Robinsood.com Reviews

Based on looking at the website, Robinsood.com appears to be a proprietary trading firm, often referred to as a “prop firm,” based in Iran.

These firms offer individuals the opportunity to trade financial markets using the firm’s capital, after successfully passing a series of evaluation challenges.

While the concept of trading and financial markets can seem appealing, especially with promises of high returns, it’s crucial to approach such platforms with extreme caution, particularly from an Islamic perspective.

The underlying mechanisms of many prop firm models often involve elements that can be problematic, such as speculative trading and potential interest-based structures, even if not explicitly stated.

It’s vital for individuals to seek out genuine, halal investment avenues that align with Islamic principles of ethical finance, which emphasize real asset-backed transactions, risk-sharing, and avoiding exploitative practices.

Engaging in financial ventures that carry significant uncertainty gharar or involve interest riba is strictly prohibited in Islam.

Many conventional trading models, including those offered by prop firms, can fall into these categories due to their reliance on speculative market movements and the fee structures involved.

Instead of chasing potentially illusory gains from high-risk, non-compliant trading challenges, a better and more blessed path lies in pursuing sound, shariah-compliant investments.

This includes avenues like investing in ethical businesses, real estate, or Islamic equity funds that are screened for adherence to Islamic financial principles.

These alternatives not only offer the potential for legitimate growth but also provide peace of mind, knowing that one’s earnings are blessed and free from doubt.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Robinsood.com Review & First Look

Based on an initial review of Robinsood.com, the platform presents itself as an Iranian proprietary trading firm, registered under the company name Madyar with registration ID 575445, established April 21, 2022. The primary offering revolves around various “prop funding challenges” designed for traders, ranging from beginners to professionals, to demonstrate their trading abilities.

If successful in these challenges, traders are purportedly granted access to the firm’s capital to trade financial markets.

The Prop Firm Model: A Closer Look

The core of Robinsood.com’s business model is similar to many prop firms globally.

They provide simulated trading environments or “challenges” where participants pay a fee to prove their profitability and risk management skills.

• Evaluation Phases: Typically, these involve multiple stages where a trader must achieve specific profit targets while staying within defined drawdown limits maximum loss.
• Capital Allocation: Upon successful completion, the firm offers a portion of its capital for the trader to manage, sharing a percentage of the profits generated.
• Fees and Charges: Participants generally pay an upfront fee to enter these challenges, which is often non-refundable if the challenge is failed.

Islamic Perspective on Prop Trading

From an Islamic finance standpoint, the concept of prop trading, as presented by Robinsood.com, raises several red flags. The key issues often lie in the nature of the underlying transactions and fee structures.

• Speculation Gharar: Trading in financial markets, particularly highly leveraged instruments like forex or CFDs which are common in prop trading, often involves excessive speculation and uncertainty, which is discouraged in Islam. The focus is purely on price movements rather than tangible assets or productive economic activity.
• Interest Riba: While prop firms don’t explicitly charge interest on their capital, the fee structures and profit-sharing models can sometimes conceal elements of riba, or at the very least, involve transactions that are not clearly defined as shariah-compliant partnerships.
• Lack of Real Risk-Sharing: True Islamic partnerships Mudarabah or Musharakah involve genuine risk-sharing. In many prop firm models, the firm often bears minimal risk compared to the trader who pays fees and risks their own capital in the challenge phase.

What Robinsood.com Highlights

The website emphasizes:

• Local Support: “Telephone support and the possibility of in-person visits to the Tehran office.” This suggests a localized presence, potentially appealing to Iranian traders.
• Real-time Analysis Panel: “Instant analysis panel for viewing information, risk levels, and many other features.”
• Free Mentorship: “Free mentorship seven days a week technical and specialized support for detailed analysis of your trades.” This is a common offering to attract new traders.
• Diverse Plans: “Variety of Robinsood prop funding plans for all traders from beginner to professional.”

While these features may seem attractive on the surface, the core activity remains problematic from an Islamic finance perspective.

Robinsood.com Cons

Based on the information available and the general nature of prop trading, Robinsood.com, like many similar platforms, comes with significant drawbacks, especially when viewed through an Islamic lens.

These cons can lead to financial losses and ethical compromises for individuals seeking to earn a living in a halal manner.

The Allure of “Easy Money” and its Reality

Prop firms often market the dream of trading with significant capital without personal risk, which can be highly attractive. However, the reality is often far from this ideal. Jollyflorist.com Reviews

• High Failure Rate: Industry statistics for prop firm challenges are notoriously high. Many sources indicate that over 90% of traders fail to pass prop firm challenges. This means the vast majority of participants lose their initial challenge fee. For example, a 2023 report from a prominent prop firm noted that only 7.5% of their challenge participants successfully became funded traders.
• Strict Rules and Drawdowns: The rules for challenges are often very stringent, with tight daily and overall drawdown limits. A single string of bad trades can quickly lead to disqualification. For instance, Robinsood.com’s “Robin Hoodi” plan has a daily drawdown of 5% and an overall drawdown of 12%. This means a small percentage loss can eliminate a trader from the challenge.
• Psychological Pressure: The pressure to meet profit targets and avoid drawdowns within a limited timeframe can be immense, leading to poor trading decisions and emotional stress. This can be counterproductive to developing sound trading habits.

Financial Implications and Ethical Concerns

The financial structure and incentives of prop firms are key areas of concern.

• Non-Refundable Fees: The fees paid to enter these challenges are typically non-refundable if the trader fails, regardless of how close they were to passing. Robinsood.com’s plans, such as “Robin Hoodi” or “Forosat,” have non-refundable upfront costs ranging from 3,000,000 to 10,500,000 Toman Iranian currency. While some plans offer a “refund” upon first profit withdrawal, this is contingent on successful funding and profitability, which few achieve.
• Hidden Costs and Commissions: While not explicitly detailed on the homepage, many prop firms have various hidden costs, commissions, or unfavorable swap rates that eat into a funded trader’s profits.
• Speculative Nature Gharar: The core activity of trading in leveraged financial instruments like forex or CFDs is highly speculative. Earnings are derived from price movements, not from tangible asset creation or productive economic activity, making it problematic from an Islamic perspective due to the element of “gharar” excessive uncertainty or deception.
• Potential for Riba: Although not explicitly mentioned, the funding structure could implicitly involve elements of riba if the “capital” provided is effectively a loan with a pre-determined return disguised as profit-sharing, or if interest-based instruments are traded.
• No Real Asset Ownership: Traders do not own the underlying assets they are trading. They are essentially speculating on price movements. This contrasts with Islamic finance, which emphasizes investment in real, productive assets.
• Gambling-like Elements: The high-risk, high-reward nature, combined with the payment of an upfront fee for a chance to win a larger sum the funded account, can resemble gambling, which is strictly prohibited in Islam. The probability of losing the initial fee is very high, turning it into a game of chance for many.

Lack of Transparency and Regulatory Scrutiny

Prop firms often operate in a regulatory gray area, which can expose participants to risks.

• Limited Regulation: While Robinsood.com states it is a registered company in Iran, the regulatory oversight for prop trading firms specifically can be ambiguous. This means less protection for traders if disputes arise.
• No Independent Verification: There’s often a lack of independent, third-party verification of their success rates or the actual profitability of their funded traders. The success stories promoted by prop firms usually represent a tiny fraction of their total participants.

In summary, while the proposition of trading with substantial capital without personal risk is enticing, the high failure rates, non-refundable fees, speculative nature, and potential for un-Islamic financial elements make Robinsood.com, and similar prop firms, a highly questionable and potentially harmful venture from both a practical and an Islamic ethical standpoint.

Robinsood.com Alternatives

Given the significant drawbacks and ethical concerns associated with prop trading firms like Robinsood.com, particularly from an Islamic perspective, it’s crucial to explore and pursue halal and ethical alternatives for wealth creation and financial growth. The core principle in Islamic finance is earning a livelihood through legitimate means, avoiding interest riba, excessive speculation gharar, and activities that are harmful or unethical.

Here are far better, Shariah-compliant alternatives that promote sustainable and blessed income:

1. Halal Entrepreneurship and Business Ventures

This is arguably the most encouraged path in Islam for wealth creation.

Starting and growing a business based on providing real value, goods, or services is a cornerstone of Islamic economic principles.

• Direct Engagement with Real Economy: Unlike speculative trading, entrepreneurship directly contributes to the real economy by creating products, services, and jobs.
• Risk-Sharing Mudarabah & Musharakah: Islam promotes true risk-sharing partnerships.
  • Mudarabah: One party provides capital, and the other provides expertise and labor. Profits are shared according to a pre-agreed ratio, while losses excluding negligence are borne by the capital provider.
  • Musharakah: Two or more parties contribute both capital and labor though not necessarily equally to a venture, sharing profits and losses based on their agreed-upon contribution ratios.
• Examples:
  • E-commerce: Selling physical goods or services online e.g., modest fashion, halal food products, Islamic art.
  • Consulting: Offering expertise in areas like marketing, IT, or business development.
  • Local Businesses: Opening a halal restaurant, a modest clothing store, or a service-based business like plumbing or carpentry.
• Why it’s better:
  • Ethical Foundation: Based on honest work, mutual benefit, and tangible value.
  • Blessing Barakah: Earnings are considered blessed as they come from legitimate and productive means.
  • Skill Development: Fosters valuable skills in management, marketing, sales, and problem-solving.

2. Halal Investment Funds and Sukuk

For those looking to invest without directly running a business, halal investment vehicles offer a Shariah-compliant way to participate in the financial markets.

• Islamic Equity Funds: These funds invest exclusively in Shariah-compliant companies that meet specific criteria:
  • They do not deal in prohibited industries e.g., alcohol, tobacco, gambling, conventional banking, arms, adult entertainment.
  • Their financial ratios e.g., debt-to-equity, receivables must be within acceptable Shariah limits to avoid excessive interest-bearing debt.
  • Any incidental impermissible income e.g., from conventional banking interest is purified by donating it to charity.
• Sukuk Islamic Bonds: Unlike conventional bonds which are interest-bearing loans, Sukuk represent ownership in tangible assets or a share in a specific project. The returns are generated from the leased assets or the profits of the underlying project, not from interest.
  • Asset-Backed/Based: Sukuk are structured to ensure they are backed by real assets or involve a true partnership.
  • Investing in a reputable Islamic equity fund offered by an ethical financial institution.
  • Purchasing Sukuk issued by governments or corporations for infrastructure projects or business expansion.
  • Shariah Compliance: Rigorously screened by Shariah scholars to ensure adherence to Islamic principles.
  • Diversification: Funds offer diversification across various Shariah-compliant companies or projects.
  • Professional Management: Managed by experienced fund managers.

3. Real Estate Investment Halal Mortgages

Investing in real estate is a classic and often stable way to build wealth, provided it’s done through Shariah-compliant financing.

• Rental Income: Purchasing properties and renting them out provides a steady, halal income stream.
• Capital Appreciation: Real estate can appreciate in value over time, offering capital gains upon sale.
• Halal Financing: Avoid conventional interest-based mortgages. Instead, seek out Islamic home financing options e.g., Murabahah, Ijarah, Diminishing Musharakah offered by Islamic banks or financial institutions.
  • Murabahah: The bank buys the property and then sells it to you at a mark-up, allowing you to pay in installments. There’s no interest, just a fixed profit margin.
  • Ijarah Lease-to-Own: The bank leases the property to you for a period, with ownership gradually transferring to you at the end.
  • Diminishing Musharakah: You and the bank co-own the property, and you gradually buy out the bank’s share.
  • Tangible Asset: Investment is in a real, physical asset.
  • Stable Income: Rental income can provide a consistent cash flow.
  • Long-Term Growth: Real estate has historically proven to be a good long-term investment.

4. Ethical Crowdfunding Platforms

Some platforms allow individuals to invest in ethical small businesses or projects, often through equity or profit-sharing models, aligning with Islamic finance. Jeremy-hoye.co.uk Reviews

• Peer-to-Peer Financing: Look for platforms that facilitate direct investment into businesses based on profit-sharing, rather than interest-based loans.
• Community Impact: Many ethical crowdfunding platforms focus on businesses with positive social or environmental impact, aligning with Islamic values of social responsibility.
• Examples: Investing in a local startup that adheres to ethical business practices and provides a tangible product or service.
  • Direct Support: You directly support small businesses and local economies.
  • Innovation: Opportunity to invest in innovative ideas and emerging businesses.
  • Profit-Sharing: Often based on Shariah-compliant profit-sharing models.

5. Learning and Skill Development

Instead of focusing on speculative trading, invest in acquiring valuable skills that can lead to sustainable and legitimate income.

• High-Demand Skills: Learn coding, digital marketing, graphic design, content writing, data analysis, or project management.
• Freelancing/Consulting: Offer these skills as a freelancer or start your own consulting business.
• Vocational Training: Acquire practical trades like plumbing, electrical work, or carpentry.
  • Empowerment: Provides self-sufficiency and independence.
  • Evergreen Skills: Skills are valuable assets that can be utilized in various industries.
  • Consistent Income: Leads to reliable and legitimate income streams.

By focusing on these Shariah-compliant alternatives, individuals can pursue financial growth and stability with peace of mind, knowing that their efforts and earnings are blessed and aligned with Islamic principles.

It’s about building genuine wealth through real economic activity and ethical partnerships, rather than chasing fleeting gains from speculative and potentially non-compliant ventures.

How to Avoid Financial Fraud and Scams

Here’s a comprehensive guide to protecting yourself and your hard-earned money from financial fraud, rooted in principles of due diligence, caution, and reliance on legitimate, transparent avenues.

1. Research, Research, Research and Verify Independently

The first line of defense is always thorough research.

Don’t just rely on what a company says about itself.

• Check Regulatory Status: For any financial service provider, especially those dealing with investments or capital, verify their registration and licensing with the relevant regulatory bodies in their jurisdiction. If they claim to be regulated, search the regulator’s database directly e.g., SEC, FCA, ASIC, central banks. If they are not regulated or operate in a poorly regulated jurisdiction, that’s a massive red flag. For Robinsood.com, while it states a company registration in Iran, the specific regulatory oversight for prop firms can be vague.
• Read Independent Reviews: Go beyond testimonials on the company’s website. Look for reviews on independent third-party platforms, forums, and consumer protection sites. Be wary of overwhelmingly positive reviews that sound too good to be true, or a sudden flood of similar-sounding positive reviews.
• Scrutinize Online Presence: A legitimate company will have a professional website, active social media presence, and clear contact information. Check for inconsistencies, poor grammar, or generic stock photos. Scam sites often have short lifespans.
• Verify Physical Address and Contact Info: If a physical office is claimed, try to verify its existence. Call the provided phone numbers. A lack of responsiveness or vague answers is a warning sign. Robinsood.com mentions an office in Tehran, but this needs independent verification.
• Search for Warnings/Complaints: Use search engines to look up ” scam,” ” fraud,” or ” complaints.” Regulatory bodies often issue public warnings about unlicensed or suspicious entities.

2. Understand the Business Model and Risks

If you don’t understand how a company makes its money, or how you’re supposed to make money through it, walk away.

• Clarity of Revenue Streams: For investment platforms, how do they generate returns? Is it through real economic activity, or complex, opaque financial instruments? If it’s a prop firm, how do they make money if so many traders fail? It’s often through the challenge fees.
• Realistic Returns: If something promises abnormally high returns with little to no risk e.g., “guaranteed 10% daily profit”, it’s almost certainly a scam. Legitimate investments always carry risk, and returns fluctuate. According to the SEC, Ponzi schemes typically promise high returns with little or no risk.
• Examine the Fine Print: Read terms and conditions carefully. Look for clauses that limit their liability, make withdrawals difficult, or allow them to change terms arbitrarily. Pay attention to refund policies for challenge fees – many prop firms make them non-refundable.

3. Be Wary of Red Flags

Con artists often employ specific tactics to lure victims.

• Pressure Tactics: Scammers often create a sense of urgency “limited-time offer,” “invest now before prices go up”. Legitimate opportunities allow you time for due diligence.
• Unsolicited Contact: Be extremely cautious of unsolicited emails, calls, or social media messages, especially from individuals you don’t know claiming to be financial advisors or investment opportunities. A 2022 FTC report showed that imposter scams, where fraudsters pretend to be from legitimate organizations, were a top reported fraud type.
• Requests for Personal Information beyond what’s necessary: Never share your bank account passwords, PINs, or sensitive personal details like full government ID numbers unless you are absolutely certain of the legitimacy of the recipient and the necessity of the request.
• Requests for Payment in Unusual Ways: Scammers often ask for payments via wire transfers, cryptocurrency, gift cards, or untraceable methods. These are almost impossible to recover once sent. Legitimate businesses use secure, traceable payment methods.
• Guarantees and Promises: In investments, there are no guarantees. Any company promising “guaranteed returns” or “no risk” is a scam.
• Complex or Vague Explanations: If the business model or investment strategy sounds overly complicated or is explained in jargon that makes no sense, it’s a tactic to confuse and mislead.

4. Secure Your Digital Life

Many scams start with compromised personal information.

• Strong, Unique Passwords: Use complex passwords for all your online accounts and never reuse them. Consider a password manager.
• Two-Factor Authentication 2FA: Enable 2FA on all financial accounts and important online services. This adds an extra layer of security.
• Beware of Phishing: Be extremely cautious of emails or messages that look like they’re from legitimate companies but ask you to click links or provide login details. Always check the sender’s email address and hover over links to see their true destination.
• Antivirus and Software Updates: Keep your operating system, browser, and antivirus software up to date to protect against malware.

5. Consult Trusted Advisors Halal Options

Before making significant financial decisions, especially those involving online platforms, seek advice. Parkos.se Reviews

• Reputable Islamic Financial Advisors: Consult with advisors who specialize in Islamic finance and can guide you towards Shariah-compliant investments and business ventures.
• Community and Scholars: Discuss potential opportunities with trusted community leaders or Islamic scholars who can provide guidance on permissibility.
• Financial Institutions: If you are considering investing in a specific market, consult with reputable Islamic banks or investment firms for legitimate, regulated alternatives.

By adopting these rigorous due diligence practices, individuals can significantly reduce their risk of falling victim to financial fraud and scams, safeguarding their wealth and ensuring their earnings are acquired through legitimate and ethical means.

Robinsood.com Pricing

Based on the Robinsood.com homepage, they offer several “prop funding challenge” plans, each with its own pricing structure and set of rules. The pricing is listed in Iranian Toman تومان. It’s important to understand that these prices are fees to enter the challenge, not investments, and are generally non-refundable if the challenge is failed.

Here’s a breakdown of the pricing for their main plans, as advertised:

1. Robin Hoodi Prop

This appears to be their “cheapest and most economical” challenge, and the only Iranian prop challenge with a three-stage process.

• Plan 1 Lower Capital:

  • Price: 3,599,000 Toman approximately $70-80 USD, depending on exchange rate volatility
  • Discount: If you pass the “training challenge,” you get a 15% discount.
  • Key Features:
    • 3 stages + Real funded stage.
    • Stage 1 duration: 35 days. Stages 2 & 3: 60 days each. Real stage: unlimited.
    • Target: 7% profit for each stage.
    • Daily Drawdown: 5%. Total Drawdown: 12% Stage 1, 10% Stages 2 & 3, Real.
    • Refund: 200% refund. This often means refunding the fee twice if you reach the funded stage and meet certain profit withdrawal criteria, which is a rare occurrence for most traders.
    • Reward: Up to 100% profit share in the main stage.

• Plan 2 Higher Capital, implied:

  • Price: 4,699,000 Toman higher capital amount implied
  • Discount: 15% discount if you pass the “training challenge.”
  • Features: Similar to Plan 1, but for a larger initial capital allocation in the challenge.

2. Forosat Prop Opportunities

Described as a “classic global prop firm challenge,” a two-stage evaluation.

*   Price: 3,000,000 Toman implied lower capital
    *   2 stages + Real funded stage.
    *   Max Calendar Days: 60 days for each stage.
    *   Daily Drawdown: 5%. Total Drawdown: 12% Stage 1, 10% Stage 2, Real.
    *   Refund: 100% refund with the first payment. This suggests the challenge fee might be refunded if you successfully become funded and make your first profit withdrawal.

• Plan 2 & 3 Medium to High Capital:

  • Price: 4,200,000 Toman and 6,200,000 Toman respectively.
  • Discount: 15% discount.
  • Features: Similar to Plan 1, but for larger capital allocations.

• Plan 4 Highest Capital:

  • Price: 10,500,000 Toman implied largest capital challenge
  • Features: Similar to other Forosat plans.

3. Rabiko Prop

A single-stage prop challenge with “economy funds for professionals.” Steambow.at Reviews

*   Price: 1,499,000 Toman
*   Discount: 10% discount if you pass the "training challenge."
    *   1 stage + Real funded stage.
    *   Max Calendar Days: 150 days for Stage 1.
    *   Target: 21% profit for Stage 1.
    *   Daily Drawdown: 5%. Total Drawdown: 12% Stage 1, 10% Real.
    *   Refund: 200% refund.
    *   Reward: Up to 100% profit share.

• Plan 2 Even Lower Capital, implied:
  • Price: 699,000 Toman implied very low capital
  • Discount: 10% discount.
  • Features: Similar to Plan 1, but for a smaller capital.

4. Madyar Prop

Labeled as the “most affordable and best-priced challenge cheapest prop funding compared to Iranian and foreign props, under $5.” This seems aimed at backtesting strategies.

• Plan 1 Very Low Capital:

  • Price: 299,000 Toman implied very low capital
    • Max Calendar Days: 60 days for Stage 1.
    • Target: 25% profit for Stage 1.
    • Daily Drawdown: 2%. Total Drawdown: 8%.
    • News Time Restriction: Yes 5 minutes before to 5 minutes after news release.

• Plan 2 Slightly Higher Capital:

  • Price: 799,000 Toman
  • Features: Similar to Plan 1.

5. Full Funded Prop

A “breathtaking but free prop” for those wanting capital without any cost, but with tougher conditions.

• Price: Free can participate infinitely for free.
• Key Features:
  • Single stage direct to Real.
  • Max Calendar Days: 90 days.
  • Min Trading Days: 40 days.
  • Target: 35% profit.
  • Daily Drawdown: 2%. Total Drawdown: 8%.
  • News Time Restriction: Yes.
  • Reward: $1500 reward upon success.

6. Training Prop

A free challenge for new and professional traders to test abilities and the platform.

• Price: Free.
  • Training Balance: $10,000.
  • Duration: 30 days.
  • Target: 8% profit.
  • Daily Drawdown: 5%. Total Drawdown: 10%.
  • Reward: Seasonal prizes or discount codes for “Forosat” challenges upon success.

Important Note on Pricing and Islamic Ethics:
The pricing structure clearly indicates that participants pay a fee for the opportunity to potentially gain access to larger capital. This fee is often lost if the challenge criteria are not met. This structure, combined with the speculative nature of the underlying trading, makes it highly similar to a game of chance where an entry fee is paid for a chance at a larger prize, which is problematic in Islam. The “refund” and “reward” mechanisms are contingent on success, making the initial outlay a significant risk.

How to Cancel Robinsood.com Subscription

Based on the information available on the Robinsood.com homepage, there is no explicit section detailing a “subscription” cancellation process in the traditional sense, like cancelling a monthly service.

This is because Robinsood.com operates on a challenge-fee model rather than a recurring subscription model for its core offerings.

When you pay for a challenge on Robinsood.com, you are essentially purchasing a one-time entry into an evaluation phase.

However, if you’ve purchased a challenge and wish to discontinue participation or seek a refund under specific circumstances, here’s what typically applies to prop firms and what you should look for on Robinsood.com: Unitedfootballjersey.com Reviews

Understanding the Challenge Model and Cancellation

• One-Time Fee for Entry: The fee you pay for a “Robin Hoodi,” “Forosat,” “Rabiko,” or “Madyar” challenge is generally a one-time payment for that specific evaluation attempt. There isn’t an ongoing subscription to cancel unless you opted for an auto-renewing service, which is not clearly advertised for their core challenges.
• No Refunds for Failure: In most prop firm models, if you start a challenge and fail to meet the profit targets or exceed the drawdown limits, your challenge fee is forfeited. There is typically no “cancellation” that leads to a refund once the challenge has begun or been failed.
• “Refund” on Success: As indicated in Robinsood.com’s pricing, some plans e.g., Robin Hoodi, Rabiko, Madyar mention a “200% refund” or “100% refund with first payment” for the challenge fee. This implies that the fee might be reimbursed only if you successfully pass the challenges, become a funded trader, and make your first profit withdrawal from the live account. This is a very specific condition and not a general cancellation policy.

Steps to Take if You Wish to Discontinue or Inquire About a Refund

Given the challenge-based model, your “cancellation” would effectively be discontinuing your participation.

1. Review the Specific Challenge Terms:

   • Before purchasing any challenge, thoroughly read the terms and conditions associated with that specific plan. Look for sections on “Refund Policy,” “Cancellation,” or “Termination.” While not immediately visible as a dedicated page on the homepage, these details should be part of the purchase agreement.
   • Pay close attention to any clauses about when the challenge fee is refundable. As noted, it’s typically only upon successful funding and profit withdrawal.

2. Contact Robinsood.com Support Directly:

   • If you have questions about discontinuing a challenge or if you believe you are eligible for a refund e.g., if you paid but haven’t started the challenge yet, or if there was a technical issue, the best course of action is to contact their customer support.
   • Contact Information from Homepage: The website mentions:
     • Telephone Support: “پشتیبانی تلفنی” Telephone support
     • In-person visit: “امکان مراجعه حضوری در دفتر تهران” Possibility of in-person visit to the Tehran office.
     • Online Platforms: They also list icons for Telegram, WhatsApp, Instagram, and LinkedIn. Use these official channels.
   • Formulate Your Inquiry Clearly: State your name, the challenge you purchased, the date of purchase, and your specific request e.g., “I wish to discontinue my participation in the ‘Forosat’ challenge and inquire if any portion of my fee is refundable, as I have not yet commenced trading/faced technical issues”.

3. Understand No-Refund Scenarios:

   • If you have already started trading in the challenge and subsequently failed by hitting drawdown limits or not meeting profit targets, it is highly unlikely you will receive a refund for your challenge fee. This is standard practice across the prop firm industry. The fee is considered payment for the evaluation process itself.

In summary, for Robinsood.com, “cancellation” is less about stopping a recurring payment and more about understanding the non-refundable nature of their one-time challenge fees once the evaluation process has begun or been completed unsuccessfully. Always prioritize reading the full terms and contacting their official support channels for clarity on your specific situation.

How to Cancel Robinsood.com Free Trial

Robinsood.com offers a “Training Prop” which functions as a free trial or practice challenge. Based on the information provided on their homepage, this “Training Prop” is indeed free of charge and appears to be designed for users to test their trading abilities and familiarize themselves with the platform without any financial commitment.

Therefore, the concept of “cancelling” a free trial on Robinsood.com is quite straightforward, as there are no associated financial obligations or recurring payments to stop.

Key Points Regarding Robinsood.com’s “Training Prop” Free Trial:

• No Cost Involved: The website explicitly states the “Training Prop” is “رایگان” free. This means you don’t provide any payment details, credit card information, or make any financial commitment to access it.
• No Subscription to Cancel: Since it’s a free, non-committing challenge, there is no underlying “subscription” that needs to be cancelled to prevent charges.
• Automatic Expiration/Reset:
  • The “Training Prop” has a “مدت زمان 30 روز” duration of 30 days.
  • It also states “در این چالش می‌توان بی‌نهایت بار به رایگان شرکت کرد!” In this challenge, you can participate infinitely for free!.
  • This implies that once your 30-day period ends, or if you fail the challenge, you can simply restart it for free, or choose to discontinue using it without any further action required.

How to “Cancel” the Free Trial:

Given that it’s a free and non-committing service, “cancelling” simply means to stop using it.

1. Simply Stop Using It: You can cease logging into your “Training Prop” account or discontinue participating in the challenge at any time. There are no penalties or hidden fees for doing so.
2. No Action Required to Prevent Charges: Since no payment information is collected for the free trial, you don’t need to take any steps to prevent future billing.
3. Account Deactivation Optional: If you wish to fully remove your account from Robinsood.com including any associated free trial data, you would typically need to contact their customer support. Look for a “Contact Us” or “Support” section on their website and inquire about account deactivation. However, this is usually unnecessary for simply discontinuing the free trial.

In essence, Robinsood.com’s “Training Prop” is designed as a no-strings-attached way to experience their platform. You can simply walk away from it at any time without any financial repercussions or formal cancellation procedures.

Robinsood.com vs. FundedNext & FTMO

When evaluating prop trading firms like Robinsood.com against more globally recognized players such as FundedNext and FTMO, several key distinctions emerge. Liversagegolf.co.uk Reviews

These differences span reputation, regulatory environment, challenge structures, and overall accessibility, all of which are crucial considerations, especially from an Islamic perspective that emphasizes transparency and ethical dealings.

1. Reputation and Global Reach

• FTMO Czech Republic:
  • Reputation: Considered one of the pioneers and most reputable prop firms in the industry. FTMO has a strong global presence and is often held up as a benchmark. They have a significant number of funded traders worldwide.
  • Trustpilot Score: As of late 2023/early 2024, FTMO boasts an “Excellent” rating on Trustpilot, with thousands of reviews, often above 4.5 stars. This indicates a high level of customer satisfaction and trust within the prop trading community.
  • Global Community: They have a large, active community of traders and extensive educational resources.
• FundedNext UAE/Bangladesh:
  • Reputation: A relatively newer but rapidly growing firm. FundedNext has gained popularity for its diverse funding models and strong marketing efforts. They aim for a global reach.
  • Trustpilot Score: Also holds an “Excellent” rating on Trustpilot, often similar to FTMO’s, reflecting positive trader experiences.
  • Innovation: Known for introducing various challenge types and offering unique features.
• Robinsood.com Iran:
  • Reputation: Primarily caters to the Iranian market. While they state a company registration in Iran, their international reputation is limited. There’s less public, independent data on their global success rates or widespread reviews outside of local channels.
  • Visibility: Much less visible on global prop firm ranking sites or discussion forums compared to FTMO or FundedNext.
  • Trust: Building trust for a regional firm, especially in a market with currency restrictions, can be more challenging for an international audience.

2. Challenge Structure and Rules

All three firms offer challenges, but their specific rules, profit targets, and drawdown limits vary.

• FTMO:
  • Evaluation Process: Typically a 2-step evaluation Challenge & Verification.
  • Profit Target: Usually 10% in Challenge, 5% in Verification.
  • Max Daily Loss: 5%.
  • Max Overall Loss: 10%.
  • Time Limits: Historically had time limits, but have introduced “Normal” and “Aggressive” modes with varying timeframes, and more recently, no time limits on some phases.
  • Scaling Plan: Offers a robust scaling plan for successful traders to increase their capital.
• FundedNext:
  • Diverse Models: Offers multiple models like “Stellar,” “Express,” and “One-Step.”
  • Profit Target: Varies by model e.g., 8% on Phase 1, 5% on Phase 2 for Stellar. 25% for Express.
  • Max Daily Loss: Varies e.g., 5% for Stellar, 4% for Express.
  • Max Overall Loss: Varies e.g., 10% for Stellar, 6% for Express.
  • Refunds: Often offers a refund of the challenge fee upon first profit withdrawal for successful traders.
• Robinsood.com:
  • Challenge Types: Offers “Robin Hoodi” 3 stages, “Forosat” 2 stages, “Rabiko” 1 stage, “Madyar” 1 stage, cheapest, and “Full Funded” free, direct to real.
  • Profit Target: Varies e.g., 7% per stage for Robin Hoodi/Forosat, 21% for Rabiko, 25% for Madyar, 35% for Full Funded.
  • Daily Drawdown: Varies e.g., 5% for Robin Hoodi/Forosat/Rabiko, 2% for Madyar/Full Funded.
  • Overall Drawdown: Varies e.g., 10-12% for Robin Hoodi/Forosat/Rabiko, 8% for Madyar/Full Funded.
  • Refunds: Mentions 200% refund for some plans Robin Hoodi, Rabiko, Madyar and 100% for Forosat, implying conditional refunds upon successful funding and profit withdrawal.
  • News Trading: Some plans Madyar, Full Funded have restrictions around news releases, while others Robin Hoodi, Forosat, Rabiko do not.

3. Pricing and Accessibility

• FTMO & FundedNext: Prices are generally competitive, often in USD or EUR, and accessible globally via various payment methods though payment methods can be an issue for some regions due to sanctions. Their pricing is somewhat standardized for their challenge sizes.
• Robinsood.com: Pricing is in Iranian Toman, making direct comparison challenging due to currency fluctuations and specific regional pricing strategies. Accessibility is primarily for the Iranian market, likely due to local payment gateways and support infrastructure.

4. Regulatory Environment

• FTMO & FundedNext: While prop firms generally operate in a less regulated space than traditional brokers, firms like FTMO and FundedNext adhere to international best practices and maintain high transparency due to their global clientele. They are typically based in jurisdictions with clearer financial regulations, even if prop funding isn’t directly regulated.

5. Ethical and Islamic Considerations

From an Islamic perspective, all three firms face similar fundamental challenges due to the nature of prop trading:

• Speculation Gharar: The core activity of trading leveraged financial instruments without asset ownership remains a significant concern.
• Fee Structure: The upfront fees paid for a chance at capital, often non-refundable upon failure, can resemble a form of gambling, which is prohibited.
• Profit Share Model: While profit-sharing in itself can be halal, the mechanism of deriving profit from speculative price movements and the implicit nature of the “funding” need rigorous Shariah scrutiny to ensure no elements of riba or impermissible contracts are involved.

Conclusion on Comparison:
While FTMO and FundedNext have a stronger global reputation, more transparent rules, and a larger community, the underlying ethical concerns from an Islamic perspective regarding prop trading remain consistent across all three. Robinsood.com’s regional focus and specific pricing in Toman make it primarily relevant for the Iranian market. For Muslims seeking to build wealth, the comparison should lead to a broader question: Is prop trading itself a halal avenue? For many scholars, the answer points towards caution or outright avoidance, regardless of the specific firm, due to the inherent speculative elements and fee structures that can resemble gambling or indirect riba. Therefore, focusing on the halal alternatives discussed previously would be a far more blessed and financially sound approach.

Frequently Asked Questions

What is Robinsood.com?

Based on checking the website, Robinsood.com is an Iranian proprietary trading firm prop firm that offers funding challenges to traders.

If traders successfully pass these multi-stage evaluations, they are given access to the firm’s capital to trade financial markets, sharing a percentage of the profits.

Is Robinsood.com a legitimate company?

Yes, based on the website, Robinsood.com states it is a brand registered under the company Madyar with registration ID 575445 in Iran, operating since April 2022. However, “legitimate” in this context refers to its registration status, not necessarily its ethical or Shariah compliance.

How does Robinsood.com’s challenge work?

Robinsood.com offers various multi-stage challenges e.g., Robin Hoodi, Forosat, Rabiko, Madyar. Traders pay a fee to enter, then must meet specific profit targets and stay within daily/overall drawdown limits within a set timeframe. Upon success, they become “funded” by the firm.

What are the main types of challenges offered by Robinsood.com?

Robinsood.com offers several challenge types:

• Robin Hoodi: A three-stage challenge, often described as their most economical.
• Forosat: A two-stage challenge, similar to classic global prop firm models.
• Rabiko: A single-stage challenge for professionals.
• Madyar: Their most affordable single-stage challenge, designed for strategy backtesting.
• Full Funded: A free, but more challenging, direct-to-funded option.
• Training Prop: A free practice challenge.

What are the fees for Robinsood.com challenges?

The fees vary significantly by challenge type and implied capital size, ranging from as low as 299,000 Toman for Madyar to 10,500,000 Toman for higher-tier Forosat challenges. These are one-time entry fees for the evaluation. Sigmabookmarketers.com Reviews

Are Robinsood.com challenge fees refundable?

The website indicates that some plans offer “100% refund with first payment” or even “200% refund.” This typically means the challenge fee is refunded only if you successfully pass the challenges, become a funded trader, and make your first profit withdrawal from the live account.

If you fail the challenge, the fee is generally not refunded.

What is the profit-sharing percentage with Robinsood.com?

Robinsood.com advertises a profit share of “up to 100%” for successful traders in the main funded stage, or up to 85% “تا 85 درصد سود برای خودته رفیق!”. This means you keep a significant portion of the profits you generate.

Does Robinsood.com offer mentorship?

Yes, the website states they offer “free mentorship seven days a week technical and specialized support” for detailed analysis of your trades.

They also mention “therapist” services, implying psychological support for traders.

Are there time limits for Robinsood.com challenges?

Yes, most challenges have specific time limits for each stage.

For example, the Robin Hoodi plan has 35 days for Stage 1 and 60 days for Stages 2 & 3. Some plans like Rabiko have longer durations 150 days. The Full Funded stage usually has no time limit.

What are the drawdown limits on Robinsood.com?

Drawdown limits vary by plan and stage.

Daily drawdown typically ranges from 2% to 5%, while overall drawdown ranges from 8% to 12%. Exceeding these limits results in failure of the challenge.

Can I trade during news events on Robinsood.com?

Some Robinsood.com plans, like Madyar and Full Funded, have restrictions on trading during news events e.g., 5 minutes before to 5 minutes after. Other plans Robin Hoodi, Forosat, Rabiko do not explicitly mention such restrictions on the homepage. Okashasmart.com Reviews

What markets can I trade with Robinsood.com funding?

While not explicitly stated on the homepage, prop firms generally allow trading in major financial markets like Forex, indices, and sometimes commodities or cryptocurrencies, typically through Contracts for Difference CFDs. The focus on “financial markets, especially domestic and international financial markets” suggests a broad range.

Does Robinsood.com offer a free trial?

Yes, Robinsood.com offers a “Training Prop” which is a free practice challenge with a $10,000 balance and a 30-day duration.

It’s designed for users to test their skills and the platform without any cost.

How do I cancel the Robinsood.com free trial?

Since the “Training Prop” free trial is free of charge and doesn’t involve any payment details, there’s no “subscription” to cancel.

You can simply stop using it at any time, and no financial obligations will arise.

How does Robinsood.com compare to FTMO?

FTMO is a globally recognized prop firm known for its strong reputation and stringent challenges.

Robinsood.com primarily caters to the Iranian market, with its pricing in Toman and a focus on local support.

While both offer funding challenges, FTMO has a larger international presence and more extensive independent reviews.

How does Robinsood.com compare to FundedNext?

FundedNext is another popular global prop firm known for its diverse challenge models and strong community.

Similar to FTMO, it has a broader international reach and reputation than Robinsood.com, which is regionally focused. Innovagoods.com Reviews

Is prop trading, including Robinsood.com, permissible in Islam?

The permissibility of prop trading, including Robinsood.com, is highly questionable in Islam. Concerns arise due to:

• Speculation Gharar: The reliance on highly leveraged, speculative trading of financial instruments without asset ownership.
• Gambling-like Elements: The upfront, non-refundable fee for a chance to win a larger prize funded account, resembling a game of chance.
• Implicit Riba: Potential for hidden interest or non-Shariah-compliant contract structures in the funding and profit-sharing models. It’s generally advised to seek clear halal alternatives.

What are halal alternatives to prop trading for wealth creation?

Better and halal alternatives include:

• Halal Entrepreneurship: Starting and growing ethical businesses e.g., e-commerce, services, product development.
• Halal Investment Funds: Investing in Shariah-compliant equity funds or Sukuk Islamic bonds.
• Real Estate Investment: Purchasing properties for rental income or appreciation, using halal financing.
• Skill Development: Learning and monetizing high-demand skills like coding, design, or consulting.

Does Robinsood.com have a physical office?

Yes, the website mentions that Robinsood.com has an “office based in Iran” and offers “the possibility of in-person visits to the Tehran office.”

Where can I find Robinsood.com’s terms and conditions?

The website’s main page doesn’t explicitly link to a dedicated “Terms and Conditions” page.

It is highly recommended to thoroughly review all terms, especially those related to fees, refunds, and challenge rules, which are typically presented during the registration or purchase process for each specific challenge. If unclear, contact their support directly.