STAY AWAY from ForexRobot.com – review

ForexRobot.com websiteThis review explains why you should not use Forexrobot.com for your trading.

Forex Robot is, as its name suggests, a robot designed for Forex trading. It means that it can automatically trade for you, you don’t have to manually place trades.

The robot uses several indicators and money management strategies. You can select your settings.

The robot is free, so is there a reason for using it?

Stay away from Forex Robot

Robot comparisonThe first thing we noticed is that ForexRobot.com is based on the infamous White Label Robot software that is used by many binary options scams. We have exposed many scams based on this software.

Take a look at our picture to see some examples, like Option Robot, Crypto Robot 365 and 8 Binary Robot.

The dirty trick of this software is the demo mode that uses fake prices to generate fictitious binary options profits. We don’t know if Forex Robot uses this same fake demo, but the fact that it is based on a software used so far by scams only, is a huge warning sign that should make you stay away.

Unregulated broker

The second reason not to trade with Forex Robot is the fact that it pushes you to sign up with MaxCFD, which is a broker that is not regulated. This means that your money would not be protected and insured like with licensed brokers.

Unregulated brokers often deny withdrawals and create all sorts of problems for traders. And unregulated brokers of course cannot provide their services legally in countries with financial regulation.

How it works

Based on our experience we are persuaded that the only reason for the existence of ForexRobot.com is to make you deposit money with MaxCFD, because people who run the robot are getting paid by this broker for referring new depositors. As simple as that.

If you want to test the robot in the demo mode, be sure to compare your trades and prices with a true price feed of a regulated broker to see if results are accurate.

Conclusion

We recommend not to trade with ForexRobot.com, because it is based on a software used by many scams and because it pushes you to deposit money with a broker that is not regulated.

It is always better to use a free demo account with a regulated broker and build your own strategy that will generate you profits.

Summary
Review Date
Reviewed Item
Forex Robot
Author Rating
21star1stargraygraygray
Share on FacebookTweet about this on TwitterShare on Google+Pin on PinterestDigg thisShare on LinkedInBuffer this pageFlattr the authorShare on RedditShare on StumbleUponShare on TumblrShare on VKShare on YummlyEmail this to someonePrint this page

Leave a Reply

Your email address will not be published. Required fields are marked *