This RoboForex review analyzes a quality STP/ECN broker that is a great option for both beginner and veteran traders. It’s also an excellent choice if you’re looking to diversify your trading portfolio.
Roboforex offers over 13,000 trading instruments for you to choose from, including over 40 currency pairs, over 11,700 stock CFDs, 26 cryptocurrency CFDs, and over 100 soft commodity ETFs.
This broker provides you with tight spreads, quality insurance for client funds, and access to multiple trading platforms. It also offers multiple account types for different trading styles, some very attractive bonuses, and great leverage.
Continue reading our in-depth RoboForex review to discover more about this quality broker and everything it offers.
Discover an accomplished, award-winning broker
Based in Belize, RoboForex was founded in 2009 and has since grown to service over 730,000 clients. The broker prides itself on offering a wide range of services and excellent trading conditions.
Roboforex offers over 13,000 tradable instruments in 8 asset classes. These include over 40 currency pairs, more than 11,700 stock CFDs, over 1,000 ETFs, and 26 cryptocurrency CFDs.
Our RoboForex review team also found that RoboForex has won a series of awards. In 2019 alone, they won the Best Broker of the CIS, the Best Investment Platform, the Best Educational-Forex Center in CIS, and the Best Investment Products Global awards.
It should be noted that RoboForex does not accept customers from the United States.
Expect a regulated broker with strong client protection
RoboForex is an international broker that is licensed by the International Financial Services Commission of Belize under license number IFSC/60/271/TS. While the IFSC is not necessarily considered a top-tier regulatory body, it is still a reputable authority with a focus on protecting traders.
This broker has also taken serious steps to protect their clients’ funds. It has implemented negative balance protection to limit the risk of market volatility. If your account drops into negative figures, RoboForex will top up your account to 0, ensuring you don’t owe anything.
During our RoboForex review, we also discovered that they are a member of the Financial Commission, as well as the Compensation Fund this organization offers. This means that you are protected up to €20,000. You also have an avenue to settle disputes with the broker without going to court.
This broker has also implemented a Civil Liability insurance program up to a total of €5 million. Coverage includes fraud, negligence, omissions, and various other risks that could cause clients to lose their money.
RoboForex has also received the Verify My Trade (VMT) certificate from the Financial Commission. This certificate confirms that this broker offers quality trade execution conditions and is in full compliance with the rigorous trading condition requirements imposed by the FC.
In terms of web security, RoboForex uses Comodo Security Solutions to encrypt all personal information and transactions during transmission via the internet. It also uses two-step authentication to further secure your Member’s Area.
Take advantage of a variety of account types
RoboForex is an STP/ECN broker, meaning they offer both types of accounts. The accounts are designed for different trading styles and levels of experience and expertise.
The Pro-Cent account is mainly aimed at beginners, but also veterans who wish to test trading strategies. You can trade 36 currency pairs, metals, and cryptocurrencies with this type of account.
The Pro-Standard account is designed for all types of traders. Besides the instruments available with the Pro-Cent account, you can also trade CFDs on US stocks, CFDs on indices, and oil CFDs.
Both accounts have a minimum deposit of $10, floating spreads starting from 1.3 pips, and maximum leverage of 1:2000. They are also available in swap-free versions for Muslim traders.
The ECN-Pro account is designed for professional traders looking for outstanding trading conditions. It features floating spreads starting from 0 pips and commissions for trading volumes of $1 million. The account has a minimum deposit of $10 and maximum leverage of 1:300.
The Prime account is aimed at experienced traders and the broker claims it provides trading conditions similar to liquidity providers. The minimum deposit is $5,000. This account comes with floating spreads from 0 pips and maximum leverage of 1:100.
R Trader is a unique account that allows veteran traders to trade all of the financial instruments RoboForex offers. Spreads start at $0.01 and the minimum deposit is $100.
Commissions vary based on the underlying asset being traded. Cryptocurrencies incur a commission of 0.30%, while US stock CFDs feature a commission of $0.02 per share. If you deposit $10,000 or more, you will enjoy a commission of $0.0045 per share for US stock CFDs.
RoboForex also offers CopyFX, which allows social trading. You just pick the traders you prefer, and the account will duplicate their trades on your account.
The RAMM investment system allows you to create your own investment strategy to attract traders to copy you to make additional profits. You also have the option of choosing from the many profitable strategies that are already available.
Our RoboForex review team discovered that this broker also offers a demo account where beginner traders can practice trading in real market conditions. Veteran traders can also use the demo account to test their trading strategies.
Discover how much it will cost you to trade with RoboForex
RoboForex offers competitive spreads on certain account types, while others are in line with the market average. Commissions and rollover fees are also in line with other quality brokers. These differ based on the underlying asset you are trading and can be found on the broker’s website.
Deposits incur no commissions. RoboForex allows commission-free withdrawals twice a month, namely on the first and third Tuesday of each month. A handy calendar is available on the website to remind you of these specific dates, so you don’t miss out.
Otherwise, depending on the withdrawal method, you will have to pay a commission between 0% and 2.6%. A local bank transfer, for example, will incur a fee of 1.6%, while a Skrill withdrawal will cost you 1% of the amount you are withdrawing. QIWI wallet, on the other hand, has a 0% commission.
It should be noted that some withdrawal methods have limitations. For example, with Skrill, the minimum withdrawal is $0.1, and the maximum is $100,000. With QIWI Wallet, the minimum is $0.5 and the maximum is $3,800.
Enjoy an extensive array of payment methods
During our review of RoboForex, our team of experts was pleased to see the extensive array of payment methods available. These include various bank, electronic, and card withdrawals and deposits.
At RoboForex, you can fund your account using most major credit cards and China UnionPay. You can also use payment systems like WebMoney, Skrill, Perfect Money, and Fasapay, among many others. Local bank transfers are available in certain countries, as are GiroPay, iDEAL, Rapid Transfer, and more. These same payment methods are also available for withdrawals.
Processing times for deposits range from instant to 3 bank days, depending on the system used. For example, Visa cards and Skrill are instant, while deposits through Santander and HSBC take up to 1 day.
Withdrawal processing times vary from 1 minute to 10 bank days. Credit card withdrawals can take up to 10 days, whereas using Perfect Money and FasaPay can take between 1 minute and 1 day.
Benefit from great bonuses and promotions
RoboForex offers you some great bonuses, including a welcome bonus offer and a classic bonus. Conditions do apply, but our RoboForex review team feels they are quite reasonable.
This broker also offers a series of other benefits, including a cashback scheme. Depending on the account you have, and the number of lots you trade, you can get as much as 15% in rebates. The rebates are not subject to any restrictions.
Roboforex also offers up to 10% additional profit on your account balance, not including any funds you received as a bonus. The percentage you receive differs based on the number of lots you trade. To get the maximum, you have to trade over 1,000 lots per month.
Free contests are also available. Some are held weekly, while others are monthly. Overall, our review team found that Roboforex offers ample rewards for choosing to trade with them.
Get ready to be spoiled for choice in terms of trading platforms
The RoboForex website is available in 19 languages, including English, Chinese, Italian, Latvian, and Indonesian. The site is very user-friendly and easy to navigate. You’ll quickly be able to find all the information you need to make an informed decision when choosing an account type, a payment method, and more.
The registration process is straightforward and is similar to what you’d find at other popular brokers. You’ll need to supply some information about income and trading experience, as well as some personal details.
To verify your account, you’ll need to provide an international passport for proof of identity and a utility bill for proof of residence.
In terms of trading platforms, our RoboForex review team was pleased to see that this broker offers the ever-popular MetaTrader 4 and MetaTrader 5, including the browser-only versions.
The cTrader platform is also available. This is perfect for experienced traders who value execution speed and like to trade unconventional instruments.
RoboForex has also developed its own proprietary platform dubbed R Trader. This platform is available as a web solution and provides traders with access to all the broker’s trading instruments.
It features all the charting and analytical tools a trader could possibly need. The platform also offers one-click trading, custom watchlists so you can better manage your investments, and a free automated strategy builder. It should be noted that access to this platform is only available with a minimum deposit of $100.
This broker also offers a few additional tools to make trading easier for you. These include a forex analysis and forecast center, an economic calendar, a free VPS, and a trading calculator.
Trade from anywhere
The RoboForex website is mobile-responsive, meaning that you can easily navigate it using any device. You can register, make deposits and withdrawals, and more using your smartphone or tablet.
In terms of trading, you can opt for the mobile versions of MT4 or MT5, as well as the mobile version of RoboForex’s R Trader, namely R MobileTrader.
R MobileTrader features 13 technical indicators, 9 tools for graphic analysis, easy account management, and analytics from the broker’s experts. This makes it a powerful tool you can use to trade directly from your smartphone.
Take advantage of a wide range of educational materials
Our RoboForex review team was pleased to discover that this broker offers plenty of educational materials. On the website, you will find everything you need to help you get started, from choosing the right type of account to advice on how to open your account.
The Roboforex website boasts basic educational materials for forex trading. These materials can be used by anyone however our reviewers found that Roboforex offers much more valuable guides for registered members.
After you register for an account, you’ll be able to access a vast array of educational videos for all levels of trading experience via Claws & Horns.
Enjoy quality customer support
RoboForex offers support in 12 languages, including English, Thai, Arabic, Malay, Spanish, and Russian. You can get in touch with this broker via live chat, phone, email, a callback service, and a form on their website.
The broker’s live support specialists are available 24/7, which our Roboforex review team found to be a major plus for the broker.
Our reviewers were also pleased to discover that the agents were very polite and helpful. They were quick to respond and proved to be very knowledgeable.
Sign up for a live account with RoboForex for a great trading experience
Our RoboForex review team concluded that this broker is highly accomplished and dedicated to providing you with a great experience.
Competitive spreads, attractive bonuses and promotions, quality trading platforms, and plenty of trading tools are just some of the things that make RoboForex a great choice for any trader. You certainly shouldn’t overlook the vast range of trading instruments available either.
Sign up for a live account with RoboForex today to enjoy an outstanding trading experience with an award-winning broker.
Is RoboForex legit?
RoboForex is a legit broker that is registered with the International Financial Services Commission of Belize.
Does RoboForex offer a bonus?
RoboForex offers a series of bonuses, including a welcome and classic bonus. This broker also offers a cashback scheme and other promotions.
What is the minimum deposit at RoboForex?
The minimum deposit at RoboForex is $10.
Is RoboForex a scam?
RoboForex is not a scam. It is registered with the International Financial Services Commission of Belize and has been in operation since 2009.
What RoboForex account types are there?
RoboForex offers STP and ECN accounts, including the Pro-Cent account for beginners, the Pro-Standard account for all levels of traders, and the Pro-ECN account for more advanced and professional traders. You can also open a demo account.