Robexcoin Review – 5 things you should know about robexcoin.com

Robexcoin Review – 5 things you should know about robexcoin.com

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Beware! Robexcoin is an offshore broker! Your investment may be at risk.

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Robexcoin tries to present itself as a leading crypto trading company – its website closely resembled the one of Binance, the biggest crypto exchange. However, this is not a legitimate company and there is a lot that proves that – if you invest with Robexcoin, you can expect to not only not turn a profit but also lose get all of your deposits stolen.

Robexcoin REGULATION AND SAFETY OF FUNDS

Robexcoin has not provided any sort of contact information – no phone number or email, and no address. Your only way to get in touch with this company is to submit a request and wait for them to contact you. This is an enormous red flag – no legitimate forex broker or crypto exchange would leave you in the dark in such a way. You should always be able to contact such a company – after all, you will be investing a potentially huge amount of money with them.

In the User Agreement, Robexcoin claims that it is registered and operating according to the laws of the US. However, they have not stated that they are regulated by the NFA and the CFTC – the two institutions regulating financial activities in the US. The company was also nowhere to be found in the NFA database which means that they are not licensed.

If we had a forex broker on our hands, this would 100% mean that the company is operating without authorization – Robexcoin does not seem to be regulated by any financial authorities. However, Robexcoin presents itself more as a crypto exchange – and although some crypto exchanges like Bitstamp and Coinbase are formally regulated in the same way forex brokers are, many others are not. For example, Binance is currently trying to obtain some sort of formal license. That is why it is important to only turn to established exchanges that have proven to be reliable – and not to anonymous, shady enterprises like Robexcoin.

If you were expecting to find a decent forex broker, this would obviously not be an appropriate choice either. There are many forex brokers that have added cryptocurrency trading to their offer – choosing one of them would be a much better choice. Only turn to licensed brokers – this is the only way to be sure that the broker is following the fall, threatening you fairly, and providing the level of protection it is supposed to provide. UK, EU, and Australian brokers are all decent, reliable choices because the financial authorities of these countries are stern in their requirements and expect that brokers who fall under their supervision maintain a high standard. In order to obtain a license, all such brokers should maintain a capital of at least €730 000 – and sometimes more if they happen to have many clients. It is also obligatory for them to keep client money segregated in separate bank accounts – this prevents your money from vanishing in case the broker becomes insolvent and proves that the broker would not be able to use your deposits for their own financial operations. Negative balance protection is also worth a mention – this policy prevents you from losing more money than you have in your account at a given time.

Robexcoin TRADING SOFTWARE

Robexcoin offers a simple web-based trading platform that looks a lot like what most crypto exchanges would offer to amateur traders. However, such exchanges usually have another, more advanced, and well-equipped platform for those looking for a better trading experience.

You can also check out the leading platforms in the world of trading – MetaTrader 4 and MetaTrader 5 – and see what they have to offer. Both of these platforms offer every tool you might need on your trading journey – a wide variety of indicators, timeframes, and graphical objects as well as features like Expert Advisors that track markets and trade automatically, VPSs you could purchase to keep your trading bots open at all times, a Strategy Tester,  the chance to set signals or subscribe to those set by others, a market for add-ons, and much more.

Robexcoin TRADING CONDITIONS

Robexcoin accepts all sorts of deposits – you would be able to deposit as little as $1. This might sound tempting but remember that depositing any sort of money with this broker would lead to losses. Many big crypto exchanges accept deposits of $10 or even less so Robexcoin does not offer anything unique. Many established brokerages also offer very affordable trading accounts these days.

Robexcoin offers leverage as high as 1:100 for trading crypto. Keep in mind that certain leverage restrictions exist if you choose to trade with a broker who offers crypto trading – up to 1:5 in the US and up to 1:2 in the UK, the EU, and Australia. Crypto is an extremely volatile asset and that is why the authorities in these countries have tried to limit the losses retail traders can suffer by limiting the maximum leverage they can get access to. Trading with high leverage can lead to huge profits – but it can also result in huge losses which is why you should be careful with your leverage settings.

Robexcoin DEPOSIT/WITHDRAWAL METHODS AND FEES

Robexcoin accepts deposits in a huge number of cryptocurrencies. And this is supposedly a crypto exchange, it is not mandatory for such enterprises to only accept crypto deposits. The biggest and most renowned crypto exchanges accept deposits made via wire transfer or with a credit or debit card. But scam companies often only allow crypto deposits – since such payments are completely irreversible and you would not be able to get a chargeback on your deposit. The best protection is to not deposit with scam companies in the first place since chargeback would not be an option at a later point.

HOW DOES THE SCAM WORK?

Scams like the one we described are quite frequent these days – what is more bothersome is that they also have a pretty high success rate. Read the following paragraphs to gain a better understanding of how they work and what to do to protect yourself from them.

You stumble upon an ad for a broker’s website – such brokers usually promise enormous profits in no time and access to a luxurious lifestyle. You know that some people earn a living as professional traders while others earn a decent side income so you decide to try your luck. You open an account with the broker thus providing it with your contact detail and personal information.

After this, you will receive a wave of calls and emails asking you for a deposit. Keep in mind that these people are experienced scammers who smooth-talk for a living – sooner or later, they will convince you. At this early stage, you might turn a profit – because of platform manipulations and fraudulent tricks employed by the broker. And you will be asked for bigger and bigger deposits.

But once you try to withdraw your profits, the broker will find imaginative ways to deny or slow down all withdrawals – additional taxes, unexpected clauses in the Terms and Conditions, etc. At some point, you will find out something is wrong – but at that point, the broker will stop answering your calls and emails.

WHAT TO DO WHEN SCAMMED?

The first thing you should make sure to do is to change your banking passwords and remove any remote access software the scammers had you install. They might have tricked you into thinking that they could help you with platform problems or even with trading if you install a program like AnyTesk or TeamViewer but what they actually want is access to your banking systems so they can steal even more money. Make sure to inform your bank about the scam.

If you have deposited with Visa or MasterCard, you can also ask for a chargeback – both card providers allow such chargebacks within 540 days of the transaction.

Notify the authorities and your country and tell as many people as you can about the scam – in your acquaintance circle or online. If people knew how such scams worked, they would better know how to protect themselves.

Do not trust anyone who calls themselves a “recovery agent” and promises to retrieve your money in no time – this is just another common type of scam.

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