Beware! Rogerfin is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Rogerfin is presented as one of Europe’s leading financial institutions, specializing in forex and CFDs trading. And they say to offer over 250 trading instruments, including currency pairs, commodities and indices with a choice of four account types, leverage as high as 500:1 and access to Leverate’s Activ8 trading platform.
As attractive as all of this may seem, be aware that what we have here is a unregulated, virtually anonymous website, which has been flagged as a scam by the Financial Conduct Authority (FCA) in the UK. So before depositing any funds with them be sure to read the following lines.
Rogerfin regulation & safety of funds
As we noted the Rogerfin website is completely anonymous – there is no company name, no address, not even a phone number, not to mention anything about a license. And this has not gone unnoticed by the financial authorities in the UK, where obviously Rogerfin was trying to attract customers. You can see the FCA warning here:
Bear in mind that proper regulation is of utmost importance for the safety of your funds, so when choosing a new broker make sure to check it is properly licensed by an official regulator like the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or let say the Australian Securities and Investments Commission (ASIC).
Rogerfin deposit/withdrawal methods and fees
Rogerfin is not very clear about the payment methods they accept. Just bear in mind that most brokers accept wire transfers, cards like VISA and MaterCard, and popular e-wallets like Neteller and Skrill.
Bear in mind as well that going through the Rogerfin Client Agreement we came across a couple of rather disturbing details. For example, the company will charge you 30 USD for every withdraw request you have made, while in the same time they reserve the right to change their withdraw policy on their sole discretion.
Also, be aware of any trading bonuses Rogerfin might offer you. Trading bonuses by definition come with additional withdraw conditions, liker for example some minimum trade volume requirement, which scammers love to use as an excuse to cancel your withdraw requests.
On top of that Rogerfin reserves the right to change their bonus policy without notice, whenever they fee like to, which explains why you may never be able to satisfy the above mentioned conditions and be eligible to withdraw.
Finally, we should note as well that Rogerfin charges commissions for deposit and withdraw of funds, without specifying what, and also reserves the right to charge you a fixed payment of 100 USD every three months, if it is established your account is dormant. Again the criteria, which account is dormant is not clear.
Otherwise the minimum deposit requirement is 500 USD and this is more than twice the amount most brokers would usually ask for.
How does the scam work?
Scammers use internet extensively, notably social networks like Facebook and Instagram, as well as specially created robo scam websites like Bitcoin Revival and Bitcoin Profit, where you might be lured by some ‘exceptional’ offer fast and east, risk free returns. And all you will be asked to do will be to fill a simple registration form with your e-mail and phone.
After you register, you will be transferred to the website of a unregulated, offshore broker, where you will have to deposit about 250 USD. Now, take a note that your initial trades will be amazingly successful and pretty soon the money in your trading account will more than double. That however will not be real. Scammers will simply be manipulating your trading account with the sole purpose to make you more susceptible to the idea of investing more. And that is exactly what your senior “account manager” will be telling you as well: ‘if you want to make some real money you will surely have to invest more – like at least 10 000 USD’.
And you might be surprised, but at that stage many traders do invest that kind of money without realizing they have been scammed until the very instance they decide to withdraw some of their cash. Than out of the blue it turns out this is not possible because of some minimum trade volume requirement, most probably linked to their trading bonus. The excuse might certainly be different, but the end result will always be this – scammers will not pay a single dollar back.
What to do if scammed?
If you have paid with VISA or MasterCard, you still have one chance to get your deposit back and this is to file for a charge back with your credit card company. The good news here is that you will be allowed to file for a charge back within 540 days.
And be aware that scammers might try to steal money directly from your bank account, if for some reason you have revealed your credit card number and online banking password. So if this is the case immediately change the password and block your credit card.
And do not trust the so called recovery agencies if you are approached by one of them. They will surely make you pay some fees in advance and basically you will get scammed a second time.