RoFx (by rofxnet) Quick Stats
Gain: +175.61%
Drawdown: 0.35%
Pips: 1347885.4
Trades: 97313
Won:
Lost:
Type: Real
Leverage: 1:100
Trading: Automated

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RoFx Discussion
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jackson28bn

Member Since May 04, 2019  3 posts jackson28bn May 06 at 13:48
@Russtotal I spoke with them and they said they don't consider themselves to be a money manager. They said they consider themselves to be a service because they are selling the robot and the robots automatically makes the trades with the brokers.

What is your evidence that it is illegal for a USA based investor to open an account with a foreign broker? Rule 15a-6 permits US investors to do business with foreign brokers as long as the transactions are unsolicited.

jackson28bn

Member Since May 04, 2019  3 posts jackson28bn May 06 at 13:49

lavee383

Member Since Feb 15, 2019  4 posts lavee383 May 07 at 06:28
Russtotal posted:
I think you are mistaken. It is illegal for a USA based trader to open an account with a foreign broker. If RoFX is not a broker in the USA, the CFTC has no jurisdiction over foreign firms that manage your money.

Sorry Russtotal, I don't know how I can be mistaken when I called both the NFA/CFTC myself that that's what they told me. Please feel free to contact the NFA/CFTC yourself. As stated in my OP, when I contacted them, they specifically stated that if RoFX deals with ForEx at all, then they have to register, otherwise it is illegal to accept money from US citizens. I also then called the CFTC after I got RoFX's response to this fact, and they (CFTC) again said it doesn't matter if they perform a 'service' they still deal in ForEx and so MUST be registered otherwise it is illegal to accept US citizen's money. Again, this is what I was told directly from the CFTC when I called them last year. I can only go by what government regulators tell me...

lavee383

Member Since Feb 15, 2019  4 posts lavee383 May 07 at 06:29
Also, in the last email I got from RoFX's Security Department they stated the following:
RoFX Security Department:
No, we are not registered with the US CFTC yet, albeit we plan to apply for the registration.

Regards,
RoFx Security department

lavee383

Member Since Feb 15, 2019  4 posts lavee383 May 07 at 08:36
I'll go ahead and post up their email in it's entirety. In order for me to even get this information, I had to tell Support@rofx.net how much I was going to be reinvesting and they wouldn't respond until I told them of my investment plans...which I thought was a little off-putting.

My questions were as follows (Questions 1, 3, and 5 were questions my Accountant wanted me to ask):
Lavee383's questions:
Support,
As always, I appreciate your timely turnaround in your responses so I hope you can help me with the following questions I have prior to increasing my account balance with RoFX.

1. For my personal tax preparation, I need to know the following in order to build a case for electing 1256g tax status with the US IRS (I do understand you do not report anything to the IRS, this is why I need the following information to properly set up my personal taxes):
a. Is RoFX a broker on the interbank market?
b. What trades does RoFX make – Spot trading? Forwards?
c. Does RoFX only trade in the Majors or are trades done with minor currencies as well?
d. Where is RoFX clearing their trades?
e. Where do the trades take place? In my account or otherwise? I’m assuming trades are all done under the RoFX name since previous support responses have stated RoFX is providing a service.
2. Protection of funds – I’ve read your FAQ on “Is it possible to lose money” and I’m needing further clarification please:
a. What internal protections does RoFX provide besides the “stop-loss” system?
i. What is your stop-loss system and what does it entail?
b. What protections are in place for internal rules violations?
c. What protections are in place for the reserve fund that is used to cover negative trading days?
d. What protections are in place to prevent an internal breach by hackers?
i. Are you PCI compliant and/or other financial regulatory compliance requirements?
3. Daily trades and the daily performance rates
a. Is RoFX audited? If so, by whom?
b. Are those audits made public or at least the auditing company able to certify those audits?
4. Company located/based
a. Understand that RoFX states they are based in England, but this can be just for regulatory capabilities and could actually be located in a tax haven and only affiliated thru the UK.
b. Would you please provide information/documentation/links to verify this information.
5. Regulatory
a. Are you registered with the US CFTC? If so, would you please provide approvals. If not, please answer why.

Thank you again as always and I look forward to your responses to the above questions as I am excited about moving forward on a more long-term basis.


Here's their response email:
RoFX Security Department:
in relation to your request, Ticket #xxxxxxx, dated 17th August 2018, we would like to have you informed of the following:

1.
RoFx is not a broker, RoFx is an international company, owners of AI and Neural Network Technology that cooperates with the best brokerage platforms.

RoFx trading strategies include both: Spot trading and Forwards.

EUR/USD and GBP/USD are the major currency pairs RoFx trades with. To obtain more information, please, visit the Trading Reports page here:
https://rofx.net/trading-reports/, and by clicking on any year/month/day you’d be able to see the performance statistics.

Regarding clearing the trades, we would like to refer you to MyFxbook, once we provide our Customers with the access, where this information will be available.

That`s right, RoFX is providing you with a service.

2.
The Reserve fund is being formed from a part of the performance fee we take for our service. It guarantees the loss coverage that no one of our competitors is able to provide. RoFx Reserve Fund has been established in 2009.

The stop-loss system is set to minimize your losses on 'bad' days. In addition, our AI & neural network technology analyzes financial and global markets constantly, making prognoses and selecting the best brokerage platforms. Our AI reacts immediately and if there is a slight risk, we change strategy and relocate funds to other brokerage platforms.

The RoFx Company Policy anticipates that we do guarantee profits to our Customers. Hence, we take responsibility for profit guarantee.

Risk disclosure is a standard procedure, a formality, required by the external controlling authorities. However, we indeed guarantee that you won`t lose your funds, first of all, as we have been testing our technology for almost 9 years and have highly improved its settings.

Security and data protection has always been our top priority. In order to guarantee the highest security levels, we perform cybersecurity audits on a regular basis to identify and prevent threats, vulnerabilities and risks our organization may face.

Indeed, we're fully PCI compliant, as we do not process any credit card related data on our servers, and redirecting to the hosted payment page of the payment gateway.

3.
Yes, we are audited by FCA, though these audits are not public. All public information is presented on our website (See annual and trading
reports) and on the annual VIP conferences.

This particular information regarding documents is usually provided by making a request to the London Head Office. It shall be considered and approved by the Security department.

No, we are not registered with the US CFTC yet, albeit we plan to apply for the registration.

Regards,
RoFx Security department

Russtotal

Member Since May 01, 2019  17 posts Russtotal May 07 at 08:49
Your correct and I was wrong. It's just that a foreign has to be registered with CFTC and NFA and have minimum of $20 million in funds. Most all foreign brokers do not accept US based traders due to this.

https://www.selfgrowth.com/articles/why-us-citizens-cannot-open-account-with-overseas-brokerages-and-how-to-handle-it

oportunis

Member Since Jun 22, 2013  11 posts oportunis May 21 at 10:00
The broker they use is not regulated by any good authority like FCA, ASIC and I wouldn't trust such company. The trading can be fake, I've seen it before. If they have so many accounts why don't they post them as evidence here and why don't they use a well-regulated broker.

I bet the excuse will be that the spread or order taking is not good. Ask yourselves why would they choose some broker in offshore island of Vanuatu that has only a PO Box in some house which is not even a real office... They are working with the broker either as owners or getting rebates on your behalf plus one day such broker will disappear...




royjonesj

Member Since Jun 20, 2017  6 posts royjonesj May 21 at 13:44
Ive tested the api and first trade lost 80pips i pulled out at 50

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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.