ROIFX Forex Broker provides real users with 1 positive reviews, 1 neutral reviews and * exposure review!
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Another scammer, don’t trade with it. A high minimum deposit of $5,000 is so crazy. I found their customer support team is like a robot, instead of a human being. They know nothing about online trading actually.
ROIFX is a trusted global brand that offers an easy-to-use web-based trading platform for online traders, alongside access to a thorough selection of CFDs.
RoiFX has been a topic of concern in the trading community, with numerous reviews highlighting its unregulated status and questionable practices. The overall sentiment is overwhelmingly negative, with users reporting high minimum deposits and difficulties in withdrawing funds. This review aims to dissect the various aspects of RoiFX based on the latest findings.
Note: It is crucial to recognize that RoiFX operates under different entities across various regions, which adds a layer of complexity to its legitimacy. This review synthesizes information from multiple sources to ensure accuracy and fairness.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 2 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
How We Rate Brokers: Our rating is based on a comprehensive analysis of user reviews, expert opinions, and factual data regarding the broker's services and practices.
Founded in 2022, RoiFX claims to be a UK-based broker, although it operates without any legitimate regulatory oversight. It purports to offer a range of trading services, but its platform lacks well-known trading software like MetaTrader 4 or MetaTrader 5. Instead, it utilizes a basic web-based trading interface that has received criticism for its limited functionality. RoiFX provides access to various asset classes, including forex, commodities, indices, and cryptocurrencies, but the quality of these offerings remains questionable.
RoiFX is unregulated, having been blacklisted by the UK's Financial Conduct Authority (FCA) for operating without authorization. This poses significant risks to traders, as there are no legal protections for their funds. The FCA's warnings indicate that RoiFX is not authorized to provide services in the UK, further diminishing its credibility. The broker has also been flagged by authorities in other jurisdictions, including Italy and Canada, for similar reasons.
RoiFX claims to offer various payment methods, including PayPal, credit/debit cards, and bank transfers. However, the minimum deposit requirement is alarmingly high at $5,000, which is a significant red flag. Many legitimate brokers allow for much lower initial deposits. Furthermore, there are reports of users facing challenges with withdrawals, including excessive fees and unclear policies. The absence of a clear withdrawal process on their platform raises concerns about fund accessibility.
While RoiFX advertises bonuses, these often come with stringent conditions that make it nearly impossible for users to withdraw their funds. Such practices are typical of fraudulent brokers, where the promise of bonuses is used as bait to lock in users' capital. According to various reviews, these bonuses are tied to trading volume requirements that are excessively high, leading to frustration among traders.
RoiFX offers leverage up to 1:600, which is significantly higher than the legal limits imposed by many regulatory bodies, including the FCA. Such high leverage can amplify both profits and losses, making it a risky proposition for inexperienced traders. The broker does not disclose specific spread or commission rates, which is another indicator of potential deceit. Instead, it uses vague terms like "gold spreads" or "platinum spreads" without providing actual figures.
The trading platform provided by RoiFX has been criticized for its lack of advanced features and poor user interface. Users have reported that the platform is not user-friendly and lacks essential tools for effective trading. The absence of popular platforms like MT4 or MT5 further limits traders' ability to analyze markets and execute trades efficiently. The overall user experience has been rated poorly, with many users expressing dissatisfaction with the platform's functionality.
Customer support at RoiFX has been described as lacking. Users have reported difficulties in reaching support representatives and receiving satisfactory responses to their inquiries. This is particularly concerning for a broker that requires a substantial initial investment, as traders expect reliable support when navigating their trading activities.
RoiFX appears to target a global audience, claiming to serve clients from various countries. However, its unregulated status raises questions about its legitimacy in these regions. The broker does not provide clear information about restricted areas or the languages supported for customer service, which can lead to confusion for potential clients.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 2 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 2 |
| Trustworthiness | 1 |
| User Experience | 2 |
In conclusion, the RoiFX review paints a concerning picture of a broker that lacks regulation, imposes high deposit requirements, and raises significant red flags regarding its practices. Users are strongly advised to exercise caution and consider more reputable alternatives for their trading needs.
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