Roiteks is a weird blend of broker that is based in Marshall Islands. They offer over 20 forex pairs along with 40 plus cryptocurrencies. On paper, the kind of things they portray appear to be good. However, if you take a closer look, it becomes obvious that they are not the ones you should indulge with.
This unregulated broker has a bad reputation and things do not look good for them in the near future. From affiliating themselves with questionable bots to running boiler room type deals, Roiteks is said to be involved in a lot of things that are outside the boundaries of law.
The merits are few and the list of disadvantages clearly outweigh and skew the entire equation to the negative side. If you are going through this post before investing with them, then we can guarantee you that you will be better off without them.
In case you have already deposited with them and are struggling to get your money back, then fill out the form below and go through the following content to learn more.
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Is Roiteks Regulated?
This platform is owned by Green Oak Ltd which is a subsidiary of Vantu Capital Ltd. As this firm is located in Marshall islands, the regulation is not that strict and they cannot offer their services to most western countries.
Information regarding the way they handle the funds of investors is still a mystery. Lack of a segregated bank account is a bad sign and the absence of insurance is also unjustifiable.
In short, investing with them means your money will be at risk all the time and if something out of the blue happens, then chances are you won’t be able to do anything about it. Clearly, the risk present is enormous and as such, it is better to stay away from them.
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Do not have high expectations from the support team of this broker. Also, be careful while dealing with them. If they use any high pressure sales tactics, then do not proceed with them. In case you are pestered by them, raise a formal complaint and alert relevant authorities.
Here are the contact details of this company.
- Phone – +442034554866
- Address – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
- Email – firstname.lastname@example.org
Trading Platform and Conditions
Roiteks does not support MetaTrader software. Things do feel primitive with them and the default web trader isn’t that good. If you are someone that employs a lot of custom tools and indicators, then you have to find a third party tool which will be inconvenient and time consuming to say the least.
We do not know whether they support copy trading. Information regarding automated trading is bleak as well. Also, we do not know whether this broker allows all type of trading approaches. Available range of trading instruments are big. Leverage is capped at 1:50.
Unfortunately, the fees and trading costs are not outlined precisely. In other words, they have not revealed all the data upfront and that kind of broken piece of information is deadly to say the least.
Be careful if you ever have to use their service and never risk more than what you can afford to lose. After all, isn’t it better to be safe than sorry?
Funding and Withdrawal
Just like most offshore brokers, the minimum capital required to get started with them is $250. They accept debit/credit cards and bank transfers. Processing time for the transaction is unknown.
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Minimum withdrawal amount is also a big mystery. Matching bonus is offered, but they do have a catch. So, read the terms before accepting any bonus or else your money will be stuck with them.
Note that information regarding fees and dormant account is also not revealed.
Roiteks User Feedback
As this broker had a huge user base, finding information about them was a piece of cake. People do not like this firm as they have to face a lot of issues with them. Though most accusations are not verifiable, the sheer number of negative remarks are unbelievable.
Given every metric about this firm, we do strongly believe that everyone should avoid them. Social proof clearly reveals the dirty side of this firm. From delayed withdrawals to huge spreads, looks like this broker has made use of every gimmick present in the finance sector.
Is Roiteks a Scam?
Roiteks looks like a shady organization. Their business model in some ways resembles a cash grab and the way they operate represents a rug pull. Odds are heavily stacked against the clients and the likelihood of anyone making money with them is pretty much zero.
So, do not indulge with them in any way. Always use a regulated platform and for best results talk to a licensed financial planner before committing capital. If you are having a tough time recovering funds from this broker or any other online entity, use the contact form below to get in touch with us.
Our team will help you get started for free and we never charge for any of our services. From creating an actionable plan to handling the formalities, our staff will take care of everything for you.
There are tons of offshore brokers that are looting the public. People have lost thousands of dollars and the entire situation is spiralling out of control. Even the regulators are trying their best to put an end to the chaos.
Sadly, until the retail investors are educated, there is no way to put an end to online investment scams and schemes. Our suggestion to you is to avoid offshore brokers such as Roiteks for your own good.
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