ROInvesting is not what it claims to be. It’s a major fraud company that poses as a forex broker to steal from people.
I’ve listed out all the facts and evidence that point in this direction. And in this ROInvesting review, I’ve discussed them all in detail.
ROInvesting is a new name of GMO Trading. They have done it to dupe traders.
The GMO Trading accounts have been suddenly changed into ROInvesting accounts. The trader refuses to process the withdrawal request of the traders due to the reason for conversion is the next limit of the broker. Any search on GMOTrading lands on the page of ROInvesting.
Did You Know?
GMO Trading is a Forex and CFD broker. It is operated within the European and it is regulated by CySEC. GMO Trading offers various services of online brokers.
They changed their name to keep the traders away from the negative response of the original broker. GMO trading is already full of negative responses from its customers. The parent company played the trick of changing their name to hide their original details.
It is a fraudulent policy of the owners to lie to their customers about their services. They did not improve their services after the feedback they received from the traders. They chose the easy way out of changing the brand and kept on stealing from innocent traders.
In my ROInvesting review, I warn traders to keep away from such scam brokers which change their names to stay in their good books. The broker has done nothing to improve its services. They stole from people, got backlash due to it, and changed their name to repeat the process.
Fake Location of the Owner:
The broker mentions on its website that the owner of the company is Royal Forex Limited. It belongs to the region of Cyprus.
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A shocking revelation is that the firm Royal Forex Limited belongs to the city of Hong Kong. It is not based in Cyprus. In addition to this, there is no mention of ROInvesting on the website of Royal Forex Limited.
Their absence on the website of their so-called owner creates doubt over the claim of the broker. It can be verified over the official website of the company at www.royalforexlimited.com/contact-us.html
Lying About Regulation:
RO Investing claims that the company is regulated under the Cyprus Securities and Exchange Commission. The first and foremost thing is that there is no separate registration of ROInvesting. It is not registered as an independent entity. ROInvesting is only a changed domain of GMOTrading. Secondly, any regulation of the broker form CySEC makes it clear that the broker can operate in Cyprus only. Traders from other regions don’t get any benefit.
Royal Forex Limited is a regulated company but there are no details of ROInvesting on their website. In other words, there is no link between the two companies.
Warning by BVIFSC:
The Financial Services Commission of the British Virgin Islands (BVIFSC) issued a warning against the fraudulent operations of the broker in the region of British Virgin Islands. The BVIFSC is an autonomous body that is responsible for the regulation of the financial institutions operating there. The broker is illegally providing services to the traders of the region. The regional financial regulating body noticed the illegal services of the company and that is why immediately issues a warning against the broker. Readers can please go through the link www.bvifsc.vg/library/alerts/royal-forex-trading-ltd-advisory-warning-no-8-2010-december-10-2010
Warning by HCMC:
The Hellenic Capital Market Commission (HCMC) of Greece is the regulating body responsible for the regulation of the financial markets there. It has released alerts to the regional traders over the illegal operations of ROInvesting. The same can be cross-checked here www.hcmc.gr/aweb/files/warnings/files/List_of_warning_notices_en(20102017).pdf
High Loss Percentage:
ROInvesting mentions on its website that 86% of the traders lose money while trading using the retail accounts of this broker. While clarifying the details, I found that the primary account of the firm has a profit percentage of 14% only. In simplified words, 86 out of 100 traders are losing money while trading using the ROInvesting accounts. It is a very high loss percentage. Undoubtedly, forex trading involves high risks but the loss percentage of 86% is a sky-rocketing figure. Traders must look for other options before dealing with high risk involving ROInvesting.
No Trial Account:
A major drawback in the services of ROInvesting is the absence of a demo trading account. Trading involves a lot of risk and the trader should be familiar with the platform and its tools.
A demo account allows a trader to trade in a real-time live trading environment without using actual money. You can implement different trading strategies, understand the trading platform, and set target goals.
The peace of mind with the use of virtual money instead of the actual money helps judge the best trading strategies.
Sadly, there are no such advantages given to the traders of ROInvesting. There is no safe learning environment for traders. Traders do not get any advantage from studying trading charts. They cannot analyze trading tools and instruments as there is no demo account to make them comfortable with the same. The absence of a demo account turns the advantage of market research into a null entity as there is no facility to study the trading markets.
The lesser-known advantage of a demo account is the factual testing of the market trends. All professional traders are aware of the concept that not all currencies perform well. Finding a profit-making currency in the forex market can be done according to the trending instruments of the region. It is best realized using a demo account. The trader thus can safely bid on the best profit-making forex pairs.
Undisclosed Account Details:
Another setback to traders is the weak services in the live trading accounts of the broker. ROInvesting forgets to mention the minimum initial investment required in each account. There should be an outline for the first minimum deposit required to open an account. WIth the help of that information, a trader can choose the right option among different accounts. Whenever a trader is choosing a broker, he or she focuses on the minimum investment required in its account along with the spreads and the leverage ratio.
The main point of concern is the amount required to open a live account with the company. Regulated brokers do not charge more than $25-$50 as minimum initial investments. But we don’t know what ROInvesting is charging because they haven’t disclosed this amount. I have not found any broker which fails to mention its minimum deposits. They have kept it hidden for selfish reasons.
Trading Accounts with Unknown Information:
- Silver Account: As mentioned earlier, there are no details about the minimum first deposit associated with the account. It claims to provide leverage of 1:30.
- Gold Account: The gold account of the broker offers two different leverages for retail and professional accounts. There are no details about the basics of this classification. The minimum initial investment is missing again.
- Platinum Account: The platinum account of the company provides the same services as that of a gold account. The only difference is the provision of VPS and customized investment services. It is of no use to professional traders.
High charging Islamic Account:
The Islamic account of the broker requires a minimum initial investment of $250. It is 5 times higher than the standard Islamic account of regulated brokers. There are no other specific details provided by them. The bogus live trading accounts of ROInvesting are full of vague services.
Poor Leverage Ratio:
The most common leverage ratio provided by forex brokers starts from 50:1, 100:1, 200:1. The leverage ratio as defined in the first account of ROInvesting is 1:30. It goes a maximum of up to 1:500. The absence of the demo accounts is the reason why there is no valid proof of its commitments. The shocking part is that the leverage is provided to only those traders which attain the status of a professional trader with ROInvesting. With legitimate brokers, you won’t face this issue.
Conditions for Professional Trader:
There are 3 conditions to attain the title of a professional trader with ROInvesting. First you should have one year’s experience in trading CFDs.
Not only this, but your portfolio should also be higher than 500,000 Euros. It is a gigantic amount for any trader. Your minimum investment should be at least 10 trades in every quarter last year. Your minimum trading amount should be $3,000 in case of cryptocurrencies, stocks, and $12,500 in case of trading with forex, commodities. ROInvesting tries its best so that a trader could not achieve the status of a professional trader and the advantages associated with the same. This way, they don’t have to give you many facilities as they can label you a standard trader.
The trading accounts of the company have no details about their spreads. The spread is the difference between the asking price and the bidding price. Abbreviated as pips, it should start from as low as 0 pips of the most popular currency pair of EUR/USD. The absence of spread in the accounts of ROInvesting is an eye-opener for the prospective traders.
The profit on each trade should be more than the spread of the broker, keeping in mind the charges by the broker over the execution of the trades. Thus, the preferred accounts are live trading accounts with low spreads. The broker disappoints traders by giving no details about the spread.
No Social Trading:
There is no option for social trading with ROInvesting. It is the best strategy for fresher brokers so that they can copy the trades of any successful brokers and learn from them.
The information of social trading is reliable. Social trading somehow tries to cover the advantages of the demo account by helping traders with successful trading experience of other traders. Social trading cannot replace the benefit of a demo account but in case of its unavailability, social trading proves to be a great help to the traders. ROInvesting disappoints traders by offering no facility for social trading.
Trading services should be a highlight of the broker but in the case of ROInvesting, they are a major cause of disappointment.
There is no provision of scalping, spreads, and leverage ratios in any of the trading accounts of the broker. There is no option for demo accounts, there are no details about the minimum deposits, and social trading. There is no justification for the low levels of trading services provided by ROInvesting. The trading accounts are incomplete and this is a big reason why ROInvesting isn’t a trustworthy forex broker.
The differentiation of the live trading accounts is quite vague. The accounts are not different in terms of their services as there is no incremental rise in the services and help provided to the clients. Looking at the three accounts of the company, there is no answer to the question of which account is best for the amateur or professional traders.
No MetaTrader 5:
ROInvesting claims to provide a wide range of assets but forgets to provide the best trading platform for multiple assets. The MetaQuotes Software Corporation of the US provides the MetaTrader 5 platform to traders. And it offers many features such as copy trading, forex virtual hosting services, and automated trading signals. The reliable and powerful MetaTrader 5 platform provides an excellent interface to deal in forex, equities, and CFDs. It is a highly flexible trading platform for fresher and experienced traders.
ROInvesting remains silent over its weak trading platform because a secure platform is not available with them. To the dismay of traders, there is an added disadvantage of the absence of social trading and spread.
Payment Methods of ROInvesting:
There is a list of payment methods over at the website of ROInvesting but the policies related to fund’s transfer do not have any mention of different modes of payment. There are only details about bank wire transfers and credit/debit cards. The logos of the different payment methods are only to deceive the traders so they’d believe they have multiple options.
They used the logo of Skrill on the website to gain the confidence of traders as Skrill works under its “anti-scam” policy and does not work with fraudulent brokers. Traders should not forget that there is no evidence of the use of Skrill in the accounts of ROInvesting.
The minimum withdrawal amount is set to 100 Euros. Another disappointing condition is that the trader cannot withdraw funds if the margin level goes beyond 100%. There are no details about the charges levied for withdrawal through different methods of payments.
The dormant fee charges start after 2 months of inactivity only. The broker charges 80 Euros for 1 month and for the next month it is 120 Euros. The continuity of the same incremental rise is for 9 months. There is a fee of 200 Euros after 6 months and 500 Euros after 9 months. This increase in fee is highly unacceptable as it is charged within 2 months only and is as high as 500 Euros. This is another proof of their greedy approach.
Non-existent Customer Support:
ROInvesting doesn’t provide strong and reliable technical support to the traders. The number mentioned on the website of the broker is the number of GMOTrading customer support only. Thus, confirms the fact that ROInvesting is using the resources of GMOTrading, which closed due to illegal operations. There are no options for conducting direct live chats with the broker. However, there is a single email ID mentioned on the website that you can use to contact them. But it takes them a lot of time to respond (if they do).
There is no furnishing of 24*7 technical support to the traders. Dedicated regional linguistic contact numbers are not present as well. To use the live chat feature, you’ll need to perform a detailed registration and so, it is not an immediate help to the traders.
There should be a strong, reliable, and quick customer support team dedicated to the traders. Dejectedly, there is no such provision of customer support by ROInvesting. It is rightly said that any organization which needs to thrive, should take customer care as a priority. The cunning operations of the broker keep it from providing committed technical support to its customers.
Social Media Presence of ROInvesting
The website of the broker is www.roinvesting.com/.
It has a front-page highlighting the association of ROInvesting with the AC MILAN team. It is basically of no use to the traders as it is a strategic partnership of the broker. There is no relation between the services of the broker and the partnership. The quality of the content of the webpage is below average. The broker decides to hide the details of the website domain using paid services.
Coming to the social media accounts of the broker, the lately updated Facebook account of the broker is showing off its association with AC MILAN only. There are no details about the company and its policies over at the social media account of the broker.
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The Twitter account of ROInvesting started in the year 2020 and it only has 18 followers. Their social accounts fail to achieve the goal of connecting with the current and prospective customers. The broker tries to gain the confidence of the traders using their fake association with a renowned partner.
My ROInvesting review gives it 0.5 stars out of five. The broker is found to be a newly established firm with the replaced trading name of GMOTrading. The trading services of the broker are a nightmare for the traders as there is no information about the spread and the minimum initial investment in their trading accounts.
There is no facility of a demo account, strong customer support, and complete details of payment methods. The recently updated social media accounts of the broker add to the woes of their customers. I strongly advise you to stay away from such fraudulent and dangerous brokers. You’d be better off with someone else.