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The Rock Trading Review - is it scam or safe?

The Rock Trading Review - is therocktrading.com scam or good cryptocurrency exchange?

RATING: 3.5 / 1 REVIEWS The Rock Trading

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account typе Minimum deposit Leverage Fee
Standard EUR 100 Up to 1:5 0.20%*

 

*Discounts available for high-volume traders.

 

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

 

Company Country Regulation
The Rock Trading Ltd. Malta N/A

 

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.

 

>> 10 regulated brokers offering bitcoin trading <<

 

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 conditions

 

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

 

Currently, BTC/EUR constitutes more than 60% of the trades on the exchange.

 

Leverage

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.

 

>> Brokers offering leveraged Bitcoin trading <<

 

Fees

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.

 

Trading platform

 

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.

This is how the Rock Trading platform looks like:

 

 

 

Actually, we find the Rock Trading platform not too functional. It is lacking basic charting tools and technical analysis indicators.

 

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.

 

As the Rock Trading seems to apply transparent approach to all the fees it charges, you may take a look at its deposit and withdrawal fees:

 

 

Conclusion

 

The Rock Trading is an European cryptocurrency exchange that has more than 5 years of experience in the sphere and applies transparent pricing policy. While it does not offer trading in wide range of digital coins, major fiat currencies like USD and EUR are supported, including the reliable SEPA transfers. In addition, Rock Trading’s fees seem competitive and depend on the investors’ trading volume, which seems pretty fair. While this is obviously a beginner-friendly service, we find the platform too basic. Here is a summary of what the Rock Trading has to offer:

 

Pros Cons
More than 5 years of experience, no major hacks Trading platform lacking advanced features
Accepts bank transfers, including SEPA Minimum deposit required
USD and EUR Fiats Supported Not regulated
Transparent and fluid fees structur  
Wallets and prepaid cards provided  
Margin trading available  

 

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Traders` reviews for The Rock Trading

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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The Rock Trading Selective Scam Truffa

I'm an unverified customer of The Tock Trading exchange (www.therocktrading.com).

The Rock is owned by two bitcointalk forum members:

eliale (CFO): https://bitcointalk.org/index.php?action=profile;u=35172

paci (CTO): https://bitcointalk.org/index.php?action=profile;u=15648

After I sold my bitcoins and ended up with 35519 euros of balance (see evidence and more details: https://bitcointalk.org/index.php?topic=4975753.0), they blocked all my means of withdrawal, including all cryptos, at least on January/early February of 2018, probably before this.

But they didn't told me about this block and let me keep obliviously trading/paying fees and making deposits for months even if their own TOS says in this case they must do "useful efforts by TRT to contact the User and urge the completion of the due verification process" TOS point 8.4 https://www.therocktrading.com/en/service_terms/3

I even made a new deposit after the withdrawal block on 21 February 2018.

When I complained, they kept the block on all withdrawals and demanded me to verify my account by sending my personal documents when their FAQ says clearly "verification isn't mandatory" https://support.therocktrading.com/kb/faq.php?id=27 and the CFO had assure me that they wouldn't ask for verification if I didn't request new fiat withdrawals.

They refused repeatedly to explain the facts that justified the block or the abusive verification demand https://bitcointalk.org/index.php?topic=4975753.msg45512110#msg45512110

Of course, I refused to send my documents to people who blocked covertly all my withdrawals, were blackmailing me to give them against their own TOS and tried to justify this with lies and tricks. After a long verification, they would simply reject my documents with a fake pretext.

Moreover, I knew if I sent them my documents they could use them on a criminal way as retaliation if I went public.

On an email exchange, they ended up accepting I didn't have to send my documents, but added that my money would be kept locked "much more time". When I said I would go public about their actions, they started demanding my documents again.

I have my login/password, I wrote them from my email associated to my account, an email was sent from a second The Rock account they know is related to me confirming my identity, I recalled conversations I had with The Rock CTO 6 years ago on Second Life and offered to confirm my identity using my Second Life account associated with my Rock Account.

Moreover, I still have the banking account used to do a few small withdrawals when their TOS allow this to unverified customers 5 years ago. They ignored these offers of additional evidence.

Since their actions are completely contrary to their own TOS, they tried to justify them invoking inexistant applicable European Laws https://bitcointalk.org/index.php?topic=4975753.msg46225609#msg46225609

They tried to undermine my public complain by creating a fake new bitcointalk account and paying at least one member to post on their defense (https://bitcointalk.org/index.php?topic=4975753.msg45560191#msg45560191 ; https://bitcointalk.org/index.php?topic=4975753.msg46020217#msg46020217 )

Any exchange that says verification isn't mandatory, waits for a high balance on the account and then blocks covertly withdrawals without any reason, letting the customer unaware of the block keep entrapping more money with more deposits and, when he complains, blackmails him to verify against their TOS, is a scam. They know a few customers won't ever send their documents, so it's money in the pocket.

Moreover, they only started asking again for my documents when I told them I would go public if they kept my money blocked.

All these facts confirm that the verification is just a pretext to keep my money.

All scam exchanges start their scams by allowing unverified accounts and waiting for high balances, then they demand abusive long verifications, where they ask documents, authentication, personal videos holding documents and finally they reject abusively the documents and keep the money.

They won't ever accept this, but just to show I have nothing to hide: I'm willing to send my documents to a trustworthy moderator if they promise to release my money.

They confirmed all these facts here: https://bitcointalk.org/index.php?topic=4975753.msg44951057#msg44951057

Coinfan 10/03/2018
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