Roboforex Broker Review

Introduction

Website: https://roboforex.com

The RoboForex website is part of a group of brands owned and operated by RoboForex Ltd.

The RoboForex activities are licensed and regulated by the Financial Services Commission of Belize under the Securities Industry Act 2021, FSC Registration No. 000138/7.

The brand offers trading in a number of asset classes, including forex as you might guess from the brand name. Clients can also access trading in equities, indices, commodities, and ETFs.

Clients can take their pick from four excellent trading platforms and can also choose between working through a dealing desk or using RoboForex as a broker. Flexibility and choice are priorities for the broker.

Some of the excellent features to be accessed when trading includes:

• Spreads that start at 0 pips.
• Minimum 0.01 lot trade size.
• five different trading platforms including MetaTrader 4/5, R StocksTrader, R MobileTrader, and WebTrader.
• Regulation, compensation for deposit commissions, and secure platform.

As might be expected from the previous traders are offered an excellent trading environment at this broker, allowing them to access over 12,000 different assets on multiple platforms and from 169 different countries. The broker also offers its services in 10 languages, making it easily accessible for traders across the globe.

It does not matter if a client is just getting started in trading, or if they have decades of experience, RoboForex can accommodate all their needs.

As might be inferred from the brand name, automated trading has an important position at RoboForex. The remainder of this review will go into more depth regarding the various aspects of the broker’s business, concluding with an overall independent opinion and rating of the broker.

Quick Look At The Broker

As part of the research process to write this review, we set up a demo account with RoboForex and accessed their website and their mobile trading platform. The process of opening a demo account was straight-forward and quick, taking less than a minute.

This review will look at the details of an STP/ECN broker with enough flexibility and options to make it ideal for traders of all experience levels. And with a huge array of available assets to trade it is also great for portfolio diversification.

Clients can take advantage of multiple account types, multiple trading platforms, some of the best spreads in the industry, high leverage, attractive promotions, and provides compensation for deposit commissions. No wonder RoboForex has won over 20 different awards in 2020.

Just seeing the web and mobile trading applications in action will show that RoboForex takes technological superiority as an important feature. No matter what action was performed, from placing initial orders to changing open orders and positions, to adding alerts – it all went very smoothly and without any delays or errors.

RoboForex seems ideal for all levels of traders, from beginners to experts. The trading platforms will give clients exactly what they need, whether that’s simplicity and ease of use, or powerful technical charting capabilities. And with low minimum deposits, small minimum trade sizes, and access to all that markets have to offer it could be difficult to find a broker as attractive.

Continue reading our in-depth RoboForex review to discover more about this quality broker and everything it offers.

Regulations & Licenses

Countries/Regulators

Clients can feel secure trading with RoboForex, knowing that they are licensed and regulated, as well as insured. The hold a license for trading financial derivatives and securities from the FSC in Belize with registration number 000138/7.

They also hold a Category A regulation from TFC. This international license is issued by an organization with offices in Hong Kong and the U.K. The purpose of TFC is to provide a neutral arbitrator when needed, and to provide clients compensation for deposit commissions.

NOTE: RoboForex do not provide their services to residents of the USA, Canada, Japan, Australia, Bonaire, Brazil, Curaçao, East Timor, Indonesia, Iran, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other restricted countries. RoboForex Ltd and its affiliates do not target EU/EEA/UK clients.

Languages

A truly international broker, with clients in 169 different countries, and a website that is presented in different languages: English, Spanish, Thai, Vietnamese.

Account types

Retail Trader Accounts

Clients can take advantage of five different account types which range from the Pro/ProCent to the Prime account. The ProCent account is meant for new traders and for testing strategies as it offers transaction sizes that are one-tenth the size of a Pro account. RoboForex acts as the market maker for these accounts, because of that some people might prefer to go with the Pro account.

The Pro account is the base level account, and it comes with a very manageable $10 minimum deposit. It also offers leverage up to 1:2000, and a floating spread that starts from 1.3 pips. There are no additional fees or commissions with the Pro account.

Next is the ECN account, which gives clients a considerably improved trading environment as it offers floating spreads from 0 pips. The trades are not free though. The ECN account has a commission of $20 per $1 million traded. Still, that’s far more affordable than spreads that begin at 1.3 pips. And the minimum deposit is still an affordable $10.

Leverage on the account goes up to 1:300, but this account type is not able to take advantage of bonuses. There is also a cash-back on commissions of 15%, which actually makes the commission $17 in effect.

The top tier account is the Prime account, which keeps the spreads starting at 0 pips, but lowers the commission charged to $15 per $1 million traded. It also offers a cash-back rate on the account of 5% of the commissions paid, which makes the commission rate $14.25 in effect. The Prime account has a $5,000 minimum initial deposit, and clients are restricted to using only the Metatrader 4/5 and R StocksTrader platform.

The final account type is the R StocksTrader account, which can only be used with the proprietary R StocksTrader platform. This account has the greatest number of assets available, currently more than 12,000. It comes with a reasonable $100 minimum deposit and spreads begin at $0.01. It offers the lowest leverage of all the accounts at 1:200 and is not eligible for bonuses.

The broker also offers a VIP program for traders with three levels – Silver, Gold, and Platinum. The Silver level is reached when a client has $3,000 in their account. This gives 20% cash-back, more % bonuses, a dedicated account manager, and improved VPS order conditions. Each subsequent level increases the cash-back and bonus %, with the Platinum level offering 40%.

Demo Account

All traders can open a demo account at ROBOFOREX and practice trading without risking any real money. It is possible to test any of the trading platforms, and the cash-back rewards also apply to the demo accounts so clients can see in advance how this scheme will impact their account balance. Each demo account is only valid for 90 days, but clients are permitted to open as many demo accounts as they like.

Fees, Costs & Spreads

There are no outright fees, and the broker is completely transparent about collecting its fees through the spreads and commissions on the more than 12,000 assets offered for trade. Commissions run from $15-$20 per $1 million traded, while spreads begin at 0 pips for ECN accounts and 1.3 pips for STP accounts.

In the case of the ProCents account, the broker is also the market maker, and it makes its profits from the trader’s losses. For all other accounts, a liquidity provider is used and RoboForex receives a portion of the spread and a small commission from the liquidity provider.

Traders should note that there are financing costs for leveraged positions and also swap rates for positions that are held overnight. In addition, any corporate actions (such as dividends) are also passed on to client accounts.

Deposits & Withdrawals

Deposits and withdrawals can be made by over 20 different methods, and while there are no fees for deposits, the fee structure for withdrawals varies greatly from one method to another. The time frame for receiving the withdrawals also varies from instantaneous to as much as possibly 10 business days for deposits to credit cards.

Bank transfers incur a fee of 1.6% and can take up to 5 business days as well. For Skrill withdrawals, there is a 1% fee, and funds can take up to 24 hours to arrive. Neteller is also acceptable, with a fee of 1.9% and funds may take from 1 minute to 1 day to arrive.

In all cases, you can only deposit from and withdraw to an account that is in your name.

All the trading platforms mentioned above have mobile versions available for both Android and iOS users. Each can be downloaded from links found on the RoboForex website, or from the respective app stores.

Several benefits of using the mobile app to trade are below:

• Complete access to user accounts to trade anywhere and at any time.
• Notifications and alerts.
• Access to multiple charts for analysis.
• Available in multiple languages.
• Advanced order and account management.

Additional Platforms

In addition to giving their clients excellent trading conditions through the four platforms on offer, RoboForex also offers a unique trading platform that takes advantage of the increasingly popular trend of social trading. This is the CopyFX platform, and it allows clients to copy the trades of other traders at RoboForex. It is a true expression of the increasingly popular social trading revolution that promises excellent trading performance without the extensive research time.

Clients can take advantage of CopyFX with a minimum investment of $100. Once inside the platform there are thousands of traders participating, and there are always some excellent opportunities.

Assets Available

The number of available assets will depend on which account type is used, and which platform is being used. For the greatest flexibility and market access traders should choose the R StocksTrader account and platform. It gives access to more than 12,000 stocks, Indices and ETFs on bonds, securities, commodities, etc.

Most of the other platforms offer 36 currency pairs, metals, CFD on US stocks, CFD on indices and CFD on crude oil. The ProCent platform is even more limited, with access to 36 currency pairs and metals.

Notification and Alerts

The number of available assets will depend on which account type is used, and which platform is being used. For the greatest flexibility and market access traders should choose the R StocksTrader account and platform. It gives access to more than 12,000 stocks, Indices and ETFs on bonds, securities, commodities, etc.

Most of the other platforms offer 36 currency pairs, metals, CFD on US stocks, CFD on indices and CFD on crude oil. The ProCent platform is even more limited, with access to 36 currency pairs and metals.

Risk Management Tools

There are several tools and options that can be used as part of a risk management strategy at RoboForex. Traders can use both stop orders and trailing stop orders to limit their risk. The alert systems provide another means to limit risk.

Trading Tools and Analysis

An analytical feed provides information about overall market overview, wave analysis, Fibonacci retracements, Ichimoku Cloud, forecasts for a week, and commercial news. Clients can also take advantage of the technical indicator signals provided for free.

This service gives access to signals of the most popular technical indicators, such as BBands, Ichimoku, MA10, MA20, MA50, MA100, MACD, Stochastic, William`s, and ZigZag, as well as the market sentiments chart. The signals are displayed in the convenient table format and available on 7 timeframes (from M1 to Daily) – all you have to do is to choose the required trading instrument.

Also available are a selection of 5-7 minute video reviews of major currency pairs. It is perfect for those who do not have time to do a deep dive into the markets on any given day. One final tool that is available is the economic calendar.

Traders can access a public holiday calendar, bank interest rates, breaking news, worldwide economic indicators, trading session schedule, and dates when registries of the world’s leading companies are fixed. The section contains a set of up-to-date fundamental data and indicators, including market news. All subsections support filters and search.

Education and Training

RoboForex provides its clients with educational materials from MetaQuotes that includes ready-made trading strategies and video tutorials. In the education section of the broker's website section, clients can find fully ready strategies for trading, from short-term to long-term, as well as a set of useful video content from MetaQuotes with insight into advisors, signals, and hosting.

Bonus and Promotions

Welcome Bonus: This bonus is available to all new clients who are using the Pro or ProCent accounts. Simply register, verify the account, and then deposit a minimum of $10 by credit or debit card to receive this $30 deposit bonus. Other deposit types do not qualify for the bonus. The bonus can be used during drawdown but is not able to be withdrawn. Any profits made trading with the bonus are available for withdrawal.

Customer Support

As an award-winning international broker there is excellent customer support in place to address any issues or questions that might arise from clients. While it is hoped there is never a call for using the customer support services, it is also good to know that they are there, and that they are professional and responsive.

Clients can access the customer support team 24/7 and in fourteen different languages. Support is available via online chat, email, through a webform, via phone as a direct call, or clients can request a call-back. When we tested the support team on some basic broker information they responded immediately and were very knowledgeable.

Finance Magnates Independent Opinion & Rating

RoboForex is the most popular brand in the RoboForex Ltd and it has been growing rapidly thanks to its solid approach to client satisfaction, its broad platform and asset offerings, and the trustworthiness of the broker. With so many different platforms to choose from every trader will find a suitable trade path at this broker.

With generous spreads, bonuses at all times, and support in a dozen languages it’s no wonder the broker is growing so rapidly in the international arena.

The proprietary R StocksTrader platform gives clients access to more than 12,000 assets, meaning there will never be a time client cannot find a suitable market to trade. And when you combine all the above with the reliability and trustworthiness being offered at RoboTrader it is no surprise that we can recommend them as a solid broker well worth trying.