RoboForex Broker Review

RoboForex Group has existed since 2009, with two organizations called RoboForex and Robomarkets Ltd. The former offers services around the globe, and the latter was established for clients in the EU and EEA. IFSC manages this organization.

Around 800,00 clients from 170 different countries come under Roboforex. The language barrier is somewhat slimmer due to the aid of 18 languages provided by the broker.  RoboForex has tried its best to overcome any barrier between the clients, whether from overseas or a local location, a beginner in trading or professionally handling the business. To celebrate its 10th anniversary, the broker gave away a prize of $1,000,000 till April 2021.

The broker plans to flourish the client’s trading by greatly contributing to the technology and tools. Through Roboforex, you can access eight types of assets and 12,000 trading instruments.

You can find our transparent RoboForex review below. Broker reviews are updated frequently!

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RoboForex Regulation

RoboForex has been operating since 2006, and its regulations vary from one entity to another. RoboMarkets Ltd, a European entity managed by CySEC, and RoboForex Ltd, an international entity, is managed by IFSC, Belize.

Reliability

Through the negative balance protection program, the deposits are safe from losses. The funds are kept in isolated accounts, which provides a much safer environment for the clients. They feel much safer to withdraw as well as deposit any amount in the account.

RoboForex has a membership with the independent self-regulatory organization of Hong Kong to handle matters of dispute.

In simple words, 20,00 euros would be the amount your deposits would be saving up till, a great length of protection offered by Roboforex.

RoboForex Tradeable Products

Roboforex offers 9,400 assets offered across eight categories:

Forex, stocks, indices, ETFs, commodities, energies, metals, and cryptocurrencies.

This provides the clients with a wide range of opportunities across the financial spectrum. Raw spreads as low as 0.0 pips and commission per $1,000,000 traded at $15 in Prime account, the ECD-Pro NDD account has spread as low as 0.0 pips with a $20 commission per $1,000,000 trade. Around 40 currency pairs were available for trading with leverage of 1:2000.

RoboForex Account types

RoboForex provides you with five account types. They are:

Pro-Standard: Most preferred platform amongst all types of traders. It has a range of 36 currencies, CFD and US stocks, CFD on oils, metals, and cryptocurrencies with a minimum deposit of $10. It spreads from 1.3pips and offers leverage of 1:2000.

Pro-Cent:  Contains 36 currency pairs, metals, and cryptocurrencies. This account offers different challenging strategies for trading levels.

ECN-pro: It is targeted at professional traders. It has 36 currency pairs, CFD on indices, CFD on US stocks, and CFD on oil, metals, and cryptocurrencies.

Prime: It has 28 currency pairs, CFD on indices, CFD on US stocks, and CFD on oil, metals, and cryptocurrencies. This is also preferred for professional trading.

R-trader: It is a multi-asset account with over 12,000 assets, including Real stocks, CFD on stocks indices, Cryptocurrencies, Forex, and ETFs. Suitable for professional trading.

These accounts offer a great value deal for the clients, so they have various options when opting for an account. These accounts help the clients according to their level of experience with trading, whether they are professionals in the field or beginners who are just starting to get an idea of the concept.

Average Standard Account Spreads on Majors

• EUR/USD: 1.3
• GBP/USD: 1.3
• USD/JPY: 0.6
• AUD/USD: 1.6

Opening an account

Opening an account on RoboForex is just as easy as opening an account on any other website. In addition to all the procedures, RoboForex offers additional assistance with its website. The people who are having trouble or have a hard time understanding the concept can grasp it.

The following steps are involved in opening an account with RoboForex:

• Enter your name, country of residence, email, and password.
• Enter your nationality, date of birth, contact number, and residential address.
• Provide financial information.
• Answer queries about trading and financial knowledge.
• Verify your identity and address. To prove identity, upload a copy of passport, ID, driver’s license, and then take a selfie. RoboForex accepts bank statements as residency prove as well.

Account Currency

RoboForex has been trying to overcome the barriers between countries and regions for over a long time which is why they are always trying to come up with new options that would further aid the foreign clients and somewhat limit the differences that exist between regions.

USD, EUR, RUB, and CNY are the currencies for opening as account, Gold and BTC can be used as well. Unfortunately, you can’t open an account with ZAR as a South African.

Trading Platforms

MT4, MT5 as well as cTrader platforms are offered by RoboForex. MT4 is a highly established and multi-functional platform that attracts millions of traders each year. MT5 though highly functional is less popular than MT4. Both platforms provide high-quality trading services. The cTrader is still most dominant in the ECN sector.

RoboForex’s MT5 platform does not allow hedging and lacks backward capability, which is why it is somewhat less popular than MT4. This platform has been greatly upgraded with many new features but still doesn’t come close to the MT4 platform.

Besides these three platforms, RoboForex also offers RStocksTrader, which gives complete access to the selection assets. This platform also offers automated solutions.

Commissions and Fees

Commissions and spreads at RoboForex start with $15, with variable spreads starting at 0.0 pips.

Extra fees may be applied to people who are operating from different regions. The difference in time zones sometimes gets in the way of communication. Hence, a gap starts to occur due to which the fees are somewhat increased. RoboForex may also charge overnight fees known as rollover fees if the position is open for more than a day.

Leverage

The amount of leverage depends on your location, more specifically, whose subsidiary firm controls your account. Traders who use MT4 can get maximum leverage up to 1:2000.

Deposits and Withdrawals

Bank transfers and credit/debit card deposits, clients can choose between Sofort, GiroPay, iDEAL, EPS, Rapid Transfer, Trustly, Nordea SOLO, China Union Pay, POLi, Tinkoff, Skrill, Neteller, Perfect Money, AdvCash, Fasapay, QIWI Wallet, Yandex.Money, Santander, HSBC, Caixa, Boleto, Santander Rio, Bancolombia, PSE, Mobile Money, Banco do Brasilm Bradesco, ITAU, and Webpay.

Availability of minimum deposits depends on geographical regions, but RoboForex offers other options that would help traders better understand the concept of trading in RoboForex.

Education and Research

RoboForex had initially an in-house analytic firm from where they used to carry out many of their operations. Still, recently, they have developed an independent analytic firm called Claws and Horns. This firm would allow them to carry out tasks much bigger and to a more extended audience.

Whether they are tutorials or procedures, all broker work is available on the broker’s blog. People can easily access it when they are looking for some assistance on trading matters.

The tutorials for accessibility can be easily attained by logging into Members Area and then moving on to the Analytical firm, which offers great assistance options to the people who are finding it difficult to access the website. RoboForex is quite popular to offer endless amounts of assistance to the people who are looking for it.

New trading courses on NYSE and NASDAQ have also been introduced.

Customer Service

Full length and extended tutorials are present for people who are new to the concept. Other than that, a 24/7 helpline is also available for people who are experiencing any sort of difficulty during the process. An additional email and phone call option is present for in-depth queries.

Bonuses and Promotions

In total, RoboForex offers four bonus programs. Free trading contests are held once in a while. Profit Share Bonus represents a 50% bonus on every deposit over $3000 in either Pro-Standard or Pro-Cent accounts.

The Classic Bonus offers 115%, which is a huge boost, but it is not available for forex drawdown periods. This requires a $500 deposit.

For trader bonuses, traders can access 15% cashback to all verified accounts, and they must have a minimum trading value of 10 lots a month. This lowers trading costs vastly. This facility is very popular among high-frequency traders because it opens several doors of challenges and options from which they can easily choose, which benefits them and helps them in the future.

Special features

CopyFX platforms allow traders to copy trade from other traders. The minimum deposit is $100, with thousands of traders participating. The RAMM platform offers a traditional approach to asset management and features over CopyFX, including automated risks.

Free VPS hosting for all verified accounts and holding a deposit of just $300 is also offered by RoboForex.

RoboForex is popular amongst the traders because they offer many special features that attract new clients and greatly satisfy the existing audiences, and their trust increases to a great number.

RoboForex South Africa

South Africans are welcomed to open an account; however, not in ZAR.

Not a lot of options were available for the citizen of South Africa in the past. However, RoboForex is now working head to overcome those obstacles and provide a safe environment for all its customers, whether they are professionals at trading or beginners who are still finding the way.

Affiliate Program

Through this program, people can earn for every verified client with 50% commission for each client.

Our verdict

RoboForex offers a well-regulated broker, which offers diverse solutions to any kind of problem. The account offers various options in terms of trading and investment and powering trading by the power of developed tools. They use many different kinds of robotic systems and strategies to help offer clients more options that they feel comfortable with.

RoboForex works out of flexible regulatory jurisdiction through accountable bodies, which create a safe environment for the traders.

RoboForex is working hard to make its platform a safe place for everyone to invest in without any fear or doubt. They are proving to be something people can invest their trust in. Their popularity has increased to a great number in the past few years.

Bottom Line

RoboForex is ready to help, cater to and manage any kind of trading facility. Whether you are a beginner or a professional in the trading business, RoboForex is always available to help sort out any dispute or difficulty that might occur during the process.

People have been opening accounts with RoboForex for many years, and it is considered one of the major, trusted websites.

Feel free to open your account with Roboforex for an unlimited amount of bonuses and profits and, of course, a safer place for your deposits.

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Broker FAQ

Thinking of Trading with RoboForex?

What is RoboForex’s minimum deposit?

The minimum deposit range is $10

How do I deposit/withdraw from my RoboForex account?

Bank transfers and credit/debit card deposits, clients can choose between Sofort, GiroPay, iDEAL, EPS, Rapid Transfer, Trustly, Nordea SOLO, China Union Pay, POLi, Tinkoff, Skrill, Neteller, Perfect Money, AdvCash, Fasapay, QIWI Wallet, Yandex.Money, Santander, HSBC, Caixa, Boleto, Santander Rio, Bancolombia, PSE, Mobile Money, Banco do Brasilm Bradesco, ITAU, and Webpay.

Is RoboFprex spreads high?

RoboForex offers a tighter spread on all major FX pairs.

What is the maximum leverage at RoboForex?

Maximum leverage at RoboForex is 1:2000.

Does RoboForex use MetaTraders?

RoboForex uses MT4 and MT5.

Is RoboForex available in South Africa?

Yes, it is available for South African traders.

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