Beware! RoseWoodTrust 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.
We seriously doubt that we will ever come across a person who will not be impressed by the vision of RoseWoodTrust, a broker whose ambition is matched by its impressive home page peppered with imagery, video-based and stationary, of the perfect life. Add to that the promise of success and a care-free lifestyle, and what you have is a very hard-to-live-up-to commitment that RoseWoodTrust thrusts upon itself. Few brokers dare do what this broker has done and for good reason. The lifestyle promised here is near impossible to achieve, yet RoseWoodTrust sells the ideal pretty well. Of course, the whole thing is a facade that conceals the true purpose of RoseWoodTrust. It is in the following review that RoseWoodTrust is uncovered for what it really is.
The registration process is exactly the same one as that of WaltonChase, a broker that we discovered to be unregulated and a probable scam! However, unlike WaltonChase, we were unable to register an account with RoseWoodTrust. The process produced an error no matter how many times we attempted to create an account. This would not have been too much of an issue if it were not for the fact that RoseWoodTrust is rather suspicious, and as such the trading info on the website might not be accurate.
However, we were still able to open a fully functioning trading software even without opening an account. There we got a leverage cap of 1:100, while according to the website, the leverage is capped at 1:400, while the spread is 7.8 pips. This is the exact same spread as the one on WaltonChase’s platform. It seems that these two brokers might share the same undisclosed parent company. We may never know for sure, but the way things are going for RoseWoodTrust, the trust we initially had for it is on a downward spiral.
The terminal allows for trading in forex currency pairs, indices, stocks, crypto, and commodities.
The website is available in English only.
ROSEWOODTRUST REGULATION AND SAFETY OF FUNDS
Just like WaltonChase so does RoseWoodTrust deliberately hide its regulatory information. We are not overstating when we say that there is no information concerning a license held by RoseWoodTrust.
At some point in the Terms and Conditions, we found out that RoseWoodTrust thrusts the responsibility of being regulated into the hands of the user, a move conserved for unregulated brokers.
We cannot overlook all the signs that point to the UNREGULATED nature of RoseWoodTrust. Everything that we have revealed and are about to supports this verdict.
Be certain that investments in unregulated brokers are almost always lost, never to be seen by the user. Always check for a license before continuing to the next step. Ideally, the FCA or CySEC regulated brokers are the most trustworthy. Under these agencies, brokers are scrutinized every month and are required to follow some of the most rigorous rules in the industry. These include, but are not limited to, segregated bank accounts for all users. Both the FCA and CySEC offer to all their brokers, who in turn cover their clientele, compensation funds: CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ROSEWOODTRUST TRADING SOFTWARE
The trading platform used here is the same one at WaltonChase. With it come the exact same features and limitations.
The only features here are the time frames, chart indicators, and stop-loss and take-profit. Compared to the hundreds if not thousands of characteristics employed by the MT4, this terminal falls incredibly short.
ROSEWOODTRUST DEPOSIT/WITHDRAW METHODS AND FEES
All payment details will be taken from the website, for we could not register, shutting the user area to us.
Payment methods, for both withdrawals and deposits, are credit card, wire transfer, and a bitcoin wallet. The minimum deposit is $250. A withdrawal takes some 7 to 10 days to process. The minimum withdrawal is $100, with a 1% commission attached to it (min. $30, max. $300)
Following is a very confusing clause, claiming that deposits are non-refundable, but then immediately stating the exact opposite, that users may request to withdraw the balance in an account. We wanted you, the readers, to see what kind of a broker RoseWoodTrust is, to include such an ambiguous clause.
The similarities between RoseWoodTrust and WaltonChase are unprecedented. At times it seems that both brokers are operated by the same entity. We won’t ponder over this because it doesn’t make much of a difference to our verdict- RoseWoodTrust is a risk to all investments and a probable scam. Do not deposit here!
How does the scam work?
The most popular scam that we will cover today is used by 95% of all illegal brokerages, and other fraudsters. It revolves around soliciting users into depositing, with some room for improvisation. Most user who fall for these sooner or later realize it.
Such scams work the following way: Users find certain ads online intriguing and click on them. The theme of these ads revolve around the perfect care-free life, living of investments and trades. Very alluring stuff indeed. Those that succumb to the temptation of this illusory lifestyle are redirected to a website, either the broker’s or an intermediary one (called robo-site), where they will be asked to give away their basic contact details. Through these, the scammers will start calling or sending emails to any potential investors. Conversations between user and fraudster are usually dominated by the scammer whose only job is to initiate the first deposit.
Depositing for the first time will bring around the expert scammer, or the so-called account managers, whose sole purpose is to drain you out of all your money. They will relentlessly call, demand, and notify you of opportunities, until users deposit further or realize they are being scammed.
Withdrawing from this position is almost impossible. The broker will throw at you everything it has got, its only purpose being to deny your request. Some of the most popular approaches are stalling, denying a request, closing an account, blocking an account, or shutting down the entire website.
What to do if scammed?
A chargeback is the first step towards recovery. Filing for a chargeback is easiest with you credit or debit card provider. What’s more is that MasterCard and VISA have extended their chargeback period to 540 day.
Investments lost to the scam initially made through a bank transfer should stimulate users to change their bank password and account users names ASAP. The next step is to contact their bank and ask them for further instructions.
Avoid crypto deposits at all costs! These are most of the time untraceable and there is no way to get your money back.
On a last note, do not trust any of the recovery agents. In exchange for a fee, these agents will promise to refund all your lost investments. However, once you pay them they will disappear, which leaves the user an even bigger loss.