We’ve seldom seen Expert advisors and forex robots work, especially in a competitive market such as forex where lots of volatility is involved. However, one name comes up in many trading circles time and time again: ROFX. Established in 2009, ROFX was created by a team of expert forex software developers and traders aiming to help novice and experienced traders earn significant profits from the forex market. ROFX focuses on efficiency, simplicity, and transparency.
ROFX is packed with a lot of features that make forex trading very easy and exciting. This ROFX review will take a look at all the features and some live statistics to come to a justifiable conclusion.
Why Traders Use ROFX in the first place?
- Easy to Set up: ROFX provides a 4 step process for getting started, making it easier for newcomers. Users first register their accounts, after which the robot generates trading signals. The forex robot then reproduces the signals to the user’s managed Forex account, with the user receiving the profits in the end.
- Effective strategy: ROFX has a wonderful approach in place, which allows novice traders to execute trades in the level of expert forex traders right away.
- It eliminates emotions: Human emotions have a big part to play when traders are manually trading. One of the reasons EAs are so popular is because of its automated nature. ROFX, with its automated trading strategy, eliminates the effect of fear, greed, and anger from trades. This helps users not incur losses due to incorrect judgments made due to human emotions.
- Consistency: Because the EA is fully automated, users can achieve consistency in trading by using ROFX.
Salient Features of ROFX
- Multiple account options: Since ROFX mainly targets its services to all types of traders, they offer six different account opening options. These include Easy start, Trial, Gold, Moneymaker, VIP, and VIP PAMM Account. The minimum deposit requirements for these accounts range from $1000 to $100,000, giving users a vast variety when it comes to investing capital.
- Direct Trading: Unlike many other forex robots in the market, users do not need to download any additional software for accessing ROFX. They can simply visit the website and use the service from there. ROFX provides a very user-friendly and intuitive interface where users can look up anything from account balance to profit history.
- Guarantees Deposit Security: By making regular amendments to the reserve fund, ROFX ensures the security of its traders’ funds at all times.
- Providing Transparency: Transparency is essential when it comes to an EA. ROFX provides all their details on their website. They do not charge any hidden fees for services, with everything listed in detail.
- Minimum Risk: There are very few EAs with a “no loss “policy, with ROFX being one of them.
- Daily profits: Unlike the majority of EAs in the market, ROFX allows its users to withdraw their profits daily if they so wish.
- All-day Support: To answer all customer queries, ROFX has a dedicated customer team in place, providing 24/7 coverage.
Trading Statistics from Myfxbook
To increase transparency, ROFX has been regularly updating live statistics on myfxbook for quite some time now.
The account we’re looking at here has achieved a gain of 579.49%, which is satisfactory. The account currently has a balance of $67949016.0, with a profit of $57949016.00. It also has a low drawdown rate at 0.35%, indicating that the strategy ROFX uses is indeed safe. EAs which produce high drawdown percentages almost always employ high-risk strategies such as scalping. In ROFX’s case, everything seems to be in order. On the left-hand side of the graph, we can see that the statistics are regularly updated.
Is ROFX a scam?
Potential users have always feared about walking into a trap, as many Expert Advisors have turned out to be outright frauds in recent years. Thus, when selecting an EA, users have to do some background checks on the company behind it, as well as look for some trading statistics which they can use to evaluate the product. ROFX provides all its details on their official website, along with the impressive myfxbook details. All the signs point towards a well-researched, well designed, proven forex robot. It also puts various security protocols in place to protect the client’s funds.
The forex robot industry has been growing since the introduction of expert advisors, as these software programs provide the opportunity for novice traders to produce the same levels of profits as experienced ones. It’s a well-known fact that the forex industry can be quite competitive, frustrating, and nerve-racking for newcomers, with only one percent of all beginners being successful in forex. However, by using ROFX, a user has more chances of getting profits earlier on.