Roborando review – 5 things you should know about roborando.com

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

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

The website of Roborando invites us to invest in the financial markets through this established and regulated forex broker. But fact-checking shows that Roborando is not at all what it claims to be. This website only aims to scam you out of your money. Let’s take a detailed look at why it’s advisable to stay away from Roborando and how to choose a suitable financial services provider.

Roborando Regulation and safety of funds

When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation.

Roborando does not provide access to the Terms and Conditions, Customer Agreement, Privacy Policy or other documents. The website claims that the company Roborando GmbH is based in Germany.

But a check of the database of the German financial regulator BaFin reveals no licence, but a warning that Roborando is a fraudulent website.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the  Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

Roborando Trading software

After registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality. We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

On the website we also see links to download remote access software. Scammers often convince potential victims to install such software and provide access to their personal devices, supposedly to get technical help.

Roborando Trading instruments

Roborando presents itself as a broker specialising in forex and cryptocurrency trading, but in the trading platform we also see other financial instruments such as stocks and commodities. But as stated, we have no good reason to believe that this shady website offers real and not fictitious trading.

Roborando Spreads and cost of trading

In the trading platform we see a spread of 2 pips, which is a less favourable level than you would get with a legitimate broker.

Roborando Maximum leverage

Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions. Roborando does not provide any specific information on the trading parameters.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. Higher levels of leverage are only offered to professional clients who trade entirely at their own risk.If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Roborando Deposit and withdrawal methods

The Roborando  deposit menu transfers to a completely different website, educationlessons.co.uk, where there is a choice between bank transfer, credit cards and e-wallets. The website in question claims to sell courses in financial literacy. But by the looks of it, this is just part of the scam.

Real brokers offer payment methods integrated into their own websites, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller

Roborando Minimum deposit

Roborando requires a minimum deposit of 250 USD. For the same amount you could open a trading account with almost any legitimate broker in the world. Some of the leading brands offer beginner investors Micro and Cent accounts with a very low entry threshold.

Roborando Withdrawal requirements

Since Roborando does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.