for client funds or membership of a private dispute fund.

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How Riyadex makes money

Riyadex markets “no dealing desk intervention” and spreads “passed through without markup” (Forex page, homepage). Its legal documents describe a different set-up:

• Clause 7.2: Riyadex will “act as counterparty to transactions”.
• Clause 17.3: “CFD price quotes are generated by Riyadex and may differ from external market feeds.”
• The fees FAQ says Standard accounts carry no commission “because brokerage fees are included within the spread markup” (source).

In plain terms, Riyadex is the other side of your trade, it sets the prices you trade on, and the Standard spread includes its margin. That is common for CFD brokers. The “no markup” wording on the marketing pages does not match it.

Riyadex account types

	Standard	Premium	ECN	Cent
Minimum deposit	$10	$5,000	$10,000	$10
Spreads from	1.6 pips	0.9 pips	0.0 pips	1.6 pips
Commission	None	None	$5	None
Leverage	Up to 1:500	Up to 1:500	Up to 1:500	Up to 1:500
Minimum trade	0.01 lot	0.01 lot	0.01 lot	0.01 lot
Extras	24/7 support	Account manager	Senior account manager	Balance shown in cents

Figures come from the account comparison page, which also lists USD, EUR and GBP as account currencies, support for Expert Advisors, and forex, metals, energy, indices, shares and crypto on every account (source).

Three minimum deposits. The account page says $10 for Standard and Cent. The FAQ page says “a minimum deposit of just $100. This low entry requirement applies across account tiers” (FAQ). The homepage says “No Minimum Deposit”. The MT5 and copy-trading pages also mention $100 (MT5, copy trading). Clause 19.4 of the Client Agreement only says the minimum “must be satisfied prior to account activation”. Ask support which figure applies to your country before you send money.

ECN commission. The account page says “$5” without saying whether it is per side or round turn. On EUR/USD one standard lot is worth about $10 per pip, so a $5 charge equals about 0.5 pips if it is round turn, or 1.0 pip if it is charged on each side. Confirm this before comparing ECN with Standard.

Fixed or variable? The account FAQ calls the Standard account “a fixed spread structure starting from 1.6 pips”, while clause 38.2 of the Client Agreement says spreads are variable “without fixed caps”. The legal document is the binding one, so expect spreads to widen in fast markets.

Which account fits which trader?

• Beginner: a demo first, then Standard or Cent at the smallest size. The Cent account shows your balance in cents, so a $10 deposit appears as 1,000 cents.
• Larger accounts: Premium cuts the advertised minimum spread from 1.6 to 0.9 pips with no commission, but needs $5,000.
• ECN: only worth considering if you can verify the commission basis and are not trading in a way the Client Agreement treats as abusive (see the next section).

Trading rules to read before you start

Several clauses in the Client Agreement matter more than the marketing pages:

• Scalping is listed as abusive. Clause 14.1(l) lists “scalping, latency arbitrage, pip-hunting, news manipulation, or rate feed exploitation” as events of default. Clause 14.2 then allows Riyadex to cancel positions, block access and “confiscate abusive profits” without notice. The fees FAQ, meanwhile, says raw spreads help “high-volume traders and scalpers”. If you scalp, get written confirmation from Riyadex first. Our scalping vs swing trading guide explains the difference.
• Hedging across accounts is not allowed: clause 16.5 says internal hedging across multiple accounts renders trades invalid.
• Statements are final after one business day. Clause 15.2 says statements are binding unless you object in writing within one business day.
• Free margin withdrawals: clause 12.7 allows withdrawals of up to 90% of free margin while positions are open.
• Changes to terms: clause 26.1 allows amendments on five days’ written notice, and some changes take effect immediately.
• Margin call and stop-out: clause 12.5 refers to “pre-defined Stop Out Levels”, but we found no published figure on the website. Ask before you trade, and read our explainer on margin calls and stop outs.

Fees

Cost	What Riyadex says
Account opening and maintenance	None (source)
Deposits and withdrawals	$0 from Riyadex; “your payment provider or bank may apply external transaction charges”
Third-party banking charges	Debited from your account (clause 19.13)
Card deposits in non-major currencies	Fixed 3% conversion spread; none on USD, EUR, GBP and ZAR (clause 20.2)
Other currency conversion	Prevailing rates “subject to standard conversion mark-ups” (clause 20.1)
Swaps	Charged or credited past the 23:59 server rollover; triple swap “on Wednesdays/Fridays” (clause 38.4)
Inactivity	$10 per month after six months with no trading (clause 40a)
Dormant account	Deactivated after 12 months inactive; KYC update needed to reactivate (clause 40b)
Closing a terminated account	Fee equal to the balance if under $50; handling fee up to $50 above that where funds cannot be returned (clauses 40e, 40f)

Clause references are to the Client Agreement (source). The fees page also lists swap-free options without giving their terms. The Client Agreement does not say whether the triple swap falls on Wednesday or Friday for a given instrument, so check the symbol specification in MT5.

Leverage and negative balance protection

Every account offers up to 1:500 (source). At that level, a $10 deposit can control a position worth $5,000, and a 0.2% move against you wipes out the account. Clause 12.6 lets Riyadex “broaden spreads, reduce leverage, or alter margin rates” during extreme volatility or low liquidity, and clause 12.4 says margin requirements can change without notice.

Negative balance protection: the pages disagree.

• The Legal page says “Retail clients trade with negative balance protection, so losses cannot exceed the account balance” (source).
• The FAQ says “built-in negative balance protection ensures your account balance never drops below zero” (source).
• The Risk Disclosure says “Your net losses may exceed your initial deposited funds” and that if margin is not topped up, trades may be closed “leaving you fully accountable for any resulting account deficit” (source).
• Clause 12.8 of the Client Agreement lets Riyadex “offset negative balances across sub-accounts using available client funds”.

The legal documents are what a dispute would turn on, so do not count on negative balance protection.

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Deposits and withdrawals

The account page lists cards, crypto and bank transfer, and the fees page names Visa, Mastercard, Skrill and Neteller (accounts, fees). We found no per-method table of limits or times.

• Withdrawal time: clause 19.9 says requests are processed “within 1 to 5 Business Days” once identity, destination account and free margin checks are met. It does not say how long the bank or card network then takes.
• Same-name accounts only: third-party or anonymous deposits and withdrawals are “strictly prohibited” (clause 19.10), and funds normally go back to the original funding source (Refund policy).
• Deductions: the refund policy allows Riyadex to deduct bank charges, payment-provider fees and recall costs before returning funds.
• Delays without explanation: the same policy says that where the law restricts disclosure, Riyadex “may not be able to explain the reason for the delay or restriction”.
• Chargebacks: clause 19.18 says a chargeback triggers account freezing, position closure and termination.

Platforms, copy trading and support

• Platform: MetaTrader 5 only, on desktop, web, iOS and Android (source).
• Instruments: the site says 1,000+ instruments. The FAQ counts six asset classes and over 150 share CFDs; the homepage says eight asset classes. The shares page mentions extended hours on selected US share CFDs (Shares).
• Copy trading: starts from $100, with three modes (fixed lot, proportional to balance, or a risk multiplier), and you can set your own stop loss and stop copying at any time (source). The page does not list what strategy providers charge. Our copy trading guide covers the general risks.
• Support: the contact page lists [email protected] and a South African phone line, “24 hours a day, five days a week” (source), while the homepage advertises “24/7” support. The Help Centre page had a search box but no articles when we checked (source).
• Complaints email domain: the complaints policy sends complaints to [email protected] and lists www.riyadex.co.za as the official website, but that address did not load when we tried it in October 2026. Send complaints from your registered email and keep a copy.

Riyadex’s claims of “150K+” traders and “$8.5 Billion+” monthly trading volume are the company’s own figures. We found nothing official that confirms them.

Is Riyadex available in my country?

The footer of every page says “Restricted jurisdictions include, but are not limited to”: Afghanistan, Belarus, Cuba, the Democratic Republic of the Congo, Haiti, Iran, Israel, Myanmar, North Korea, Russia, South Sudan, Syria, Ukraine, Venezuela, Yemen and the United States of America (source). It adds that the restrictions apply to clients introduced through introducing brokers and affiliates.

United States: US residents cannot open an account, and clause 30.1(w) of the Client Agreement asks you to confirm you are not a “US Person”. We do not suggest offshore brokers to US residents.

India: Riyadex is not named on the RBI Alert List (updated 19 November 2025). The RBI says the list is not exhaustive and that a name missing from it should not be taken as authorised. Under FEMA, Indian residents may trade forex only in permitted currency pairs through RBI-authorised persons, recognised Indian exchanges or RBI-authorised platforms, and Riyadex does not say it holds any Indian authorisation. If you are in India, weigh this legal risk before opening an account.

South Africa and the Gulf: the About page says the company was built for retail traders “in the GCC and beyond”. Its only named licence is South African. If you live in a Gulf country, check with your own regulator whether a South African FSP may serve you.

Riyadex alternatives

If you want…	Compare
An offshore MT4/MT5 broker with a longer published track record	Ultima Markets review
A larger group with ASIC and FCA companies	Vantage review
Tier-1 retail protection	Brokers regulated by the FCA or ASIC for retail clients

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Bottom line

Riyadex Financials (Pty) Ltd is a real company on the FSCA register, and its Standard and Cent accounts start at $10 on MT5 with leverage up to 1:500 and no Riyadex fee on deposits or withdrawals.

Its paperwork claims more than the registers show. We could not find the OTC derivative provider status its Client Agreement relies on, the “CMA” licence has no country or number, the minimum deposit appears as none, $10 and $100, and negative balance protection is promised on one page and contradicted in the Risk Disclosure. Scalping is listed as grounds for confiscating profits.

If you still want to try it, ask support in writing for its ODP approval and stop-out level, start on a demo, test a small withdrawal early, keep leverage low, and only deposit money you can afford to lose.