RoboForex Review |
|
| 📅 Year founded |
2009 |
| 📈 Multiple top-tier regulation |
No |
| 📍 Headquarters |
Belize City, Belize |
| 🌍 Country of regulation |
Belize |
| ✅ Regulators |
FSC |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$10 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 / R StocksTrader |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities / Stocks / ETFs |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Card / Bank Wire Transfer / Skrill / Neteller / AstroPay / SticPay / PerfectMoney |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Welcome Bonus / Rebates |
| 💰 Account Currencies |
USD / EUR / GOLD |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
ECN / STP |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
None |
| 💰 Withdrawal fee |
Withdrawal method dependant |
| ☎ Customer Support |
24/7 |
| 💰 Max. Leverage |
2 000:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Account type dependant |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
40 + |
| 🔢 Number of clients |
730 000 + |
| 🥇 Instruments Offered |
12 000 + |
| 📙 Education |
None |
WHAT IS ROBOFOREX?
RoboForex is an international brokerage firm founded in 2009, offering a diverse range of financial services and trading technologies. The firm is headquartered in Belize and operates under the regulatory oversight of the Financial Services Commission (FSC) of Belize.
As a global forex broker, RoboForex provides traders across the world access to a vast market with opportunities to trade various instruments across different markets. One of the standout features of RoboForex is its commitment to integrating cutting-edge technologies and providing flexible trading solutions that cater to both beginner and experienced traders.
This commitment is evidenced by their range of trading platforms and the variety of account types they offer, which are designed to meet the specific needs of different trader profiles.
RoboForex has made significant efforts to enhance user experience by offering low spreads, high leverage and access to automated trading systems and algorithms. Additionally, the company supports the development of new trading strategies by offering robust analytical tools and competitive trading conditions.
Regulated by the FSC in Belize, RoboForex is able to offer a level of flexibility in its operations, which can be particularly advantageous for traders looking for higher leverage options or specific account types not available under more stringent regulators. The FSC’s oversight helps ensure that RoboForex maintains fair trading practices and transparent financial reporting, thereby contributing to its reputation as a reliable and trustworthy broker in the competitive world of online trading.
INTRODUCTION
RoboForex Ltd, established in 2009, has grown to become a prominent name in the online trading industry. Headquartered in Belize, a jurisdiction known for its balanced financial regulations, RoboForex has been able to leverage the regulatory framework provided by the FSC of Belize to offer flexible trading conditions that are highly appealing to a global audience.
Since its inception, RoboForex has focused on providing an expansive range of trading options to both novice and seasoned traders. This includes access to a wide array of markets including forex, indices, commodities, stocks and ETFs.
RoboForex’s operational philosophy centres on transparency, customer satisfaction and innovation in trading technology. By continuously upgrading its services and expanding its research offerings, RoboForex aims to empower traders with the knowledge and tools needed to execute informed trades.
The broker’s dedication to client service is demonstrated through its robust customer support system, tailored account management services and user-friendly trading environment. This customer-centric approach, combined with competitive trading conditions and a secure regulatory backdrop, makes RoboForex a reliable choice for traders looking for a comprehensive and dynamic trading experience.
PROS & CONS
PROS
- Wide range of trading instruments with over 12 000 available.
- Multiple account types and trading platforms.
- Competitive spreads and low commissions.
- High leverage options up to 2 000:1.
CONS
- Regulatory oversight is limited to only one regulatory body and can be expanded.
TRADING INSTRUMENTS
RoboForex offers a rich portfolio of trading instruments, catering to a wide range of traders with varying interests and investment strategies. This extensive offering underscores the broker’s commitment to providing diverse market access, allowing traders to diversify their portfolios and manage risks more effectively.
Forex
RoboForex provides its clients with the ability to trade more than 40 currency pairs including major pairs such as EUR / USD, GBP / USD and USD/JPY, as well as a selection of minor and exotic pairs. This broad selection offers traders high liquidity and the opportunity to profit from fluctuations in global currency markets around the clock.
Indices
For those interested in broader market movements, RoboForex offers trading on major global indices such as the Dow Jones Industrial Average, NASDAQ, S&P 500, DAX and Nikkei. Indices trading is a popular choice for traders looking to gain exposure to entire sectors or economies without having to select individual stocks.
Commodities
Traders at RoboForex can engage in commodities trading which includes popular options like gold, silver, oil and natural gas. Commodities are often used by traders as a hedge against inflation or currency devaluation, making them a critical part of diversified trading strategies.
Stocks and ETFs
RoboForex extends its trading services to the stock market, offering access to shares of leading companies from the US, EU and Asia. In addition, traders can invest in ETFs, which are baskets of stocks that are traded on exchange, similar to individual stocks.
With over 12 000 stocks and ETFs available, traders have one of the widest selections available to them in the industry.
The availability of such a wide array of trading instruments at RoboForex means that traders can easily move between markets and adapt their strategies according to market conditions, economic changes or personal investment goals. This flexibility is enhanced by the broker’s robust trading platforms, which provide advanced tools and analytics to support trading decisions across all these instruments.
TRADING PLATFORMS
RoboForex provides its clients with access to some of the most advanced and widely used trading platforms in the industry, ensuring that all types of traders, regardless of their technical expertise or trading style, have the tools they need for effective trading. The broker supports MetaTrader4 (MT4), MetaTrader5 (MT5) and R StocksTrader, each offering unique features tailored to different trading requirements.
MetaTrader4 (MT4)
MT4 is renowned for its robust functionality, user-friendly interface and flexibility, making it the platform of choice for millions of forex traders globally. It offers advanced charting tools, a large number of technical indicators and extensive back-testing options for traders who rely on historical data to test their trading strategies.
MT4’s automated trading capabilities, through Expert Advisors (EAs), allow traders to automate their trading strategies, ensuring that they can trade the markets 24/5 without having to be physically present at all times.
MetaTrader5 (MT5)
As the successor to MT4, MT5 offers all the admired features of its predecessor but with additional capabilities designed to cater to more markets and trading instruments including stocks and commodities. MT5 is a more powerful platform that provides enhanced trading systems, more technical indicators and advanced graphical tools.
It also supports more order types and has an integrated economic calendar. For traders looking to expand their trading into new asset classes, MT5 provides a comprehensive solution with its improved multi-asset trading features.
R StocksTrader
R StocksTrader is a multi-asset web platform that offers state-of-the-art technology for trading stocks and ETFs. It combines cutting-edge tools in a user-friendly interface to deliver a seamless trading experience.
The platform features comprehensive charting tools, one-click trading and real-time quotes. Additionally, R StocksTrader provides access to RoboForex’s proprietary trading strategies and robot trading capabilities, which can automate trading processes and execute trades based on predefined parameters.
These platforms collectively offer RoboForex’s clients the flexibility to choose a trading environment that best suits their trading style and needs. Each platform is designed to provide robust analytical tools, real-time data and reliable execution speeds that can help traders capitalize on market opportunities efficiently.
Whether a trader prefers the classic and widely adopted MT4, the advanced and versatile MT5 or the innovative and intuitive R StocksTrader, RoboForex caters to all preferences, ensuring that its clients have the best tools at their disposal to make informed and effective trading decisions.
ACCOUNT TYPES
RoboForex offers a variety of account types to suit the different needs and preferences of traders. Each account type is designed to cater to specific trading styles, levels of experience and investment sizes.
Prime Account
The Prime account is ideal for advanced traders who seek the best trading conditions available. This account offers ultra-tight spreads from 0.0 pips and low commissions, making it suitable for high-volume traders who prefer trading with minimal trading costs.
The Prime account charges commissions of $10 USD per $1 000 000 traded, requires a minimum deposit of only $10 USD and provides leverage of up to 300:1.
ECN Account
The ECN (Electronic Communication Network) account provides direct access to other participants in currency markets, which is beneficial for traders looking for the best possible spreads and the ability to trade on market depth. This account type charges a commission for trading, but in return, traders benefit from very low spreads that start from 0.0 pips.
The ECN account charges commissions of $20 USD per $1 000 000 traded, requires a minimum deposit of only $10 USD and provides leverage of up to 500:1.
R StocksTrader Account
The R StocksTrader account is tailored for traders who focus on stocks and ETFs. This account type is powered by the R StocksTrader platform, which is specifically designed for trading these instruments.
It features competitive commissions and provides access to both real stocks and ETFs. This account is an excellent option for traders who wish to invest in the stock market alongside other financial instruments.
The R StocksTrader account requires an initial deposit of $100 USD, offers low commission charges on stocks and provides leverage of up to 20:1 on stocks and 500:1 on currencies.
ProCent Account
The ProCent account is designed for new traders and those testing new trading strategies. This account type allows trading with smaller lot sizes (micro-lots) and lower risk.
The ProCent account requires a minimum deposit of $10 USD, provides spreads from 1.3 pips and does not charge any commissions on trades. Additionally, traders have access to leverage of up to 2 000:1.
Cent Account
The Cent account is the most versatile and popular account type at RoboForex. It offers balanced conditions that suit a wide range of traders.
Traders can enjoy reasonable spreads without commissions and a wide range of available trading instruments. This account is a great all-rounder, suitable for those who want straightforward access to global markets with no extra complexities.
This account type also requires a minimum deposit of $10 USD, provides leverage of up to 2 000:1 and provides floating spreads from 1.3 pips.
Each of these account types is engineered to address the varying needs and trading strategies of RoboForex’s diverse client base. Whether a trader is looking for the cost-efficiency of tight spreads and low commissions, the robust features of a platform-specific account or the training wheels of micro-lot trading, RoboForex offers tailored solutions to meet these demands, thereby enhancing the trading experience for all types of traders.
HOW TO OPEN AN ACCOUNT
Opening an account with RoboForex is straightforward and can easily be done via the broker’s website. Potential clients need to upload their personal information and submit the required documents for verification by the broker.
Once the documents have been verified, traders can select their account type, deposit funds and begin trading.
DEMO ACCOUNT
RoboForex provides a demo account that mimics real market conditions and is funded with virtual money. This allows new traders to practice without risk and seasoned traders to test strategies.
SOCIAL TRADING AND COPY TRADING
RoboForex offers CopyFX, its own proprietary copy trading platform where traders can copy the trades of other successful traders. This is particularly useful for those new to trading or those looking to diversify their strategies.
The CopyFX platform is easily integrated and compatible with both the MetaTrader and R StocksTrader platforms.
COMMISSIONS AND FEES
RoboForex boasts competitive commission charges throughout all their account types. These fees are discussed in the Account Types section and a list of all the broker’s fees is readily available on their website.
RoboForex does not charge any inactivity fees, however there are fees applicable on certain withdrawal methods.
LEVERAGE
The leverage at RoboForex is flexible and can be as high as 2 000:1 on the Cent and ProCent accounts. On other account types, the maximum leverage varies between 300:1 and 500:1.
The high leverage available allows traders significant exposure to markets with a relatively small amount of capital. However, high leverage also increases the risk of substantial losses.
WITHDRAWALS AND DEPOSITS
RoboForex supports multiple deposit and withdrawal methods including bank transfers, credit and debit cards and various eWallets including Skrill, Neteller, AstroPay, Sticpay and PerfectMoney.
While deposits are not charged, the broker does charge fees on withdrawals which vary depending on the method used. Withdrawal fees vary between 0.5% – 4% but twice a month, on certain days specified by the broker, traders can withdraw without paying commissions.
CUSTOMER SERVICE
Customer support is available 24/7 via live chat, email and phone. The customer service team at RoboForex is known to be responsive and knowledgeable, attending to all customer concerns swiftly.
The service is available in a variety of different languages, ensuring that all RoboForex clients are cared for.
SAFETY AND SECURITY
Safety and security are paramount in the world of online trading, where the protection of clients’ funds and personal information must be guaranteed. RoboForex takes these aspects seriously, employing a range of security measures to ensure a secure trading environment.
A key component of RoboForex’s trustworthiness is its regulatory oversight by the Financial Services Commission (FSC) of Belize.
RoboForex is regulated by the FSC, the regulatory authority of Belize, which oversees the operations of financial services providers to ensure they operate within a framework that protects investors. Being regulated by the FSC means that RoboForex must comply with international best practices and standards in financial services.
This includes maintaining transparency in financial reporting, adhering to anti-money laundering (AML) guidelines and ensuring fair trading practices. The FSC mandates that RoboForex regularly submit financial reports and undergo audits, which helps in maintaining a high level of financial integrity.
This oversight also ensures that RoboForex operates with sufficient capital to cover its market exposures and that client funds are handled responsibly.
Client Fund Protection
RoboForex adheres to strict policies regarding client funds, ensuring they are kept in segregated accounts separate from the company’s own operational funds. This segregation protects clients’ investments by ensuring that their money cannot be used for any other purpose, such as business operating costs or in the unlikely event of the broker’s insolvency.
RoboForex also employs state-of-the-art security measures to protect the data and funds of its clients including SSL encryption, two-factor authentication and advanced risk management sections.
By combining regulatory oversight with robust financial practices and advanced security technologies, RoboForex ensures a secure trading environment that protects the interests of its clients, enabling them to focus on their trading activities without undue concern about the safety of their investments.
PROMOTIONS
RoboForex offers various promotions including a Welcome Bonus and various cash rebates. The Welcome Bonus entails traders receiving up to $30 USD when opening a new account with the broker, while the cash rebates are calculated as a percentage of the total volume traded, up to a maximum of 10% on the Prime account.
RESEARCH
RoboForex provides comprehensive market research tools including economic calendars and market analysis. Additionally, with the provision of the MT4, MT5 and R StocksTrader platforms, traders are also able to access the wide range of research tools available on these platforms.
EDUCATION
Unfortunately, the broker does not provide any educational materials on its website, however, with the vast array of tools and resources available on the internet, this should not negatively impact a traders decision about joining RoboForex.
GLOBAL AWARDS
RoboForex has received numerous global awards recognising its technology, customer service and innovative trading solutions. Some of their most recent awards include the following:
- Best Trading Conditions (2023) – International Business Magazine Awards.
- Best Copy Trading Platform (2023) – Global Brands Magazine Awards.
- Best Multi-Asset Trading Platform (2023) – Global Brands Magazine Awards.
- Best Partner Program (2023) – World Economic Magazine Awards.
- Most Reliable Broker (2022) – GF Awards B2B.
- Best Prime Trading Account (2022) – Ultimate Fintech Awards.
- Most Trusted Broker (2022) – International Business Magazine Awards.
SAFE OR SCAM?
In evaluating whether RoboForex is a safe broker it’s crucial to consider various aspects of its operational and regulatory framework. RoboForex is regulated by the FSC of Belize, which, while not as renowned as some other regulatory bodies like the FCA in the UK or CySEC in Cyprus, still provides a regulated environment that mandates certain standards of financial and operational conduct.
The FSC’s oversight ensures that RoboForex adheres to the rules and regulations designed to protect traders and their investments. This includes requirements for regular financial reporting, segregated client accounts to keep traders’ funds separate from company funds and adherence to fair trading practices.
These measures provide a significant level of security and indicate that RoboForex operates with transparency and reliability.
Furthermore, RoboForex has been in operation since 2009, which provides it with a long track record in the industry. Over the years, it has garnered a reputation for providing robust trading services and maintaining a reliable operational record.
Client testimonials and reviews available on various online forums and review sites mostly reflect positively on RoboForex. While no broker is free from customer complaints, the nature and frequency of grievances against RoboForex are comparable to those of other reputable brokers in the industry.
RoboForex has invested in advanced security measures to protect client data and financial transactions including the use of SSL encryption, two-factor authentication and risk management systems. These technologies help in safeguarding traders’ personal and financial information, further strengthening the case that RoboForex is a legitimate and safe broker.
Based on regulatory compliance, operational history, industry reputation, customer feedback and security measures, RoboForex can be considered a safe broker. However, as with any investment, traders should conduct their own due diligence and consider their own trading needs and risk tolerance when choosing a broker.
CONCLUSION
RoboForex offers a robust trading solution suitable for both novice and experienced traders. Its range of platforms, account types and comprehensive trading tools provide a flexible trading environment.
While the regulatory oversight is not the most stringent, RoboForex’s commitment to security and customer satisfaction helps mitigate potential concerns, making it a viable choice for traders seeking diversified trading options and technological convenience.
After conducting the above review into the broker, the team at Brokersuggest.com highly recommends RoboForex as one of the leading brokers in the industry.
