The Truth About This Scam In the RoiFX Review

A shady legal background, fraudulent details, ineffective trading platform and conditions, and client complaints? Something must be off with the RoiFX brokerage. 

The truth is that RoiFX is a trading scam. How do we know? You’ll have to read our RoiFX Review to find out!

Is RoiFX a Scam Broker?

Not only is RoiFX not welcome in its alleged home country, the UK, but the broker has also been blacklisted by the local Financial Conduct Authority (FCA) as an unauthorized entity.

So much for RoiFX’s regulation. On the other hand, we have the claim that this brokerage is part of GC Group Ltd, an offshore company based in Seychelles.

Whether this is true or not, it’s not important as Seychelles is an offshore domain and the local financial market regulator has little credibility when it comes to trading.

RoiFX is a fraudulent broker with no trading license. This website claims to be part of an offshore company from Seychelles. RoiFX has scammed traders from the UK, Italy, Albania, Malaysia, and Canada.

That’s why we suggest you find a reliable provider operating under a Tier 1 jurisdiction. Such domains include the FCA, CFTC, ASIC, ESMA, MAS, JFSA, IIROC, etc. You can get numerous perks such as negative balance protection, segregated funds, and a compensation scheme.

Warning Issued by Financial Authorities

As mentioned, the UK’s FCA issued a warning against this unscrupulous financial swindler on January 20, 2023. In the warning, the stern financial market watchdog stressed the fact that RoiFX is not authorized to provide services in the UK.

There you have it, folks. RoiFX is a dishonest trading platform with the sole intention to defraud as many unsuspecting traders as possible. Please avoid fraudsters such as RoiFX and instead look for regulated brokers such as Libertex.

The Opinions of Traders About RoiFX

Speaking of unsuspecting traders, RoiFX managed to claim multiple victims, unfortunately. We found complaints against this broker on both Trustpilot and WikiFX.

Traders wrote complaints about having withdrawal issues, super high minimum deposits, poor customer service, fraudulent use of clients’ money, etc. Here’s what the traders have been saying:

In fact they have used my profit without my permission which i don’t have any control to stop them… Please i beg you all to not invest in this as they all are scammers…

• Trustpilot user, May 2, 2023.

Another scammer, don’t trade with it. A high minimum deposit of $5,000 is so crazy. I found their customer support team is like a robot, instead of a human being. They know nothing about online trading actually.

• WikiFX user, March 2, 2023.

RoiFX’s Trading Platform

RoiFX’s trading platform is WebTrader, a browser-based trading terminal. Frankly, this particular WebTrader is one the worst ever.

It’s lackluster, ineffective, offers no advanced tools or charts, and features a terrible-looking interface. RoiFX doesn’t support any valid third-party platform such as MT4, MT5, or cTrader. If you’re interested in using cTrader, Monaxa is your go-to broker.

Which Financial Instruments Does The Platform Include?

According to RoiFX’s website, the following trading instruments are available:

• Forex pairs – AUD/CAD, EUR/USD, JPY/GBP…
• Indices – S&P500, AUS200, NIKKEI225…
• Commodities – gold, silver, crude oil…
• Shares – Google, Tesla, Microsoft…
• Crypto – BTC, ADA, LTC…

RoiFX’s Countries Of Service

To reiterate, RoiFX tried to operate in the UK without a trading license. Yet, this broker is not authorized to operate in the UK; the FCA was explicit about it. Where else has this scammer tried to provide illicit services? Here’s the list:

• Italy;
• Malaysia;
• Albania;
• Canada.

Even if RoiFX is indeed an offshore brokerage, domains such as Italy and Canada would never allow this entity to operate. 

Account Options Offered by RoiFX

When it comes to different account types, RoiFX offers five options:

• Standard – 5,000 $, leverage up to 1:100;
• Premium – 25,000 $, leverage up to 1:200;
• Gold – 100,000 $, leverage up to 1:400;
• Expert – 250,000 $, leverage up to 1:400;
• Platinum – Not specified, leverage up to 1:600.

So RoiFX demands 5,000 $ just to allow you to start trading?! Instead of including a risk-free demo account and a low-deposit Micro-account, RoiFX went all in with the scam.

If you deposit these funds, there’s a great chance you’ll not see them in the morning. That’s how usually these scams work.

Leverage, Spreads & Fees

RoiFX offers leverage from 1:100 to up to 1:600. We’ll just say that the legal cap in the UK is 1:30 for retail clients. Red flag…

As for the trading costs, i.e. spreads and commissions, RoiFX simply offers “Gold spreads” or “Platinum spreads”, which is a ruse; it’s a lure to make you invest. A true broker would disclose the exact spreads.

Can a Trader Use a Demo Account?

No. There is no demo account option. This comes as no surprise considering that RoiFX is not a legit broker.

Without a demo account, you’re forced to risk the 5,000 $ and that’s a terrible idea. You first have to try things out before investing.

Terms of Service for RoiFX 

RoiFX’s legal section, i.e. terms and conditions is just there to make the website seem honest. From that document, we found out that RoiFX accepts payments via PayPal, Stripe (e-wallets) and credit/debit cards (MasterCard, Visa).

There are a lot of contradictions in the T&C. Regardless, this text is meaningless because the FCA has flagged RoiFX as a scam.

What Should I Do If I Have Problems With RoiFX?

If you have evidence that RoiFX violated any terms and conditions, please share it with us. You can also write a complaint on the forums to warn your fellow traders.

We can help you get your money back. You’ll need to initiate the chargeback procedure, which can be done within 540 days of the transaction. It’s imperative that you act quickly!