Roiteks is an unregulated forex and CFD broker that claims to provide unique and personalized trading experience thanks to their team of special analysts. They claim how they have a team of great specialists in different fields that are always at traders’ disposal. Users can easily schedule a free consultation. Still, there are many information missing from the website which is the real reason why we decided to do this Roiteks review.
Roiteks review will provide traders with more information on different features, tools, software characteristics, customer support service and banking methods from our point of view. As always, we strive to provide you a balanced review.
One of the first things we like to research are different account types the broker is offering. Despite all our efforts, it seems that Roiteks doesn’t have customized accounts that can suit different types of traders with different levels of trading skills.
The registration process with Roiteks is as every online registration – after clicking the registration button, all you have to do is simply fill out the form and you will be redirected to your newly opened trading account. Then, you have to fill out a second online form that is more detailed and contains the address, city and several other information. After you finish this part of the registration, you will immediately be redirected to the depositing platform. Minimum deposit is $250.
Roiteks bonus policy can be found in the terms and condition, even though bonuses are not advertised on the website. Trading conditions for bonuses are quite specific so we suggest traders to definitely read them. For example, once the bonus has been added to your account it cannot be removed, and all bonuses require x25 trading volume prior to withdrawal. Also, in order for a trade to be counted as trading volume, it has to be opened for at least 24 hours.
What we find concerning is the fact that they are limiting withdrawals of your deposited funds as well. It says that first deposit has to be traded x15 in order for a trader to get a withdrawal. This seems like a way to hold in trader’s money, so we definitely advise traders to be careful and decide whether or not are they ready for this type of commitment. Based on these conditions we definitely can’t recommend trading with this CFD broker, as these T&C are unfavorable.
Trading Software & Assets
Roiteks is using Spot5 platform by SpotOption provider. This platform is web-based, which means that traders don’t have to download it in order to use. The main benefit of this approach is that traders can place their trades on any device they have lying around and aren’t limited to a single device. Still, we strongly recommend keeping your login data safe and not allowing the computer to remember them.
Roiteks Cryptocurrency Trading
The Roiteks portfolio is full of attractive underlying assets, including cryptocurrencies. When it comes to cryptocurrencies trading, traders can find bitcoin, ethereum, bitcoin cash, dash, litecoin, ripple, ethereum cash, and Z cash. There are two things we need to mention regarding crypto trading on this platform:
Cryptocurrency trading is not advertised on the homepage which may turn down traders who want to trade cryptocurrencies.
The asset list could be more organized, as cryptocurrencies are placed there without any order.
Traders can also trade different pairs involving cryptos and traditional hard currencies.
Majority of other underlying assets are forex pairs, with the addition of several commodities and indices.
Maximum leverage with Roiteks is 1:200, while the spread for EUR/USD is 2 pips.
The Roiteks trading platform also features stop loss and take profit features which are amazing additions to every trading portfolio. There is also a big chart where you can follow market movements. However, we have to admit that this platform seems a bit simplified especially when compared to some other platforms like Metatrader, that support numerous tools, features, analysis methods and trading windows. Without a doubt, this Spot5 platform will be suitable for some traders, but many advanced forex traders won’t find it detailed enough and will prefer a more advanced trading interface that is equipped with every little piece of trivia they can think of. Roiteks doesn’t offer a mobile trading app, which is a pity as most traders trade via their smartphones.
Once traders register, they get a chance to use live chat as a form of customer support. While we strongly encourage live chat support as it is the most convenient and fastest way of communicating with a broker, it is also important to accentuate the fact that agents have to be professional and not too salesy. The reason why we are saying this is because once we registered, we were under attack of live chat support. First, we received a generic live chat message “Hello, how can we help you today?”. We ignored it as it is often randomly triggered message that lets you know you can chat with the support.
However, after one minute, we received another message, and in two minutes time the third message saying how they couldn’t reach us via phone number we entered during registration. We simply decided that we don’t want any assistance at that certain moment as we wanted to see what the broker is offering by ourselves. After a minute, we received another message how we are answering our phone, and after another minute another (and thankfully – the last) message.
We have nothing against friendly customer support, but this is something we never experienced before. Every trader has the right to do research at their own pace, without being bothered by messages and calls. In 7 minutes, we received 5 messages and didn’t ask for help once.
Traders who don’t want to use live chat can send them an email or use one of the numbers for following countries: Singapore, UK, South Africa, New Zealand, Malaysia, Canada and Australia. The website and the trading platform are available in English language only, but we hope they will add more languages in the future.
Banking & Company Information
As already mentioned, minimum deposit is $250, but minimum withdrawal with Roiteks is $100 for credit cards, or $500 for bank wire. Roiteks claims not to charge any form of fee for either depositing or withdrawing. Before the withdrawal is processed, traders are obliged to verify their identity by providing required documents such as a photo ID and proof of residence. It may take some time for the account to be verified, but then, they also state how it may take up to 10 days to process a withdrawal. This is quite a long time in online trading, so make sure to verify account as soon as possible.
We would like to mention once again, an unfair practice of withholding traders’ money. All first deposits are subjected to the withdrawal conditions that include reuired trading volume od x15. This means that you won’t be able to withdraw your money immediately in case you decide that this broker is not for you, but will have to trade 15 times the worth.
The Roiteks is in the ownership of Green Oak LTD, Bulgaria.