RoboForex is an offshore broker operated by RoboForex Ltd in Belize and operates under a license issued by FSC Belize and also accepts clients in the EEA regions. RoboForex is the offshore mutation of the CySEC-regulated RoboMarkets and offers leverage of up to 1:1000. According to Similarweb statistics, more than 1.4 million people visit the website every month, with the majority coming from Russia, Brazil, Germany, and the UK. Here is our initial review.
CopyFX (redirects to RoboForex)
|RoboForex Ltd, Belize
Guru Gateway Ltd (prev GuruHosting Ltd), Cyprus
RoboGate Limited, Gibraltar
PROCESSONIX LIMITED, Australia
|Belize, Cyprus, Gibraltar, Australia
|up to 1:1000
Perfect Money, AdvCash,
RM Investment Bank Ltd, Malaysia
In our review on November 9, 2022, we were able to register with RoboForex as EEA residents without any problems. RoboForex explicitly points out in a comprehensive declaration that EEA clients are not entitled to Investor Compansation schemes or protection by authorities.
RoboForex allows pre-KYC deposits in theoretically unlimited amounts via Perfect Money or AdvCash. Pre-KYC deposits with credit cards are limited to €10,000, bank transfers are not possible pre-KYC. We also have discovered Payabl and ShubaPay as payment processors.
The broker works with payment agents in Cyprus, Gibraltar, and Australia. In Cyprus, this is 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 (theoretically) unlimited pre-KYC deposit.
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.
RoboForex claims that EEA residents can also register with third-country providers, but they are not allowed to offer their services that do not comply with regulatory requirements.
If you have any information about RoboForex, its operators, and its facilitators, please share it through our whistleblower system, Whistle42.