Who Is ROFX?
ROFX stands for Robot Forex Trading and is a web-based CFD trading platform that claims to have its offices in the UK, USA, and Hong Kong. The broker was founded in 2009 and does not use the Meta 4 trading platform. ROFX’s website claims that investors can make significant profits without any previous trading experience or specialist financial knowledge and that even losses incurred on the platform will be covered, making it a risk-free investment opportunity.
The platform’s website also states that it uses complex algorithms that negate the potential for human error, and that the broker’s loss coverage principle makes it a unique and lucrative trading opportunity for its members.
The ROFX review below interrogates some of these claims to explore whether this broker is legit, or a scam concern and if, should the latter be the case, there is any recourse available to traders who have lost funds to this company.
Is ROFX a Licenced Broker?
ROFX did not have the licenses or regulations in place that are required to offer its financial services legally. It is vital that you check that any broker that you’re considering trading with is overseen by a robust regulator, to both protect your funds and to have peace of mind knowing that you’re dealing with a legit broker.
Without a license, ROFX represented a very risky investment proposition; with no regulator in place, there is no external body for traders to appeal to if they feel they have been scammed. So in conclusion, is ROFX regulated? No, it categorically is not, and potential investors should approach this platform with extreme caution.
Is ROFX a Scam or Legit?
Given its unlicensed and unregulated status, there is a high likelihood that ROFX is a scam concern. Further to this, ROFX has been blacklisted by both the Italian and British Colombian financial regulators, who have issued public warnings advising potential traders with this platform that funds placed with it may well be at risk.
Another red flag is the high initial deposit amount required by ROFX: the platform demands that new traders deposit at least $1,000, which is an extortionate amount that is about five times the industry standard when it comes to member deposits. The broker makes spectacular and unrealistic claims, too, concerning the returns that traders can expect: the website guarantees that even if members make a loss, the broker will cover them. When it comes to ‘too good to be true’ claims like these…they’re usually exactly that, and are an indication that the company is not legit.
Biggest Complaints Against ROFX
The main ROFX complaints are from former members claiming that the broker is a scam and that they weren’t able to withdraw the funds in their trading accounts, and therefore lost this money. In addition to this, in 2021, a ROFX lawsuit was brought by former traders claiming that they had been scammed out of millions of dollars by this broker.
There is also a multitude of stories and reviews online alleging that ROFX is operating a totally fake platform, on which no real trading is going on at all; it’s claimed that the broker is, in reality, a Ponzi scheme where the only income being generated by the platform is that of investments coming in by new or existing members.
Can I Get My Money Back From ROFX?
If you believe that you have lost money as a result of a ROFX scam, then there is recourse available. In terms of your chances of success, then your best option is to instruct a reputable chargeback company to act on your behalf. While, of course, you could also choose to pursue the matter yourself, a chargeback company has the experience, industry knowledge, and breadth of experience in dealing with similar scams to increase the likelihood of getting a ROFX refund.
Have a look online to find the chargeback team you’d like to work with, taking some time to check the success rates of each company and reviews from their former clients.
How Does the Chargeback Process Work?
Staff at the chargeback company will be by your side at every step of the process and keep you briefed on progress throughout. The initial stage is checking that your case is likely to be a winnable one; if this is deemed to be so then the team will take it on and will begin pursuing the matter and gathering all of the evidence that they need to do this effectively. The perpetrators of the scam will be tracked down and confronted, and your lost funds traced.
In the majority of cases, this will result in obtaining the ROFX money back, which will then be deposited directly into your bank account. The whole process usually takes around six months, although this depends on the complexity of the case.
If you have lost money to this broker and want the opportunity to get a ROFX refund then it’s advisable to make contact with a professional chargeback company at your earliest convenience, to take the first step in reclaiming your scammed investment.