Robo Forex Review Disclaimer: The information provided in this review is based on my independent evaluation of roboforex.com, including an assessment of the company’s history, regulatory standing, and customer feedback.
After reviewing these factors, I believe RoboForex is a credible broker.
However, this is my personal opinion and should not be considered financial advice.
Perform your own due diligence before making any investment decisions.
| Company Name | Robo Forex LTD. |
| Domain | www.roboforex.com |
| info@roboforex.com | |
| Telephone Number | +593 964 256 286 |
| Head Office | 2118 Guava Street, Belama Phase 1,Belize City, Belize |
| Regulatory Standing | Regulated by the Belize Financial Services Commission. |
| Asset Types | Currency pairs, stocks, ETFs, indices, Commodities, and CFDs on futures. |
| Minimum Deposit | $5 |
| Leverage | 1:1000 |
| Trading Software Tools | R MobileTrader, R WebTrader, MT 4, MT5, and R StocksTrader |
| Demo Trading Accounts | Available |
| Excluded countries | Go to this page. |
Introduction
Is Roboforex.com legitimate or a scam?
It is a credible trading platform that has been operating for over 15 years.
Let’s take a deep dive into roboforex.com and explore its spreads as well as five key indicators that confirm its legitimacy.
Robo Forex Spreads
It’s important to note that RoboForex.com operates on a floating spread basis. This means that spread is always based on market forces and there’s no predetermined or fixed rate. Regardless, the average spread values can be found on this page.
1. Roboforex Is Fully Compliant
Robo Forex is regulated and supervised by the Belize Financial Services Commission under the trading name “Roboforex LTD”. You may go to this page to verify this information. The regulator links Roboforex Ltd to the following individuals:
- Janel Perera—CEO
- Martha Levy—Compliance Officer.
- Elton Sabal—Securities Rep.
The Belize Financial Services Commission is the country’s statutory authority responsible for regulating and supervising non-bank financial services providers.
This indicates that the broker is credible and trustworthy, operating legitimately.
As you may already know, trading on a well-regulated and supervised platform offers several benefits, including:
- Protection against fraud.
- Fair trading practices.
- Transparency and accountability.
- Proper dispute resolution channels and legal redress.
- Access to compensation schemes.
2. Roboforex Offers A Strong Dispute Resolution Mechanism
Additionally, the broker is a member of the Financial Commission(Finacom). Other members include reputable brokers such as Deriv, Blueberrymarkets.com, and IC Markets Global. Finacom is an independent external dispute resolution entity for Forex, CFDs, and cryptocurrency trading service providers.
For traders, you can file complaints against the broker not only with the regulatory authority but also with Finacom if you have a dispute with them.
Additionally, Finacom offers a compensation coverage of up to €20,000 per case.
Since the broker is a member of the dispute resolution organization, traders who’ve fallen victim to Robo Forex may be able to recover up to this much.
The compensation fund comes from Finacom’s members which include bigshot brokers such as Pepperstone and Deriv, which are worth hundreds of millions.
3. Robo Forex Has Lasted 15 Years and Counting
Another indication that Roboforex is not a scam is the broker’s longevity and track record. The company was founded in 2009 and has been operational for over 15 years.
If it were a scam, it would not last that long.
In my experience, most dubious brokers barely survive beyond three years.
Usually, after being reported to authorities and internet infrastructure providers, their domains are usually taken down, disrupting their operations within a few years.
4. An Insured Broker
Though I was not able to verify, the broker claims to have an insurance policy worth up to €2,500,000. This insurance policy supposedly protects clients against financial losses caused by fraud, negligence, errors, omissions, and other risk factors.
Simply put, if the broker scams you, or is responsible for any of the above risk factors causing you to lose money, you are entitled to be compensated up to the specified limit.
Insured brokers are quite rare in the online trading industry, and any broker that is truly insured is unlikely to be a scam.
5. Many Users Have Confirmed It’s Not a Scam
RoboForex is reviewed and rated on various platforms, including Trustpilot, where it holds a 2.6-star rating.
This means that it’s a well-known brand and that while many customers are satisfied with its services, many others are not.
In addition, many users on Reddit have acknowledged that it’s a legitimate broker.
However, some have raised concerns about various aspects, including its spreads and CopyFx trading software, stating that the spreads aren’t the most competitive and that CopyFx is ineffective.
However, that’s a discussion for another day.
The main focus here is whether RoboForex is legitimate or a scam.
Based on feedback from both Trustpilot and Reddit, many users have confirmed that it is indeed a credible broker.
Robo Forex PROS
1. The low minimum deposit of $5 makes it affordable for everyone to join.
2. An insured broker, ensuring clients’ funds are safe.
3. A regulated broker.
4. The broker offers flexible spreads depending on the market forces.
Robo Forex CONS
1. RoboForex’s representatives are relatively slow to respond, even in Live Chat, where communication is expected to be real-time.
Despite waiting for ages, I never received a response to my inquiry about the company’s insurance claims.
In the end, I had to exit the chat. This demonstrates the poor level of customer support and how frustrating it can be for clients who need assistance.
2. The company claims to be insured to protect investors’ funds. However, it doesn’t show proof of that. Many brokers are notorious for making misleading insurance claims, and this might be another case of that.
Final Thoughts
Robo Forex is a legitimate broker licensed and regulated by the Belize Financial Service Commission.
Operating from Belize, this broker is safe to trade with as it’s not only insured but also a member of the Financial Commission(Fincom).
What’s more, they require a low minimum deposit of just $5, making the trading platform affordable for more traders.
However, Roboforex is not without its fair share of downsides. For example, according to client feedback, the broker offers unimpressive spreads and levels of customer support.
In addition, their CopyFx trading software doesn’t seem to work as advertised.
If you are planning on getting started with this trading platform, it’s important to keep these disadvantages in mind.
Report a Scammer
Have you lost money to a fake broker purporting to be Robo Forex? Go to this page, or email scamread@scamreader.info to report the scam and seek help.