Thinking to invest in RoFx – Robot Forex Trading Platform? Read the detailed review!
The automated forex trading platforms are the new trend in the foreign exchange trading industry, many FOREX companies are advertising themselves as automated robot-based trading platforms. RoFx is one such platform that claims to be a robot-based FOREX trading system that requires no trading experience or special knowledge for traders in order to benefit from the system. Additionally, the platform markets the guarantee that they will cover for any losses that might result from trading through the automated robot-based trading platform.
Detailed RoFx Review
Apparently, the RoFX platform is not your normal EA developer, while there is no surety that the platform uses a robot for FOREX trading. Although the company markets the software as an automated robot-based program yet there is no significant information that the platform provides in terms of the normal automated trading elements. The platform also lacks mention of the strategy that the company uses while there is no available information related to the reputation of the development team in the industry.
The platform markets its program to be a 4-step process as follows:
1) You register your managed FOREX account
2) Our FOREX robot generates trading signals
3) Our robotized FOREX trading system reproduces trading signals to your managed FOREX account
4) You receive a profit at the end of each trading day (Loss Coverage Guaranteed)
The minimum package that a trader can take requires $1000 to start off with; making the platform an expensive investment in terms of the amount a trader is going to risk to start trading through the platform. The lowest package is called Trial package, whereas the most premium package called the VIP PAMM* requires at least $10 Million with no limit to trading period.
The platform claims to be marketing themselves as a company who has been trading and developing platforms in the Forex market since 2009, however, there is a lack of proof on that end as well. The information available regarding the platform is different as well as contradictory to what the platform has claimed on their website.
If you search the website at whois.net, which is a platform to check the life of a domain, the information it displays regarding RoFx.net is as follows:
Updated Date: 19 June 2018
Creation Date: 01 October 2016
The above information means that the domain was initially created in 2016 and was last updated in 2018 which again falsifies the claim of the platform that they have been in the FOREX market since 2009. Another section claims that the website does education related CSR; in this section, the company markets that they have helped over 30 million children through these charities. However, there is no information about any charity that is being powered or supported by the platform anywhere online.
As mentioned earlier, the platform markets a lot of stuff on their website, however, they miss a key point in terms of elaborating the strategy their automated robot-based platform uses in order to guarantee loss coverage on trader’s investment; another point that the platforms markets as a claim.
Warning about their elusive myfxbook trading account that looks too good to be true doing 8% per month for a total of nearly 400% on a virtual exponential graph with only 0.30% drawdown? That might be because the track record is not verified. This means their trading history can not be verified and more than likely manipulated.
The platform has a trading reports page, in this section, the company markets two graph charts. One of the charts depicts the profit by year starting from 2009 to 2019. The second chart shows the month by month profit of the current year i.e. 2019. There is a calendar at the end of the section that shows the daily Profit for current month i.e. Feb 2019. There is no data available based on which these graphs are based, making them a non-verified piece of information. You can visit their trading report page @ https://rofx.net/trading-reports/.
Provides one account worth of results on a fake broker with fake trades, do you trust them?
This was a waste of money didn’t work for me.
Can I be confident this isn’t a Ponzi scheme?
I’ve been a fan of the ROFX forex robot for around 6 months before I decided to jump in. After purchasing the EA, I decided to start off on a demo account for around a month in order to validate the results. The results surprised me and after porting it on my real account, it still stayed stable. I don’t know who this might help, but I don’t trade on Friday’s and I don’t intend stopping anytime soon. Meanwhile, I trade only the EUR/USD, and I’ll love to know how profitable other pairs have turned out for users who have tested them out.
Wat other platform are more transparent I will like to know