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RoboFXtrade Review – Who Is Behind RoboFXtrade.Com?
Table of Content
The RoboFXtrade Review will naturally start by examining the website. The first fact that needs emphasizing is that the broker’s website is unavailable. It says “account suspended” upon entering the link. A large number of complaints might be the reason behind it. The table below contains information about RoboFXtrade gathered from various sources.
|Headquarters||Brentwood, New York, US & Porth Elizabeth, South Africa|
The fraudster did not even bother trying to look at least somewhat legit. Key information is missing, which is enough evidence to confirm we are dealing with an outright scammer. In the following sections, we will go into more detail as to why you should avoid phony brokers like this one at all costs.
Is RoboFXtrade Legit or a Scam Brokerage?
The addresses that the company posted as its own include HQ in the US and South Africa. However, the two countries’ regulatory institutions, South Africa’s Financial Services Conduct Authority (FSCA) and the US Securities and Exchange Commission neither have records on RoboFXtrade, a huge red flag that points to the broker’s illegal status.
Upon checking the addresses, there is absolutely no mention of the scammer. In addition to the lack of crucial information and facts, it is easy to discern dishonesty and conclude that this is a blatant attempt to deceive people. RoboFXtrade and similar frauds are extremely dangerous.
Always see what regulatory bodies have to say about a certain broker before investing your money. Otherwise, you expose yourself to a risky situation.
RoboFXtrade Trading Software Overview
The fraudulent broker did not provide any relevant information that pertains to its trading software, probably because it does not even possess it. The main goal of the scam broker is to make you pay the initial deposit and after that, their work is done and you are robbed.
No Forex account, just a guaranteed return on investment (ROI) north of 50% in trading days. Such an immense and awesome ratio is simply impossible in reality and clearly indicates the poor plan of the fraud.
Most financial swindlers at least provide some unpolished web-based trading platform or shady downloadable files but RoboFXtrade just does not care at all. When it comes to trading software, nothing in the business can top Meta Trader 4 and 5. These trustworthy platforms will equip you with the advanced tools necessary for high-quality trading.
RoboFXtrade Account Types Available
Per various sources and reviews, we’ve found out that RoboFXtrade used to offer a:
- Silver plan – plan starts at $100-900 with an ROI of 50%;
- Gold plan – $1,000-5,000 with an ROI of 60%;
- Diamond plan – $6,000-20,000 with an ROI of 65%;
- Premium plan – $20,000-100,000 with an ROI of 70%.
As you can see, each account type offers a higher ROI than the last, ranging from the unrealistic 50% in trading days up to a whopping 70%. This is a standard account hierarchy that scammers use when plotting to steal money from people.
From this, we deduct that the minimum deposit that the illicit broker requires you to make is $100. Keep in mind that there are numerous legitimate providers that require far lower minimum deposits for their services and can proudly display their regulated status, unlike the shady RoboFXtrade.
Available Trading Instruments at RoboFXtrade
You can be certain that something fishy is going on when an unlicensed broker offers you binaries, which can be traded only on licensed exchanges available exclusively in the US.
Since there are no files on RoboFXtrade on the website of the main US financial market regulator, it is clear that a scam is at work.
Other trading instruments that the broker claimed to offer included cryptocurrencies, stocks, bonds, futures, regular currencies, gold, silver and oil. Do not forget that the company had failed to put out information about the leverage available, something only a fraudster would omit. Spreads are also non-existent.
Deposit and Withdrawal Procedure for RoboFXtrade
As previously mentioned, the minimum deposit that RoboFXtrade demands is $100. The payment methods were credit/debit cards or Bitcoin. It is typical of scammers to provide only these two options for making payments, especially cryptocurrencies since they are very hard to trace.
As expected, there is no information about withdrawals or fees. The only possible explanation is that the broker never intended to give clients any money whatsoever. The lack of effort to at least make this scheme seem legal is outrageous.
If you decide to start trading, make sure to avoid these types of fraudsters at all costs and instead trust approved and legitimate brokers who do not omit essential facts about their business. In doing so, you will not have to worry about the safety of your investment.
Got Scammed by RoboFXtrade? Get Your Money Back!
There is no shame in being scammed. It is a mistake from which you should learn and gain experience in order to evade similar scenarios in the future. The silver lining is that getting your money back is possible.
If you made a deposit via credit/debit card, you can request a chargeback at the issuing bank within 540 days. Regarding crypto, they are a bit harder to trace but it is possible to identify a wallet within an exchange that received the payment. Once this is done, a user can simply request a refund from the exchange.
If you are still unsure about how to proceed, feel free to contact us because we can assist you in reporting the scam.
- The broker is unregulated since it could not be found on the websites of the competent authorities;
- Its website has been suspended, probably due to a large number of complaints;
- There is insufficient information about trading platforms, instruments, leverage, spreads, fees and withdrawals;
- The ROI for each account type is unbelievable;
- The company used to accept payments via credit/debit card and Bitcoin.
FAQs About RoboFXtrade Broker
Is My Money Safe With RoboFXtrade?
Your money is not safe with RoboFXtrade because the broker is unregulated.
What Is The Minimum Deposit for RoboFXtrade?
The minimum deposit that the RoboFXtrade broker requires you to make is $100.
Does RoboFXtrade Offers a Demo Account?
RoboFXtrade does not offer a demo account and its website is currently down.