Independent Review - RoboForex

Introduction and Comments

Website: https://roboforex.com/

Operated by the RoboForex Group, which also operates RoboMarkets. The RoboForex website is the global presence for the company, and because of that it is domiciled in Belize, even though the parent company has its headquarters in the European Union. The RoboForex website is licensed and regulated in Belize, operating under license number 000138/107.

The RoboForex brand has been around since 2009, and because it is a global brand it has become the most popular of the RoboForex Group brands with over 2,291,006 clients in more than 169 countries as of 2018.

Forex features heavily as an asset class at this broker, but it offers many other assets too. Clients can choose from eight different asset classes for their trading, which includes a variety of commodities, stocks, indices, and cryptocurrencies.

Staying with the theme of variety, the broker also gives clients the choice of six different trading platforms, including two excellent social trading platforms. Clients are spoiled for choice at RoboForex.

The broker comes with some excellent characteristics, which include the following:

• Spreads starting as low as 0 pips.
• Minimum 0.01 lot trade size.
• Six different trading platforms including MetaTrader 4 and MetaTrader 5, R Trader, and cTrader.
• Social trading through the CopyFX and RoboForex RAMM platforms.
• A number of different promotions and bonuses.
• Regulation, insurance on deposits, and a secure platform.

The broker has become so popular because it offers its clients an excellent environment to conduct their trading, as you can see from the details already provided. In addition to offering more than 12,000 assets on six platforms, it is available in more than 169 countries and in 17 different languages. It is truly a global broker.

Plus, it’s a suitable broker for traders of all experience levels, from those who are brand new to financial markets to those with decades of experience.

One final positive for some is the fact that RoboForex, as you might have guessed from the name, embraces all kinds of automated trading.

Below we go into further detail regarding the various aspects of the broker’s business to help you decide if it is a suitable place for you to trade. Finally, we will conclude with our independent opinion based on the experience we’ve had reviewing dozens of other brokers.

A Quick Look at RoboForex

One of the keys to our research included registering for a demo account at RoboForex. This allowed us to test their trading platform, their mobile platform, and the responsiveness and utility of both. Creating this demo account took all of 60 seconds.

We immediately found that this broker is ideal for execution thanks to offering both STP and ECN access to the markets. It is also a great place to diversify holdings with its more than 12,000 different available assets.

Choice and flexibility are the keys at this broker. Multiple account types, multiple platforms, many different asset classes, and access to a variety of deposit and withdrawal options are just a start. The broker also operates in 18 different languages, has some of the lowest spreads in the industry, offers many different bonuses and promotions, has leverage up to 2000:1 on some assets, and provides insurance for client deposits. It should come as no surprise that the broker received 10 industry awards in 2019 alone.

Another important aspect of the broker is its focus on technical superiority. It is well aware that clients want technology that is robust, secure, and cutting edge, and they deliver. Every action we took on the platform went smoothly, there were no glitches or bugs that we discovered, and the platforms offer more features than nearly any trader will ever use.

Because of its flexibility and wide offerings RoboForex is a broker that’s suitable for traders of any level. Whether a beginner or a professional, clients will get what they need from this broker, from ease of use for beginners, to powerful analysis capabilities for those with more experience. Add to that small minimum deposits and trade sizes and you can see why so many traders have made the choice to trade with RoboForex.

Read on and get in-depth details regarding this broker and its features.

Regulations & Licenses

Countries/Regulators

RoboForex is fully licensed and registered by the IFSC in Belize. In addition, they also hold a license for trading financial securities and derivatives with the sequence number 000138/107.

Besides the license the broker has also procured a Category A regulation from The Financial Commission (TFC). This is an international licensed issued by TFC, which is in the U.K. and Hong Kong. It provides neutral arbitration if necessary, and provides each client with insurance of up to €20,000 in the event the broker would encounter financial distress.

They also hold a Category A regulation from TFC. This international license is issued by an organization with offices in Hong Kong and the U.K. The purpose of TFC is to provide a neutral arbitrator when needed, and to provide clients with insurance coverage up to €20,000 in the event of financial distress in the company.

As a further protection the broker has obtained additional insurance to meet the obligations to its clients at all times. In short, they have implemented a Civil Liability insurance program for a limit of 5,000,000 EUR, which includes market-leading coverage against omissions, fraud, errors, negligence, and other risks that may lead to financial losses of clients.

NOTE: RoboForex do not provide their services to residents of the USA, Canada, Japan and Australia.

Languages

As an international broker RoboForex offers its website in 18 different languages and support in 12 different languages. This means many clients can trade and receive support in their own native language.

Account Types

Fees, Costs & Spreads

RoboForex does not impose additional fees on its clients and is very upfront about the spreads and commissions charged on accounts and on all the different assets offered. Spreads start at 0 pips for ECN accounts, and 1.3 pips for STP accounts. In addition, the ECN accounts are subject to commissions of $15-20 per $1 million traded. RoboForex also receives a small portion of the spread and a small commission from its liquidity provider, but this has no impact on traders.

Besides the basic spreads and commissions there are financing costs associated with leveraged positions, and any positions held overnight are subject to swap charges or credits. Clients also receive any corporate actions such as dividends credited to their account.

Deposits & Withdrawals

There are nearly two dozen deposit and withdrawal methods at RoboForex, which is right in line with the broker’s obvious focus on flexibility and choice for its clients. In all cases there are no fees imposed for deposits, while there are different fee structures for each withdrawal method.

The time frame for crediting deposits and processing withdrawals also differs based on the method used. Deposits from credit cards are instantaneous, but deposits from other sources might take several business days to process. Withdrawals can see delays of up to 10 business days in the case of bank transfers or credit cards.

Fees range from 1.6% for bank transfers to 0.8% for WebMoney. In the case of Netteller there is a 1.9% withdrawal fee, while Skrill withdrawals are subject to a 1% fee.

In all cases you can only deposit from and withdraw to an account that is in your name.

Trading Platforms

Clients at Roboforex can choose from six different trading platforms, which includes the two social trading platforms offered at the broker. Basic trading platforms include both MetaTrader 4 and MetaTrader 5, the broker’s proprietary R-Trader platform, and the popular cTrader.

MetaTrader 4: This is the well-known, popular, award winning platform that’s considered the standard for technical charting. It not only comes with a powerful set of indicators, it is also extremely extensible, and there have been hundreds, if not thousands, of third-party add-ons created for the platform. These include the Expert Advisors which make automated trading possible using MetaTrader 4.

MetaTrader 5: This is the newest version of the MetaTrader platform, and despite it being touted as an improvement, it isn’t. There is no backward compatibility with MetaTrader 4, and there is no way to use hedging strategies with MetaTrader 5. It is called the most technologically advanced platform, but its predecessor MetaTrader 4 remains more popular because it is the better platform.

cTrader: This is another very popular trading platform, and it works very well with the ECN account because it was created specifically for ECN trading. The platform fully supports automated trading, and it allows for the easy creation of all sorts of technical indicators. Many brokers do not offer cTrader because it is more expensive to license versus MetaTrader’s platforms.

R-Trader: This is the proprietary RoboForex platform and it gives clients access to the complete range of more than 12,000 different assets. Those who expect to trade stocks here will almost certainly want to choose R-Trader as their platform because the equity offerings for the other platforms are significantly limited. If there’s no strong need for the automated trading features that come with MetaTrader 4 or cTrader it’s best to choose R-Trader. There is even a built-in robot creator for clients to create and test automated strategies within R-Trader.

R WebTrader - https://roboforex.com/forex-trading/terminals/webtrader/

Other RoboForex Platforms

Besides the four direct trading platforms offered to clients there are an additional two social trading platforms that clients can take advantage of at RoboForex. The most popular of these is the CopyFX platform, where clients can copy the trades of other RoboForex clients. It’s one way for clients to access markets and enjoy excellent performance without the huge time investment of performing their own research.

There is a minimum investment of $100 to access the CopyFX platform, but once inside there are literally thousands of other traders whose performance can be mirrored, so there’s always some good trading opportunities to mirror.

There’s also the RoboForex RAMM platform, which is another way to tap into the social trading revolution. It takes a more traditional approach and has better risk management tools when compared with CopyFX. One other difference is the “money managers” on the RAMM platform only receive compensation when their subscribers’ profit.

Trading Tools and Analysis

The broker provides several trading and analysis tools for clients, such as free technical indicator signals. That gives a variety of technical signals based on various length moving averages, several other indicators, and even a markets sentiment chart. Clients can also take advantage of the analytical feed that provides commercial news, weekly forecasts, Fibonacci and wave analysis, and the general market overview.

There’s also a useful video section that has 5-7-minute currency overviews for major pairs. It’s a great timesaver for when clients don’t have time to do more time-consuming research.

Of course, there’s also an economic calendar available that covers a wide array of upcoming events. There’s also a complete set of fundamental data in this section, including indicators, giving clients a complete fundamental picture in one spot.

Education and Training

In addition to all the tools mentioned above clients also get access to a wealth of educational materials provided by MetaQuotes, the parent company of the MetaTrader platforms. This includes trading strategies, short and long-term, video tutorials, and a few other videos covering VPS hosting, signals, and robo-advisors.

Bonuses and Promotions

RoboForex entices new clients with three different bonuses. These are the Welcome Bonus, the Classic Bonus, and the Profit Share Bonus.

Welcome Bonus: New clients on the Pro-Standard and Pro-Cent accounts can take advantage of this bonus. It’s as easy as registering an account and depositing the $10 minimum either by credit card or debit card. The bonus is $30, which can be used for trading and during drawdown. The bonus itself can’t ever be withdrawn, but any profits made with it can be withdrawn.

Classic Bonus: With the Classic bonus clients can receive a 120% bonus on their first deposit, and on all following deposits. The bonus amount increases based on the amount deposited.

The bonus is designed to increase trading volume in accounts and can only be claimed by Pro-Standard and Pro-Cent accounts using the MT4, MT5, WebTrader platforms. There is a lifetime cap of $50,000 on the Classic bonus, and it cannot be combined with the Profit Share bonus. In addition, it cannot be used for drawdown, however the bonus is eligible to be withdrawn once a certain trading volume is met. This volume requirement is for one full lot traded for every bonus dollar received. That condition is for one full lot for each dollar of bonus received. So a trader who deposited $300 and received a $150 bonus must trade 150 lots to be eligible to withdraw the bonus monies.

Profit Share Bonus: Like the previous bonuses, the Profit Share bonus is only available to Pro-Standard and Pro-Cent account holders who use the MT4, MT5, WebTrader trading platform. This is a bonus on initial deposits, and it can’t be combined with the Classic bonus. The bonus is 25% of the initial deposit of $300 or less, or 60% for initial deposits of more than $300. There is a maximum cap of $10,000 per account and $20,000 per individual for this bonus. The bonus can be used for drawdown, but it cannot be withdrawn, although the profits made using it can be withdrawn.

Customer Support

As you might imagine, the customer support staff at RoboForex is just as professional as is everything else at the broker.

The customer support team is available via online chat, through email, via telephone, or through a webform. Clients can also request a callback if they wish to speak directly to support, but don’t want to bear the cost of the call. Support is provided in twelve different languages, and on a 24/7 basis. Our test of the support staff showed them to be knowledgeable and responsive.

Independent Opinion & Rating

RoboForex has grown to more than 2,291,006 clients since its inception in 2009, which we think goes to show just how popular the broker is, and how well regarded by clients and prospective clients. It’s gained its excellent reputation by sticking solidly to a mission of customer service and satisfaction, and that’s a principle it continues to operate by today.

There are few brokers that can combine a huge variety of assets, multiple excellent platforms, VIP programs and bonuses, award winning programs, top notch customer support, low spreads, and more.

We were also favorably impressed with the CopyFX and RAMM social trading platforms. Both look to be very useful for those who want a more directed trading experience. And the R-Trader platform gives hands-on traders access to more than 12,000 different assets. Not many brokers offer such a wide variety of assets.

All the above, combined with trustworthiness, reliability, regulation, and insured deposits makes RoboForex a broker worth trading with, in our opinion.