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ROIFX Trader Review
If you engage with ROIFX Trader, your money is not safe. This is because the broker does not answer to any oversight agency, increasing the chances of funds misuse. Additionally, contrary to its claims, this broker does not afford zero balance protection.
The broker claims to be a legit multi-investment platform. Traders on this trading platform can allegedly access over 250 trade instruments, including forex, commodities, stocks, indices, and cryptos. This broker may pass off as authentic for someone unfamiliar with this market. ROIFX Trader has choreographed its website to appear as a credible broker. However, we still managed to poke holes into its deceptive narrative of being the leading forex broker with 12 years of experience.
Forex trading is a prodigy investment when done right. However, this investment space demands knowledge, skill, and experience. At this point, we must clarify that being a rewarding venture is not synonymous with get-rich-quick schemes. You must ditch that mentality when getting into forex trading to avoid frustrations. This is because specific dynamics influence how the market behaves, some of which are beyond your control. A good example is an inflation, volatility, or geopolitical factors. We are sharing these insights to show you how this market is unpredictable and, notably, risky.
Besides the mentioned dynamics, the forex market still faces the threat of unethical brokers who defraud investors. They pull off their schemes under the pretext of being a gateway to investment success. In most cases, these investors fall prey because they were unaware, didn’t exercise due diligence, or ignored some red flags about a broker. To ensure you don’t become a victim of cons like ROIFX Trader, consider this review a headstart to identifying dependable crypto companies.
ROIFX Trader is a credit broker, claiming it is a CFD partner with Chelsea Football Club. Additionally, the broker claims to have a lot of trading activities on its platform owing to many clients. This is the first lie we detect. While the broker claims to have over 135200 traders since 2010, the whois database indicates that the broker registered on 22 march 2022. With only 255 days, there is no way the broker has managed to amass such a customer base.
ROIFX Trader promises traders competitive spreads, negative balance protection, and fully secure accounts. The broker also purports to adhere to financial regulations on anti-theft and anti-fraud. We also noticed that the broker had included several testimonials from clients, which were all positive. Additionally, this broker proves capable of manipulating reviews or posting coached reviews. For your good, do not entirely rely on these reviews as they are subjective experiences. Given that this broker is a falsification expert, you should take everything it says with a pinch of salt.
Contact Details and Team
Going by its corporate address, ROIFX Trader is located in the U.K. The broker further claims to have offices in Italy, Germany, Cyprus, Turkey, Denmark, and the U.S. The broker has also provided telephone and email addresses for investors to use in inquiries. At least the broker got its customer service support right.
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Regarding its team, the broker has revealed the identity of its CFO, CTO, and general manager. While this is a transparent gesture, it does not mean you should trust the broker. If you ask us, the information about the so-called team is too scanty to go by. The broker also mentions that it has a team of professionals across its offices to help customers.
Deposit & Withdrawal Terms
Transparency is paramount when it comes to online investments. To this end, traders should have comprehensive details regarding deposit options and the recipients of such deposits. Moreover, the deposit channels should be direct and uncomplicated, allowing traders to reverse or apply for a refund. With most legit traders, you get flexible and convenient deposit channels, including digital payments and traditional methods.
The client site states that the payment options are Stripe, PayPal, and debit/credit cards. This is a serious red flag that you should not ignore! We couldn’t find a withdrawal area, proving that once deposited, there is no method for the user to get their money back.
ROIFX Trader Investment Plan
ROIFX Trader claims that it has five customized investment plans tailored to meet different investor needs. The first plan is the standard account, where traders can access weekly trading signals and standard account swaps. Next, the premium account targets experienced traders. Traders in this plan allegedly access daily signals, webinars, and a 10 percent discount on swaps.
The gold account is the third plan, and it targets seasoned traders. The perks include a 25 percent swap discount, daily signals, personalized education meetings, and consultation with market analysts. Next, the expert account is tailored for expert investors.
Investors onboard enjoy benefits, including insurance, a 50 percent swap discount, risk management planning, daily signals, and personalized meetings. Lastly, the platinum account targets ambitious traders needing more trading customization. To open this account, traders should contact the broker for more guidance. Platinum traders get privileges, including cashback, over other accounts’ benefits.
The minimum balance is inconsistent for all these accounts. You may subscribe for an account only to find they need more funds. These are uncertainties you shouldn’t have to deal with. For this reason, go for brokers who have concise investment packages.
ROIFX Trader Regulation Status
ROIFX Trader’s address suggests that it is in the U.K. but is non-committal about the body regulating it. If the broker were indeed in the U.K., we would find its credentials in the FCA’s registry, but we did not. This was proof that the broker was lying about its location and licensure. We also checked with the respective agencies in the alleged office locations. But once more, there is no evidence that ROIFX Trader Trader is authorized or subject to regulation in any of these countries.
The broker operating without the approval of a financial watchdog is a sure sign that this is an unregulated broker. A lack of evidence of jurisdiction means we are possibly dealing with an offshore account.
If you engage with ROIFX Trader, your money is not safe. This is because the broker does not answer to any oversight agency, increasing the chances of funds misuse. Additionally, contrary to its claims, this broker does not afford zero balance protection, implying you can lose more than your account balance. Being an offshore broker, you will not be successful if you institute charges against this broker. This is because offshore jurisdictions shield brokers from international prosecutions.
The trading platform that a broker provides determines how competitive your trading will be. For this reason, the industry recommends MT4 or MT5 trading software. The two platforms have a cutting-edge infrastructure that allows for extensive functionalities, including back-testing and auto trading. Moreover, traders can access multiple timeframes, graphical charts, and built-in technical indicators. The broker has no demo account for trial purposes, denying you a chance to get accustomed to its platform.
As expected of a scam, the broker did not deliver on an “understandable” trading platform. Instead, we find a lousy combination of third-party charts where you cannot even trade. You have no business with a broker who fails to provide you with a trading platform; how else will you profit?
ROIFX Trader Trading Conditions
ROIFX Trader has attached some absurd legal documents. We say absurd because, on scrutinizing them, they do not address material information pertinent to the contract as they should. Information regarding the applicable fee is missing, as are the conditions for its discounts and bonuses.
The broker advertises a tight spread, which is 0.8 pips. The spread is within the 1.5 industry standard, but that is not enough
to redeem this phony broker. The broker advertises a 1:600 leverage, which is prohibitively high. Such leverage predisposes you to excessive losses if your predictions are wrong, especially in a volatile market. To minimize risk exposure, go for brokers who comply with the 1:30/1:50 leverage cappings, as this broker does not care if you lose your funds.
ROIFX Trader advertises itself as the bridge to a profitable investment. For a less discerning lie, this is sure bait. Admittedly, we almost bought the lie until we found glaring inconsistencies on the website. Besides blatant contradictions, the broker has no functional trading platform. Even worse, there is no proof of regulation.
Consequently, we cannot say ROIFX Trader and dependable crypto companies in the same breath. This broker has proven to be a malicious scam, only angling for your money. You do not deserve such a broker when you’ve worked hard for your money.