RoboForex is an offshore forex broker operated by RoboForex Ltd, a company registered in Belize under a license issued by FSC Belize. Despite being an offshore entity, the broker also accepts clients from EEA countries. RoboForex is essentially the offshore counterpart of RoboMarkets, a CySEC-regulated broker, and offers leverage of up to 1:1000.
According to Similarweb statistics, the RoboForex website attracts over 1.4 million visitors per month, with the majority of traffic coming from Russia, Brazil, Germany, and the UK. Below is an initial review of the broker’s key details.
Key Data
- Trading Name: RoboForex
- Business Activity: Forex broker
- Domains:
- Legal Entities:
- RoboForex Ltd, Belize
- Guru Gateway Ltd (formerly GuruHosting Ltd), Cyprus
- RoboGate Limited, Gibraltar
- PROCESSONIX LIMITED, Australia
- Jurisdictions: Belize, Cyprus, Gibraltar, Australia
- Regulatory Authorization: FSC Belize
- Leverage: Up to 1:1000
- Payment Processors:
- Payabl, ShubaPay, Revolut, N26
- Perfect Money, AdvCash, Sofort, EPS
- Related Schemes:
- RoboMarkets Group, RoboMarkets (Cyprus), RM Investment Bank Ltd (Malaysia), RFund (Cyprus)
- Key Individuals:
- Nikolay Gerashchenko
- Svetlana Saratova
- Vitaly Avtaykin
Short Narrative
In our November 9, 2022 review, we successfully registered with RoboForex as EEA residents without any restrictions. However, RoboForex clearly states in a comprehensive disclaimer that EEA clients are not eligible for investor compensation schemes or regulatory protection.
Additionally, RoboForex allows pre-KYC deposits via Perfect Money or AdvCash with no theoretical limits. Credit card deposits before KYC verification are capped at €10,000, while bank transfers are not allowed until KYC is completed. Our research also identified Payabl and ShubaPay as payment processors.
Use of CySEC-Regulated RoboMarkets as a Payment Agent
RoboForex operates through payment agents in Cyprus, Gibraltar, and Australia. In Cyprus, the payment agent is Guru Gateway Ltd (formerly GuruHosting Ltd), owned by Evgenii Vtiurin. For credit card transactions via Payabl, CySEC-regulated RoboMarkets Ltd serves as the payment agent.
Notably, the 1:1000 leverage offering violates regulatory limits in the EEA, as does the possibility of unlimited pre-KYC deposits.
Preliminary Conclusion
We generally advise against using offshore brokers that operate without proper authorization in the EEA regions. Even if a broker appears reputable, the risk for traders is significantly high. There is no way to verify the accuracy of the broker’s claims, and no regulatory oversight protects clients.
RoboForex claims that EEA residents can register with third-country brokers, but these brokers are not permitted to offer services that violate EEA regulations.
Share Your Information
If you have any details regarding RoboForex, its operators, or its payment facilitators, please share them through our whistleblower platform, Whistle42.