RoboForex Faces Fresh Scrutiny Over Withdrawals and Regulation

RoboForex broker has been operating in the online trading industry for years, but its longevity has not shielded the broker from renewed questions over regulation, investor protection and complaints involving withdrawals.

The Securities Commission Malaysia added RoboForex to its Investor Alert List in June 2021, identifying it among unauthorised websites, investment products, companies and individuals. The regulator has repeatedly stressed that its alert list is not exhaustive and serves as a reference for investors considering whether to deal with a particular entity.

The regulatory picture is complicated by RoboForex's own disclosures. The company says RoboForex Ltd has operated since 2009 and is regulated by the Financial Services Commission of Belize under licence number 9759600. It also identifies membership of The Financial Commission as part of its dispute resolution arrangements.

That distinction matters because the existence of a licence does not automatically mean that a broker is authorised to operate in every jurisdiction where its services may be encountered. RoboForex itself states on its website that its marketing materials are not intended for Malaysian residents.

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Attention has also turned to complaints posted by traders online. Recent reviews include allegations of delayed or cancelled withdrawals, prolonged compliance checks and restrictions placed on trading accounts. One complaint described a withdrawal request for more than US$12,000 that was cancelled, after which the customer said only a much smaller amount remained available for withdrawal. These are allegations made by individual users and do not, by themselves, establish wrongdoing by the broker.

Other recent complaints describe customers being asked to provide identity or address documents before withdrawals could proceed. RoboForex broker says verification forms part of its account procedures and that additional documentation may be required for certain transactions. Its published guidance states that withdrawal requests are normally processed within two business days, although payment providers may require additional time.

The company has also publicly responded to some complaints, saying individual withdrawal and compliance cases must be reviewed through its internal ticket system. In several responses published alongside customer reviews, RoboForex broker attributed additional checks to its compliance procedures, including anti money laundering and know your customer requirements.

For Malaysian traders, the issue carries an additional regulatory dimension. The Securities Commission Malaysia's Investor Alert List specifically includes RoboForex broker, while the regulator advises the public that dealing with unauthorised entities means investors may not receive protection under Malaysian securities laws.

That makes regulatory verification a crucial step before Malaysian investors transfer funds to an overseas trading platform. RoboForex's own website confirms that its Malaysian advertising is not intended for Malaysian residents, while its Belize based regulatory status remains the principal licence publicly identified by the company.

To further support investors, the WikiFX app delivers daily push notifications highlighting brokers identified as posing withdrawal risks. For timely updates and reliable protection, we encourage you to download the app.