Rogerfin – Is This Broker a Scammer?

Website URL: https://rogerfin.com/

Founded: 2020

Regulations: Not Regulated

Languages: English, German

Deposit Methods: Unknown

Minimum Deposit: 500 EUR

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Cryptocurrencies, Currency Pairs, Commodities, Stocks, Indices

Trading Accounts and Conditions

Rogerfin is a Forex broker that offers its customers the following types of trading accounts:

• Bronze: To trade on this type of account you need to first put in a minimum of EUR500. The leverage offered is 1:200.
• Silver: For this type of account, the minimum deposit is EUR5,000. The maximum leverage offered is 1:300.
• Gold: To start using your Gold account, you first need to make an initial deposit of EUR25,000. The maximum leverage offered on this type of account is 1:400.
• Black: There is no mention of the minimum deposit required for this type of account. But the maximum leverage ratio offered here is 1:500.

There is no information given on the broker’s website about the spreads offered.

Rogerfin – Advantages

Here are the advantages of trading with Rogerfin:

• Activ8 Platform for Trading

Rogerfin offers its clients the Activ8 platform for trading, which we consider a plus.

While not as popular as the MetaTrader 4 trading software, the Activ8 platform is still an excellent interface. It is user-friendly, and has a range of analytical tools for enhanced trading as well as various charting options.

This software also has a Strategies section which offers traders a variety of trading bots and external market analyses.

• High Leverage Ratios

Rogerfin also offers a very generous leverage ratio of as much as 1:400, which is much higher than the industry standard. A high leverage ratio means traders with varied trading strategies can enjoy trading with this broker.

However, we need to warn our readers that a high leverage also comes hand-in-hand with high risk. And because of this, many financial watchdogs have put a limit on the level of leverage a broker can offer its customers.

Rogerfin – Disadvantages

While the advantages of trading with Rogerfin look attractive, we would advise our readers to read our complete review before making the decision to trade with this broker:

• Anonymous and Unregulated Broker

The biggest concern we have with Rogerfin is that this broker is completely anonymous. There is no information about the company that owns and/or operates this brokerage. We do not know where this broker’s company is based. And there is absolutely no contact information about Rogerfin.

Considering the fact that this broker is totally anonymous, we can only conclude that Rogerfin is unregulated by any financial authority. Which means that this broker is operating outside the law.

What this means for you as a trader is that if you invest with this broker, you do not know who will be handling your money or your banking information, which is a very dangerous thing for you.

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• FCA Blacklisting

We are not the only ones to have noticed that this broker is operating outside the law. The Financial Conduct Authority (FCA) of the UK has issued an official public warning against Rogerfin. The FCA has flagged off this broker as a potential scammer that has not been granted any authority to offer financial services in its jurisdiction.

• Unknown Spreads

One key piece of information that is required by traders is the spread offered by a broker. The spread tells you the cost of trading on a broker’s platform. Without this information, a trader won’t know what cost he or she will bear while trading.

And when you combine the lack of complete information with the lack of corporate information, it becomes a clear warning that the broker is scamming you.

• No Support for MetaTrader 4

While the Activ8 platform that Rogerfin claims to support is a good trading interface, it pales in comparison to the MetaTrader 4 (MT4) trading software.

The MT4 trading software is the best as well as most popular in the world for a reason. It comes loaded with numerous features such as charting options, a whole range of market indicators, trading bots and so on. And the best part is that all these features can be personalized to suit your trading strategy.

• Withdrawal Methods and Fees

Another red flag with this broker is the lack of information about its payment options. Most brokers clearly mention all the payment methods they support, but with Rogerfin, the customer is once again left in the dark.

Furthermore, there were some rather disturbing condition in relation to withdrawal fees. For example, every time you withdraw money from your Rogerfin account, you will need to pay a fee of $30. Added to that, the broker also states that it reserves the right to change these fees any time it chooses – without prior notice.

• Trading Bonuses Offered

Yet another issue we have with Rogerfin is that it offers you trading bonuses. Trading bonuses have been banned in many jurisdictions for a reason. There are unreasonable conditions attached to these seemingly attractive bonuses.

Traders are expected to meet ridiculously high trading turnovers, and if they do not meet these conditions, then the brokers reserve the right to cancel their withdrawal requests, or are charged an extremely high withdrawal fee.

Conclusion 

We did a thorough investigation into Rogerfin and its operations, and we can answer the question – is this broker a scammer?

Yes. Rogerfin is a scammer and if you decide to invest your hard-earned money with this broker, then chances of losses are almost certain. There are too many legal and operational issues with this broker.

Instead, we would strongly suggest that you find a broker that is well-regulated, transparent in its dealings and offers you good trading conditions.

Rogerfin

2.6

User Experience

3.3/10

Payment Options

2.6/10

Security

2.4/10

Support

2.5/10

Reputation

2.3/10

Pros

• Activ8 Platform for Trading
• High Leverage Ratios

Cons

• Anonymous and Unregulated Broker
• FCA Blacklisting
• Unknown Spreads
• No Support for MetaTrader 4
• Withdrawal Methods and Fees