RosyFX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
RosyFX - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$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://rosyfx.com
Founded: 2021
Regulations: Unlicensed
Languages: English, Vietnamese, Spanish, Portuguese (Brazil)
Deposit Methods: Bank Transfer via Help2Pay, Vietnamese Payment Provider Nganluong, Crypto payment providers Blockonomics and B2BinPay.
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: Stocks, Indices, Bonds, Commodities, Cryptocurrencies
Trading Accounts and Conditions
RosyFX claims to offer their clients three different trading accounts: First Class Account, Pro Account, Standard Account. There is also a Demo Account listed. However, when we try to click on any of the links to learn more about the accounts and their offerings, we get an error message – all the pages are broken.
We were, however, able to access their trading platform and this is what we learned. The spreads for the EURUSD pair start at 3 pips. The leverage ratio ranges from 1:100 all the way up to 1:500. The minimum deposit amount seems to be $100, but we are not entirely sure about that; that was the information listed on the deposit menu.
RosyFX – Advantages
RosyFX is unfortunately yet another scammer and there are no advantages in trading with this broker.
RosyFX – Disadvantages
Given below are all the reasons why we have classified RoxyFX as a scam:
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Unregulated Broker
RosyFX claims to be owned and operated by a company called Trinity Capital LLC. The broker also states that they are licensed to operate by the SVGFSA (St. Vincent and The Grenadines Financial Services Authority). The broker goes on to provide an authorization number (450 LLC 2020) to prove the authenticity of their claim.
Here’s where we have a problem with these claims. The SVGFSA has published a notice clearly stating that they do not regulate or license forex or binary options brokers. Furthermore, this broker’s claims of being registered with the SVGFSA are also a lie. We checked the financial regulator’s register and found out that there is no company by the name of Trinity Capital LLC registered with them.
In their contact information, RosyFX has provided an SVG address and phone number. But considering the fact that this broker is not even registered with the local authority, we can say with a great deal of certainty that this broker is actually operating anonymously.
Thus, with our investigation, we have found that we are dealing with an unlicensed and anonymous broker – a scam.
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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Serial Scammer
While investigating their regulated status, we also found out that RosyFX’s parent company Trinity Capital LLC is actually a serial scammer. We found out that this company has also launched two other scam websites – BullsonTrade (www.bullsontrade.com) and fannexx (www.fannexx.com). Both of these brokers have been exposed as scammers. And seeing how shabby RosyFX’s website is, we would have to say that this is the third (if not more) scam operation that Trinity Capital LLC is running.
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Poor Trading Conditions
The broker has not bothered to mention their trading conditions on their website. It took for us to log into their trading platform, which was surprisingly the good old MetaTrader 4 software, to check that information.
While this broker did have the solid MT4 platform, their trading conditions were so bad that we would still not list their trading platform as an advantage.
We found out that the spreads for the benchmark currency pair – the EURUSD – was at 3 pips. This is more than twice the market average. Most brokers – especially the regulated ones – offer spreads that are in the range of 0.5 to 1.5 pips. So, what this broker is offering is simply not profitable for the trader.
Next, the leverage ratio is a maximum of 1:500. Not only is this ratio dangerous, it is also illegal in many jurisdictions (including Spain, which is a part of the European Union, and one of the countries this broker is targeting).
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No Links Working
If you click on any of the links on RosyFX’s homepage, you will find that they are all broken. This is why we could not get details on the types of trading accounts this broker offers. And this is why all the legal documents are missing!
The legal documents missing is a huge red flag. These documents – the terms and conditions, user agreements, KYC policies, AML policies, refund policies, payment and withdrawal policies, etc. – tell the trader what the broker’s terms of service are. This is how a trader knows what fees they will need to pay, how they can withdraw their funds, or make deposits, or what the cost of trading with the broker is. Without these documents in place, the broker can take serious advantage of a trader.
This is why we strongly advise all our readers to always check the terms and conditions and other legal documents before signing up with a new broker.
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Issues with Deposit Methods
As we mentioned earlier, RosyFX offers the following payment methods for depositing funds into your account:
- Cryptocurrencies via Blockonomics and B2BinPay
- Bank Transfers via Help2Pay
- Local Vietnamese transfers through Nganluong
We need to highlight the fact that these are not very popular payment methods and they all have one thing in common – there is no way to reverse a charge once it is made. No refunds allowed. So, once you have made your payments, there is no way you can get your money back.
We would also like to state that legitimate brokers ensure that they offer their clients a wide range of payment options from reputed payment providers – Neteller, PayPal, Skrill, Visa, MasterCard and so on. None of these payment options are available with RosyFX. This red flag should be enough to let you know that this broker is not to be trusted in any way at all.
Conclusion
RosyFX is part of a serial scam operation and it is best if all traders avoid this broker completely.
RosyFX
Pros
- None
Cons
- Unregulated Broker
- Serial Scammer
- Poor Trading Conditions
- No Links Working
- Issues with Deposit Methods
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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