Last Updated on: 18th July 2021, 07:59 pm
RoboForex is an online broker providing trading assets on their Pro-Cent, Pro-Standard, and RAMM live accounts. The broker offers an impressive selection of platforms, including MT4 and MT5, which we explore in this review, along with regulation, bonuses, and deposits.
Table of Contents
- RoboForex Company Details
- Trading Platforms
- RoboForex Assets
- Spreads & Commission
- Mobile Apps
- Payment Methods
- Demo Account
- Additional Features
- Trading Hours
- Customer Support
- RoboForex Verdict
- Accepted Countries
RoboForex Company Details
Founded in 2009, RoboForex has headquarters in Belize and is regulated by the International Financial Services Commission (IFSC). The broker offers over 12,000 trading instruments in 8 asset classes, as well as 2 investment platforms and 4 trading platforms.
RoboForex has earned a good reputation over the years with 3 million live accounts opened since inception. The company has also made the news as the official partner of BMW M Motorsport and has secured a sponsorship deal with Muay Thai Fighter and world kickboxing champion, Andrei Kulebin.
Metatrader 4 includes all the essential features a beginner or advanced trader would need, with 50 indicators for technical analysis, basic graphical tools, and 3 order execution types. Users can also program their own trading robots with StrategyQuant and take advantage of the one-click trading capability.
The platform is available as a downloadable desktop client or a convenient web trader accessible straight from a browser.
Professional traders can take advantage of the cutting-edge MT5 platform, which provides speed and reliability for advanced trading. The flexible system features netting and hedging capabilities, Market Depth, 4 types of order execution, 6 types of pending orders, and dozens of technical indicators and graphical tools.
Again, users can enjoy either the downloadable PC application or the web browser version of the platform.
For experienced clients looking for an alternative to MetaTrader, a cTrader terminal is a sensible option. Users can access rare types of orders, Level II pricing, plus 54 technical indicators on 14 timeframes and 9 types of charts. You can also create trading robots and indicators using cTrader Automate.
The platform can be downloaded or accessed straight from a browser. The web version is ideal for MacOS PC users.
The easy-to-use proprietary platform, R Trader offers a classic design and convenient trading for those who wish to invest in global markets. Users can access 13 technical indicators, 9 graphical tools, Level II Market Depth and an automated strategy tester. Netting and hedging account models are also supported.
R Trader is available both as a web platform as well as a desktop application.
Clients can trade on 40+ currency pairs, over 12,000 global stocks, more than 10 indices, such as the Dow Jones (US30) and NASDAQ, 100 commodities, including oil, and ETFs. The broker also offers 26 cryptocurrencies plus crypto indices, a unique product that allows for trading on several cryptos at once.
Overall, this review was impressed with RoboForex’s depth of products in 2021. Note detailed contract specifications can be found on the broker’s website.
Spreads & Commission
Pricing depends on the account you choose but spreads are fairly competitive vs brokers such as FBS and FXTM. Fees for the Pro-Cent and Pro-Standard accounts are included in the spreads, which average around 1.4 pips for EURUSD, 1.75 for US indices, and around 22 for XAUUSD (Gold).
You will see tighter spreads with the Prime and ECN accounts, with zero pip spreads available in some asset classes.
The maximum leverage offered at RoboForex is 1:2000 with Pro-Cent and Pro-Standard accounts. Leverage up to 1:500 is available with the ECN account while 1:300 leverage is offered with Prime and R Trader accounts.
A useful margin calculator is provided on the website.
For mobile traders, RoboForex offers smartphone apps for all their trading terminals (MT4, MT5, cTrader, and R Trader):
- MetaTrader – MT4 and MT5 users enjoy the same technical features as desktop apps, including customisable charting tools, full trading history, and access to trading robots. The same members client login area is available on mobile platforms.
- cTrader – cTrader offers handy features including pinch-to-zoom, fling scrolling, and double-tap action to recentre charts, as well as in-app notifications.
- R Trader – R Trader is also fully-featured and offers an all-in-one solution, with secure in-app account deposits and bonus management. The app offers 14 trading indicators, plus live charts and quotes, and additional mobile-friendly features.
All platforms are available in 22 languages for both iPhone and Android (APK) users. Overall, users will find the most positive online reviews for the MT4 and MT5 mobile apps.
There’s no shortage of funding methods at RoboForex, with dozens of deposit methods in 9 different currencies, including USD, EUR, GBP, and ZAR. International and local bank depositors are available, as well as card payments and e-wallets. PayPal is not accepted. All deposit methods are free and fast and most methods require a 10 USD/EUR minimum deposit with standard accounts.
There are 13 withdrawal methods available, though this may vary depending on your jurisdiction. Withdrawal times for most methods are just 1 day, which is praised in customer reviews in 2021. Commissions for withdrawals vary but range from 0.5% to 2.8%. The group does offer a Free Funds Withdrawal program which allows you to withdraw funds twice a month with no commissions. Further details and restrictions can be found on the website.
RoboForex offers a choice of three demo accounts, suitable on all platforms: Demo Pro, Demo, and Demo R Trader.
The Demo Pro account is the most popular choice as it replicates the trading conditions of the standard account packages, with 1:2000 maximum leverage and floating spreads from 1.3 pips. Users can test trading strategies without spending or risking real money.
You can open a demo account from the broker’s homepage. The practice account is free to use and expires after 90 days.
Pro-Cent and Pro-Standard new account users receive a welcome bonus of 30 USD after depositing a minimum of 10 USD via bank card. Cent and Standard users can also benefit from the 60% Profit Share Bonus, as well as up to 120% on deposits by claiming the Classic Bonus.
The broker also offers other promotions, including up to a 10% bonus credit on account balances, cashback rebates based on trading volume, daily competition opportunities with ContestFX, and a free VPS server. Full bonus withdrawal terms and conditions can be found on the broker’s website.
RoboForex currently does not offer any no deposit bonus (NDB) deals in 2021 but has previously offered weekly demo contests, so traders should check the website for upcoming promotions.
RoboForex Ltd is regulated by the International Financial Services Commission (IFSC) of Belize under license number 000138/107. As an “A” category member of the Financial Commission, RoboForex Ltd is a participant of the Compensation Fund, which protects up to €20,000 per case. The broker also holds Civil Liability insurance and provides negative balance protection. Overall, RoboForex is a legitimate and safe online broker.
RoboForex’s educational suite contains many useful resources for both casual traders and professional investors, including how-to guides, on-demand videos, forex analysis, plus a helpful community forum, blog, and economic calendar.
The most notable feature is the RoboForex Analytics center, a free subscription to analytical data and trading instruments from within one window. Available in 13 languages, and offering an interactive data layout, users can gain access to signals, videos, calendars, and tools for traders.
RoboForex offers 5 live account types: Prime, ECN, R Trader, Pro-Cent, and Pro-Standard. The minimum deposit is 10 USD/EUR for all accounts, except the R Trader account, which requires a 100 USD deposit. These are refreshingly low minimum deposits compared to others, such as HotForex, Tickmill, and Exness.
The ECN and Prime accounts are ideal for professional traders looking for spreads from zero pips, whilst the R Trader account supports multi-asset stock trading. Pro-Cent and Pro-Standard accounts are designed for beginners and casual traders.
This review found that the main differences between the accounts are the minimum margin requirements, leverage limits, margin call/stop-out levels, and access to bonuses. All bonuses are available with the Pro accounts, whilst no bonuses are available with the R Trader account.
Islamic swap-free accounts are also available, as well as investment solutions using CopyFX and RAMM platforms, supporting investment in both short-term and long-term trading strategies respectively.
You can open a real-money trading account from the RoboForex homepage and start trading in live markets.
Reasons to open a RoboForex account include:
- Bonuses offered
- Decent range of assets
- 4 live trading platforms
- Commission-free trading
- Copytrade investment platforms similar to Zulutrade
The only major drawback for registering with RoboForex is:
- US clients not accepted
Forex can be traded 24 hours a day, 5 days a week, however specific active trading sessions depend on the time zone. All times below are in UTC+2 (Eastern European Time, EET).
- Japan & Singapore – 02:00 – 10:00
- Hong Kong – 03:00 – 11:00
- Frankfurt – 08:00 – 16:00
- London – 09:00 – 17:00
- New York – 15:00 – 23:00
- Chicago – 16:00 – 24:00
- New Zealand & Sydney – 22:00 – 06:00
RoboForex also posts useful trading schedule changes for national holidays.
RoboForex offers multilingual support in over 12 languages including English, Malaysian, Indonesian, Arabic, and Spanish. Help is available 24 hours a day, 7 days a week via:
- Email – [email protected]
- Telephone number – +65 3158 8389
- Online callback form – Contact Us page
- Live chat, Telegram, Facebook Messenger, Skype, Whatsapp, and Viber – logos located in the bottom right-hand corner of the website
The customer support team can help with most queries, from how to delete an account and user verification to clarification on ECN commissions per lot and how to reset your investor password.
The head office address is 2118 Guava Street, Belama Phase 1, Belize City, Belize.
All RoboForex platforms use SSL encrypted security systems as well as dual-factor authentication protocols. Withdrawals and transfers can also be protected via an SMS confirmation code with each transaction. For their bonus programs, the broker also has anti-fraud systems in place to protect against repeated transfers of funds.
RoboForex is an established online broker offering a wide range of assets on reliable trading platforms, including MT4 and R Trader. The broker is also regulated and provides negative balance protection, adding an extra layer of trust and security for traders. Overall RoboForex is a good broker for all levels but their zero-spread ECN accounts and RAMM platforms will be particularly attractive to professional traders.
RoboForex accepts traders from Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Traders can not use RoboForex from United States, Canada, Japan, Australia.
Is RoboForex a scam or not?
RoboForex Ltd is a legit company registered in Belize and regulated by the International Financial Services Commission. As a result, it’s unlikely to be a scam. With that said, the broker does receive mixed reviews on websites such as Trustpilot.
How do I open a RoboForex account?
You can sign up for a real account by clicking Open An Account on the right-hand side of the website. You will then need to fill in your new member details to register your area login credentials. The verification stage will then complete the process.
How can I delete my RoboForex account?
You can make your account inactive from within the members’ area. From the Account section, change the status of the account you want to remove to ‘no’.
Does RoboForex accept US clients?
No, traders from the USA cannot sign up for a live trading account. Clients from Canada, Japan, and Australia are also unable to register for a RoboForex account.
Is RoboForex a Market Maker?
For all Cent accounts, RoboForex serves as the Market Maker. For all Standard and ECN accounts, the broker follows an STP model.
|RoboForex is a multi-asset online broker offering powerful trading aides.|
Vincent Nyagaka is a Professional Trader, Analyst & Author. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Check out Vincent’s Professional Trading Course here.