RosyFX Review – Is RosyFX Scam or Legit?
RosyFX Review
RosyFX presents itself as a forex and CFD broker. The truth is that it is just another incarnation of a scam that we’ve seen before. You should avoid RosyFX at all costs. Let’s have a look at this RosyFX review.
Trading Platform By RosyFX
RosyFX employs MetaTrader4, the most widely used trading platform by brokers globally. Here’s how it appears:
Having a trading platform on this website doesn’t imply that this supposed broker provides real trading services. Many con artists use trading software to deceive their clients into believing that their capital is being invested.
There are plenty of authorized brokers who can provide clients with MT4 experience or the updated MT5 software. These platforms have become market standards because they include a wide range of capabilities, such as a variety of customizing choices, different account usage, customized script design and implementation for algorithmic trading, and available in-order trade techniques.
Regulation Of RosyFx And Fund Safety
RosyFX is a licensed brand of Trinity Capital LLC, according to the website, and is licensed by SVGFSA based in St. Vincent.
Even if we take that claim at face value, it’s still not a good justification to put our money in RosyFX’s hands. The SVGFSA doesn’t license or authorize brokers who participate in these activities. As soon as the firm’s website becomes live, it issues a warning.
Furthermore, Trinity Capital is not among the entities listed in this offshore jurisdiction. As a result, it’s unclear whether or not this firm exists at all. Links to the Terms & Conditions and other official papers redirect to pages that are not available. As a result, we have no idea who we’re working with or what the conditions of the agreement are.
Only trust trustworthy brokers based in well-established financial centers such as the United Kingdom, the European Union, the United States, or Australia. Brokers’ operations are regulated by strong regulatory authorities such as the Financial Conduct Authority (FCA) in the United Kingdom, the CySEC in Cyprus, the CFTC in the United States, and the Australian ASIC.
The brokerage must also engage in guaranteed schemes in the EU and the UK, which protect a portion of the trader’s money if the broker goes bankrupt.
Trading Conditions At RosyFx
Three trading accounts are said to be available from RosyFX. We have no idea what terms are related to the account pages because they are blank. The benchmark currency pair, EUR/USD, has a spread of 3 pips on the trading platform. This is more than double the industry norm, making the trader extremely unprofitable.
When creating an account, you can choose from a leverage range of 1 into 100 to 1 into 500. High leverage raises the potential for a big profit, but it also enhances the risk of unexpected and large losses. As a result, all major authorities limit leverage for retail trading. For trading in key currency pairings, EU authorities set a leverage limit of 1 to 30, with even lower limits for highly risky assets. The UK and Australia are currently subject to the same restrictions.
A minimum investment of $100 is required to use the deposit options. You should be aware that you might register an account with a legitimate broker for the same money or even less.
Deposit And Withdraw Methods
RosyFX accepts cryptocurrency deposits through Blockonomics and B2BinPay, as well as bank transfers through Vietnamese supplier Nganluong. All of these alternatives include one common factor: no refunds are available.
Reputable brokers often provide customers with a variety of secure payment options, such as bank transfers, credit/debit cards, and well-known e-wallets like PayPal, Neteller, and Skrill.
Due to the absence of a publicly disclosed Terms of Service or Client Agreement, fraudsters may have constructed several traps, such as hidden charges and difficult withdrawal requirements.
Conclusion
RosyFX is a scam broker and should be avoided at all costs. There are many flaws and this broker is not competent to serve you.
