RoFx – Can You Trust This Broker?

Website URL: https://rofx.net/

Founded: 2009 – 2020

Regulations: Not Regulated

Languages: English, Chinese, Spanish, German

Deposit Methods: Cryptocurrencies

Minimum Deposit: $1,000

Free Demo Account: None

Number of Assets: N/A

Types of Assets: Forex

Trading Accounts and Conditions

RoFx offers its clients the following trading accounts:

• Trial Account: The minimum deposit you need to make to use this account is $1,000.
• Easy Start Account: You need to make a first deposit of at least $5,000 to use this account.
• Moneymaker Account: A $10,000 initial deposit is needed to use this account type.
• Gold Account: The Gold account requires a minimum deposit of $50,000.
• VIP Account: You need to make a minimum deposit of $100,000 to use this type of account.
• VIP PAMM Account: For this account type, the minimum deposit requirement is $10,000,000.

There are no trading conditions given on RoFx’s website, so we don’t know what the leverage ratios, spreads or other trading costs are.

RoFx – Advantages

There are no advantages to trading with this broker, so we have left this part of our review empty.

RoFx – Disadvantages

Here are the disadvantages that we have found with RoFx:

• Anonymous Website

RoFx claims to have offices in Canada, UK and the USA, but the broker has avoided giving any other corporate information about the company that runs them.

We don’t know the name of the company behind this brokerage, which means that you will be dealing with an anonymous broker if you contract with them.

Plus500

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

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• No License to Operate

Despite the fact that RoFx says it has offices in the three countries mentioned above, we have found out that this broker is not authorized to operate in any one of them.

This broker is completely unregulated by any of the Canadian regulators, the FCA (Financial Conduct Authority) in the UK or even any regulatory body in the United States.

Dealing with an unregulated broker is very risky as they are not liable for any losses that you may incur in case of you being scammed or defrauded, or if the broker goes bankrupt.

• Blacklisted by Two Financial Regulators

We are not the only ones to have notices that this broker is operating illegally. Regulators in both British Columbia as well as Italy have blacklisted this broker as a scammer and that they are providing their financial services illegally.

• Broker Offering Managed Accounts

RoFx promises its prospective clients that if they deposit their money with them for a certain period of time, the broker will use their revolutionary software to generate daily profits for you.

The problem here is twofold. First, this broker – like most other brokers – is a market maker. Which means that they make money when you lose on your trades. So, by handing over your account to them so that they can manage it is actually a conflict of interest, since they can then make you lose money so that they can gain from your losses.

The second problem is discussed in the next point.

• Unrealistic Promises of Profits, Loss Coverage Promised

RoFx promises that they will generate daily profits for you if you allow them to manage your accounts. This is promise that no broker can keep, since it is not possible to accrue such profits in such a speculative market.

The reality is that regulated brokers are required by law to publish the percentage of their clients that have suffered losses. On an average, most brokers show that 70% to 85% of their clients lose funds in trading.

So, RoFx’s promises of profits are just another lie this broker is telling.

RoFx also promises its customers that it will cover all their losses. This is just not possible considering the figures we have mentioned above. If the broker were to do so, it would shut down in no time. Thus, this is another lie that this broker is telling to attract more customers.

• Non-Functional Trading Platform

The main reason why traders choose to do business with forex and CFD brokers is for their trading platform and the trading conditions they offer. Interestingly enough, RoFx doesn’t seem to offer any kind of a trading platform.

Since this broker doesn’t offer any demo account (another black mark against it), we registered for a live account. And when we finished the process, we found that the trading terminals were fake! Which is why there are also no trading conditions mentioned.

Legitimate brokers offer their clients top-of-the-line trading platforms such as the MetaTrader 4 or MetaTrader 5 software, both of which have seriously amazing features that make trading much simpler. They are also easy to use, so that even novice traders do not struggle with their trades.

• Deposits and Withdrawals Only Made Through Cryptocurrencies

The only payment options are through cryptocurrencies, which comes as no surprise now that we have seen that this broker is actually a scammer. Cryptocurrency transactions are anonymous and untraceable and irreversible. This means that you will not know who has your money, and you will never be able to get your money back.

• High Minimum Deposit Requirement

The minimum amount you need to deposit to be able to trade with RoFx is $1,000, which is ridiculously high, since the market average is between just $100 and $250. There are also many regulated and reputed brokers that only require you to make a $5 deposit to start trading on their terminals.

Conclusion 

Everything about RoFx tells us that this broker is a scammer. It is offering its services against the law, and it doesn’t even have a real trading platform.

We would recommend that all traders avoid this broker.

RoFx

2.5

User Experience

3.0/10

Payment Options

2.5/10

Security

2.3/10

Support

2.4/10

Reputation

2.2/10

Pros

• None

Cons

• Anonymous Website
• No License to Operate
• Blacklisted by Two Financial Regulators
• Broker Offering Managed Accounts
• Unrealistic Promises of Profits, Loss Coverage Promised