Value for Money
If forex trading robots have ever piqued your interest then you may have heard of ROFX. ROFX is a company that has developed an exceptional forex trading robot with a variety of features. Want to learn more? Read our in-depth review on ROFX.
ROFX is a company which has developed and specialized in providing a forex trading robot. This robot was developed by a team of software developers and experienced traders in 2009. Since that period, the company claims that the robot has remained profitable, and therefore they offer customers the opportunity to engage the trading bot with their forex broker account and funds.
Although the team behind the project may well have been operating in the forex industry since 2009, there is significant evidence which points to the company itself only being operational since 2016.
All of the best forex platforms and services we have reviewed boast a number of features which can help them differentiate themselves from the competition. Here are some of the key features of ROFX.
According to the company materials, ROFX make use of AI in a big way when trading through their forex platform. They claim to utilize self-learning neural networks in order to ensure that strategies continue to evolve and execute profitably.
Multiple Account Levels
The ROFX service offers multiple levels of accounts. These range from trial accounts with a low deposit requirement, to higher limit VIP accounts. At each level, the performance fee which you have to pay on the profits generated by the service decrease.
The company makes an effort to prove their position and credibility as a respected service by showcasing some data from the previous years of operation of the ROFX service. This provides for as much as 10-years of data which has been conveniently broken down by year, month, and even day calculations of profitability.
ROFX should be compatible with any broker you are using. This includes many from the top forex broker reviews we have carried out. This is not specifically mentioned, though due to the nature of the service, some degree of compatibility would be required. The company also claims to be listed on myfxbook for the provision of verification on their trades.
ROFX Pricing and Availability
There are a variety of options available when you choose to get started with ROFX. The opening of your account itself is free, though a deposit of a certain amount is required to begin using the service. The options are available with the following deposit amounts and subject to the noted lock-in period for funds:
- $1,000-$5,000 Deposit
- 30 Day Lock Period
- 60% Performance Fee
- $5,000-$10,000 Deposit
- 70 Day Lock Period
- 50% Performance Fee
- $10,000-$50,000 Deposit
- 270 Day Lock Period
- 35% Performance Fee
- $50,000-$100,000 Deposit
- 270 Day Lock Period
- 25% Performance Fee
- 270 Day Lock Period
- 15% Performance Fee
There is also a VIP PAMM account with no lock period for those whose investment reaches into the millions of dollars.
Accounts with deposits in EUR and Bitcoin are also available.
ROFX does lead the way in making many bold claims throughout its website in relation to the investment of traders. Many of these claims relate to the profitability of the service.
At the bulk of the claims made, all of which are difficult if not impossible to verify, is that “negative results of trading are covered by a reserve fund”. This seems to imply that even if you engage in losing trades, your full deposit will be guaranteed.
ROFX also make claims like, since 2010 the robot has never made a loss, and that the service represents a stable passive income, and the best money-making service.
All of these claims, as mentioned, are difficult to verify and seem to be over-zealous in their desire to promote a sense of guaranteed profitability.
What ROFX promises and delivers appear to be two quite different things. The company promotes itself as a long-standing enterprise when in actual fact, the current website has only been active since 2016.
The results in terms of profits delivered are very hard to confirm, as no detailed data is provided on any aspect of the robot. Beyond financials, this extends to how the system operates and is implemented. Many concerns have been raised by other users who suspect that there may in fact be no robot behind the service at all and that it is simply a form of managed fund. This is also difficult to confirm.
Ultimately, concrete results and evidence-based confirmation of the quality of the ROFX trading robot are hard to come by.
Trustworthiness and Support
ROFX appear to have offices in London, New York, and Hong Kong. Local phone numbers are attached to each and available to call. They also provide a dedicated email for support questions and an extensive FAQ section on the website which details the answer to many questions which may be relevant to your use of the service.
While support seems extensive, trustworthiness on the other hand is difficult to assess. The company does not have or require and specific licensing to operate, and the fact they appear to only have been operational for 3 years but portray a 10 year history, may be a problem for some users.
Furthermore, the fact that the service does not particularly present as a forex robot and more as a managed fund is something which will likely worry many users. While there have been no reports of an outright ROFX scam or losses throughout the industry, there is widespread doubt as to the nature and intentions of the service which many have viewed as, too good to be true.
Who Should Choose ROFX
The nature of the service as a forex robot would demonstrate that is it not suitable for beginners or those with little trading experience. Although EAs are relatively easy to implement and the process is simple to follow step by step, beginners may be better to gain some basic grounding through one of our forex education services first prior to advancing to implement robots.
For those with a good level of experience, integrating a forex robot may prove to be beneficial in saving time and making a profit or passive income, but this should be extensively researched and not treated in a risk-free manner such as ROFX seems to advocate.
Ultimately, ROFX has been around in the industry for a few years and does perform a service for which it has received mixed reviews. If the robot worked as prescribed on the website in the risk-free manner detailed, then it would be unbeatable. The fact is though, that no matter how promising any product or service appears to be, there will always be a risk attached. This is something it seems like the team behind ROFX are unwilling to share with users.
Overall, the service promotes well and says all of the things which any user would like to hear, but falls down when it comes to transparency, and full disclosure of the type of service and risk involved.
- Relevant amount of experience in the industry and a very positively promoted service may attract some traders.
- The opportunity to open your account and fully analyze and understand what is on offer can be a bonus.
- Too much doubt surrounding the true nature of operations at ROFX with no availability of information to prove the workings of a robot.
- Worrying difference between the period the company say they have operated, and the actual launch date of their website.
- No free trail option available. Even the trial type account requires a large deposit.
- Over promising claims on the company website could ultimately lead to losses which were unexpected by the users.