RoboForex is a well-known forex broker with rich trading experience. Notably, this is a licensed and regulated broker. It has been operating for more than ten years. The company has more than 2.5 million registered trading accounts. Its clients are given access to more than 11,700 trading instruments. The broker offers five types of trading accounts and several ways to deposit and withdraw funds. If you look at the company’s name, you can see that the first part of its name is Robo. This is not just a random word. The company is very proud of its forex trading robot system. What is more, the broker considers itself one of the best provider of EAs service.
Judging by this description, everything seems very decent. What is wrong with the company? Why are there so many negative reviews from traders on the network? Let’s have a closer look at its website.
RoboForex attracts potential customers with lucrative offers and bonuses. In addition, the broker can boast of a well-developed website and favorable conditions for investors. Professionals, as well as novice traders, are sure to find a proper trading instrument. The broker also does not require a particular amount of money for the initial deposit. Traders are allowed to open an account in the yuan, the US dollars, the rubles, and the euros. RoboForex provides access to the MT4 platform and user-friendly applications for smartphones, etc.
The broker is regulated by the International Financial Services Commission (IFSC). Moreover, the company has been awarded several times. The "about us" section does not look dubious too.
This is why when you come across so many negative comments about the company on the Internet, you are simply puzzled. The broker has gained a bad reputation among traders who once worked with it. Clients mostly complain about problems with the funds withdrawal.
I had difficulty withdrawing my funds. So, I replenished my account by using Skrill and did likewise with withdrawals. However, nothing happened. I contacted the support service where I was told that there must be something wrong with my Skrill card. Then, I called the Skrill support service. The manager told me that everything worked fine. Interestingly enough, I use this card while working with F4Y and everything goes smoothly. Besides, I cannot use other means of payment because I do not live in Russia. This is why you should think twice before opening an account with RoboForex as you may not get your earned money back.
They stole money from my account! I opened a big lot with a Take profit order but they just took money from my account. So, now you know. Do you still want to trade with RoboForex? Well, you should not be surprised if one day they just steal your money when your deal turns out to be profitable.
They simply took money from my account. I wrote emails with screenshots but I did not receive any answer. I managed to contact the support service via Telegram but they gave me that mail where nobody answered. This is why I am going to file a complaint with Cyprus police. Yes, this is an offshore broker but I’m sure there is a way to get this scoundrel.
Do not even think about making a deposit. For testing, I deposited $100 and then withdrew money with no difficulty. However, when I replenished my account with $900 and earned $300 I was unable to withdraw my funds. The support service did not respond.
These negative reviews are just a drop in the ocean. Other traders mention plenty of different tricks at the disposal of the broker to hoodwink gullible investors. RoboForex is often called a scammer because of accusations of faking quotes. For instance, the broker drained deposits of most of its clients on April 20, 2020 when oil prices plunged to historic lows.
On April 21, RoboForex drained my deposit on two different accounts. The first one totaled 80,000 rubles and the second one amounted to $450. On the first account, they took my money when my deposit reached Stop Out level with oil trading at $4.32, whereas on the second one my money disappeared when oil was worth $3.60. I even made screenshots. It is a pity I cannot attach them to this comment. Then things got really interesting. I compared this broker’s quotes with other brokers and guess what? Nobody had such quotes! NOBODY BUT THIS BROKER! I bet this scammer did it on purpose lowering the price by 900 points so that they can steal money from its clients. I also made screenshots of other brokers’ quotes. The maximum drawdown amounted to $12, while RoboForex lowered it to $4. I agree that sometimes quotes may differ but not by $9! Of course, there are futures and in the futures market the price can decline to - $40. However, I do not trade futures. On April 22, WTI futures tumbled to $1.35 and I wanted to open a long deal. Curiously enough, I was not able to do it as such an option was blocked. I think this is enough to make a conclusion about this broker.
RoboForex is a typical scammer. 1. The International Financial Services Commission of Belize is an offshore organization. Besides, its license can be obtained by anyone for a fair price. It has no juridical power and it does not guarantee the safety of your funds. 2. I made a deposit to my account and while my request was being processed by the bank, the broker already drained my deposit. I am sure RoboForex is a fraudulent enterprise whose main aim is not to let you earn but steal from you as much as they can. 3. Quotes of this broker are strikingly different from other brokers' quotes. I believe that the broker simply manipulates with quotes. If you have doubts, I can give your screenshots of this sham to prove my words. Stay away from this broker!
The broker disabled trading on WTI and Brent futures when oil price hit the bottom. It means that clients cannot incur any losses. However, many clients lost their deposits. I do not think that this broker is trustworthy.
You can also find rather negative comments about this broker on different forum pages. A lot of traders remain disappointed with RoboForex and they do not recommend this broker for trading. Apart from deposit/withdrawal procedures, many clients complain about the contests.
I took part in its contests, followed the rules and even became a winner a couple of times. Imagine my surprise when after my victory in the contest I was disqualified! In addition, I was deleted from the list of contestants and my money reward was blocked. There was no explanation from the broker. How can someone trust them real money after what happened? I think there was no explanation because I did nothing wrong. I guess they fooled me like many other traders.
To be frank, this broker did not live up to my expectations. The more swings occur in the market, the more difficult it is to close the deal. Not long ago, I was trying to close my position on the euro but I was unable to do so as each time a new requote message popped up. I informed the support service about it but nothing changed. Then, my account did not respond due to this requote message and I tried to log in again. However, my trading platform just stopped working as well as my trading account. Maybe this was a technical failure or the broker blocked the platform after numerous requests. In the support service, they told me to make a deviation from the price. As for my other problems, they did not help me at all. Later, I was able to log in to my trading platform. I tried to make a deviation from the price by 3 points but it did not help. Then, I tried 5 points and it worked. However, this is too much. I am not pleased with such trading conditions. Moreover, the speed of order execution is very slow.
There are also many complaints from people claiming that the broker cheats clients who have cut their teeth on trading. The broker manipulates with swaps and the client’s deposit goes into minus. A lot of traders have been cheated by a da Vinci robot.
I lost $1,890 in a day due to the robot. It was everything I had. In the support service, they told me that on my account there were many closed positions in the red due to Stop Out level. Stop Out Level is when your Margin Level falls to a specific percentage (%) level at which one or all of your open positions are closed. For the Pro-Cent account, the margin level amounted to 10%. At first when I started using this robot, I earned a little money. I lost far more. I was trading with da Vinci robot advisor. I did not get my money back. I heard that many banks refused to work with this broker. My account number is 33009838.
I wanted to open an account with this broker. However, I read so many negative reviews and changed my mind.
The question is how to choose a reliable broker if there are so many pitfalls and even a seemingly reputable broker can turn out to be a scammer?
You should not blindly trust reviews as some of them may be fabricated by competitors. Moreover, some accusations are likely to be groundless as they are based on emotions and misunderstandings of the situation. While comparing positive and negative reviews, pay attention to negative ones but only with constructive criticism. Traders rarely leave positive comments as they take a smooth trading with a broker for granted, and only few of them may write a flattering review. When it comes to negative experience, traders are more likely to share it with others with the aim of warning and seeking justice, e.g. to return money. Nevertheless, do not be baited by promises of quick and large profit. The proverb says, "There is no such thing as a free lunch" and the same is with trading. Without making an effort, you cannot earn money. Only after obtaining experience and knowledge, you will be able to significantly increase your profit.