Robbo Forex Review: Should You Trust Robboforex.com?

 Robbo Forex Review: Should You Trust Robboforex.com?


Robbo Forex Review Highlights

💰 LeverageN/A
⚖️ RegulationUnregulated
🗺️ HeadquartersUK/U.S.
💳 Minimum DepositBTC 0.014200
🛍️ Review Rating1/5
🛍️ Broker TypeForex
🖥️ PlatformsN/A

In this article, we’re going to review Robbo Forex – a scam website that wants you to believe that it is a forex and crypto broker that will help you earn some decent money on the side. However, any trading information has been left out, and the website itself is ugly and uninformative.

Nevertheless, we have more serious concerns regarding Robbo Forex – for starters, they have already been blacklisted by a reputable European financial regulator. You may find the rest of the details about this shady broker in the below review.

Robbo Forex shows signs of firm cloning

We should make clear straight away that Robbo Forex isn’t related to the legit Cypriot broker RoboMarkets (formerly RoboForex). The people running the website are probably trying to confuse traders by choosing their very name – a popular scam tactic known as firm cloning.

And although they don’t claim to be licensed or related to the legitimate company, it seems that Robbo Forex is attempting to attract clients from the legit broker.

What you are probably wondering right now is how to avoid such fraudulent schemes. There is only one way really – double-check any company and legal information provided on a broker’s website before making any investment. If there isn’t any such information, as is the case with Robbo Forex, it’s all too clear that the broker is unlicensed.

Don’t send any money, unless you are 100% sure that the company you are about to deposit with is perfectly safe and legitimate. You can quickly and easily check whether a broker is regulated in the public registers of financial regulators which can be found on their websites.

The FCA warning against Robbo Forex

As we mentioned in the beginning, Robbo Forex already has a warning issued on its name – by the UK’s Financial Conduct Authority (FCA).

The FCA warning against Robbo Forex is a piece of solid evidence that this unregulated broker is most probably running some sort of a scam scheme – and we already suspect what that is.

We remind our readers that only brokers holding licenses with the FCA or temporary permissions based on their license in an EU or EEA Member State can offer online trading and investment services in the UK. And these companies should meet a set of strict requirements in order to get such licenses and to operate in the country.

For starters, they should hold at least GBP 730 000 in net tangible assets, and maintain it as a guarantee that they are well-capitalized. Next, all legit UK brokers should keep their clients’ money in segregated accounts to guarantee that there is no commingling. Besides, they should send daily reports to the FCA on open and closed trades – which guarantees that no price manipulation can take place.

Robbo Forex’s anonymous website

Another concern we have with Robbo Forex is that their website is completely anonymous – we do not know which is the company that runs the business, there is no contact number provided, and the U.S. address listed appears to be fake.

Hiding such essential information is a common practice among scam brokers as it would make it easier for them to get away with everything. So our advice here is to avoid anonymous online trading websites like Robbo Forex.

Why you shouldn’t provide Robbo Forex with any personal information

We did try to register with Robbo Forex and test their services for the purposes of this review. Unfortunately, we didn’t complete our registration – the broker won’t let you trade or deposit unless they get a copy of your ID card.

If you provide a shady anonymous broker like Robbo Forex with your ID card or any personal information there might be consequences. These criminals might be involved in all kinds of scam schemes, including identity theft. In this case, they will surely make the most of any information they get hold of – take lines of credit on your name, register companies using your details, and so on. So, beware!

Bitcoin – the only payment accepted

Robbo Forex only takes Bitcoin payments – another indication that the broker is up to no good.

We should warn you that scammers prefer cryptocurrencies as payment methods because these transactions are non-refundable and pretty much anonymous. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards, and established e-wallets such as PayPal or Skrill.

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