Rofx.services Review: Is Robot RoFX (ROFX.NET) Scam or Legit?
Today I am going to review Robot ROFX as well as the website where ROFX is found at, Rofx.services.
Initially, Rofx.services was hosted at RoFX.net. This domain is now defunct and the new domain is Rofx.services.
There is also the third domain (rofx.online) which is the same exact thing as the one we are reviewing now.
They claim that there are some 23,000 traders who use the services offered by rofx.online. I cannot verify these numbers as only the developer knows whether they are being honest or liars.
I have seen many positive reviews about this service and it only makes sense to analyze RoFX services at this moment to help you make an informed decision.
RoFX is basically an investment fund where your money is supposed to be automatically traded for a daily ROI using Robot RoFX.
The sales page of robot rofx claims that they are a team of experienced traders and software developers who have been around since 2009.
They claim that since this time, robot rofx has continued to successfully win more trades than it loses. So they decided to grant the public access to this Forex robot.
The question therefore becomes: is Rofx a legit Forex trading operation or is this a scam?
Rofx review: what I know
After analyzing the service keenly, I realize that it’s designed for the beginner with zero experience in trading.
Secondly, it is designed for busy people with disposal income to spend in other avenues which can purportedly increase their financial reserves.
Thirdly, robot Rofx website claims that they have set aside a reserve fund to cover losses in case trades end in losses.
I was not convinced that this company could pay your losses. They are here to make profits and not to pay for your losses out of their pockets.
There is nothing like trade insurance, and this is something you should not believe since no legit fund manager in the world will ever cover your losses.
There are some good points though, and I want to cover them here as well before I touch on the negatives of RoFX services.
I will list them here just to recap on what the developer has said.
What Rofx is able to do (according to the promotion content)
The robot was built with a self-learning neural network (AI) to help it continuously learn a new thing each time it trades. This is the basis for the claim that Rofx Forex robot has been doing well since 2009.
Whereas specifics of how the AI technology functions in this robot have not been revealed, the developer gives us some hints about what they put in there.
There is some reference to Ichimoku charts and the concept of Elliot wave principle, although they are not explicitly stating that their robot uses these strategies to analyze and trade the Forex market successfully.
The developer also claims that they want to bring AI trading to the masses at an affordable price.
Apart from that, Rofx.services plans to introduce ICOs in order to fund the project and keep it growing. Dates for the ICOs have not been revealed yet.
Other benefits that the company claims to offer include the ability to make money as a Forex trader without actually doing anything.
We do not need to download or set up anything. By the way, it appears that the process for getting started is also very quick and easy.
They are currently trading USD, EUR and BTC pairs. I think Rofx.services will perhaps introduce other Cryptocurrencies in the future as they see fit.
Rofx Review – the plans
There are 5 investment packages in total, and each plan comes with its own set of requirements and ROI expectations.
They are namely Trial, Easy Start, MoneyMaker, Gold and VIP. To get started with Trial membership, you have to invest anywhere between 1000$-5000$.
Easy Start – 5000$ -10 000$
Money Maker – 10 000$ – 50 000$
Gold – 50 000 – 100 000$
VIP – $100,000 and above (VIP members can attend RoFX conferences around the world)
Rofx services fees
Deposit and withdrawal fees are ”covered” by the company. You do not have to pay anything.
So what you are paying is actually performance fee ranging from 15% to 60% depending on your chosen package.
When I look at the fee structure, I do not see anywhere they mentioned that they are using watermark principle where fees are only charged when you make profits bigger than the initial balance deposited.
Secondly, the less you deposit with RoFX services, the more you pay in performance fees.
Trial package attracts a fee of 60%. You take 40%. This is quite unfair as I have never heard or even come across an investment fund taking this much.
You can read about Blue trading here and you will notice that they are a very professional company with no outrageous fee structure for their investment fund.
Rofx Review: are they licensed?
Regulations ensure that the company is not acting in contrary to their clients’ interest.
The head office of Rofx.services/rofx.online is situated in London, UK but they also have offices spread out across the world.
In the US, they are operating with this phone number USA: +1-888-631-2337. So this tells me that the fund manager needs to be registered with the SEC because they are offering securities as a tool for investing.
Back in the UK, they need FCA licensing. Their FAQ, however, is addressing this issue by telling potential customers that only registered users can request this information.
Reason? They are trying to avoid abuse of this info by their competitors.
I felt like this was not a valid reason for not posting their regulatory info at the footer of the site. Financial regulators require this information to be posted at the bottom of the site, which RoFX has not done.
Although daily returns seem to be reasonable, I do not agree with some things which are announced in their marketing materials.
These include the claim that losses are insured. I also don’t like the performance fee structure because it oppresses traders with insufficient capital.
Thirdly, ROFX does not readily produce their performance records. They claim that you have to register first in order to view past performance.
That is a big excuse, and my first recommendation to this company is that if they want to be trusted, they should publicly post their trading results.
For me, I am a little hesitant about robot rofx since their services doesn’t seem to be geared towards helping traders with less capital.