Today I’m looking at a service that’s advertising itself as an automated Forex robot, RoFX. According to the sales page, the developers are telling traders that they don’t need any special knowledge or trading experience to take advantage of their automated Forex trading solution. In addition, they are pushing forward the notion that they guarantee the coverage of losses. I’m not sure exactly how that works, but it will certainly be something I investigate further in this review.
The company offices are located at Northern and Shell Building 10 Lower Thames Street, 4th Floor London EC3R 6AD, UK. Traders can contact support for extra assistance by either emailing firstname.lastname@example.org or calling the corporate office +44 20 3936 1401. There is also a button labeled request callback, which when clicked will give you the opportunity to enter your name email, and phone number so that a representative from this company can directly get in touch with you.
It’s quickly apparent that RoFX isn’t your normal EA developer, and I’m not even sure they are providing a Forex robot. Even though the developers of this software advertise the program as automated robot trading, they don’t seem to provide us with any of the normal auto trading elements. There is no mention of the strategy that this expert advisor utilizes, and nothing that suggests that the development team has a reputation in this market.
They do tell us that they’ve been developing and trading in the Forex market since 2009, but I can’t seem to find any proof of that. In fact, all I find is information online that is contradictory to the statement and others made on the website.
There is one link lower on the website dedicated to the charity that they have completed. In this section they tell us that their “Edu Program helped over 30 million children through our programs.” Yet, I find little to no information about this anywhere online, and in doing a quick WHOIS domain search, it turns out that this website was founded in 2016.
- Type: Forex EA
- Price: Deposit based profit share
- Strategy: Undisclosed
- Timeframe: Undisclosed
- Pairs: Undisclosed
Instead of a Forex robot, the RoFX service comes across more like a HYIP, (high-yield investment program) where traders invested a certain amount of money and make guarantees of high percentage returns. Historically, programs like these have not provided the most stable or reliable investment opportunity.
In this case, there are multiple packages that provide different profit shares and performance fees based on the initial investment. The trial package, at €1000-€5000 deposit lasts for 30 days and requires a 70% performance fee. The easy start package at €5000-€10000 deposit lasts for 70 days and requires a 60% performance fee. These packages go all the way up to €100,000, and a performance fee of 25%.
Essentially, the more you invest, the more of the profit share you are rewarded with, and the less performance fee you have to incur.
Trading Results (Proof)
While the numbers I highlighted above in the breakdown are impressive, there really doesn’t seem to be any substantial proof that the RoFX service is profitable. There is a button on the front page labeled calculate your profits, and when you click on this button you are brought to a page where you can enter an amount of euros you have to invest and then this will calculate your return. When I enter €1000, the average daily profit comes to €1.14 per day, but that doesn’t seem to be any information pertaining to wear this data is coming from.
In the trading reports section of the website, there are 2 charts, one labeled profit by year and the other labeled profit by month. The profit by year section shows that the system has ranged between 83.68%, to 96.08% from 2013 to 2017. The profit per month section shows the service range from 5.93% per month, to 11.78% per month throughout 2017.
The only issue that I have with this type of results, is that it’s not verified in any way. If this is truly a Forex robot than the developers would be able to provide us with a Myfxbook, a trading statement, or at the very least a backtest, but none of these are provided.
There are certainly some issues with the way that the RoFX team are presenting their services to the community. I don’t want to totally condemn the product or service, but I don’t believe that they are representing themselves in the right light. They advertise their services across the Internet is an automated Forex robot, but nothing on this website suggests that that’s what this is. There are other discrepancies that we have to be aware of, and hopefully these can be cleared up soon. Until then, I won’t be signing up.
Please let me know what you think about the service, by leaving your comments and questions below the article now.