Beware! Rootit BD is an offshore broker! Your investment may be at risk.
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Rootit BD is probably among the worst choices when it comes to financial services providers. This is one of those firms who appear to be trustworthy but eventually it shows its true lights. And even though Rootit BD claims to be fully regulated by well-established watchdogs, don’t fall into this trap. The reality is that this broker is not authorized to offer investment services and its purported address is most probably also fake. But being anonymous and unlicensed is not the only worrisome fact about it. Beware that this firm also offers some quite insecure payment methods, plain trading platform and risky leverage. So better save your time and money and skip dealing with Rootit BD. For more details keep reading the full review.
Rootit BD Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
Rootit BD claims its “legal address” to be in the United Kingdom – a country with severe forex regulation. It also claims to be licensed by famous authorities like the Financial Conduct Authority (FCA) of the UK, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). All of this is a blatant lie of course. This firm is not present in either of these registers so it can’t possibly be authorized by any of these watchdogs. Take a look for example at the results from the website of FCA:
And even though Rootit BD claims to “meet the requirements of global financial regulators” this can’t be the case either. Unregulated brokers like this one follow no rules and certainly don’t bring any client protection or whatsoever.
For this reason, it’s for your own good to give this broker a miss, otherwise you risk getting scammed overnight.
Rootit BD Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|Rootit BD platform||❌||❌||❌||❌|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Rootit BD claims to offer an “innovative platform, which combines hundreds of functions and instruments”. This may sound promising, however it has nothing to do with reality. First of all, after we registered everything in our profile was in Russian and that was the first red flag, just because we have seen this with other scammers already.
Moreover, the trading software itself doesn’t look “innovative” at all. It’s just a simple web-based software, take a look:
You can use some basic tools, but no autotrading is available, nor any advanced features like Expert Advisors for example. Such advantages can usually be seen with more sophisticated platforms like MetaTrader 4 or MetaTrader 5.
Rootit BD Trading instruments
Rootit BD claims to offer a variety of trading instruments like currencies, metals, stocks, commodities, indices and cryptocurrencies. All of them however can be seen with reputable brokers as well, so definitely no reason to deal with such shady firms like Rootit BD.
Rootit BD Spreads and cost of trading
There is no no data on the website regarding this broker’s spreads. After we saw its trading software there was a spread of 0.1 pips for EURUSD, however we still don’t know if there are any commissions ahead, so better be careful. And no matter what volumes this firm offers, certainly don’t invest here as it’s totally unlawful and deceitful. Legitimate brokers provide attractive spreads below 1 pip anyway, so better choose one of them instead.
Rootit BD Maximum leverage
|Rootit BD broker||500:1||100:1||10:1||100:1||100:1|
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
The maximum leverage here is said to be 1:500 – again too risky an amount that is not recommended for retail traders. On top of that there’s a leverage cap of 1:30 in the UK, Cyprus and Australia, where this broker falsely claims to be licensed. As you see, it would be for the best to steer clear from this shady firm! If you still want to trade with higher leverage, we suggest looking at some of the offshore subsidiaries of reputable forex brokers.
Rootit BD Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Crypto||No information||No information||No information|
Again, there is no data about the payment methods this broker accepts. After we opened an account there were two funding options both containing crypto coins – Bitcoin and Tether to be precise. See for yourself:
This is quite worrisome to be honest as crypto transactions are proven to be completely anonymous and also irreversible. They are also absolutely typical for scammers so if you come across crypto payments like the only option just forget about investing with this broker!
Legitimate firms on the other hand tend to offer a variety of payment methods like the traditional Visa/Mastercard, bank transfer and popular e-wallets like Skrill, Neteller and PayPal. These payments also give you the possibility to ask for a chargeback or open a dispute in case you want to overturn the process.
Rootit BD Minimum deposit
The minimum deposit with Rootit BD is said to be 150 USD. That’s a fair amount to be honest, as most reputable brokers usually ask for more or less the same. Still, don’t forget that this broker is totally illegitimate and deceitful, so any investment here would be at your own risk! Not only that, but what it offers is not as tempting as it seems – reputable brokers tend to offer much lower initial deposits around 10 USD.
Rootit BD Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Rootit BD||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Even though we thoroughly searched this website, we still couldn’t find any useful data about this broker’s withdrawal requirements. Be extra careful however as scammers usually ask for around 15% withdrawal fee along with an enormous trading volume requirement. In short, fraudsters make everything possible to prevent you from getting even a cent from your account. For this reason and everything mentioned so far, we believe that staying away from this firm would be the best thing you can do!