RoFx Review: RoFX.net Scam Automated Trading! - Topedgefx.com

RoFx Review: RoFX.net Scam Automated Trading!

Welcome to the RoFX review. RoFX offers an automated trading system with “reserve fund” to “guarantee” profits while covering losses.

Rofx minimum deposit is $1,000 but before you can deposit this amount, you are advised to read reviews of this company.

According to the website’s about us page, RoFX is a team of experienced software developers and traders who tested their automated trading system in 2009 and by 2010, their profits allegedly surpassed their losses.

RoFX’s marketing materials claim that due to “success” of their trading system, the company decided to offer it to the public for purposes of increasing the firm’s working capital.

RoFx.net even claims that they can prove their trading results through myfxbook.com.

This is an interesting marketing proclamation and in our RoFX review, we’ll analyze every aspect of the service to let you know whether it’s viable or not.

While this trading service is making bold claims of how they can guarantee their traders’ profits, we still feel that RoFX falls short of expectations and cannot be included in our list of the most recommended trading tools.

RoFX review

Nothing is known about this developer or “team of traders”. We’ve reviewed lots of Forex trading robots like FXMath x-trader, EATree and many others but we never found such a blatant and vague trading product like RoFX.

Their official website provides US, UK and Hong Kong phone numbers which suggests that the operators may be having a presence in these regions.

ROFX review Online Automated Robot EA for Forex FX Trading Built with AI

Either way, we still feel that the vendor would have inspired some trust by providing details of their trading backgrounds and the name of traders who actually trade or develop their alleged trading system.

RoFX marketing materials also proclaim that their automated trading robot is the best in the world.

They even declare that they are the only ones that cover traders’ losses. This is obviously a gimmicky marketing statement with no grain of truth.

We’ll need an elaborate explanation of how this vendor is able to cover their traders’ losses because this is definitely not practical in trading.

They also want traders to know that due to their automated trading system, traders need not to have any kind of experience to succeed in the Forex trading market.

The truth is that these statements don’t set RoFX trading system apart from the competition.

They only make the vendor sound vague and clueless. We need explanations about their trading strategy as well as concrete trading results to back their allegations.

Can the developer leave up to expectations? We doubt it but for the sake of our RoFX review and our readers, we’ll be forced to have the “trading strategy and results” sections before closing this review.

RoFX Review: Trading strategy

The vendor of this trading robot claims that their system uses “neural networks” to trade the market.

They also claim that their Forex robot is a very complex trading system.

But they fail to go into the exact details on how their robot actually trades.

Before they can promise passive income opportunity and financial stability, the developer should at least explain their trading methodology.

They should not continue to populate this part of the website with vague statements and empty promises.

Unfortunately, they did just as we had expected. We had expected them to focus on promoting the product rather than telling us their trading strategy.

The vendor is basically failing in providing their explanation and we can no longer believe that RoFX trading system is able to provide the supposed financial freedom.

Indeed this product has existed for more than a year now and we expected the developer to take his time in providing an in-depth explanation of how their product works.

Experienced traders just don’t get persuaded based on the things they tell us on their marketing materials.

Furthermore, we see that one has to register a Forex managed account with RoFX so that the robot can automatically trade the signals generated on the platform.

This is similar to what happens in binary options scams.

They lure unsuspecting investors into depositing funds with an unregulated broker so that they can earn commissions while the victim loses his funds to a generic trading system with no real capabilities of making a profit.

This appears to be the plan of RoFX.net. They want unsuspecting investors to deposit with their affiliated broker and from there, the investor can lose while the marketer makes his commissions.

Who is the partner broker of RoFX.net?

They’re using a very controversial Forex broker called EsterHoldings.com.

Ester Holdings is a shady offshore broker that does not process any investors’s withdrawal request.

The company behind this broker is called ESTER HOLDINGS INC and they appear to have stemmed from former USSR countries.

Ester Holdings Inc is registered in the British Virgin Islands. This jurisdiction has a financial regulator for brokers.

However, it should be noted that the local financial commission governing the industry allows brokers to operate from oversees and does not assure client protection or effective supervision of what brokers do.

This is why scam Forex and binary options brokers have opted to set up shop in the British Virgin Islands because regulations are not strict and thieves can run away with customers’ funds anytime they wish.

RoFX has partnered with this broker and so we can anticipate where all of this is heading to.

Trading results

They promised us trading results and in this RoFX review, we were waiting to analyze the figures and see whether they are in their favor.

First of all, credibility starts with the broker that is being used. We already know that Ester Holdings is not a credible Forex broker.

And secondly, you might be surprised to find that RoFX is owned and operated by the same people who run Ester Holdings.

RoFX has provided their myfxbook account but we must admit that something weird is happening with this account.

It is a real trading account from Ester Holdings. Gains are at +405.33% and drawdown is just 0.35%.

Monthly return is at 7.96%.

The reason we suspect manipulation of results is because the equity curve is strangely drawn.

Trading sample is between January 2018 up to the current date. This is more than enough data to look at.

We also see that this vendor deposited $10,000,000.00 in this Forex account which is quite strange.

We typically don’t see these abnormal figures in a real Forex account unless we’re dealing with a hedge fund.

Furthermore, this myfxbook account from RoFX is too good to be true because they didn’t record a single losing month since January 2018.

While results look impressive, only financially naive people can believe what is presented on this myfxbook.com account.

Reviews and customer feedback

You should expect RoFX to aggressively market their scam on the internet.

They have a very very good rating on a reputation management site called Trust Pilot.

Trust Pilot admins receive kickbacks to post or allow freelancers post fabricated reviews and testimonials.

RoFX has also partnered with other websites to post fake reviews that persuade gullible traders.

Whatever the case, you must understand that this is a cleverly designed scheme from a seasoned fraudster.

Conclusion

Honestly RoFX is a clever Forex fraud. We have not come across this one in a while.

Their myfxbook account is too good to be true which means it has been manipulated to cheat traders.

The vendor of this Forex robot does not provide details of their trading strategy.

Furthermore, they refuse to disclose their identity. Why would they do this?

The bottom line is that we won’t recommend a shady service like Ro FX. Thanks for reading our RoFX.net review. This website appears to be a sham.

2 Comments

  1. Speedoh May 4, 2020
    • TopedgeFX Team May 4, 2020

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