Note: RockFordFX's official website: https://www.rockfordfx.com/ is currently inaccessible normally.
RockFordFX Information
Registered on 2021, RockFordFX is a forex broker based in United Kingdom. It offers many asset classes such as forex, commodities and so on to trade via their web-based platform. Besides, it offers four kinds of accounts with flexible leverages and spreads. However, it is not regulated well and its official website is not accessible.
Pros & Cons
Pros:
- Flexible Leverage Options: RockFordFX offers different leverage options for different account types (1:200 for Individual accounts, 1:300 for Gr-Trader accounts, and 1:400 for Business accounts), allowing traders to choose different leverages for their trading volumes.
- Variety of Account Types: Multiple account types for traders can meet different trading needs.
- No Commission Fees: Their accounts are advertised as having no commission fees, which means traders only pay the spread.
Cons:
- Unusual Fees: RockFordFX charges high withdrawal fees (up to 50 USD) and a 10% levy on withdrawals. Additionally, there is a monthly dormant account fee of 10%.
- Unregulated Status: Unregulated brokers do not offer the same level of protection as regulated ones do, which makes trade more risky.
- Inaccessible Website: RockFordFXs official website is not available, in which traders can not learn about the information related to transaction and has no access to use their web-based platform.
Is RockFordFX Legit？
Currently, RockFordFX does not have a valid regulation in place. As a result, its financial services might be illegal without regulation, and traders can face many risks without recourse. Furthermore, the inaccessibility of their website casts doubt on the reliability of their trading platform. These factors contribute to a higher level of risk associated with investing in RockFordFX.
Market Instruments
With RockFordFX, you can trade forex, stocks & indices, commodities, and digital currencies.
Account Types
RockFordFX offers three live account types including Individual, Gr-Trader and Business accounts with the minimum deposit requirement of €250, €2, 500, and €25, 000 respectively.
Leverage
RockFordFX provides different maximum leverage ratios for different accounts:
- Individual Accounts: 1:200
- Gr-Trader Accounts: 1:300
- Business Accounts: 1:400
With leverage, traders can control larger positions with a smaller amount of capital, but using more leverage increases the potential risk as well.
Spreads & Commissions
RockFordFX also provides different spreads for its account types:
- Individual Accounts: From 0.1 pips
- Gr-Trader Accounts: From 0.5 pips
- Business Accounts: From 1.3 pips
Besides, RockFordFX claims there are no commissions on its accounts, so the cost of trading is only reflected in spreads.
Trading Platform
RockFordFX claims to provide trading on MetaTrader 4 (MT4) and its own web-based platform. However, after registering an account, you may find that RockFordFX only offers a basic web-based platform with limited features and no branding.
Deposits & Withdrawals
RockFordFX accepts credit cards and wire transfers as payment methods. However, withdrawal fees can be quite high, reaching up to 50 USD. The Terms and Conditions include a clause stating that “a levy of 10% of the withdrawal amount will be applied to any withdrawal from an account that has not achieved more than 200 in turnover.” In addition to the withdrawal fees, it also imposes a monthly dormant account fee of 10% and an unusual charge on accounts that have not reached at least 200 in turnover.
Customer Service
Customers can get in touch with customer service line using the information provided below:
Telephone: +44 2038073479
Email: support@RockFordFX.com
Conclusion
In conclusion, RockFordFX is a regular broker who offers many trading instruments via their trading platform. It offers four types of accounts and each account has different minimum deposits, leverages and spreads. However, it has no regulation and its website is not available, which raise doubts about its legit and safety.
Q&A
Is RockFordFX regulated by any financial authority？
No. It has been verified that this broker currently has no valid regulation.
What platform does RockFordFX offer？
It only offers a web-based platform.
What is the minimum deposit for RockFordFX？
The minimum initial deposit to open an account is €250.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
