RoboMarkets Ltd is a CySEC-regulated broker d/b/a RoboMarkets. RoboForex is the scheme’s offshore broker operated by RoboForex Ltd, Belize, regulated by FSC Belize. The offshore broker solicits clients in EEA regions and offers leverage of up to 1:1000. According to Similarweb statistics, more than 2.8 million people visit the website in the last 28 days, with the majority coming from Mexico, Brazil, and Russia. Here is our update. RoboForex recorded explosive growth over the last months.
In our review on 24 Jan 2023, we could register as an EEA resident with the offshore broker RoboForex without any problems. On the contrary, the registration procedure is even adjusted for EEA residents. Upon registration, an account was immediately created with 1 leverage of 1:000.
Without any KYC checks, we could have deposited immediately via various payment options. Through Perfect Money, we could have deposited up to $25,000, and through AdvCash, up to around $49,999 pre-KYC.
Using a credit card, we could have deposited up to $10,000 pre-KYC via Payabl. In this case, the CySEC-regulated RoboMarkets Ltd is specified as the payment agent (screenshot on the left). RoboForex appears to have been one of Payabl‘s strongest customers over the last 28 days, with just under 20% of referral traffic to the Payabl website coming from RoboForex.
For deposits via bank transfer, KYC verification was required.
CopyFX (redirects to RoboForex)
|Business activity||forex broker|
|Legal entities||RoboMarkets Ltd, Cyprus|
RoboForex Ltd, Belize
Guru Gateway Ltd (prev GuruHosting Ltd), Cyprus
RoboGate Limited, Gibraltar
PROCESSONIX LIMITED, Australia
|Jurisdictions||Belize, Cyprus, Gibraltar, Australia|
|Authorization||CySEC license no 191/13|
|Leverage||up to 1:1000|
|Support data||+65 3158 8389 (RoboForex in Singapore)|
+35725123275 (RoboMarkets in Cyprus
|Payment processor||Payabl, ShubaPay,|
Perfect Money, AdvCash,
|Related schemes||RoboMarkets Group|
RM Investment Bank Ltd, Malaysia
|Related individuals||Nikolay Gerashchenko|
The offshore broker RoboForex has experienced incredible growth over the past few months. The number of websites visitors increased from around 1.5 million in October to around 2.3 million in December 2022, with most visitors coming from Brazil, Russia, and Mexico (source: Similarweb).
In comparison, the CySEC-regulated RoboMarkets is a dwarf. Less than 100,000 people visited the regulated broker’s website in December 2022. As usual, these global broker schemes do the main business offshore. The CySEC-regulated brokers are merely the fig leaf and cost factor.
RoboForex works with payment agents in Cyprus, Gibraltar, and Australia. In Cyprus, these are the CySEC-regulated RoboMarkets Ltd and Guru Gateway Ltd (formerly GuruHosting Ltd) of Evgenii Vtiurin. For credit card payments via Payabl, the CySEC-regulated RoboMarkets Ltd acts as a payment agent.
The leverage of up to 1:1000 violates the regulatory requirements in the EEA, as does the option of pre-KYC deposits of more than €2.500. Moreover, RoboForex is not authorized to offer its financial services in EEA jurisdictions.
We generally recommend avoiding offshore brokers operating without authorization in the EEA regions. Even if these brokers act reputably, the risk for traders is very high. You have no way to verify the information provided by the brokers, and no regulator is monitoring them.
If you have any information about RoboForex, its operators, and its facilitators, please share it through our whistleblower system, Whistle42.