The last decade has seen the emergence of a class of software known as Expert Advisors, or forex robots, which have consistently delivered profits in an automated fashion to their clients. While there have been quite a few frauds, there have been some success stories over the years as well. This brings us to RoFx, which is a reputed forex automated trading robot and Expert Advisor.
Developed in 2009 by a skilled group of forex developers and traders, RoFx was first a private automated system. Since 2010, after the software was released to the public, RoFx has constantly generated stable profits with an average monthly return of 10%. They provide an easy gateway to passive income generation with increased transparency. The technology behind the EA is powered by artificial intelligence. Among other features, this robot offers a low drawdown rate and compensates users for their losses via their reserve fund. Because RoFx has been attracting good reviews on various financial forums, we decided to check out what they have to offer.
But What is Automated Trading?
Before we begin discussing RoFx, we need to be clear about what automated trading refers to. Automated trading involves the use of a forex robot or expert advisor, which is usually installed within MetaTrader’s software expert’s directory. The software takes trading decisions based on a set algorithm, requiring no inputs from the user. It allows back-testing even in a demo account, which allows users to check whether the EA truly works or not.
Frauds in the Forex Robot Market
Frauds in the financial market are nothing new. In the EA market, they usually take the form of "get rich quick" or "100% profit" schemes. The main aim of these scams is to entice unsuspecting traders into using their services, which end up being totally worthless. In reality, these robots cannot even produce a gain of 10%, falling way below what they promise. There are some EAs that can take traders’ accounts into margin calls, thereby ruining them. Such systems are a result of poor programming as they do not take into account various conditions of the market.
Advantages of Automated Forex Trading
The advantages of automated forex trading are much. First of all, it’s a proven source of generating passive income. As automated trading software, EAs prevent traders from conducting emotional-based trading. Traders can also achieve better risk management when using such robots, as some of them even allow users to modify their settings to take profit and stop loss. One doesn’t need to be a professional trader to handle an EA. It also provides its users to back-test the robot, with results being produced within minutes.
Disadvantages of Automated Trading
In spite of all the advantages stated above, there are very few disadvantages as well. First of all, one needs to have a stable and working Internet connection at all times. Failures in the system may adversely affect trading results. The majority of EAs do not take into account economic and political news. Worst of all, there are EAs that work without a stop-loss system that can risk an entire account’s funds.
The Legitimacy of RoFx
RoFx is a fintech company by nature, with offices spread across the UK, US and Hong Kong. Their head office, located in London, can easily be visited by making an appointment. The company also holds an annual conference event meant for VIP clients. The average client can attend the event too if they request the support team. As it is a mere software provider, RoFx is not required by law to be under any kind of financial regulation. But since they are committed to security and transparency, they have partnered with major brokerages in Asia, America and Europe, which are, in turn, regulated by the corresponding authorities.
Difference Between RoFx and Other Similar EAs
Compared to other similar products on the market, RoFx is entirely automated. There are many deposit options available, after which the EA does the rest. RoFx accepts USD, EUR, and even Bitcoin. Additionally, RoFx does not involve any cumbersome downloads.
- Good track record. The way RoFx has been operating for the past ten years is proof that their system delivers stable profits. They provide complete information on the robot’s daily profit and monthly gains on their website, which are verified by Myfxbook.
- The intelligent algorithm in place. The algorithm used by RoFx has been modified and adjusted multiple times during the course of its operation. It makes use of a self-learning neural network, which procures information from the market by constantly scanning it. It constantly searches for the best ways to make a profit for its clients. All it requires is a working computer, a stable Internet connection and the initial deposit amount to get started.
- Customer-oriented. RoFx does not require any application to be downloaded as the service can be accessed directly from its website, where numerous lucrative account packages are available. The base package promises a good daily profit, which can rise as one increases their investment.
- Investing without risk. RoFx is designed, keeping in mind the security of client funds. The chances of losing money with RoFx are almost nil. To provide increased transparency, all monthly analysis charts can be accessed at Myfxbook.com. There are no months in the negative during the entire operation span of this software. In case a user incurred a loss, it has been compensated through RoFx’s reserve fund. This is much better than other EAs, which mostly work without a stop loss system and implement risky strategies putting a trader’s account at risk. RoFx, on the other hand, does not allow leverage trading and has a stop-loss system in place.
- Customer Service. Customer service is almost a staple for every forex robot or EA. But many big names in this market, including the likes of Hamster scalping, GPS, and Odin lack in this aspect. However, RoFx has a responsive customer service team in place, capable of dealing with customer queries in an efficient way. There is even a live chat option available.
Other Relevant Information Regarding RoFx
Unlike a bunch of other forex robots, RoFx does not require any additional downloads. It’s simple to start, as the user just needs to visit the official website, register his/her account, and deposit the minimum $1,000 amount to get started. Users can monitor how the robot is performing by logging in. There is also a profit calculator, which helps estimate how much profit the robot can earn.
Additionally, the company’s convenient deposit and withdrawal options also help to expand its existing customer base, increasing accessibility to even more traders worldwide. The minimum withdrawal amount is $1,000. However, one can use Bitcoin to withdraw any amount lesser than this. If a user decides to withdraw their money after the expiration of their package, any commission taken by the bank is paid by RoFx. They allow users to withdraw at any time they please.
The majority of EAs and forex robots in the market can produce results over a certain period of time but are ineffective during long periods. As mentioned earlier, some of them can be outright frauds that entice unsuspecting clients with their ridiculous claims. Novice and smaller traders often get attracted to these offers and get trapped. RoFx is different as it provides a high degree of transparency via the way it works and its website. Along with verified records on myfxbook, and proper risk management tools, this robot promises a decent monthly growth.