ROI4X Markets Review – 5 things you should know about roi4xmarkets.com

ROI4X Markets Review – 5 things you should know about roi4xmarkets.com

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Beware! ROI4X Markets is an offshore broker! Your investment may be at risk.

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If you like royalties or want to live like a king, you may find that the name ROI4X Markets (roi – king from French) is suitable for this broker. Or maybe not? Let’s find out how reliable this broker is and whether trading with it will allow you to live like a king.

ROI4X Markets Regulation and safety of funds

The first thing we do is to check the registration of this broker in order to find out whether it is legit and licensed. From the website, we see that the address of ROI4X Markets is in St. Vincent and the Grenadines (SVG). What we know about this offshore zone for forex trade is that The Financial Services Authority in this jurisdiction does not regulate forex and CFD brokers which means that trading with this unregulated broker will expose your funds to risk of losing them. The lack of regulation means that forex brokers from offshore zones cannot provide a guarantee for the safety of your funds and if unscrupulous brokers shut down their website, your hard-earned money will be gone.

It is much safer to trade with licensed brokers from the well-established jurisdictions, such as the US, Australia, the EU and the UK. Forex trade there is subject to strict regulations which provide protection against scammers and a guarantee for the safety of your funds. First of all, the licensed brokers from these jurisdictions must be well-capitalised which prevents scammers from infiltrating their ranks. The amount for the initial deposit in the US is staggering $20 million! Do you think a scammer will be able to match that for the benefit of looking legit? In Australia, the amount of the initial capital is also impressive – 1 million AUD. However, in the US and Australia, there are no compensation funds or schemes, so by being well-capitalised, forex brokers can manage to protect their clients in case of unfavourable events.

On the other hand, in the EU and the UK, the amount is much smaller – ‘only’ 730,000 EUR. However, licensed brokers must participate in compensation funds or schemes which provide relief to the clients in case of bankruptcy. If the broker is regulated by FCA in the UK and participates in the local Financial Services Compensation Scheme, then its clients can be reimbursed up to 85,000 GBP per client. The amount of recompense that clients of brokers regulated by CySec is not that impressive – 20,000 EUR per person. The condition is that the broker must deduct funds towards the local Investor Compensation Fund.

ROI4X Markets Trading software

The trading software ROI4X Markets offers to its traders consists of MetaTrader 5 platform. Unfortunately, some of the links for registering and opening an account on the broker’s system were broken, so we were not able to get access to the platform. However, what is generally known about MT5 is that it is one of the best platforms in forex trade and offers a lot of trading tools and instruments that facilitate transactions. We can mention the auto trading option, code base with customs scripts, trading signals, VPS, an app market, a financial calendar, etc. The platform is also known for the rich choice of charting options that contain many charts, time frames, colours and even the option of customised templates. Also worth mentioning is the array of technical analysis indicators that help traders predict the future direction of exchange rates and make a profit.

However, the important thing is how the platform is set by the broker. In this case, from the information we find on the website, we understand that the spread for the Classic account starts from 1.2 pips. However, it is not known how high it can go. Remember that brokers get their revenue from the spread, so the lower the spread (industry average is 1.5 pips) the more beneficial it is for the trader and vice versa.

If you take a look at the last image which contains the information about the account types, you will notice that the parameters for the leverage are quite high – up to 1:500. Trading with high leverage seems like increasing the potential of making a big win and some not so experienced traders may get tempted. However, the important thing to know is that around 70% of traders experience financial loss in transactions so the chances of winning big are not that high. On the other hand, the exposure to risk of the clients’ funds when using high leverage multiplies. It is not by chance that in the well-established jurisdictions we mentioned above there is a limit to leverage. In the EU and the UK leverage cannot exceed 1:30 and in the US, 1:50. Only Australian brokers enjoy unlimited leverage but the regulations regarding leverage in Australia will change in March 2021 to mirror the ones in the EU and the UK.

ROI4X Markets Deposit/Withdrawal methods and fees

To its clients, ROI4X Markets offers 3 trading accounts – Classic, Pro ECN and VIP. The minimum initial deposit for the Classic account is $50. Although on its website the broker claims to offer various deposit and withdrawal methods, we found out that they in fact are only three – payment via credit card, bank transfer and Bitcoin.

 

 

Typically for a non-legit forex broker, this one offers bonuses to its clients. The problem with bonuses is that they may look like they add extra trading power but in fact being funds belonging to the broker, not the trader, they come with heavy to fulfil conditions attached to them. In this case, should you choose to accept a bonus, you won’t be eligible to withdraw any funds before you execute a trading volume that is equal to the sum of the bonus and deposit amount multiplied by 0.04. If you grab a calculator and start figuring out how much you must trade, let us tell you – a lot! Such conditions will present a challenge even for an experienced trader and just imagine the havoc accepting a bonus will create with your funds and withdrawal options. Also, let us tell you that legit and licensed brokers, as a rule, do not offer bonuses and this is how you can differentiate them from the dodgy ones.

How does scam work?

No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for a chargeback.

What to do if scammed?

You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for a chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for a chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!

Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.

Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.

Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!

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