ROFX
  • Reported Gain
    (4)
  • Reported Drawdown
    (4)
  • Minimum Account Size
    (2.5)
  • Payment Proof
    (2.5)
  • Validity of Results
    (2)
  • Legitimacy of Company
    (2)
  • Fund Security
    (2)
Overall
2.7
Comments Rating 0 (0 reviews)

Summary

ROFX is marketed as a Forex EA but appears to be a managed Forex service that has red flags pertaining to that of a potential Ponzi scheme.

I do not recommend ROFX based on what I’ve seen so far. See below for full details.

Pros

  • Reports of people making money.
  • Verified MyFXBook account with impressive profit.
  • Supposed loss coverage guarantee.

Cons

  • Not a real Forex EA.
  • ROFX appears to have direct access to everyone’s money.
  • Investment structure similar to those used by HYIP/Ponzi schemes.
  • Linked to the unregulated Ester broker (bad reputation).
  • Company name and address hidden.
  • MyFXBook stats can be manipulated.
  • Open trades on MyFXBook are private.
  • ‘Hidden’ 30% ‘fine’ and complete prior profit deduction.

Financial Disclaimer: no part of this review should be interpreted as financial advice. The content is for informational purposes only.

Opinion Disclaimer: the content in this review is ultimately a reflection of my own opinions and is not intended to malign any religion, ethnic group, club, organization, company, individual, anyone, or anything.

Payments and Ownership: I DON’T own or work for ROFX. If you have payment issues or need to get a refund – you’ll need to contact ROFX directly. ALWAYS make sure that you understand the payment and billing arrangements BEFORE subscribing or buying anything.

Name:ROFX
Website:rofx.net
Real owner:Unknown
Platform:Independent
Type:Managed Forex investment service
Price:$1,000 – $10,000,000 investment plans
Trial?No
Money-back guarantee?Unclear (hidden terms)
Rating:2.7 / 5
Recommended?No – (Ponzi qualities)
How to join?Via their website

It’s been quite a while since I reviewed a Forex EA.

But I’ve been seeing adverts for the ROFX service popping up on my Facebook newsfeed for a while now.

Their hook was something about the most realistic way to becoming a millionaire via financial trading.

So, I decided to open up a free account with ROFX to see what this service is all about.

And as I’m about to reveal in this honest ROFX review…

Something seems seriously ‘off’ with this service in my view.

Screenshot of the ROFX website.

Image source: rofx.net

What is ROFX?

According to their FAQ page?

ROFX claim to be a ‘…team of software developers and traders with significant experience in the international currency and financial markets’.

The ROFX service is basically marketed as an expert advisor (EA) that trades the markets on autopilot using trading signals provided by their so called ‘self-learning’ algorithm.

The ROFX team claim that their technology allows anyone to trade the financial markets to generate a passive income with zero prior knowledge.

ROFX Stats

Not much is given away about the EA itself by ROFX.

However, they do have a verified MyFXBook account that you can find here.

I do have some concerns regarding the legitimacy of this account and I’ll get into that in the second half of this ROFX review.

But for now, here’s a breakdown of the EA’s parameters and its alleged performance to date.

Name:ROFX
Active since:2010 (?)
Gain:+179.81% (since Jul 2018)
Daily:+0.26%
Monthly:+8.26%
Drawdown:0.35%
Type:Managed forex account – prof. share
Strategy:Technical (?)
Leverage:None (?)
Time frame:Unknown
Min account size:$1,000
Pairs:Unknown

How Does ROFX Work?

Here’s the thing.

As far as I can tell, the ROFX system isn’t actually an expert advisor.

Because when I logged into my ROFX account, it looked like my deposits would go directly into this account and would not be held by a separate broker.

I never went ahead and deposited the minimum $1,000 to begin trading, but I saw no mention of linking up the ROFX robot with MetaTrader.

Feel free to correct me in the comments section if you know more…

But ROFX appears to be a managed service that provides a profit share at the end of each trading day.

This is a huge red flag for me.

And I’ll explain why very shortly.

Who’s Behind ROFX?

I don’t know.

I couldn’t find any mention of an associated company name – or even a contact address – anywhere on the ROFX website.

On their FAQ page, in response to the question of being able to visit their premises, ROFX said that this is only possible by first emailing their security department.

However, they do provide a contact phone number at +44 20 3936 1401, and there’s a live chat feature on their website.

Is ROFX a Scam or Legit?

At the time of writing?

I don’t have enough evidence to say that ROFX is absolutely a scam.

But I also wouldn’t feel happy recommending ROFX either, because there are some things that really worry me about this service.

So in this situation, I’m going to outline the reasons why ROFX may indeed be legit and then juxtapose them with the reasons why ROFX might be a scam.

I’ll then chime in with my resulting opinions.

This should hopefully help you decide if ROFX is right for you or not.

Why ROFX Might NOT Be a Scam

Ok.

Here are the indicators that ROFX might be a legitimate service.

1: Verified MyFXBook Account

Here’s the link to ROFX’s MyFXBook account again.

And you can see for yourself that:

i) The track record is (supposedly) verified.

This would indicate that the account is real (not a demo) and that the trades have been confirmed by the broker.

ii) The trading privileges are (supposedly) verified.

This would mean that the person giving these results actually has the rights to use the account for trading.

iii) Linked to a broker.

The account is linked to the Ester broker.

(More on this in the next section).

iv) The account is (supposedly) real.

This means that the account is supposedly NOT a demo account.

(But this can be faked – more on this in the next section).

2: Loss Coverage Guarantee

This is quite amazing.

ROFX say that when the company suffers a loss and its customers make no profit, such losses are compensated from the ‘reserve fund’ of the company.

Here’s the exact wording from section 3.7 of their Terms and Conditions:

‘On the day with a negative result, the balance of Member of the System remains intact, and the loss is covered by the special-purpose reserve fund formed by the Operator for such cases.’

Source: rofx.net/terms-of-service

3: People Are Apparently Making Money

Check out this thread on Trustpilot.

Now, reviews on this site can most certainly be faked.

But there are some reports of people actually making money with ROFX.

But as I’m now going to discuss in more detail – just because an investment scheme is ‘paying out’ doesn’t automatically mean that it’s legit.

Why ROFX Might Be a Scam

Now let’s look at the flip side.

Here are the things that give me cause for concern with ROFX.

(Please bear in mind these are just my opinions based on my observations and I could be wrong).

1: Looks Like a HYIP Ponzi Scheme

Earlier I said that depositing funds directly with ROFX was a huge red flag.

Obviously, this ‘managed’ approach is a worry because your funds can be accessed directly by ROFX.

And that’s not all.

If you go to the ROFX ‘For Customers’ page, you can see the different investment plans are as follows:

Screenshot of the ROFX pricing plans.

Basically…

The more you invest, the lower the performance fee, and thus the greater your share in the daily trading profit.

Seems fair enough, right?

Maybe.

But…

I’ve seen this sort of investment structure many times before in the form of HYIPs (‘high yield investment programmes’).

Now, the high yield part doesn’t really apply here because ROFX aren’t making any absurd ROI claims.

However…

The Ponzi element may still hold.

Since ROFX appear to have direct access to their clients’ funds.

Which means that money being deposited by new investors could be used to pay the profits generated on the existing members’ accounts.

This consequently brings into question their so called ‘Loss Coverage Guarantee’.

Where is the money coming from to fund their ‘special-purpose reserve’ exactly?

I don’t know for sure, but again, they could just be moving clients’ funds around to cover themselves.

Also…

There’s a clause in the Terms and Conditions (section 3.3) that states that although the ‘subscription price’ is technically refundable:

‘In the event of early termination of the Agreement or refusal to subscribe for a Package, a fine of 30% as well as all previously accrued profits are deducted from the total amount of the corresponding Package.’

‘Trapping’ of funds is typical of Ponzi schemes to increase liquidity.

Also, you’ll notice that the more money you invest with ROFX, the greater your profit share.

BUT – with the exception of the $10 million package – the subscription package duration is set higher (270 days) for the $10,000 – $100,000 packages.

This potential ‘high end’ trapping is again symptomatic of Ponzi schemes that try to encourage people to funnel more money into the scheme and then deter them from withdrawing it (as per the 30% ‘fine’ in this case).

Again, this is all just speculation on my part.

2: Linked to an Unregulated Broker

I did a background check on the Ester broker linked to from ROFX’s MyFXBook account.

And the reviews weren’t great.

This thread on Forex Peace Army has complaints from 3 users that deposited money and couldn’t get it back.

But the main point here is that if the MyFXBook linked broker is a scam, then the trading results themselves can be brought into question.

3: Open Trades Are Private

If you look at ROFX’s MyFXBook account carefully…

You can see that their open trades are private.

This is a massive red flag.

Because as the video below explains – hiding open trades can disguise drawdowns.

(This video also explains how ‘real’ accounts can be faked too).

Video credit: Rimantas Petrauskas

4: Company Name and Address Hidden

It looks like ROFX are very secretive about their company and their location.

However, once upon a time, it sounds like ROFX did indeed post their supposed address on their site.

But as far as I can tell, this has now been removed.

This could be because as reported here on Trustpilot, one user apparently turned up at ROFX’s alleged address in Miami – only to find a completely different business there!

Image source: uk.trustpilot.com/review/www.rofx.net

Conclusion: Serious Caution Advised

I don’t know for sure if ROFX is a scam or not.

But there are some things that just don’t seem right in my view.

My main concern is that (please correct me if I’m wrong in the comments section) ROFX have direct access to everyone’s money.

This gives them capacity to act as a Ponzi scheme – of which there are some corroborating elements.

The main one being the investment plan – which seems to encourage people to deposit large sums of money via the higher subscriptions packages…

Only to ‘trap’ those funds with the seemingly predatory clause that stipulates a 30% ‘fine’ and deduction of previously accrued profits should you attempt to withdraw your money before the contract is up.

These are all tactics that I’ve seen used by Ponzi schemes in the past.

The only thing that ROFX seem to have going for them is their MyFXBook report that shows an impressive profit.

However, as the video I posted earlier illustrated – MyFXBook results can be manipulated to show misleading results.

And the fact that their open trades are set to private means that the graphed results may not be true.

The bottom line?

I personally wouldn’t feel comfortable investing any money with ROFX based on what I’ve seen so far.

So I won’t be recommending ROFX at the time of writing.

My advice would be to proceed with extreme caution and only invest money that you can genuinely afford to lose.

Pros

  • Reports of people making money.
  • ‘Verified’ MyFXBook account with impressive profit.
  • Supposed loss coverage guarantee.

Cons

  • Not a real Forex EA.
  • ROFX appears to have direct access to everyone’s money.
  • Investment structure similar to those used by HYIP/Ponzi schemes.
  • Linked to the unregulated Ester broker (bad reputation).
  • Company name and address hidden.
  • MyFXBook stats can be manipulated.
  • Open trades on MyFXBook are private.
  • ‘Hidden’ 30% ‘fine’ and complete prior profit deduction clause.

Or Have I Got It Wrong?

Do you think that ROFX is a legit service?

Have you been making money with ROFX?

Let me know your thoughts in the comments section below.

Is There An Alternative?

I don’t have a Forex EA that I’d feel happy recommending to you at the time of writing.

But if you’re looking for a legit investment opportunity service – then check out Capitalist Exploits.

Click the button below to find out why this is my #1 investment opportunity service right now.

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