Beware! This 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.
As far as we’re concerned ROIFX Trader is one of a kind broker. We cannot remember encountering another scam so expertly structured that we even we were about to concede. But as these things usually happen, the devil’s in the details, and as it turns out no matter how expert you look, your illegitimacy will sooner or later reveal itself. And it barely did here, but it did, and what we discovered was that ROIFX Trader is actually one of the worst brokers we have reviewed all year!
It even states that it it the official sponsor of Chelsey, the football club. Which is of course a lie, but ae good idea in terms of attracting an audience.
It all became pretty clear to us when we registered in less than a minute and where sent over to one of the worst scammer client area ever. We found something that seemed like a trading software which we took for a joke at first, but it turns out that this was the trading software, an abominable thing.
The EUR/USD spread found there was 0.8 pips, and the available assets were forex currency pairs, indices, ETFs, commodities, stocks, and cryptocurrencies. The leverage, as indicated on the site, was 1:100 for the Standard account, however we were never asked to chose an account type and so we don’t know how this account thing fits. It probably does not.
ROIFX TRADER REGULATION AND SAFETY OF FUNDS
ROIFX Trader’s UK address is a typical one. It suggests that the firm is regulated by the FCA, but it’s only a suggestion. There is no such thing at all; the broker never says that it is regulated, nor does the FCA have any proof of it. So the UK address claim is fake.
On multiple occasions, the broker says to be regulated but never indicates where or how. It actually seems that the broker is doing all it can to avoid talking about it.
The closest thing we get is found in the About Us page. There we are told that ROIFX is a serving customers from around the world in the following jurisdiction: the UK, Italy, German, the United States, Turkey, and Cyprus. But again, there is no proof, on either side, that ROIFX Trader is registered or regulated in any of the these nations.
And last but not least, there are no proper legal docs, meaning that there is nothing to keep the clients safe. ROIFX Trader is unregulated and a scam!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
ROIFX TRADER TRADING SOFTWARE
This is arguably one of the worst trading platforms we have seen in all our time.
What you see is literally what you get: a third party, complete lack of tools, and on top of that it looks horrifyingly bad. It’s really a waste of space, and we can really not even consider it a platform.
The user area claims to offer crypto exchange services, but this sections was extremally poor and seemed like an unnecessary broken sections; it did not look like anything.
ROIFX TRADER DEPOSIT/WITHDRAW METHODS AND FEES
The client portal reveals that the payment methods are PayPal or Stripe. The minimum deposit requirement is just $10, allowing for all to lose money to this scam!
We found no withdrawal area, meaning that once invested the user has no way to get his or her money back! Moreover, there is no payment information on the site. Only contradictory minimum deposit details, and other small irregularities. Once again ROIFX Trader proves to be a full scam, albeit in a more vague way that not many users will notice.
This broker is unforgiving. It looks very legitimate, but that is as far as it goes. Everything else about it is ruthless and a scam! Never invest in it!
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.
