ROInvesting Review
Why ROInvesting Sucks in 50 Words or So
Before you can open a Demo account at ROInvesting, you will have to open a Live account. This is a bit weird because the purpose of a Demo (apart from training) is to see if you like the broker’s platform and trading conditions before going through the process of opening a Live account and giving them your real details. Why would I open a Live account just to get a Demo account?
And on top of that, during the registration process you will have to provide employment information, tax information, address, source of your funds, as well as a short quiz in order to assess your trading knowledge. And you will have to go through all this jus to open a Demo. ThatSucks! but it’s not a biggie… however, they also have an inactivity fee that goes as high as 600 EUR per month. Yep, you’ve read that right – you’ll find more info below.
Why ROInvesting Doesn’t Suck in 50 Words
Apart from CySEC and FCA, ROInvesting is supervised/authorized by a bunch of other commissions and authorities such as Germany’s BAFIN, Italy’s CONSOB, Belgium’s FSMA, and more. We always recommend dealing with regulated brokers and ROInvesting is one. However, just being regulated is not enough and a lot of other boxes need to be checked as well.
Is ROInvesting A Scam?
This is a broker that’s been in business for a long time (previously under the name GMO Trading) and is fully supervised in the jurisdictions where it operates. Also, we’ve looked online for major complaints against them but we couldn’t find anything worrisome. Given all this, we do not consider ROInvesting or Royal Forex Ltd. a scam but as always, we recommend caution whenever you give your money to someone else. And keep in mind that not being a scam doesn’t necessarily mean it’s a great broker.
Should I Open An Account With ROInvesting?
ROInvesting is a regulated broker launched in 2015, which offers CFD trading on various asset classes such as currencies, cryptocurrencies, stocks, indices and more. The owning company is Royal Forex Ltd., regulated by the Cyprus Securities and Exchange Commission (CySEC) with licence number 269/15. The company is also EEA Authorized by the British Financial Conduct Authority (FCA), with reference number 731592.
Probably the first thing that stands out is the fact that Royal Forex is regulated in a lot of jurisdictions, by high-profile financial watchdogs. But like we already mentioned, regulation is not everything and doesn’t automatically make the broker the best choice.
Continuing with the positives, ROInvesting offers Meta Trader (web-based), which is good news for technical traders and people who need a lot of customization in their trading. They also have mobile platforms for traders on the go, and a Webtrader platform, which doesn’t require any download (but do not confuse this with Meta Trader’s Webtrader because it’s not the same thing). Demo accounts are also available, but as mentioned earlier, you will need to go through a rather stuffy Live account opening procedure before you can use it.
ROInvesting offers 3 types of Live accounts: Silver, Gold and Platinum (Sharia compliant versions are available for each account type). The higher-tier accounts will get a swap discount (25% for Gold and 50% for Platinum) as well as some other perks which may be appealing to different types of traders (free VPS, dedicated account manager, etc.) but not so much to others. However, the problem is that ROInvesting doesn’t give any information about the minimum investment needed for each account. According to third-party online sources, the lowest investment is 250 USD but we cannot verify those sources and besides, we shouldn’t have to get this information from third party sources, but from the broker under review. Unfortunately, ROInvesting doesn’t provide this information on the website and didn’t provide it even when asked directly via Live Chat. They simply told us to open a Live account and then a manager will contact us.
The education section is composed of courses, articles, VOD (video on demand), webinars, e-books and tutorials. Overall the content is good and they offer lots of resources to get you started; however, experienced traders will not be so impressed with the educational content because it is mostly aimed at people who are newer to the trading business.
To conclude, ROInvesting could be a good broker choice but they have to be a bit more transparent about their minimum deposit and withdrawal amounts, as well as give more information about the methods. As you will see in the following sections of our reviews, their inactivity fees are too high and the spreads could use a bit of tweaking as well.
The listed address is 128-130 Limassol Avenue, 3rd Floor, 2015 Strovolos Nicosia and the broker can be contacted at email [email protected] and phone +80050026003.
ROInvesting Complaints
This broker enjoys a few extremely positive customer comments. And I mean extremely positive! Almost too positive if you ask me. On the other hand, we’ve also managed to find complaints regarding failed withdrawals and fees charged because clients did not trade enough before asking for a withdrawal. Make of that what you wish but take everything with a pinch of salt.
Also, we have to mention that some clients are simply outraged by the enormous inactivity fees. For example, one client said he/she had a 300 EUR account and “these thieves charged a 160 euro (!!!) dormant fee, effectively halvening my account value”. This shows once again why you have to read the T&Cs because all clients who open an account there, willingly agree to these fees.
ROInvesting Withdrawal
The methods for withdrawal are not very well specified, but on the website we could find logos of Skrill, Neteller, Visa, Mastercard and a few other services. According to their legal documents, withdrawal requests made before 09:00 AM CY (on working days) will be processed during the same day.
The minimum withdrawal is unclear: but in their T&Cs it’s written that wire withdrawals below 50 EUR will be charged a 15 EUR fee and that all withdrawal requests lower than 15 EUR will be rejected.
ROInvesting Extras
For those who don’t want to analyse charts and keep up with news, ROInvesting offers trading signals. We have not tried their signals and cannot vouch for them. Other than this, the broker doesn’t offer any special promotions, contests or other stuff that could be considered extra.
ROInvesting Ratings
User-Friendliness 14/20
The website is available into 10 languages, with well-structured and easy to access information. Demo accounts are available for 7 days only, US traders are not accepted and mobile apps are available for iOS and Android.
Range Of Markets, Spreads And Leverage 16/20
The asset basket is huge, with over 350 tradable instruments from all the major classes (stocks, commodities, currencies, cryptocurrencies, indices, etc.). Leverage goes up to 1:30 for currency pairs and lower for other assets such as stocks (1:5) or cryptocurrencies (Bitcoin / USD max leverage is 1:2). Professional clients benefit from leverage up to 1:200. Spreads are high for the Silver account (28 points) but they get lower for the Gold (20 points) and Platinum (18 points) accounts. The spreads presented above are for EUR/USD.
Fees And Support 10/20
Although ROInvesting doesn’t charge fees for depositing (which is normal), the fees for inactivity are through the roof so we recommend you do everything possible to avoid inactivity in your account.
If the account is inactive for over 60 days, the inactivity fee is 75 EUR per month. It is charged retroactively for the whole inactivity period, which means that you will have to pay 150 EUR.
If the account is inactive for over 120 days, the inactivity fee is 150 EUR per month.
The fee schedule goes up to 330 days of inactivity in increments of 30 days (the higher the inactivity period, the higher the fee). Starting at 300 days of inactivity, your fee will be 600 EUR. Bottom line: these fees are outrageous and you should be VERY careful about letting your account become inactive.
Support was relatively fast but the representative did not provide an answer to the simple yet important question “What is the minimum accepted deposit?”. They instructed us to open a live account and provide a bunch of personal information and said that a manager will get in contact with us.
Deposits And Withdrawals 14/20
The minimum deposit is not specified but according to third-party information, it is 250 USD, which is too high. The methods are Skrill, Trustly, PayPal, cards, and wire transfers (additional methods may become available depending on the client’s location).
Withdrawals can be made via the same methods used for deposit and the processing time is the same business day if the request is received before 09:00 AM CY (on working days) or the following business day if the request is received after that time. The minimum withdrawal amount is not clearly specified. However, in the T&C document, they mention that withdrawals below 50 EUR will be charged additional fees.
Website Extras 12/20
The broker was the “Official CFD Partner” of AC Milan. The current status is unclear but if you are into football, this may be a positive extra for you, otherwise I don’t see it as an advantage for traders who are not AC Milan fans.