RockFort Global FX aka RFMFX aka RockFort looked like a very promising broker to me. I really thought they would be a legitimate enterprise. But as I went further, I found that RockFort is just like any other forex scam.
Thatís why I thought it was important to write this RockFort Global FX review (Iíll use this name in the article). The fact that this broker uses multiple names made me suspicious of its intentions right away.
Another thing that made me suspect that RockFort Global FX is a scam was their websiteís UI. Itís very hard to find the sign up page on their website (rfmfx.com). In fact, it took me a lot of effort to find the sign up page and create an account.
When I created the account, I couldnít start trading because they required that I submit my KYC documents. I donít recommend submitting your personal files to a broker as suspicious as RockFort Global FX.
They donít let you create any demo accounts to test out their services. To be honest, there isnít anything to test. They donít have a trading platform, which is quite disappointing.
Thereís a whole lot more to digress, and I have discussed everything in detail below. Letís start the RockFort Global FX review:
RockFort Global FX License and Regulation
RockFort Global FX claims to have three subsidiaries. One is in Seychelles, one in New Zealand, and one in Canada.
Out of those three, the one in New Zealand, Rockfort Marketers Limited, is regulated by the FMA (Market and Monetary Authority). However, the other two donít give any regulatory information.
When I digged it a little further, I found that Rockfort Markets Limited is a separate broker and RockFort Global FX is a clone of the same. Rockfort Global FX doesnít have a license and it is an unregulated and unlicensed firm. It is a scam.
They are trying to deceive new users by associating themselves with a reputed and regulated broker that is unrelated to them.
Another sign of them being a scam is they donít show you any legal filings or documents. Honest brokers tend to share their policies and legal documents to maintain full transparency. However, Rockfort Global FX doesnít share any documents of that sort, indicating that they want to maintain secrecy.
The first thing you should always look for is the brokerís address. The address of a broker would determine which jurisdiction it would fall into. In case the broker belongs to an offshore area such as Marshall Islands or St. Vincent, you should stay away from them.
Apart from the location, you should always check whether a broker is licensed or not. Unregulated and unlicensed brokers are very dangerous as they can steal your funds (through hidden charges) and even your private data!
Regulatory authorities such as CySEC (Cyprus Securities and Exchange Commission) or FCA (Financial Conduct Authority) have many rules and regulations. These regulations make sure the broker doesnít harm the interests of their users, and doesnít deceive them.
Moreover, regulatory authorities have insurance policies in case one of their licensed brokers breaks a regulation or steals their usersí funds. With unlicensed brokers, you donít get any of these benefits.
Rockfort Global FX is trying to fool people by associating with a regulated firm that has a similar name. They donít have any license and are running illegally. You should stay away from such a scam.†
Rockfort Global FX Trading Conditions
Even though the license of a broker can tell you a lot about its reliability, the second-most important factor is its trading conditions. What trading platform does it offer? Whatís the minimum deposit limit? Weíll discuss these factors in detail to determine whether Rockfort Global FX is a reliable broker or not:
When I signed up on Rockfort Global FX, I couldnít find a trading platform. It was very difficult to find anything on their site.
Rockfort Global FX has stuffed its website with fluff to appear legitimate. In reality, those people donít provide you with any fruitful information.
Rockfort Global FX mentions that they use MT4 (Metatrader 4). But there is no other information about the platform. Moreover, there is no way to access the platform.
The most popular trading platforms in the industry are Metatrader 4 and Metatrader 5. They pack a lot of features and benefits while providing excellent customer support. Thatís why around 80% of the industry uses these platforms.
It seems to me that Rockfort Global FX is trying to deceive people into trusting them by using the reputation of MT4. They claim that MT4 works well with their site but you canít access it.
This broker is very unhelpful. They donít give any information regarding their payment methods or their minimum deposit.†
They have an extensive website filled with fluff. It appears as if they forgot to provide their minimum deposit information. Usually itís the sign of a scam.
When a broker doesnít tell you its minimum deposit requirements beforehand, they are doing so to ensure that youíve made a commitment before (by signing up) you start availing their services.
Even though I had signed up on their platform, I couldnít find any info on their minimum deposit requirements.
Itís possible that Rockfort Global FX is merely an introductory website for a broker. Or, they could be giving this information only to people who provide them with their KYC documents.
In both cases, itís not a good sign. I donít recommend trading with a broker that maintains so much secrecy as in most cases, the broker turns out to be a scam.
Leverage and Spreads
Thereís no way to find out their offered leverages. Just like with their minimum deposit requirements, they have failed to provide any information about their leverage and spreads.
It makes them appear very shady because such information is important to gauge whether a broker is reliable or not.
Rockfort Global FX Payment Methods and Charges
I wanted to trust Rockfort Global FX but that wasnít possible. These people havenít provided any information about their payment methods and fees along with the sections I have discussed before.
To be honest, I didnít expect Rockfort Global FX to be such a shady company. But after I discussed that they were a clone firm, everything went downhill.
Reputed brokers keep things transparent with their clients to maintain trust. But Rockfort Global FX doesn’t take that approach.
Is Rockfort Global FX a Scam? Yes!
The forex industry has expanded exponentially in the last few years. Because of that, many kinds of scams have entered this sector as well. Usually, a scammer would target novice traders through bonus offers and bogus claims so they would sign up on their platform. Such brokers usually have unfair terms and conditions but people rarely read them before accepting the same.
When a person finally signs up and makes a deposit on their account, the broker can do whatever they desire. They can steal the userís funds through hidden fees or even steal their private data.
Usually these brokers operate from offshore areas such as St. Vincent. These regions donít have financial regulators like the US or the EU so they have become havens for shady forex brokers.
Rockfort Global FX seems like a clone firm that poses to be a regulated firm. They have kept all of their data hidden so youíd sign up on their site and think they are a reliable firm. The broker would demand you to give them your sensitive information for Ďverificationí. By then, you would have already made a huge commitment and canít back out.
Itís a very dangerous scam and I have seen it multiple times. Thatís why I canít recommend working with Rockfort Global FX.
Rockfort Global FX Review: Conclusion
I hope my Rockfort Global FX review helped you make an informed decision regarding this broker. There are many scams in the forex industry similar to this one. Itís best to stay alert and do some research before signing up with a new broker.This review (Rockfort Global FX) was originally published at Gripeo. To read the full review, go to – www.gripeo.com/rockfort-global-fx/