ROIFX Trader – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ROIFX Trader - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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.
Website URL: https://roifxtrader.com
Founded: 2022
Regulations: None
Languages: English, Italian
Deposit Methods: PayPal, Stripe
Minimum Deposit: $5,000
Free Demo Account: No
Number of Assets: 250+
Types of Assets: CFDs on Oil, Gold, Currencies, Cryptocurrencies, Stocks, Indices, Other Commodities
Trading Accounts and Conditions
ROIFX Trader offers their clients the following types of trading accounts:
- ROI Standard: The minimum deposit is $5,000. Leverage is up to 1:100. Spreads are standard.
- ROI Premium: The minimum deposit is $25,000. Leverage is up to 1:200. Spreads are standard.
- ROI Gold: The minimum deposit is $100,000. Leverage is up to 1:400. Gold spreads are offered.
- ROI Expert: The minimum deposit is $250,000. Leverage is up to 1:400. Expert spreads are offered.
- ROI Platinum: The minimum deposit is not specified; the broker asks the clients to contact them for more details. Leverage is up to 1:600. Spreads are platinum spreads.
The broker does not specify what the spreads they have named mean. There are no values attached to standard, gold, expert and platinum spreads. So, in effect, we don’t really know what the spreads are.
We also have no information on other trading conditions such as fees, commissions, margin calls, order execution methods and so on.
ROIFX Trader – Advantages
There are no advantages to trading with ROIFX Trader.
ROIFX Trader – Disadvantages
Listed below are all the signs that tell us that ROIFX Trader is just another scammer:
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Lies About Regulation Status
On their website, ROIFX Trader claims to be authorized and regulated, and also provides us with a UK address (on the footer of their website). There is also a phone number given there.
In their About Us page, the broker claims to offer services to the following jurisdictions – the UK, Italy, Germany, the US and Turkey. The parent company may be called ROIFX Trader LLC, however, the broker does not explicitly specify their relationship to this company.
Added to that there is no actual proof about this broker’s regulation status. Legitimate brokers input all their legal information on their website – which financial authority they are regulated by, their license and/or registration number, full corporate identity and so on.
With this broker, all we have are claims of authorization without any proof.
If this broker operates in the UK, Germany, Cyprus, Turkey and the US, then they need multiple authorizations. They need to be authorized by the UK’s FCA (Financial Conduct Authority), the German BaFin (Federal Financial Supervisory Authority) and/or the CySEC (Cyprus Securities and Exchange Commission), the Capital Markets Board of Turkey and the US CFTC (Commodity Futures Trading Commission) and the US NFA (National Futures Association).
We checked the registers of the above-mentioned authorities. There is no broker or company by the name of ROIFX Trader listed with any of them. This means that all this broker’s claims are just plain lies. This broker is not authorized by any authority to offer financial services; ROIFX Trader is operating illegally and is therefore a scammer.
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.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Trading Platform
Since the trading platform is any broker’s primary offering, brokers ensure that it is of the best quality, such as the MetaTrader 5 or MetaTrader 4 platforms.
With ROIFX Trader, we have a really shoddy software, once that barely functions at all. What you get from this broker is a third-party software, no tools and the only thing that you can do with it is probably just buy and sell a limited number of assets. It doesn’t even look good!
This is just another indication that this broker is a scammer.
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Issues with Trading Conditions
We would also like to highlight the red flags related to the trading conditions offered by ROIFX Trader. A minimum deposit demand of $5,000 is just not acceptable. There are world-class brokers – legitimate ones – that let you open accounts with them for just $10. So, this demand is just too much.
The broker also offers leverage ratios that are as high as 1:600, which are also somethings to be wary of. The amount of leverage ratio tells us the risk levels of a trade. So, the higher the leverage, the higher the risk. Of course, traders take this risk because there is a chance that they could make higher profits too. However, that chance, when compared to the risk, is rather small. Statistics show that more than 75% of all trades end in losses, therefore, the higher the leverage used, the higher the losses you suffer.
This is the reason why most regulators have banned the use of high leverages. ROIFX Trader claims to be regulated by the authorities in the UK, jurisdictions in the EU and so on. All of these jurisdictions mentioned by this broker have caps on the amount of leverage brokers are allowed to offer their clients.
So, the leverage this broker is offering is not only too risk, but also illegal. Just another indication that ROIFX Trader is a scammer.
And when you talk about spreads, you need to mention values. The market average of spreads ranges from 0.5 pips to 1.5 pips. Gold, Silver and Platinum spreads mean nothing – just words. Another red flag here.
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Issues with Payments and Withdrawals
The client portal shows us that there are only two ways in which clients can make deposits – PayPal and Stripe. And despite the fact that the broker demands a $5,000 minimum deposit, you can make initial deposits for as little as $10. Contradictions there!
What we did notice is that while there is a deposit area, there is no provision to make withdrawals! You can put money into your account, but there doesn’t seem to be a way to get it out! We also do not have any information on the payment policies – the cost of deposits, the cost of withdrawals and so on.
All these irregularities tell us we are dealing with a scammer.
Conclusion
ROIFX Trader is a scammer and if you trust them, you will lose your funds.
ROIFX Trader
Pros
- None
Cons
- Lies About Regulation Status
- Poor Trading Platform
- Issues with Trading Conditions
- Issues with Payments and Withdrawals
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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