Roicat Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
Business
License
FCA Suspicious Clone 
The Roicat company has fake regulatory licenses, and the declared address has no actual office. Isn't it too dangerous to trade here rashly? But I haven't seen anyone saying that they were cheated by this company.
Summary: The Roicat forex broker has garnered significant scrutiny, with multiple sources labeling it as unregulated and potentially fraudulent. Key concerns include a lack of transparency regarding its regulatory status and user experiences indicating difficulties with withdrawals and customer service.
Note: It's important to highlight that Roicat operates under different entities across regions, which complicates the assessment of its legitimacy. Our evaluation draws from a variety of sources to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trust Level | 1 |
| User Experience | 2 |
How We Rate Brokers: Our ratings are based on comprehensive research, user feedback, and expert analysis.
Established in recent years, Roicat is presented as a forex and CFD trading platform. However, it lacks clear regulatory oversight, with no major financial authorities backing it. The broker claims to offer a proprietary trading platform, but user experiences reveal significant issues with functionality and reliability. Roicat purportedly allows trading in various asset classes, including forex pairs, commodities, and cryptocurrencies, but the absence of a reputable regulatory framework raises serious concerns about its operational legitimacy.
Roicat has been flagged as an unregulated entity, with warnings issued by multiple financial authorities. According to WikiFX, the broker is a suspicious clone operating in the UK, which adds to the concerns surrounding its legitimacy. This lack of regulation is a significant red flag for potential investors.
While specific details about accepted currencies are scarce, users have reported issues with withdrawals, indicating that funds may be difficult to access once deposited. This aligns with feedback from BrokersView, which highlights that many users have experienced delays or outright refusals when attempting to withdraw their funds.
The minimum deposit required to open an account with Roicat is not clearly stated in the available sources. This ambiguity raises concerns about transparency, which is critical for any reputable broker. Users are often left guessing about the financial commitments they are making.
There is little information available regarding bonuses or promotional offers from Roicat. This lack of incentives may deter potential traders who are looking for competitive advantages when choosing a broker.
Roicat claims to offer a variety of trading instruments, including forex, commodities, and cryptocurrencies. However, the actual availability of these assets may vary, and the lack of a demo account makes it difficult for traders to assess the platform's functionality before committing real funds.
Information regarding spreads and commissions remains vague, with several sources indicating that users may face hidden fees and unfavorable trading conditions. According to BrokersView, the absence of clear cost structures is a significant drawback, as traders are left uncertain about their potential expenses.
Roicat reportedly offers high leverage options, which can attract traders looking for significant returns. However, high leverage also increases risk, especially when combined with the broker's questionable regulatory standing.
Roicat appears to utilize a proprietary trading platform, but user reviews suggest that it lacks the sophistication and reliability of established platforms like MT4 or MT5. This raises concerns about the overall trading experience.
Roicat's operations seem to target a global audience, but the lack of regulatory compliance may limit its reach and acceptance in certain jurisdictions. Traders should be cautious about engaging with brokers that do not adhere to local regulations.
Customer service options are reportedly limited, with many users expressing dissatisfaction with the support provided. According to WikiFX, users have faced challenges in receiving timely assistance, which can be detrimental to trading operations.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trust Level | 1 |
| User Experience | 2 |
Account Conditions: Roicat's account conditions are unclear, with no specific minimum deposit requirements mentioned. This lack of transparency can be detrimental to potential investors looking for clear financial commitments.
Tools and Resources: The platform claims to offer various trading tools, but user experiences indicate that these may be limited or ineffective. The absence of a demo account further complicates the assessment of these tools.
Customer Service and Support: Feedback indicates that customer support is lacking, with many users reporting difficulties in communication and unresolved issues. This can severely impact the trading experience, especially for new traders.
Trading Setup (Experience): Users have expressed concerns about the trading experience, citing issues with the platform's functionality and reliability. The lack of established platforms like MT4 or MT5 may deter serious traders.
Trust Level: The overall trust level for Roicat is extremely low, as it operates without regulatory oversight and has received multiple warnings from financial authorities. This raises significant concerns about the safety of funds and the legitimacy of the broker.
User Experience: User experiences have been largely negative, with many reporting issues related to withdrawals and customer service. This reflects poorly on the broker's reputation and reliability.
In conclusion, the Roicat review indicates that potential traders should approach this broker with caution. The lack of regulatory oversight, unclear account conditions, and negative user experiences suggest that it may not be a wise choice for those looking to trade forex or other financial instruments.
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