Roiteks (roiteks.com) is indeed an unregulated entity offering traders financial services based on Forex and CFDs, that does not seem to be particularly proud of its corporate background. In fact, the official site of the brokerage does not make any information available in this regard anywhere at the site, with the exception of the lowest segment of the fine print in the footer (and the contact section). There, we learn that the company behind the brokerage is a certain Green Oak LTD, based at Boulevard Totleben 53-55, 1606 Sofia, Bulgaria and registered at Rozova Dolina 26, Sofia, Bulgaria, 1000. Judging an operation based solely on the jurisdiction where it operates is obviously wrong, but it has to be noted that Bulgaria is notorious for hosting many unregistered and unregulated online brokerages. Roiteks fits this mold to a T.
As far as contact details are concerned, quite interestingly, a UK phone number is provided: + 44 (20) 34554866. [email protected] is the email address of the Roiteks support staff.
According to the official Roiteks website, the brokerage has offices in London as well as in the Seychelles. Many new brokerages (Roiteks was launched in November 2017) choose locations like the Seychelles to quickly obtain a nominal license, and the fact that Roiteks have an office there, may indeed mean that they are in the process of securing such a license.
What exactly does Roiteks offer?
As said above, the brokerage is focused on Forex and CFDs, more precisely on cryptocurrency-based CFDs. As far as its product selection goes, a massive number of crypto/fiat and crypto/crypto pairs are featured. Some say that Roiteks is a Crypto CFD brokerage, and given their product selection, that is indeed a fitting designation. In addition to the usual BTC/USDT and ETH/USDT pairs, one will find exotics here too, such as Dash/Ripple and BCH/LTC. What’s more, even more exotic pairings are tradable at Roiteks too, like BTC/Gold.
Using the Spot5 trading platform, Roiteks appears to be a little crude at first glance. The software itself – while indeed very straightforward and easy to use – seems to lack sophistication and advanced features of the type delivered by industry mainstays such as MT4. The platform is web-based though, meaning that users are not required to download it, and it can be put to the test a single click away from the homepage. There’s a free account offered as well, but to access the platform through this account, traders are required to provide a plethora of personal information to the operator.
Interestingly, the official Roiteks site is rather tight-lipped when it comes to the trading conditions associated with the products it offers.
The Roiteks Trading Platform
As said above, the Roiteks trading platform is a rather rudimentary web-based platform. Despite the fact that its features are nowhere near those of MT4, it accomplishes what it is supposed to and it even gives traders limited technical analysis capabilities. It only supports line and candle charts, but its time frames are plentiful. There are some 9 technical indicators available, including the MACD, EMA, SEMA, Bollinger Bands and the Fibonacci retracement lines.
Opening a position is as simple as entering an investment amount (the minimum in this regard is $25), and setting the Take Profit/Stop Loss. The leverage can also be tampered with, though – at least in the case of cryptocurrencies – the maximum leverage is as little as 1:3. With a major currency pair such as the EUR/USD however, the maximum leverage can go as high as 1:200.
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The minimum required deposit for real money accounts is $250.
Should I Trust Roiteks?
Everything considered, the answer to that will have to be no. First of all: the operation is unlicensed. What that means is that there is no authority to guarantee investors’ deposits and the broker is pretty much free to make the prices the way it sees fit.
Question Marks and Red Flags
Red flags abound around this operator everywhere. We’ve already covered this, but it bears repeating: Roiteks is unlicensed. It is also the preferred partner of a number of scammy auto-trading deals, some of which are indeed proven to be nothing but client-acquisition funnels for brokerages such as Roiteks. This is certainly a MAJOR red flag. One of these operations is CryptoRobot.com, which we’ve already reviewed and established that it is indeed a scam.
The brokerage is based in Bulgaria and it was launched in November 2017, which makes it only a few months old. Such new operations should always be treated with caution, at least until some relevant user feedback emerges on them.
Another problem is that the roiteks.com domain has been registered through DomainsByProxy, and no information about its actual owner is available. Why would a legitimate operator, who peddles services in exchange for money, want to stay hidden like that?
Given the tender age of the operation, it is not at all surprising that there are virtually no client complaints available on Roiteks out there. Some brokerage reviewers have already caught on to the suspicious nature of the setup though.
Roiteks Review Conclusion
As shown above, Roiteks triggers a whole array of red flags and question marks. The way it stands right now, it simply isn’t worth to risk your funds with this operator. If you really want to trade crypto CFDs, choose another brokerage. If you landed at Roiteks through an Auto trading scam, DO NOT register an account and DO NOT make a deposit. You will thank yourself later.
Got any information about Roiteks? Please post any feedback about this brokerage – positive or negative – as a comment below this review.
Thanks for reading our Roiteks review.
SCAM SCAM SCAM
I have been caught for $50 000
Someone calling themselve Mario Gabris (the broker assigned to me)….and a Benjamin De Marco ( the analyst or “ boss” )
They phone you with guaranteed VIP Risk Free Trades that are insured.
After three losses in a row, they ask for more money to cover the “ insurance “ cost.
They started of by calling me two or three times a day telling me me their success rate is 97% etc…..
After 100% failure rate, you just don’t hear from anyone again.
They even have a documents Department and a financial Department that get involved to make everything seem legitimate.
Emily Cooper from their compliance team; Jonathan Harris, compliance team; Ellie Lipkin, compliance team; the list goes on.
If these people actually exist, then there is no way that they are not all part of the SCAM…..
I also paid 500 € without a detailed examination. Unfortunately only too late learn that it is obviously not a serious company. Luckily I did not let myself be persuaded to do any trading, so the amount was always on my account.
My “supervisor” has repeatedly called me and tried to persuade more money to invest or trade. I have always promised him a higher amount, even if I see that the withdrawal works. Of course, I never intended to invest anything again (it was just an excuse).
The first two attempts to withdraw the money were rejected because I did not want to sign the confirmation of the transfer.
Then i sign the agreement (but did not feel good about it) and then I tried another attempt to withdraw the money.
It lasted 2 weeks, but the amount was transferred! But I did not expect it anymore.
This is my experience.
In the future I will check the company in advance befor i invest!
In the end it cost few euros (expenses) but a lot of nerves!
I am faceing the same problem with Roiteks. They have convinced me to invest £6000, my big mistake I ever did. I was trying to withdrawl my money when I realised that something is going wrong, after 10 days is still in pending. Today ‘the big boss’ called me and he told me that he is not going to let my money go, he forced me to cancel the withdrawl and wants me to start investing with him. He was screaming when I insisted that I want my money back, swearing and then calming down. I am really scared of loosing my money. I have no idea what to do. I haven’t been to the bank yet. Help me please, if you have any ideas.
Biggest mistake ever. I invested 5000USD into Roiteks, using my credit card. I was promised returns to my credit card before the bill date. Its my fault I didn’t read the reviews. Complete scam. If you check out their parent company on google maps you’ll see that the heart of the system lies in some housing estate in Bulgaria. What a joke. I even signed the bonus agreement of 5000USD to be added to my account. But I did not and will not sign the monetary transfer approval form.
So that being said, I called my banks for a dispute case and cancelled all my cards used in the transaction. Of course the banks said they would investigate this matter but you know that they just want your money (Cough citibank cough). So now, all that being said. Record all your calls with Roiteks brokers. It helps because they call and make offers on phones that sounds too good to be true. Promised risk free trading and money back guaranteed but will retract their words in agreements and black and white. Record the calls and use it as evidence against them and the dispute case will be on your side due to misleading sales. Roiteks is also notorious for holding money hostage to get clients to agree to deals. Please do not comply.
Roiteks are a total scam, but after a month of daily phone calls and emails, I managed to get my money back. They started to get real funny when I first requested a withdrawal and kept declining my request online. I then tried a different strategy.
After a few phone calls, I said that I really like Roiteks and thought they had a great service and wanted to trade with them in the future, just that I needed the money I deposited for an urgent matter until my (hypothetical) bonus comes in next month when I can make an even bigger deposit and more trades.
The idiots bought it and processed my refund after which I blocked all their numbers and phone calls and sent an email to close my account permanently and to never contact me again. My advice is stick to the licensed brokers, always!