RoboMarkets Ltd is a CySEC-regulated broker operating under the brand RoboMarkets, while RoboForex is the offshore arm of the scheme, managed by RoboForex Ltd in Belize and regulated by the FSC Belize. The offshore broker actively targets EEA clients and offers leverage of up to 1:1000.
According to Similarweb statistics, the RoboForex website attracted over 2.8 million visitors in the past 28 days, with the majority of traffic coming from Mexico, Brazil, and Russia. This offshore broker has seen explosive growth in recent months.
Updated Review
During our January 24, 2023 review, we successfully registered as EEA residents with RoboForex without any issues. The registration process even appeared to be tailored for EEA clients, and upon sign-up, an account with a 1:1000 leverage was created instantly.
Payments & KYC Policy
- No KYC verification was required for deposits via various payment methods.
- Perfect Money: Deposits up to $25,000 allowed pre-KYC.
- AdvCash: Deposits up to $49,999 allowed pre-KYC.
- Credit Cards (via Payabl): Deposits up to $10,000 pre-KYC, with CySEC-regulated RoboMarkets Ltd acting as the payment agent.
- Bank Transfers: Required KYC verification before processing.
Interestingly, RoboForex has been one of the strongest clients of Payabl, with nearly 20% of Payabl’s referral traffic coming from the offshore broker in the past 28 days.
Key Data
- Trading Names:
- RoboMarkets
- RoboForex
- CopyFX (redirects to RoboForex)
- Industry: Forex brokerage
- Domains:
- Legal Entities:
- RoboMarkets Ltd (Cyprus)
- RoboForex Ltd (Belize)
- Guru Gateway Ltd (formerly GuruHosting Ltd, Cyprus)
- RoboGate Limited (Gibraltar)
- PROCESSONIX LIMITED (Australia)
- Jurisdictions: Belize, Cyprus, Gibraltar, Australia
- Regulatory Licenses:
- CySEC License No. 191/13 (RoboMarkets Ltd)
- FSC Belize (RoboForex Ltd)
- Leverage: Up to 1:1000
- Customer Support Numbers:
- +65 3158 8389 (RoboForex Singapore)
- +357 2512 3275 (RoboMarkets Cyprus)
- Payment Processors:
- Payabl, ShubaPay, Revolut, N26, Perfect Money, AdvCash, Sofort, EPS
- Related Companies & Schemes:
- RoboMarkets Group
- RM Investment Bank Ltd (Malaysia)
- RFund (Cyprus)
- ContestFX
- Notable Individuals Associated:
- Nikolay Gerashchenko
- Svetlana Saratova
- Vitaly Avtaykin
Explosive Growth in Offshore Markets
According to Similarweb, RoboForex’s website traffic skyrocketed from 1.5 million visitors in October 2022 to 2.3 million in December 2022. The majority of visitors originate from Brazil, Russia, and Mexico.
By comparison, its CySEC-regulated counterpart, RoboMarkets, has significantly lower traffic, attracting less than 100,000 visitors in December 2022. As expected, most of the business is conducted offshore, with CySEC-regulated entities acting more as cover operations rather than key revenue generators.
Use of Payment Agents
RoboForex relies on payment agents based in Cyprus, Gibraltar, and Australia to process transactions.
- In Cyprus, transactions are handled by CySEC-regulated RoboMarkets Ltd and Guru Gateway Ltd (formerly GuruHosting Ltd, associated with Evgenii Vtiurin).
- For credit card payments processed via Payabl, RoboMarkets Ltd (CySEC-regulated) acts as the payment agent.
Preliminary Conclusion
- The leverage of up to 1:1000 violates regulatory restrictions in the EEA.
- The ability to deposit over €2,500 pre-KYC is also non-compliant with financial regulations.
- RoboForex is not authorized to provide financial services in EEA jurisdictions.
We strongly advise against using offshore brokers that operate without proper authorization in EEA regions. Even if they appear legitimate, traders face high risks as:
- There is no way to verify the accuracy of the broker’s claims.
- No regulatory body provides oversight or protection.
Share Your Information
If you have any information about RoboForex, its operators, or facilitators, please submit it through our whistleblower system, Whistle42.