Robbo Forex Review – Discovering the Problems

Robbo Forex Review

There are hundreds of online brokers that are operating in the financial markets, promising you professional and quality trading services. It is understood that you cannot believe everything you read on the internet, which means you cannot just accept the claims a company makes about its services. But, the sheer number of options often leads to so much confusion that people simply decide to choose a company at random and begin. However, this has a downside; there are fraudulent platforms that exist as well, which means you could be left high and dry at the end of the day. This Robbo Forex review can show you how this can happen.

Indeed, this can and does happen and you will find lots of stories of people who have committed such a mistake and paid the price for it. When your hard-earned money is involved, you definitely do not want to take such a risk and the best way to avoid it is by looking into the brokerage properly. If you don’t look beyond the surface, you are likely to be fooled by their appearance. A closer look offers you a clearer picture because a scam platform will not be able to hold up and fall apart when you follow through.

This is something you will discover in the case of Robbo Forex as well, which is presented as one of the forex and CFD brokerages in the market. A quick look at their website will not tell you much because you will find it similar to other brokers that operate in the market. To discover the problems, you have to look closer and doing so will show you just what is wrong with Robbo Forex. Let’s go digging:

It seems to be a clone firm

There are a number of tactics that cybercriminals use for fooling people in the financial markets. Setting up fraudulent platforms is one of them and in order to attract clients, they often use a strategy called firm cloning. This is when they use the details and credentials of a legitimate company to pass themselves off as one. People who don’t know any better or don’t look too deeply will easily be fooled. This is exactly what Robbo Forex appears to be counting on.

There is a legitimate brokerage called RoboMarkets, which was formerly known as RoboForex, and is based in Cyprus. The fact that the scammers have chosen the name Robbo Forex, which is similar to the broker’s former name, shows that they are trying to mislead people. This can lead to confusion and people may believe it is associated with the legitimate and authentic platform, when in reality, it has absolutely nothing to do with it.

It is blacklisted by the FCA

The fact that Robbo Forex is trying to fool people into thinking it is a legitimate brokerage is already a bit problem, but it gets worse. When you dig into the broker’s background in order to find more about it, you will discover that it has been blacklisted by the FCA. This is the Financial Conduct Authority (FCA), which is the regulatory body in the UK.

The FCA is recognized as one of the top and strictest regulators in the world and a license from it is considered extremely valuable. Likewise, a warning from it is considered very damaging and this is exactly what has happened in the case of Robbo Forex. The FCA has warned that Robbo Forex is operating illegally in the UK and does not have a license to offer its services.

It appears to be anonymous

Signing up with a brokerage is a big commitment and you need to know its background before you make this commitment. This is because you have to trust them to protect your data and your funds and you cannot do this with just any company, considering the scams that happen. The problem with Robbo Forex is that it appears to be an anonymous website.

They have not given any information about the company that owns and operates Robbo Forex, so you do not know who you are dealing with. There is no mention of regulation and licensing either, which is also a big problem. The only information that is given on the website is a US address and this seems to be fake as well. Why?

This is because in order to operate in the United States, Robbo Forex would need to have a license from the Commodity Futures Trading Commission (CFTC) and would also need to be a member of the National Futures Association (NFA). Yet, you will not find Robbo Forex mentioned in the registers of these two entities at all. Thus, the address is likely fake.

It asks for personal information

Another major problem that you will discover about Robbo Forex is when you try to register with them for testing their services. They ask you to give them a copy of your ID card in order to register and this is not something an authentic brokerage will demand. Yes, online brokers do ask for proof of ID and address in compliance with KYC and AML requirements, but these are not needed at the time of registration. At this point, you just want to test their services and check them in detail, so no broker should demand such confidential data. The fact they do shows they cannot be trusted because they can misuse your personal information for illegal activities.

It only accepts Bitcoin payments

The fact that you can only make Bitcoin payments on the Robbo Forex platform is also a problem because crypto payments are final and irreversible. You cannot file for a chargeback if you want your money back because of any issue. Moreover, bitcoin payments also offer anonymity, which makes it easier for scammers to take your money and leave no trace.

Closing Thoughts

At this point, you do not need to have any more reasons to avoid Robbo Forex because these are more than enough to see that the brokerage is not even 1% genuine.