Beware! RockFort Global FX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
RockFort Global FX, or RFMFX, or just RockFort, is a broker with the potential to stand on its own in a Forex environment that is increasingly hard to find a place in. Were it not for certain elements, RockFort Global FX (as we will call it from now on) would have made a decent brokerage. However, certain things cannot be left unspoken because it is our duty to reveal to users which brokers to trust, and we have a hunch that RockFort Global FX is not one of those that are worth your investment, both in terms of time and money. Please read the review before depositing.
The website of the broker is very uncommon in that it does encourage users to create an account. It took us some time to find the live account creation page. This is an unexplainable approach. Anyway, the registration of an account was simple and easy, and in no time we had access to a trader’s area. Yet, there was no way to open a trading platform because we had to verify our account before that in terms of KYC documents. Since RockFort Global FX is, as we shall see, unverifiable, we cannot advise users to provide sensitive data.
What’s more, is that there was no demo account creation tool, so all the trading info will have to be taken from the website. Not only that but without providing these KYC docs, the trader’s dashboard is completely useless.
The website claims that the broker offers forex currency pairs, commodities, and indices as tradeable assets. We could find no trace of any spread or leverage values anywhere. The website turned out to be one of the biggest disappointments. It creates a perfect illusion of sufficiency, yet there is a noticeable lack of crucial trading information. Moreover, much of the text seems to be filler.
The website is accessible in English, traditional Chinese, and simplified Chinese.
ROCKFORT GLOBAL FX REGULATION AND SAFETY OF FUNDS
What we found is that RockFort Global FX has several subsidiaries around, including one in Canada, one in New Zealand, one in Seychelles.
The New Zealand branch, ROCKFORT MARKETS LIMITED, is in fact regulated by the Market and Monetary Authority (FMA). None of the other branches hold any regulatory claims.
However, this applies to a legitimate ROCKFORT MARKETS LIMITED, an actual New Zealander broker with verifiable address and regulation. In essence, RockFort Global FX is a clone firm of ROCKFORT MARKETS LIMITED, making today’s broker completely illegal, UNREGULATED, and SCAM!
Another indicative thing is the complete lack of any legal documents! Only illegitimate brokers can be left unpunished for not including legal documents.
Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ROCKFORT GLOBAL FX TRADING SOFTWARE
As we already discussed, there was no way for us to access a trading software of any kind. The issue here is that the user dashboard itself does not seem to have a dedicated area for downloading and/or accessing any sort of a terminal for trading.
The website claims that the MT4 software is fully functioning and ready to go, but unfortunately, we cannot vouch for the Metatrader.
ROCKFORT GLOBAL FX DEPOSIT/WITHDRAW METHODS AND FEES
Remember when we said that the website of RockFort Global FX being uninformative? Well, this unfortunate principle applies to the payment info as well.
With all its subpages and impressive layouts, RockFort Global FX “forgot” to include any deposit and withdrawal info. This suggests two things to us. First of all, this might mean that RockFort Global FX is an introductory broker site, meaning that it acts as an intermediary. The second possible explanation is that the brokerage actually reveals all payment details to fully verified users, which is the mark of some illegal entities.
Whatever the case might be, RockFort Global FX is a complete waste of time and a probable scam! We recommend to users to stay away from it at all costs!
How does the scam work?
The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!
The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).
If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.
At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!
What to do if scammed?
The first thing you can do, and the most crucial, it to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.
Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.
It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!
The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!
Rich Snippet Data
RockFort Global FX