The modern foreign exchange trading sector has seen the emergence of automated Forex trading platforms by many forex companies, some of which present themselves as Forex robots or Expert Advisors. Among the plethora of platforms available, we will be looking at ROFX – the reputed forex trading platform which offers automated robot-based trading facilities.
The following review is based on my own experience since 26th of March 2019. It is based on the first impression of the various functions and the overall design of the website.
First Impression
ROFX appears to be the platform that prioritizes transparency, something that’s not readily seen in the online forex brokerage business. Any user visiting the platform is provided with a range of reports which are especially useful if one is a newcomer.
Once you open an account, you can head on over to the account management page which is straightforward and easy to understand. Here you can find all the relevant information regarding all the packages available.
There is also a detailed transaction history page which perfectly maintains and displays records of past transaction details within the last 30 days.
Trading Reports
Another standout feature of this platform is the generation of trading reports which are prepared daily for all the users. The report provides detailed information regarding the operations carried out by the trading robot each day. This also gives users the opportunity to compare this detailed report with historical data from other similar online forex websites.
Also you can find a report on myfxbook.com, providing detailed charts as well as details regarding growth, balance, profit and other trading information. They also provide monthly analytics for monthly gains through illustrated charts.
ROFX Myfxbook
Trading System
The platform uses a stop loss system to minimize the client’s losses on unprofitable days. Additionally, the platform does not allow trading with leverage to minimize the risks. ROFX also provides guarantees, including the safety of funds and the usage of the Reserve Fund to reimburse users’ funds in case the robot incurs losses.
Pros of Using This Platform
There are a great deal of benefits for clients which allow ROFX to stand out from other platforms. Overall it aims to provide a comprehensive platform providing users with the full control over their trades at all times. The detailed trading reports and the transaction history page present an accurate picture of how the robot operates.
Some of the other advantages include:
- No fee for withdrawals.
- User-friendly interface.
- Proven AI for a fully automated trading solution. AI stands for Artificial Intelligence.
- Easy-to-use web wallet.
- Detailed charts.
- Bank/BTC transfers.
- VIP PAMM (percent allocation money management) package.
VIP PAMM Package
ROFX has recently introduced a new package called the VIP PAMM, providing several benefits. This includes being able to open an account with any preferred brokerage, total control over assets, direct fund transfers and the ability to withdraw funds at any time.
Profit Margin Calculator
To allow users to conveniently find out the expected ROI, ROFX has devised its very own Profit Margin Calculator. They can easily enter the initial deposit amount in the calculator, which would then compute the earnings and calculate gains from a trade. The profit calculator displays the amount in both USD/EUR and Bitcoin with the performance fee already being deducted from the amount.
Cons of the Platform
Although ROFX is way ahead of the competition when it comes to services provided, there are still some cons to consider.
The packages are significantly more expensive than in other services. Initial deposit amount starts from $1000. The trading percentage is a bit low for clients, but the trading at no loss or risks attracts customers all over the globe.
Concluding Thoughts
Overall ROFX appears as the transparent and safe platform for newbies to begin their Forex trading journey. According to their sales page, traders do not need any special knowledge and experience to be successful. With the UK based company office, located at Northern and Shell Building 10 Lower Thames Street, 4th Floor, London EC3R 6AD, ROFX is the platform that suits both novice and experienced traders.