iCrowdNewswire Jan 21, 2021 11:31 AM ET
RoFx is the name of a reputed and reliable online trading robot that was created in 2009. It was masterminded by a group of forex traders and expert developers who aimed to introduce an automated trading robot for their users. From 2010, the software started showing consistent results in the market, usually achieving an average monthly return of 10%. It serves as a great source for passive income, simply by investing a little.
This forex robot is committed to providing transparency. It harnesses AI-driven technology, offering a low drawdown rate which is always a blessing for Expert Advisors. Any losses suffered by users are compensated directly from the company’s reserve fund. Because they have garnered such positive feedback from the global financial trading community, we decided to investigate this platform.
Automated trading defined
Automated trading involves the use of a software program known as a trading robot or Expert advisor to trade automatically on a particular asset. These services also include providing trading signals, but our primary focus will be on the copy trading aspect of such software. A trading robot can serve two functions: either acting completely independently or just pointing out when to buy or sell. The majority of advertisers promise that their systems will generate consistent profits. However, only a handful can actually achieve this. Since market conditions are subject to frequent change, an EA that performs well in one condition might not do so in other conditions.
Scams in the forex EA market
Scams have been occurring in the financial market ever since its inception and the automated trading market is no exception. There are plenty of getting rich schemes which are actually elaborate hoaxes and scams. Their main intention is to promise an almost impossible profit percentage (sometimes 100%) on a monthly basis to entice amateur traders. As soon as they signup and deposit their funds, the software manifests itself as a scam, in some cases, not even producing a gain of 10% monthly. Some software even takes the trader’s account into margin calls. The majority of these automated systems are poorly programmed and should be avoided at all costs.
Advantages of using Automated Forex Trading
- It’s fully automated requiring no constant inputs from the trader.
- It serves as an excellent source for generating some passive income.
- Prevents traders from making emotionally driven trading decisions which can be detrimental to their trading account.
- Provides better risk management as there are some robots that allow users to modify their settings to stop loss and take profit.
- One doesn’t need to be a professional trader to profit using an EA.
- Allows for easy back-testing, providing results within mere minutes or even seconds.
Disadvantages of Automated Forex Trading
- Any lapse in internet connection can result in the robot not working properly.
- Most of these EAs tend to ignore factors such as economic and political news which have an immense impact on financial markets.
- Those Expert Advisors which work without a stop loss invariably put the user’s trading account at risk.
So is RoFx legitimate?
RoFx has offices in the U.K, the U.S, and Hongkong, with their head office in London. One can get appointments to visit the head office. RoFx also holds a conference event annually, which is arranged especially for VIP clients, but it open to average clients on request. Because it’s a software developer, RoFx is not legally required to be under the jurisdiction of any regulatory authority. However, as the company is focused on providing transparency, it works with a number of brokerage firms in Asia, America, and Europe which are in turn regulated by international financial regulatory authorities. This is evidence of its legitimacy as a company.
Review RoFx difference contrary to other EAs
RoFx’s entire process is fully automated in nature when compared with its competitors. After the user deposits their money, the EA automatically does everything for them. Deposit options are available in USD, EUR, and Bitcoin, which is a rarity. The main difference with other similar software is that with RoFx, one doesn’t have to download and install any cumbersome software program. They can simply log in directly to the official website and start trading.
Algorithmic trading strategy
RoFx offers an algorithmic trading strategy which has been perfected by making constant tweaks and modification over the ten years of its operations. The self-learning neural network helps the EA to learn from the market. It continuously scans the charts and the market in general to make the necessary adjustments. Thus, it’s a fully automatic strategy that just requires a working internet connection, a computer, and the initial funding for the trader’s account.
The priority of this type of service should always be to provide a memorable user experience. In ROFx’s case, the entire process is seamless as the platform can be accessed directly from its official website. There are several lucrative packages available, with different profit percentages. The system makes it ideal for even amateur or novice traders to attain profitability.
Extended track record
The myriad of trading statistics and records from ROFX’s ten-year journey in the market serves as ample proof of the robot’s effectiveness and profitability. The official site provides daily and monthly profit percentages, which are in turn verified by myfxbook, an authoritative site.
No Additional Risk
The chances of losing money by using RoFx are almost nil. The transparency provided by RoFx through myfxbook is open to all traders to see for themselves. Examining the results, we can see that there are no months where the software has experienced downright losses over the ten year period. Any loss that takes place because of the EA’s fault is promptly compensated through the EA’s reserve fund. Additionally, the majority of EAs in the market work without employing a stop loss system, increasing the chances of devastating a trader’s account. That’s not the case in RoFx’s case, as it uses both stop loss and no leverage.
Customer support is almost a staple in this day and age. However, comparing with other platforms such as GPS, Hamster scalping, and Odin, RoFx provides superior service. There is also an option for contacting the support team through live chat.
|Feature||RoFx||Other Trading EAs|
|Consistent monthly profits||✔||✘|
|No use of leverage||✔||✘|
|No risk involved||✔||✘|
|24/7 Customer support||✔||✘|
|Easy for a beginner||✔||✘|
|Verified Trading Results||✔||✘|
Other related information
As mentioned before, RoFx does not require any cumbersome software to be downloaded. It can be accessed directly through their official website. Users simply have to register an account and deposit funds to get started. Users can monitor the robot’s progress by logging in as well as by using the profit calculator.
RoFx offers easy withdrawal services with a minimum cash out of $1000. Users can use Bitcoin to withdraw absolutely any amount. It also does not charge any withdrawal fees. Any commission taken by the bank is paid by RoFx if a user chooses to draw out money after their package has expired.
There are multiple deposit options available, including credit card, bank transfer, and Bitcoin. U.S. customers can go for Domestic ACH.
The majority of EAs and forex robots in existence may produce a favorable result in certain conditions but fail to recreate them over the long run in other market conditions. Some of these products are advertised as producing 200% profits which entice newcomers to buy their products. On the other hand, RoFx prioritizes transparency and simplicity. With an easy to use web interface, a verifiable track record on myfxbook, and 24/7 customer support, this EA is capable of generating growth of 8-10% a month.