RoboFx Trade Review
Much like the traditional form of trading, brokers remain essential to the process even in the world of online trading. You have to sign up with one, create a trading account, add your funds and then start trading. This process is not that complex, but the real challenge is finding a broker to sign up with. No, you cannot choose just any platform because there are a ton of them offering their services and not all of them are reliable. Some are downright shady and outright scams that you have to avoid. You shouldn’t take this lightly and prioritize checking out the RoboFx Trade review and others before making a decision.
If you decide to skip this step and choose a brokerage randomly, you may come to regret your decision. If they turn out to be a scam, they will leave you high and dry and this is not something you wish to experience. The best way to ensure it doesn’t happen to you is by doing your homework in a timely manner. Rather than just accepting what you are being told, you should actively follow up and ensure it is the truth. Otherwise, you will become just another victim of scam brokers.
You have to follow this in the case of RoboFx Trade, which appears to be a binary and CFD brokerage. They are promising hefty profits to those that invest with them, promising a 50% ROI (Return on Investment). This can make the platform hard to resist, but you have to consider everything with a grain of salt. This means checking out their offerings thoroughly and it is exactly what the following review does:
Their regulation and licensing
When you want to check the reliability of a broker, the first feature to be taken into account is their regulation and licensing. Where they are based and who they are regulated by can provide insight into just how trustworthy they are. The problem with RoboFx Trade is that it seems to be lying about where it is located. As per their website, they have provided an address of New York, United States and Port Elizabeth, South Africa.
They claim that they have offices in both countries and this means that they need to be licensed and regulated in these regions. While South Africa pay not have very strict regulation, the United States is regarded as one of the most stringent regulatory jurisdictions that exist because they want to protect retail traders. A broker has to be regulated by the Commodities Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA) to be regulated in the US. But, if you check their registers for RoboFx Trade, you will not find it listed anywhere, thereby indicating that it is not a reliable broker.
Terms and Conditions
Now that you have checked the regulatory status and no the problems, it is time to check the Terms and Conditions of RoboFx Trade to know what to expect from them here. These terms are meant to outline the fees, policies and other factors that may be relevant to your trading experience. This makes them very important because you will know what kind of conditions and environment you will be provided.
So, what is the issue here? The shocking part is that RoboFx Trade doesn’t appear to have any Terms and Conditions at all, which is not possible for a legitimate broker. There have to be conditions and they need to be transparent and open about their services and fees for you to make a sound decision. But, they expect you to sign up with them blindly, which means they can charge you anything they want or impose any rule or policy.
How does an online broker facilitate trading? They provide a trading software that connects to the financial markets and enables you to open and close trade positions. In addition, it also provides the trading tools required, which means this is integral to your trading journey. The MT4 and the MT5 are touted to be the best trading platforms out there and they are a favorite of all professional traders. But, when you check out what trading platform RoboFx Trade has put together, you will not find any.
This is truly shocking because it is the key feature of any online broker and the lack of a trading platform indicates that they are not interested in offering trading services at all and are just trying to scam as many people as possible.
Leverage is also one of the trading conditions that are provided to you by a broker and you should check to see what kind of leverage you are provided. Here again, you will find that RoboFx Trade doesn’t offer any leverage, probably because they don’t have a trading software and don’t support trading at all.
You have to check the payment methods of a broker because they will be used for deposits and withdrawals alike, so you have to have access to reliable and safe ones. There seem to be two options that RoboFx Trade has added to its offerings, which are credit cards and Bitcoins. Bear in mind that only the former is a safe option because it allows you to file for a chargeback if you believe you are being scammed. As for cryptocurrency transactions, they are known for being anonymous and there is no way for you to trace them. This means that your money will be gone and you will not be able to do anything about it.
After going through the review, it is apparent that RoboFx Trade is lying about its location, doesn’t have a trading platform that’s crucial for trading and there is no mention of leverage either. The absence of Terms and Conditions is another reason to doubt its authenticity and the option of crypto payments just seal the deal, which means it is not a reliable broker and is one you should actively avoid.