Beware! Robinfxpro is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Robinfxpro differs in no way from the hundreds of scam brokers we have encountered in the past. They have, however, gone quite far in their insolence by even posting information about various scam schemes you can encounter while trading – while remaining nothing more than a complete fraud. If you watch the few video testimonials Robinfxpro have posted on their website, you might notice that not only don’t these people mention any specifics, but they don’t even say the name of the company they are talking about. This leads us to believe someone at Robinfxpro looked up “satisfied investor testimonials” on Google and just posted the first few videos that popped up. This broker tries so hard to make you think they are legitimate, it’s laughable – since more and more inconsistencies show up the more the company tries to look believable.
Robinfxpro REGULATION AND SAFETY OF FUNDS
The company has provided an address in California which leads us to believe they are US-based. When looking through their ‘About Us’ page, however, we found copies of a few supposed licenses and certificates, all issued in the UK – a Certificate of Incorporation and a Business License.
Neither of those documents could serve as proof that the company could legally operate in the UK. To do so, a broker must be licensed by the local financial regulator, the FCA. When we checked the FCA register, we quickly established this was not the case with Robinfxpro.
Furthermore, Robinfxpro has added a license by the international body FSB.
First of all, FSB stands for Financial Stability Board and not for Financial Services Board as the broker claims. And second of all, the FSB is in no way authorized to regulate forex brokers. So the lie is pretty see-through here.
What we have concluded so far is that this broker claims to be regulated and has posted a few documents on the website, none of which could serve as an actual license. In fact, they are not authorized to offer financial services in the UK where they claim to hold a license.
If you want your fund security to be guaranteed, turn to a regulated UK broker since they are generally pretty reliable. The FCA is a strict regulator and any broker who does not follow their rules and prescriptions risks getting a fine or losing their license and the right to operate in the country. UK licensed brokers must participate in the Financial Services Compensation Scheme (FSCS). If any of those regulated brokers go bankrupt, their clients could file for compensation of up to £ 85 000. Additionally, all regulated brokers must maintain a minimum capital of €730 000 – this capital serves as proof that the broker is well-capitalized enough to navigate the financial markets. Negative balance protection is also a must – this means the amount of money you lose cannot exceed the amount of money you have in your account. Trading with someone licensed brings a sense of security because you will know you can count on your broker for certain protections. Scam brokers like Robinfxpro on the other hand are only after your money.
Robinfxpro TRADING SOFTWARE
The platform we got access to after opening an account with Robinfxpro was an ordinary and frankly pretty ugly-looking web-based platform.
Such rudimentary software cannot be compared to intuitive, functional platforms like MetaTrader 4 and MetaTrader 5. MetaTrader has been the industry staple for the past 15 years for a reason. The platforms offer a lot of useful tools like Expert Advisors, the opportunity to create your own trading bots and indicators with the platforms’ own coding languages MQL4/MQL5, and VPSs that keep those bots operating even when your computer is not on. There are plenty of licensed brokers offering the software so be sure to check them out.
Robinfxpro TRADING CONDITIONS
Robinfxpro did not have a lot to say about their trading conditions – no information was given on spreads or leverage but we did find out that the minimum deposit for an account is $500 – double the amount most legitimate brokers would ask for a Basic account. Don’t bother with scam schemes and go to a legitimate broker – more often than not, they would be able to open an account for a minimal amount of money.
Something we found interesting is that Robinfxpro promises guaranteed 70% to 90% profit rates in all cases. This is not something a legitimate broker would even dream to offer since the financial markets are volatile and there is no way to be sure what kind of returns you would get.
Another red flag is that Robinfxpro seems to offer binary options – a high-risk trading tool that has recently been banned in all of Europe and Australia and is only available on a few US exchanges – we can guarantee you that Robinfxpro is not among those exchanges.
Robinfxpro DEPOSIT/WITHDRAWAL METHODS AND FEES
Robinfxpro claims you could deposit money with them via Western Union, MoneyGram, Bitcoin, PayPal, and via bank transfer. In reality, the only payment methods available on their platform were Bitcoin and Ethereum, and Western Union. A broker urging you to deposit in crypto is not a good sign – since cryptocurrency payments are irreversible and it would not be possible for you to file for any sort of chargeback if you have deposited in this way.
Furthermore, Robinfxpro has an obscene minimum withdrawal amount – 90% of the amount in your trading account. Since minimum amounts for withdrawal with legitimate brokers are around $50, $100, the sum you would have to reach to withdraw money from your account considering the high minimum deposit here is quite ridiculous.
HOW DOES THE SCAM WORK?
It is amazing how simple such scams are and how alike they work.
It all starts with you are casually browsing on the Internet and seeing an ad for the scammer’s website. You are quickly impressed by the promises of an additional income and the possibility to make your life a little more like those of the rich and powerful. So you make a registration – after all, who would not want to earn a little extra so easily and without a lot of effort. The moment the scammers get access to your phone and email, they won’t leave you alone before you deposit. If you do, you will probably see you are turning into a master trader soon, beating all odds and earning even more than you expected – a trick aiming to make you invest more.
Time passes and you decide to withdraw. This is the moment one of two things will happen – the scammers will start making up additional taxes and reasons why you cannot withdraw just yet. If they don’t stop answering your phone calls immediately, that is – and that always happens at some point.
WHAT TO DO IF SCAMMED?
Don’t trust any so-called “recovery agents” that claim they could get your money back in no time. They will require a fee for that and disappear as soon as they receive that payment. This is a whole other type of scam taking advantage of desperate victims.
The reasonable thing to do is to ask your bank or credit card provider for help. With credit and debit cards, chargebacks are possible within 540 days. Cryptocurrency transactions are non-refundable so beware of any broker urging you to use that specific payment method. And don’t get your hopes up because unfortunately such situations rarely get a happy ending. If you have verified your account by sending a picture of a personal document or proof of address, the scammers might try to revoke your claim and say you have done everything voluntarily.
Make sure to change any passwords the scammers have received, notify the authorities, and let other people know about such scam – post about it online and don’t let others get lied to in the same way.