RoboForex Review – Trading With A Mainstream Forex Broker For Direct Market Access (ECN)
Forex market offers numerous trading protocols and different types of market access that can make or break a trader’s career. Even a consistently profitable trader can only be as successful as his/her broker’s reliability, which does play a significant role in the making sure that a trader can withdraw his trading capital and profits without fail. RoboForex is one of the mainstream Forex brokers that understand the concept of Direct Market Access Trading and its implications on successful trading. Professional traders always choose ECN/STP and other DMA protocols over market maker accounts, which is why this RoboForex review should be relevant for both retail and institutional Forex traders.
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- Website: www.roboforex.com
- Support: +357 25 262660
- Soboh House 377
- 28th October Street
- office #1
- CY-3107 Limassol
RoboForex Regulation & Global Market Presence
RoboForex has been actively marketing its services to global Forex traders through new and innovative advertising strategies, which has recently seen the company sponsoring one of the more established teams in the Dakar rally of 2017. RoboForex is consistent in its sponsorship approach, which is achieved through its global marketing reach and a team of professional advertisers that is committed to the welfare of the company. While marketing is an essential part of the company’s overall strategies, we are more interested in the regulatory aspect of the company and the different Forex packages that are available to both retail and institutional traders. RoboForex has two main international offices, one that is located in Cyprus, while the other one is located in Belize. The broker has also established branch offices in the UK, New Zealand, Germany, and Lithuania to offer personalized support for customers from the EU and the Asia-Pacific. RoboForex is primarily regulated by two different regulatory organizations, the Cyprus Securities and Exchange Commission (CySEC), and the International Financial Services Commission (IFSC) of Belize. Belize is not entirely popular among the global Forex trading community due to the safe haven status of Belize in the international market, but CySEC regulation is indeed worthy of consideration. CySEC works according to a regulatory framework created by the European Markets in Financial Instruments Derivatives, which is designed to implement a uniform code of conduct for all non-banking financial entities operating in the EU. Cyprus is also an integral member of the European Economic Area Agreement, which further opens up the European markets to CySEC regulated Forex companies without any additional licenses. Therefore, RoboForex may claim to be regulated by all member nations of the EU, when in fact; the company is subject to regulatory supervision under the MiFID and the EEA. RoboForex regulation is also presided over by the independent Financial Commission, which acts as a regulatory agency and mediator to resolve conflicts between brokers and clients. Even without the protection of the Financial Commission, traders are protected through the Investor Compensation Fund of the EU, which offers protection of up to €20,000 if a broker is liquidated without warning.
RoboForex Trading Accounts
Opening a RoboForex account might seem daunting at first, mainly due to the full range of account options and product specifications. Fortunately, the broker has not specified any minimum deposit requirements for its entire lineup of trading accounts, which lets traders concentrate on the individual aspects of a trading account while making a choice. RoboForex primarily offers three different categories of accounts, the market maker, the STP/Hybrid, and the ECN accounts. The Cent Account options are the market maker accounts that offer micro trading conditions through automated dealing desk protocols. It is not a secret that market maker accounts have a massive conflict of interest between a broker and its clients, but all micro accounts can only be offered through market maker protocols due to the market conditions. The Cent Account is further classified into the FIX-Cent and the PRO-Cent accounts, which have slightly different trading conditions. The FIX-Cent account gets access only to the MT4 trading platform, which allows traders to open positions from 0.01 micro lots at a maximum leverage of 1:500. The maximum order size is restricted to 100 lots, with the maximum order volume limited to 200 positions. The spread is also fixed at a minimum of 2 pips for the FIX-Cent account, but for flexible spreads, one should opt for the PRO-Cent account. The PRO-Cent account allows traders to open positions from 0.1 micro lots, along with access to the MT5 trading terminal. All other trading conditions are similar to the FIX-Cent account, but the spreads are slightly lower at 1.3 pips floating. However, if you do feel that the Cent Accounts might not suit to your primary trading requirements, you may opt for the Standard Accounts in its FIX-Standard and PRO-Standard versions. The FIX-Standard account follows a hybrid market protocol that has spreads in the range of 2 pips fixed, while the minimum trading conditions are translated to standard lot conditions. All other trading specs remain same as the FIX-Cent account. The PRO-Standard account is the first real STP account from RoboForex that offers access to the markets through the MT4, MT5, and the cTrader trading platforms. Nevertheless, the PRO-Standard has the same spreads, leverage, and other trading conditions as the PRO-Cent account, with the only conceivable difference being the change from micro to standard trading conditions. One of the main advantages of opening a RoboForex trading account is the no-minimum ECN account that offers ECN trading for as little as $1. The ECN-FXISPread NDD account provides real ECN conditions for a minimum spread of 1.6, which is supported by commission-free trading. The maximum RoboForex leverage is also reduced to 1:300, but one of the biggest problems of this type of account is the limited number of financial instruments that are restricted to 13 currency pairs. For the best RoboForex spreads, market access, and DMA conditions, the ECN-PRO NDD account is the best option, which offers a 0 pip spread guarantee and the lowest commission in the market of $20 per million USD of trading volume. Traders are also treated to the best RoboForex trading platforms in the form of MT4, MT5, and the cTrader, which have specific RoboForex mobile apps that are available for Windows, Android, and iOS devices. You should always trade with a RoboForex demo account before choosing a real account, as there are significant differences in trading conditions between the ECN and market maker accounts. Make sure that you understand the risks of ECN trading before investing real money.
RoboForex Investment Accounts
RoboForex also offers a broad range of investment accounts that are designed for investors and social traders. Typical investment accounts include the RAMM account, the CopyFX account, and the ability to use EAs or trading algorithms on the MT4, the MT5, and the cTrader platforms. Get in touch with the RoboForex customer support department or your account manager for more information on RoboForex investment accounts.
RoboForex Bonus Options & Promotions For Existing Clients
RoboForex offers a fantastic welcome bonus that qualifies for a $20 bonus on an initial $10 deposit, where all profits can be withdrawn without any restrictions. The broker also promotes seasonal offers such as the ‘Road To The Dakar 2017’ offer, along with other VIP privileges for larger deposits. The broker also waivers off all deposit/withdrawal fees that are associated with account payments, which can be performed through Visa, MasterCard, WebMoney, Skrill, Neteller, and Bank Wire. Existing clients also receive bonuses such as rebates, cash-backs, and loyalty points. RoboForex has made it a priority to cater to its customers through an exclusively designed Forex brokerage service that is protected by a fair amount of regulation. Open A RoboForex account today to enjoy the advantages, or compare RoboForex with other recommended Forex brokers.