Read our RockFordFX review to see if this broker is a scam or legit. Just to clear doubts, this is a rockfordfx.com review.
Have you been thinking about trading in the financial markets? There are undoubtedly lots of lucrative opportunities available and you can make a fortune, just like plenty of others have done. But, you need to remember that there are a lot of things to consider before you can get started. The first and most important step is to choose an online broker, which sound simple enough, but most people stumble here and are unable to achieve their goals. This is because not all brokerages that offer their services can be trusted and this RockFordFX review will tell you about one such company.
With the popularity of online trading, millions of people all over the globe have decided to try their luck and this means the demand for brokers is at an all-time high. This has resulted in thousands of companies popping up and people have more than enough options to explore. You will not run out of platforms to check out, but the problem is that no two companies are created equal. Yes, some of the brokers are undoubtedly professional and impressive, but there are also shady ones out there. Most importantly, there are criminals pretending to be brokers and looking to take advantage.
Many people who are eager to get started do not pay much attention to this fact and so, they find themselves on a fraudulent platform and lose their money. You do not want to find yourself in the same situation just because you didn’t make a little bit of effort and choose the right platform to use. Bear in mind that no scam will tell you about its true intentions. Instead, they will do the exact opposite and do their level best to convince you that they are authentic.
It is your job to look for red flags, if any, and then decide how you want to proceed. It is not very difficult to identify them once you start taking a close look at a broker. RockFordFX is also one of the companies that have been introduced for offering their trading services. Does it have any red flags? You can find out below:
Virtually anonymous broker
When you begin taking a close look at RockFordFX to determine its legitimacy, you will see the first red flag that should immediately warn you away from it. Signing up with an online broker is a big move because you have to trust them with your money and lots of your personal and financial information. You cannot do that with just any company and need to know as much about it as possible to ensure it is authentic and will not disappear overnight, as some scams and impostors are known to do.
The problem with RockFordFX is that when you go through their website, you will not find much information about the broker. Throughout their entire presentation, they have made no mention of the company that owns and operates it. Likewise, they do not mention where they are based either, which means you cannot even check their license and regulatory status.
The only clue that they have given can be found in the Terms and Conditions of RockFordFX where they have made a mention of ‘Grenadines’. This is likely an indication that the brokerage is based in Saint Vincent and the Grenadines, which is an offshore zone that has become notorious for being a scam haven. This is because it does not regulate its forex industry, which means anyone can set up a company without having to answer to anyone. Hence, this does not give any credibility to RockFordFX and you cannot trust it at all.
Malicious bonus policy
Fraudulent and scam brokers use different tactics to attract people to their platform and one of the most popular ones is offering trading bonuses to traders. This is exactly what RockFordFX appears to be doing, as you will come to know that you can get a trading bonus when you open an account with them. These bonuses are generally accompanied by a policy, which is meant to exploit traders. This is why the practice has been banned in most regulated jurisdictions and most authentic and professional companies do not offer them anymore.
When you check out the Terms and Conditions of RockFordFX, you will come across their malicious bonus policy. They have the infamous ‘Non-Deposited Funds’ clause that has become quite common amongst scam brokers that offer trading bonuses. According to this clause, traders have to meet a minimum trading volume requirement before they can make withdrawals from their account.
If they do not meet it, they cannot withdraw the profits they generate from their trading bonus. But, the problem is that RockFordFX does not have any way to distinguish the profits you make from your bonus and from your deposit, which means they simply do not let you withdraw anything. It means they have complete control of your money and there is nothing you can do about it.
No MT4 available
The trading platform that a broker offers to you is extremely important because it is the software you use for trade execution. It affects your performance because it offers you the tools and technology that is essential to the process. One of the biggest offerings of RockFordFX is the MT4 trading platform because it is known as one of the best trading solutions in the market. They also claim to offer an in-house web platform.
However, when you check out the actual trading platform that is available at RockFordFX, then you will find that it only has an oversimplified and basic web trading platform. It is very rudimentary and does not have anything special to offer. Plus, there is no MT4, which means the broker is lying to you. No genuine company would ever do so.
You will also find that RockFordFX has excessive leverage that can be very risky and they also have hefty fees that are just more red flags that should warn you that the broker is not one to be trusted.