Beware! RoboticsForex 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.
RoboticsForex’s dangerous nature rest solely on its ability to create a somewhat convincing website. Other than that, behind this illusion most of the aspects are what you can call typical scammer broker things. But, in all seriousness, the visual appeal that certain scammers come with is enough to attract a sizeable audience, and this is why is is important to read the following review and discover what really is going on here paying almost no attention to the design.
First of all, we were able to access the user area, via a registration process, in a matter of seconds, adding to the appeal factor. Brokers that grant access to their client portals so easily are usually those that are very eager for any kind of investments, from anyone. So, despite seeming like a good thing, a quick registration process is actually one of the worst things a broker can include.
After the registration, we were immediately forwarded to a web trader. There we found out that there are shares, forex currency pairs, cryptocurrencies, and indices available to trade with. The leverage value has been capped at 1:100, and the EUR/USD spread is around 0.3 pips, whihc is excellent, and thus too good to be true. The fact that RoboticsForex does not mention specific spread commission is enough evidence for us to assert that this cost of trade has been manipulated in order to allure the investors.
ROBOTICSFOREX REGULATION AND SAFETY OF FUNDS
Oh boy, do we have a load of hogwash to dispel here. RoboticsForex really goes overboard with the legal stuff here and does not shy away from controversy.
First off, we are told that the broker abides by the laws of Vanuatu, but this is not saying much, unless the firm were to be regulated by the Vanuatu Financial Services Commission. Which it isn’t as there is not proof of this.
Then we move to the footer, where the broker reveals that, actually, it is regulated by CySEC, the international financial services commission, and the financial services commission of Mauritius. But as you might expect CySEC and the Belize regulator both have nothing to do with RoboticsForex. As for the international financial services commission, it’s a non existent entity and an error. The firm probably meant to say the financial services commission of Belize, revealing just how unprepared RoboticsForex is for the world of actual FX trading.
Then all of a sudden, RoboticsForex piles us the alleged licenses, as read from the site’s Accreditations and Licenses section : ASIC, Dubai financial regulation and supervision authority, Financial services authority of South Africa, FCA, and two unaffiliated companies. None of these have anything to do with the broker.
This company is a very bad liar and an unregulated firm. Do not invest here!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
ROBOTICSFOREX TRADING SOFTWARE
Here we jave a common web trader that is common with many unlicensed brokers we have reviewed in the past.
Unfortunately, the main pillars of this web trader all have to do with the visual aspects of the software, which are undoubtedly alluring. But aside form that there really is nothing of interest here; aside form a couple of essential features and options we are left with a very mundane web trader.
ROBOTICSFOREX DEPOSIT/WITHDRAW METHODS AND FEES
The user area reveals two crypto wallets available as the sole payment gateways. All crypto based payment methods with scammer brokers are untraceable and thus lost for good. There was no minimum deposit; the client can invest as low as $1.
The withdrawal area was lost on us. We could not locate it, which means that there actually might not be a way to take out money!
However, the website does mention some withdrawal fees. Nevertheless, these commissions are not talked about.
Do not invest in RoboticsForex. It’s a scam and a risk!
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.
