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Smart & Reliable Forex Trading Suitable for Beginners – ROFX Review

Currencies / Forex Trading Aug 23, 2020 - 07:08 PM GMT

By: Submissions

Currencies

Forex trading has been historically very risky but can be profitable if one plays their cards right. However, for novice traders, forex trading poses a lot of risks and can lead to significant losses. With the ROFX approach, however, the process has become straightforward. ROFX is an international broker providing forex trading services flexibly and simply.

Created in 2009, a team of experts and developers created ROFX to cater to the novice trader mainly. It allows any trader with a minimum experience in forex to succeed. Here is an honest review of ROFX after taking a look at all its features and advantages.


Main features of ROFX

Some of the main features of this software include the following:

  • Different Account types: Because ROFX focuses on delivering services to different kinds of traders, they provide six different types of accounts as follows:
    • Easy Start Account with a minimum deposit requirement of $5000
    • Trial Account, with a minimum deposit of requirement of $1000
    • Moneymaker Account, with an initial deposit requirement of $10000
    • Gold Account, with a minimum deposit requirement of $50000
    • VIP Account, with a minimum deposit requirement of $100,000
    • VIP PAMM Account, with a minimum requirement of $10,000,00
  • The platform is simple to Start Using: ROFX provides a hands-free investment channel that has a sleek and simple platform. It allows users to set up their accounts in some simple steps easily. Users can easily access their profit history and account balance. There is also a team of experts who are available to assist users if they have any queries.
  • Deposit security guarantee: ROFX guarantees the security and protection of client funds. It makes regular amends to its reserve fund.
  • Minimum Risks: ROFX puts in place an effective stop-loss system, which can block trades when a trader is experiencing losses and keep them at a minimum.
  • Transparency: ROFX provides complete information on their company details and charge no other hidden fees.
  • Daily profits: Users at ROFX can withdraw profits regularly, unlike many other brokers where they have to wait a long time before they can do the same.
  • All-day Support: ROFX has an expert customer service team to answer all customer queries on a 24-hour basis.

Advantages of using ROFX for a trader

  • Proven Strategy: The automated trading strategy employed by the platform is proven and tested. This allows users to skip the trial and error method and go straight to profitability.
  • Beginner-friendly software: The forex market can be intimidating to traders, especially novice ones. By using ROFX, traders can skip the time needed to learn and experience the market manually. Even though only one percent of beginners is successful in the forex market, using ROFX gives one an edge.
  • No need for setup: ROFX does not involve any problematic installation process as no software is required to be downloaded. It may sound obvious, but a lot of people aren’t tech-savvy and may not find it easy to install the software. AT ROFX, users can simply log indirectly through the website and start trading.
  • Low fees: Investors do not get charged for withdrawing or depositing over the contract period. They can also deposit via bitcoin.
  • Minimizing human emotions in trading: One of the most significant advantages of using an EA is to reduce the impact of human emotions. Emotions such as fear, greed, and anger can have negative consequences during manual trading. By using ROFX, users can let the EA do the trading. The EA will not be susceptible to human emotions and execute trades accurately according to the directives in the trading plan.
  • Consistency: Since the software does not deviate from its trading plan, it allows traders to follow a consistent strategy, which increases the chances of profitability.

Myfxbook Trading Record for ROFX

Here we take a look at live trading statistics from ROFX, hosted on myfxbook.com, which is a very authoritative site.

From the account above, we can get some favorable statistics that prove ROFX’s worth.

Gain: 579.49%

Balance: $67949016.00

Profit: $57949016.00

It’s apparent that again over 550% is a good result for an EA. Another interesting statistic is the drawdown rate, which is 0.35%. A low drawdown rate indicates that the strategy employed by ROFX is very safe. Usually, EAs with a higher drawdown indicate that risky trading strategies such as scalping are at play.

Conclusion

After looking at the features as well as the live trading statistics provided by myfxbook, it’s safe to say that ROFX is a safe and reliable EA for novice traders. ROFX does not seem like a scam as the developing team has gone to great lengths to prove its legitimacy. Users can open a free account from the official website. However, they have to start depositing funds to begin using the service.

By Rob Thomas

© 209 Copyright Rob Thomas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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