Belize Marina Towers stands on Barrack Road in Newtown Barracks, and clause 1.1 of the RoboForex Ltd client agreement names that building as the company's registered office. The English PDF at my.roboforex.com, read on 4 October 2026, is the contract a client accepts by making an advance payment. That is clause 1.9. Clause 1.1 names RoboForex Ltd, registration number 000001272, trading under the RoboForex trademark, and it excludes stateless persons and anyone under 18. The licence number is not in that sentence. It is on the letterhead of the same file: Financial Services Commission licence 9759600, under Belize's Securities Industry Act 2021.
Clause 13.24 of the same PDF names a different street. It says roboforex.com is owned and operated by Roboforex LTD, registered address 2118 Guava Street, Belama Phase 1, Belize City, and that RBRIDGE LTD of Antrea Karolou 38, Agios Athanasios, 4102 Limassol, acts as a payment agent.
Two streets. One PDF.
The contacts page, retrieved the same morning, sorts the streets into labels the contract does not use. Guava Street is "Registered address". Marina Towers is "Business address". The footer prints Guava Street only. A reader who stops at the footer never sees Barrack Road.
Secondary write-ups disagree about whether "RoboForex" is a Belize firm, a CySEC firm, or both. The documents on roboforex.com do not claim a Cyprus licence. The client agreement, searched in full on 4 October, contains no reference to CySEC, BaFin or RoboMarkets. The Cyprus register contains a different legal person, and that person used to carry this brand in its name.
What the Belize register lists
The Financial Services Commission's public search, LicenSys, returned one current row for the name on 4 October 2026. The licensee is ROBOFOREX LTD. The registration-object number is 9759600. Status RR-STATUS-ACTIVE resolves, in the register's own classifier, to Active. The initial registration date is 1 January 2025. The domain is www.roboforex.com. The compliance email is compliance@roboforex.com.
The row does not print a street.
Four licence-type codes sit on the record: S05, S06, S07 and S08. The classifier translates them as trading in securities as agent, trading in securities as principal, managing securities, and providing investment advice. That is the quartet the regulation page claims, in the same words, for licence 9759600. The page's meta description does not agree with its own body. The meta still describes a "special brokerage license" numbered 000138/32. The visible text does not use that number.
Two appointments are on the row. Janel Stacey Perera is chief executive officer. Elton Emmery Sabal is securities representative. Those titles come from the appointment-type classifier, retrieved the same day.
The about page says the firm was founded in 2009, and the footer carries "2009-2026". LicenSys dates the initial registration to 1 January 2025 and does not explain the gap. The regulation page ties that registration to the Securities Industry Act 2021. The about-page meta description still says "regulated by the FSC, license 000138/7" and seven asset types, on a URL whose visible table cites 9759600, registration 000001272 and eight asset types.
Three legal persons, and a popup that picks one
Open roboforex.com and a jurisdiction box appears before the marketing. The site is operated by RoboForex Ltd, Belize, FSC licence 9759600. A retail client "residing in the Europe" is pointed at RoboMarkets Deutschland GmbH, "in accordance with MiFID II" and "regulated by BaFin, license No. 10154068". Continuing requires an acknowledgement that RoboForex Ltd "operates outside the Europe regulatory framework". Those are the site's phrases.
BaFin's database, queried on 4 October 2026, lists RoboMarkets Deutschland GmbH as a Wertpapierinstitut at Bleidenstraße 1, 60311 Frankfurt. BaFin-ID 10154068, Bak 154068. The popup calls 10154068 a licence. The register calls it a BaFin-ID. Permissions from 26 June 2021 are Abschlussvermittlung, Anlageberatung, Anlagevermittlung and Finanzportfolioverwaltung, previously held under the KWG from 14 August 2019 to 25 June 2021, plus Finanzkommissionsgeschäft from 25 August 2025.
The Cyprus file is real, and it is neither the German firm nor the Belize contract. On the CySEC list of Cypriot investment firms, retrieved the same day, Robomarkets Ltd holds licence 191/13, dated 30 January 2013, company registration 310464. The card gives Arch. Makarios III Avenue 171, 8th floor, 3127 Limassol, telephone +357 25 262 660, email info@robomarkets.com. Previous names: Roboforex (Cy) Ltd and A.I. Gurufx Ltd. Approved domains include www.robomarkets.com.cy. The entry is on the current CIF list.
A writer who remembers "RoboForex, CySEC 191/13" is remembering Roboforex (Cy) Ltd. The company that holds 191/13 today is Robomarkets Ltd. The company in the roboforex.com agreement is RoboForex Ltd of Belize. Clause 5.4 says the relationship is subject only to the regulator in Belize, that the firm is not subject to EU and EEA supervisors, and that the FSC is the sole body regulating the company.
BaFin also lists Robomarkets Ltd as a cross-border provider under section 74 of the WpIG. The record says BaFin does not supervise that company and that the home register is the place to check current limits. The address on the BaFin file is Modestou Pantelis 4, 4003 Limassol. First MiFID notification: 15 October 2013. Last change notification shown: 3 June 2020. CySEC's current card shows Makarios III Avenue. The home register is the one to treat as current.
The footer says RoboForex Ltd and its partners do not target EU, EEA or UK clients. Clause 2.7 says a European resident who opens an account does so at their own exclusive initiative. The footer also excludes a long list of other countries, among them the United States, Canada, Japan, Australia, Brazil, Russia, Turkey and Ukraine.
An onshore file in the marketing and a different entity on the client agreement is the subject of this desk's IronFX review. The names are not the same. The method is: follow the PDF, then the register.
Fact box
- Clause 1.1, 4 October 2026: RoboForex Ltd, registration 000001272, registered office Belize Marina Towers. Letterhead licence 9759600.
- Clause 13.24: registered address 2118 Guava Street. The contacts page swaps the labels. LicenSys prints no street.
- LicenSys: ROBOFOREX LTD, 9759600, Active, initial registration 1 January 2025, domain www.roboforex.com.
- Not this contract: Robomarkets Ltd, CySEC 191/13. RoboMarkets Deutschland GmbH, BaFin-ID 10154068.
- Pro EUR/USD card, same day: average spread 1.3 pips, 13.00 dollars a lot, no commission. Payout per lot 10.00 dollars.
- Round turn, one standard lot, same morning: Pepperstone Razor 8.30 dollars, IC Raw 8.00 dollars. ECN and Prime are off the chart.
EUR/USD, priced as a round turn
The trading-accounts page is built from five types: Prime, Pro, ProCent, ECN and R StocksTrader. Minimum deposit is 10 dollars or 10 euros on the MetaTrader types, and 100 dollars on R StocksTrader. Pro is "Clients' Choice", spread "Floating from 1.3 pips", commission "Not available", leverage up to 1:2000, stop-out 40 per cent. ECN is 1:500 with a 50 per cent stop-out. Prime is 1:300 with a 100 per cent stop-out. The commission heading is "Commission for trading volume of 1 million USD".
The instrument cards, retrieved on 4 October 2026, put euro against the dollar into numbers.
- Pro EURUSD. Average spread 1.3 pips. Spread per lot 13.00 dollars. No commission field. Lot size 100,000 euros. Pip size 0.0001. The card also prints "Payout per lot, $ 10.00", so 1.3 pips and 13.00 dollars are the same statement. Session 00:05 to 23:55. Swap long minus 0.98 pips, swap short 0.19 pips, three-day swap Wednesday. Hedged margin 25 per cent. Minimum size 0.01 lot.
- ECN. Minimum 0 pips, average 0.1, commission "20 / mio". Same swaps, session and lot.
- Prime. Minimum 0, average 0.1, commission "10 / mio".
The cell does not say whether the million is counted on the open, the close, or once for the round turn. That missing word keeps ECN and Prime off the chart. A rate without a side convention is not an all-in cost.
The 2 October 2026 ECB reference on frankfurter.dev, still the latest print on 4 October, is 1.1225 dollars per euro. A standard lot is then 112,250 dollars. At 20 per million that is 2.25 dollars once, or about 4.49 if both deals are charged, plus 1.00 dollar for the 0.1-pip average at 10 dollars a pip. Prime at 10 per million is half the commission. The page does not say which reading it means, so neither goes on the chart. The figures are arithmetic, not a published all-in.
Each bar is the all-in dollar cost of one standard lot of EUR/USD, round turn: published average spread, plus commission the firm states per side or as a round turn. Pips were converted at 10 dollars where the page did not print a dollar spread.
RoboForex Pro is 13.00 dollars, copied from the specification. Commission is not charged. On this retrieval the 1.3-pip average and the "from 1.3 pips" line are the same figure.
Pepperstone's costs page is the schedule of Pepperstone Markets Limited, #1 Pineapple House, Old Fort Bay, Nassau, Bahamas licence SIA-F217. The visible EURUSD row shows a Razor minimum of 0 pips and a Standard minimum of 1. The EUR/USD record carries a Razor average of 0.13 and a Standard average of 1.13. On a dollar account the MT5 Razor cell is 3.50 dollars per side, stated as 7 dollars round turn, per lot of 100,000 base currency. The MT4 Razor cell says 7 dollars when the position is opened. Either way commission is 7.00 dollars on the round turn. cTrader is 6 dollars round trip and is not the bar. The 0.13-pip spread is 1.30 dollars, so Razor all-in is 8.30. Standard at 1.13 pips would be 11.30 and is not the bar.
IC's raw-spread page says the average EUR/USD spread is 0.1 pips, with commission of 3.50 dollars per lot per side, on MetaTrader 4 and 5. IC and IC Markets Global are trading names of Raw Trading Ltd, registration 8419879-1, Seychelles FSA securities dealer licence SD018. The same page says IC Markets (EU) Ltd is a separate company, CySEC CIF 362/18, and that Raw Trading Ltd does not pass applications to it. The 8.00 dollar bar is the Seychelles book: 1.00 dollar of average spread plus 7.00 dollars if both sides are charged at 3.50. The page says "per side". It does not print the round-turn total.
RoboForex Pro is the expensive bar, by 4.70 dollars a lot against Pepperstone Razor and by 5.00 dollars against IC Raw. A client on ECN or Prime may pay less than 13 dollars. The cell "20 / mio" does not say how much less. The easyMarkets review on this desk prices the ticket the broker prints, and names the account the number belongs to.
Protections that stop at the small print
The footer risk warning, identical on the pages retrieved on 4 October 2026, says 75.85 per cent of retail investor accounts lose money when trading CFDs with this provider. It gives no sample window.
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The negative-balance page says RoboForex Ltd resets a balance below zero back to zero, and reserves the right to deny access to that programme without giving any reason. A reset the firm can refuse is not a statutory negative-balance rule.
The Financial Commission member page, retrieved the same day, shows registration on 14 January 2014, status Active, and 20,000 euros per complaint. The fund page says "up to 20,000 euros per client of a Member", and only if a member refuses a judgment or is removed without paying one. Ten per cent of monthly dues sit in a separate account. The fund does not cover self-directed losses or an insolvency of the client base. A payout, where due, is described as following within 90 days of a status change. Clause 14.10 allows an escalation to the Belize FSC or the Commission. Clauses 15.1 and 15.3.4 require a Commission claim before state courts and before the courts of Belize.
The regulation page advertises civil-liability insurance "for a limit of 2,500,000 EUR". The linked certificate, issued 14 January 2026, does not say 2.5 million euros. MDS placed a FinTech policy for RoboForex Ltd with certain underwriters at Lloyd's, 25 December 2025 to 24 December 2026. Professional indemnity is 5,000,000 euros any one claim and in the aggregate, including defence costs, with a 1,000,000 euro theft and crime sublimit. Directors' and officers' cover is 5,000,000 euros. Cyber is 1,000,000 euros. The website number and the PDF number are not the same promise. Professional indemnity reimburses the firm. It is not a pot of client money.
Charalambos Charalambous, senior insurance broker in the Pro/Fin practice at MDS, issued the certificate. Note 1 says: "This evidence of insurance is provided for information purposes only and confers no rights upon any person in possession of it." Christos Gavriel, managing broker, countersigned it. Note 7 says: "The cover of this insurance is shared with other affiliated entities." The notes add that the certificate does not amend the policy and that exclusions apply. A reader who treats "2,500,000 EUR" as a personal policy has not read the PDF.
Two phone numbers are live. The contacts page and the agreement letterhead print +593 964 281 548. The schema.org contact point on the contacts page prints +593 964 256 286. Clause 13.23 names RoboGate Ltd, Suite 16, Watergardens 5, Waterport Wharf, Gibraltar, registration 112864-24, as the Visa and Mastercard paying agent. RBRIDGE LTD is the payment agent in clause 13.24. The counterparty for the trade is still the Belize company.
Clauses that can move after the account is funded
Clause 4.13 lets the company change the agreement, effective five working days after a website notice or an email. Spreads, swaps, called a financing fee in the clause, and dividends in the specifications can change with no advance notice. Clause 6.5 says the specified spread is not fixed. The 13.00 dollar Pro ticket is a retrieval dated 4 October 2026, not a quarterly tariff.
Clause 6.11 allows a Leverage Restriction Period around significant economic news or a scheduled break. The firm may refuse instructions that would push effective leverage past 1:200 in a news period, or past 1:100 around a scheduled break, and it chooses the instruments and the duration. Clause 6.12, in the last hour before the weekend or a holiday, allows a cut to 1:1000 where leverage was higher. The client is responsible for margin at the moment of the cut. Previous leverage is restored within hours. Clause 6.13 allows a change if open notional exceeds 100,000,000 dollars. "Up to 1:2000" on the Pro card is the ordinary ceiling.
Clause 2.8 lets the company stop an account tied to money pooling, portfolio-management schemes, proprietary trading firms, or other third-party activity. A prop-firm evaluation on a RoboForex login is, on that wording, grounds to end the account. The Global Prime review turned on a website leverage figure against a lower figure in a product disclosure statement. Here the mismatch is inside one PDF, then again between the PDF and the contacts page.
The free-withdrawal page waives commission on the second, third and fourth Tuesday, one withdrawal, the first of that day, and the firm may deny it with no reason. The meta description still says the first and third Tuesday. Clause 3.6 charges a withdrawal commission, so the Tuesday rule is an exception the firm can withdraw. Clause 3.3 processes cash movements on weekdays from 9:00 to 18:00 Eastern European Time. Clause 2.5 allows closure after 45 days with no transactions. MT4 history is one year on Prime, Pro and ECN, and one month on ProCent.
Pros
- Licence 9759600 is Active on LicenSys, the four permissions match the visible regulation page, and the register domain is the site domain.
- The Pro EUR/USD card prints 13.00 dollars a standard lot and a 10-dollar pip value, not a slogan.
- The popup tells a European retail visitor to leave and names the German firm.
- The Financial Commission record is active from 14 January 2014, and the fund page states its own cap and its own exclusions.
- The insurance certificate is a Lloyd's placement for a period that includes this month, with named signatories.
Cons
- Clause 1.1 and clause 13.24 name different registered addresses. The contacts page uses a third pairing. The register prints neither street.
- About-page meta still says licence 000138/7. Regulation-page meta still says 000138/32. The visible pages and the register use 9759600.
- ECN "20 / mio" and Prime "10 / mio" do not say per side or round turn, so those accounts cannot be priced all-in from the specification.
- Pro, which can be priced, is 13.00 dollars a lot against 8.00 and 8.30 dollars on the two raw schedules read the same day.
- Advertised leverage of 1:2000 can be cut to 1:1000 in the last hour of the week, and to 1:200 or 1:100 inside a restriction period.
- The loss figure is 75.85 per cent with no window. Negative-balance protection can be refused with no reason.
- The insurance footer says 2.5 million euros. The PDF is larger, narrower, shared with affiliates, and not a right of the person holding it. The 20,000 euro fund pays a judgment. It does not pay an insolvency.
Verdict
This review rates RoboForex Ltd at 3.4 out of 5. The score is for the Belize company named in the client agreement, not for Robomarkets Ltd and not for RoboMarkets Deutschland GmbH.
A higher score would need one registered address in the contract and on the register, a commission convention in the same sentence as "20 / mio", and an insurance line that matches the certificate. A lower score would follow if LicenSys moved off Active, or if the Pro dollar spread widened without the page saying so. Neither is the case on 4 October 2026.
This is analysis of published documents and registers, not a recommendation to open, fund or close an account. Contracts for difference put capital at risk. RoboForex's own warning, as printed on 4 October 2026, says 75.85 per cent of retail CFD accounts with the firm lose money. The loss can exceed the sum you intended to use.