50 Words on – Why you can go Broke with RoboForex?

Apparently RoboForex doesn’t like winners. Although there’s no hard evidence, there are numerous complaints around the web regarding slippages, platform freezes and all sorts of troubles for people who make a profit. Things are Ok when you are losing or breaking even but when things are looking up for you problems start to appear. On top of this, there have been also rumors that you will have to pay a fee if you want to withdraw your money before reaching a trading volume which is “established by the Company at its own discretion”. (Check out the comments of user HDHORDA4 from India on the FPA forums [1]). RoboForex isn’t even denying this: they didn’t approve a $5 withdrawal because they wanted to know the reason “why did you open the account if you did not trade?”. Maybe they thought the guy is laundering money? Laundering… all five bucks? Read Mohamed Rafik’s post and the response of the RoboForex representative by following the link at the bottom [1].

How to Avoid Going Broke With RoboForex

• Lose money or trade to break even so you won’t have any problems with slippage and other stuff like that. I am sure that’s not a good solution so maybe it’s time to start looking for another broker.
• There have been reports of spreads widening as much as 7 times out of the blue, even if the market was quiet. Monitor their spreads (you can also find software that does that) and if it’s true, make your own decision whether to keep trading with them or not.
• Ask written information about what trading volume is required before you can withdraw (without paying any “fines”)
• Avoid trading on news releases
• Do not accept any bonuses because these come with additional terms and conditions. If you choose to take a bonus, at least make sure you understand all the strings attached.
• Make regular withdrawals to see for yourself if the rumors around the Internet are true.

Editor’s Note – Is RoboForex a Scam?

From my research, I cannot give you a clear answer whether they are a Scam or not. For the time being I just consider them a mediocre broker with bad trading conditions. I don’t like dealing with brokers that use terms like “at our own discretion”. My money is NOT at your discretion and if I deposit today but tomorrow I decide I want to withdraw, I should be allowed to do that as long as I provide all the required documents and I use the appropriate means of withdrawing.

Would I Trade with RoboForex?

I don’t see why I would do that. They don’t offer anything out of the ordinary and there are hundreds of brokers out there that can provide similar trading conditions. Opinions are mostly negative on the web and honestly most of the positive reviews look fake. Sure, I might be wrong but I am not willing to take the chance. Are you?

References

1. RoboForex on FPA