RoFx Scam Review – Know the Consequences

Many beginners in the field of trading are on the look out for a way to make money on an automated basis. While the idea of passive income is as old as time, things which are worth having will never come easy. RoFx is a forex investment portal which claims to earn it’s users risk free profits in a consistent manner.

Though, in theory their narratives or goals sound amazing, the majority of their statements contradict one another and some of them don’t make any sense. For example, they have clearly mentioned that they are a regulated entity. However, our research and the data available on many regulatory bodies clearly proves that they are not overseen by any credible authority.

Oddly, many users seem to like this platform for the ease of use they have brought into the world of trading. Nonetheless, given the fact that they have bluffed about their legality, you should never believe a word you see on their platform blindly. Go through the following heaps of data and overall information about their activities to know their real nature.

Is RoFx Regulated?

Regulated brokers in the forex sector are adored by the retail clients as they provide a sense of security to their customers and embrace high standards. Note that, just because a broker is regulated, you shouldn’t proceed with them with big deposit amounts as not all financial regulatory bodies are the same.

For best trading experience with least amount of conflict of interest, look for brokers who are regulated by ASIC, FCA. Furthermore, the reputable regulatory bodies force the underlying firms to keep segregated accounts and have a compensation scheme in place in case of unforeseen events. RoFx claims to be regulated, but there is no trace about them on any database.

So, the fact that they are lying is undeniable. On their platform, we did find a lot of contact information(listed below) about their various branches. We cannot say anything about their customer support as there is no way to quantify that aspect yet. However, given their traits, we advise our clients not to engage with them or give them access to your funds. 

London

• Address – Tower 42, 25 Old Broad St., London EC2N 1HN, UK
• Phone – +44-20-3807-6029

Hong Kong

• Address – Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Central, Hong Kong, China
• Phone – +852-8170-0884

United States

• Address – Brickell Business Center, 1200 Brickell Ave Suite 1500, Miami, FL 33131, USA
• Phone – +1-888-907-0714

RoFx Plans and Returns Portrayed

RoFx takes a very passive aggressive approach towards their audience. At first, they seem to sell the idea of making passive income for life. They even claim to cover the losses for the clients. However, if you check out their fine print, their liability clause doesn’t follow along. Clearly, the exaggerated statements are made by them for marketing purposes and to capture the attention of the newbies in the sector.

All of their plans are very expensive compared to the regulated counterparts and if you want higher returns and more revenue share, then you have to go for higher capital deposits. They haven’t made any outright claims about the returns they might generate because of the way the market works. We found a dedicated section wherein clients can find the trading history.

On top of the reports, they also claim to use myfxbook services. Before you are under the impression that they are transparent know that there are a lot of loopholes present in the process. For starters, their records are not audited by third party firms and myfxbook records don’t necessarily guarantee future results. Their trading reports don’t show exact entry and exit points; instead they only display the profit or loss percentages.

We are not implying that they haven’t made any progress, but it is clear that their records and accounting process aren’t that clean. Many top of the line investment firms don’t generate consistent 25% plus for an extended period of time. So, if you are really interested in earning passive income and are investing for the long term horizon, then look elsewhere to keep your funds safe.

How does the RoFx Expert Advisor Work?

Expert Advisor or algo trading has been around for  a decade now. In the initial days, algorithm trading was something which was accessible only to the big firms in the wall street and for the most part, they were using the mainframe computers. Thanks to the evolution of the technological world, access to a computer is something which is not at all a high barrier.

The retail side for some reason has a crazy fascination towards EA’s and it is evident by the number of people looking for the newest versions of trading softwares. Remember, even if you find a consistently reliable strategy, there are other things which might get in the way such as internet speed, latency and lack of liquidity. So, never get over confident in the markets and risk only the amount which you are willing to lose.

There is no information on the RoFx EA or the kind of codes it uses. In other words, we have no clue about the parameters it considers, the approach it mimics or the risk or money management strategies it has in place. With so many question marks, think for a minute, is it really worth it to deposit with them? After all, they have nothing to lose and all of the real risk or downside is applicable only to the end customers, right?

Feedback

In any business regardless of the fact as to whether they are online or not, it needs one thing to succeed over the long run and that element is reputation. As this platform is popular, we didn’t have much trouble in finding the general sentiment about them on forum sites. Strangely enough, they have earned themselves a lot of positive reviews and some users praise them for helping them reach their trading objectives a lot faster.

On the other hand, few users aren’t happy with the choice they made and have labelled them as a scam. As it is impossible to verify any of the comments, we advise our readers to consider all the information with a rational sense and never believe any of their statements without doing appropriate research. Here’s the link to Trustpilot in case you directly want to hop on to see the comments.

Deposit and Withdrawals

There is no page on their website that cleanly depicts the policies regarding the funding and payment methods. The minimum deposit amount required to use their service is $1,000. If you want to employ EA on most brokers, the cost is roughly around $100 which is reasonable and just. The basic currency options available on their platform are USD, EUR and BTC.

Clients are not informed about the fees applicable on transactions and as far as bonuses go, we are not aware of any current promotional schemes. As this firm is surrounded with a lot of controversies, we suggest our readers to never send them money especially via Bitcoin as it will make things a lot harder when it comes to recovering the funds back.

If you have already made a deposit with them and are unable to get your funds back, reach us out for a free consultation. Each and every case is different and depending upon the information you provide us, we will show you the best path for getting your money back.

Conclusion

RoFx platform is not a reliable investment solution. They are blatant liars, their policies are biased and the way they interact with the public is suspicious to say the least. The information they provide about their algorithms, trading reports and associated proofs are all most likely tampered.

Not to mention, their initial deposit mount is also almost 10 times higher than the industry average. In order to protect your peace of mind, avoid them and you will appreciate your decision later on.

Stay away from the RoFx investment platform for your own good. Share this article with your social circle to keep everyone updated.