The Rock Trading Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
The Rock Trading Review – is it scam or safe?
The Rock Trading is one of the many companies that currently offer access into the world of cryptocurrencies. Like most of them, it does not provide different account types, but rather a differentiated approach to users depending on their level of verification. For example, Fiat transfers through banks (SEPA, Wire) are available only to verified users and besides, their deposits require less confirmations and are faster. Furthermore, they have access to cryptocapital API.
AML/KYC verification process with the Rock Trading is done via US identity verification company Jumio. Furthermore, the Rock Trading has partnered with security centered Bitcoin wallet provider GreenAddress to implement multisignature and instant transaction confirmation.
Unlike most crypto-exchanges, the Rock Trading has set a minimum initial deposit of EUR 100. Another feature available at the Rock Trading, which is not supported by most exchanges, is margin trading. Leveraged trading is available at this exchange for several pairs: BTCEUR – up to 1:5; ETHEUR– up to 1:3; ETHBTC– up to 1:3.
The Rock Trading is is a European cryptocurrency exchange, but users from the US are also welcome. Although they are unable to deposit or withdraw funds using a bank account, they can utilize OKPay.
The Company. Security of funds
The company operating the Rock Trading brand and website is based in Malta, with branch offices in Italy. It started out back in 2007 as a Virtual Insurance Company, and 4 years later it launched Bitcoin trading. In July, 2013 it was registered in Malta as a certified Limited Liability Company. This registration, of course, does not mean that the exchange falls under any specific financial regulation.
This is currently the most common case when it comes to regulation of concurrency exchanges. Authorities around the world are aware of the massive popularity of digital currencies lately (due to the rapid growth in value of digital tokens such as Bitcoin) and are seeking regulatory solutions to control it. Of course, authorities worldwide claim their main incentive is investor protection.
In October 2017, the Malta Financial Services Authority (MFSA) has proposed some rules for cryptocurrency investment funds. Besides, Malta’s Prime Minister has announced that the Cabinet had approved the first draft of a “national strategy to promote blockchain”, however no further details have been disclosed.
While the nor the MSFA, nor any other authority is currently overseeing the activity of crypto-exchanges based in Malta, this is not the case with forex brokers. In order to operate legally in the country, they have to be authorized by the MSFA, and comply with a set of rules. Similar requirements apply to forex brokers in Europe and in the countries with well-developed financial sectors.
Speaking of security and investor protection, we also have to point out that there haven’t been any reports on hacks at the Rock Trading and user reviews on this exchange are a mixed bag, which is more frequently the case with any trading venue. Some of the complaints we came across were in regard to slow validation process, and not too good customer support service.
Trading instruments (cryptocurrencies)
At the time of writing of this review 7 coins are available for purchase at the Rock Trading, namely: Bitcoin, Bitcoin Cash, Litecoin, Ether, Ripple, Peercoin and Zcash. The company promises to add more cryptcurrencies for trade in the near future
As we have mentioned above, the Rock Trading offers margin trading to several pairs traded on the platform, the maximum ratio being 1:5.
Leveraged trading allows investors to trade the financial markets with smaller deposits, Nonetheless, this involves greater risk of losses. As cryptocurrencies tend to be more volatile than “traditional” assets such as forex, Contracts-for-Difference (CFDs), and stocks, not all exchanges offer margin trading. By comparison, all forex brokers provide leverage, most of them offering levels higher than 1:200. That being said, you can also trade in cryptocurrency CFDs with a number of forex brokers.
The fee structure at the Rock Trading is quite fluid. The starting fee for each new user is 0.20% per trade. Nonetheless, volume discounts are available, based on user’s last 30 days trading volume,and fees can go down to 0.02%. However, volume discounts are not applied to market orders.
Those who use margin trading have to pay a rollover fee of 0.01 %, charged in every 4 hours.
Also, keep in mind that deposit and withdrawal fees also apply. You can find detailed information below.
The Rock Trading Exchange offers its users a simple web-based platform, as is the case with most such venues. From the dashboard area on Rock Trading’s website where all of the currencies are listed in pairs with their current market value and volume. If you click on a specific pair, you get to the actual trading platform with graphics, a sort of order book, your open offers, etc.
Methods of payment
The Rock Trading offers several deposit and withdraw methods:
– Bank wire, including SEPA transfers (USD and EUR Fiats Supported).
The Single Euro Payments Area (SEPA) is a highly reliable payment method. It was initiated by the European Union for simplification of bank transfers denominated in euro. These usually take 1-3 working dayswith the Rock Trading.
– Cryptocurrency deposits and withdrawals.
If you use GreenAddress, you can instantly deposit your bitcoins. As a Ripple gateway, you can use RIPPLE to instantly deposits any IOU. After months of cryptocapital free deposits and withdrawals, the Rock Trading added a fee on this service: 0.01% is charged on deposits i while withdrawals will be placed at 0.001% (yes, ten times less).
– Prepaid card.
Only verified customers and can use such cards for Eur 17 plus shipping fees.
– e-wallet OKPay.
Unfortunately, the Rock Trading does not accept Credit Cards. If you prefer to use this payment method, you may check out a list of exchanges that support such transfers.
The Rock Trading Review – is it scam or safe? Conclusion
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