Richamster is this a scam? Review and Customers Reviews

Richamster – it’s ukrainian exchanger it is not much known about the service: owners, registration, contacts with the administration. However, the service offers a good choice of currency pairs (fiat and cryptocurrency), as well as a quick registration system.

But can the service provider be trusted? Richamster – is it a scam or a serious project? Let’s analyze all the facts and make our own conclusions.

 

 

Why Richamster

Richamster has an interesting concept: the symbol of the exchanger is a hamster, which people associate with savings and wealth. It’s cryptocurrency exchange in which you not only buy and sell Euros, but also use trading signals and technical tools to find the most opportune moment and profit. The analytics are provided in TradingView – provider, which provides, for a fee, all sorts of plugins that are loaded into any resource. There are 13 popular cryptocurrencies and three types of fiat, which is pretty good (How to Make Money on Cryptocurrency?). Other advantages include:

• A mobile app that users have rated 4.9 out of 5 (so far only for Android).
• Small commission (1% for deposit and 5 UAH for withdrawal plus about 0.25% for the transactions themselves).
• An interesting loyalty program (auction).

Otherwise, it is quite an ordinary service with very little information (no news, articles, direct contact with company representatives, etc.). And, although the owners of the site richamster.com promise fast transaction processing and communication with the helpdesk, but we could not find any confirmation of this. As, in fact, there is no way to contact the customer service in the desktop version.

 

 

How to buy cryptocurrency on richamster.com platform

To buy cryptocurrency through Richamster you will need to register. Specify a username (login), e-mail, set a password and confirm that we are not U.S. citizens/robots. As confirmation, you will need to follow the link in the letter from the administration of the resource. The same link will duplicate the username and password.

 

Next, we pass the verification, add balance and proceed directly to the exchange. The platform can be divided into two halves. On the left you see a graph of changes in exchange rates, which is used for analysis and building a trading strategy. On the right side is an exchange form. If you are not an experienced trader, you do not need any analytics: you can only use the exchange form, buying or selling the desired asset. Users with exchange skills will be able to assess risks and choose the best moment to make a deal (Cryptocurrency Trading Strategies). We choose in the right column “Market” a currency pair (what we buy and what we sell), then we set the amount of c.u. in the column “Buy” or “Sell” and we press “Buy”/”Sell”. The request is sent to the support service, where it is processed and executed, if there are no violations.

 

 

Verification on the Richamster platform

Verification is a prerequisite for using the service. You must confirm your identity to be able to buy/sell currency. In the personal cabinet you must specify the full data about yourself (full name, date of birth, phone number, car number (if any), passport data, registration address) and upload a scanned copy of your passport.

 

 

Terms of buying cryptocurrency

Buying cryptocurrency on Richamster is available to verified adults. The platform cannot be used by US residents – there are no other territorial restrictions. As we wrote above, there are 13 cryptocurrency varieties: Bitcoin, Dogecoin, Ethereum, Cardano, Waves, NEM, KUB, Dignity, Dash, Litecoin, Monero, Karbo, Aeneas. And three fiat currencies: euro, American dollar, Ukrainian hryvnia.

It is available to deposit via cryptocurrencies and Interkassa (in the case of fiat currencies). In the latter case, the cashier is an intermediary, charging an additional fee, but transactions are made using debit cards VISA/MasterCard, systems Perfect Money, AdvCashNixMoney and all the same cryptocurrencies/cryptoexchanges (Bitcoin, Exmo, BitcoinCash, Ripple, Ethereum, Zcash, Tether, Litecoin). Fees are charged for deposit/withdrawal and the exchange itself.

Deposit and withdrawal limits

Deposit limits in the service are set within 1-149 500 UAH. When the amount exceeding this maximum is specified, an appropriate notification appears. The withdrawal limits are not stipulated in any way, probably, they are prescribed on an individual basis.

Richamster Commission

Richamster charges two types of commission for deposit/withdrawal and for direct exchange. In the first case, it is 1% (for deposits)/5 UAH (for withdrawals) for fiat currency and 0.0005 BTC/0.001 LTC/0.1 KRB/0.001 ETH/0.2 ADA/1 XEM/0.01 Waves/200 DIG/1 DOGE/0.01 XMR/0.01 DASH for cryptocurrency deposits (no interest). In the second – about 0.25% from each lot (the amount varies and is usually specified in the “Rates” on the site richamster.com).

 

Richamster Bonuses

Richamster offers its users an interesting loyalty program: each of them can bid on an auction to buy lots (those or other promotions) which give privileges. The customer’s status in the program is formed taking into account the number of shares:

• “Trader” – from 1 share in the account.
• “Observer” – more than 10 shares in the account.
• “Advisor” – over 100 shares.
• “Investor” – 1000+ shares.
• “Director” – 10,000 or more shares.

And a discount from the trading commission. In the end, thanks to this action, the interest paid to the exchange is reduced to zero.

 

Referral program

The provider does not have a referral program; all possible privileges clients receive as part of the loyalty system described above.

 

Complaints at richamster.com

There are practically no reviews about Richamster. Mostly the software is evaluated positively: customers note the convenience and competent technical support. And yet written comments are too general, without specifying factual information, reviews raise doubts about their truthfulness.

 

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Richamster regulation

The issue of regulation of cryptocurrency exchanges and other resources related to virtual currencies is very complex, as there is still no clear regulatory framework for blockchain. Still, individual service providers are registering activities in order to increase customer trust and loyalty. The owners of Richamster, on the other hand, decided not to do so.

Richamster Regulator

Richamster, judging by its user agreement, is regulated by the government of Ukraine and is registered there. But there are no supporting documents on the site richamster.com failed. The operator also has no license. It turns out that the legal relationship between the resource’s clients and its owners are defined only within the framework of the documents (policies) posted on the site.

Read the Richamster User Agreement on the exchange site

Richamster.com User Agreement

Richamster User Agreement is written in Ukrainian. We will analyze several paragraphs of the document so that you can get an idea of it. So, in paragraph 4.2 it says that your application for exchange can be partially executed. And the unexecuted balance is displayed by the platform in the form of a new announcement.

The exchange is carried out between the users of the service, so from the moment the c.u. is transferred from the account to the account the obligations of the operator in relation to both parties are considered fulfilled (clause 4.7). All taxes and fees of third parties are paid by you (clause 4.8). It is interesting that there are two clauses under this number in the agreement.

Also, Richamster is not responsible for the terms and conditions of ads posted by account holders and the quality of their performance (Section 5.2). You are not guaranteed fast performance (clause 5.3).

The operator has the right to cancel any transaction unilaterally and without giving a reason (clause 5.5).

There are security fees for each transaction (you pay them to the operator to prove your solvency). Paragraph 6.2.8 of the user’s obligations states: you bear the risk of losing them if the platform’s servers are seized by law enforcement or blocked by the relevant authorities. That is, we are explicitly told that the resource is illegal, and we use it at our own risk.

Your debt to Richamster can be assigned to a third party (Section 11.4). Say, the same collectors.

 

Is Richamster a scam?

Richamster – is an offshore service provider with the pros and cons of this format of operation. The platform practically does not limit you in the deposit amount, offers a good selection of cryptocurrencies, low commissions and an interesting bonus program that reduces them. However, you won’t be able to make a claim and get your assets back if something goes wrong. And we are not only talking about a failed transaction, but even about a simple detection of the service provider by law enforcement agencies (this point, by the way, is spelled out in clause 6.2.8 of the User Agreement).

And it is not possible to contact the company with any questions: there is no contact number or email, and in Telegram a bot answers you, through which there is no way to get in touch with representatives of the resource. There is every reason to believe that Richamster is a scam (if not in the literal sense, then in terms of guarantees), but we have no right to say for sure.

 

Conclusion

Richamster does not look like a reliable platform for a number of reasons:

• A sparse and uninformative site, as if created hastily.
• Provider disclaims any responsibility for the execution of transactions.
• The service is positioned as an exchange, but there is no license to conduct brokerage activities.
• Reviews online seem to be custom written and are only present in the Google Play Market – no mention of Richamster anywhere on the web.

At the moment we do not recommend to use the service. Or, if you do decide to try it, invest a minimum amount in it the first 10-20 operations.