RoboForex Review – Is it safe Forex Broker?

Are you looking to trade with RoboForex Broker? Here is a complete RoboForex Review where we are going to look on the every aspects of this forex broker.

RoboForex started its journey as an online forex trading broker in 2009. Since its establishment, the broker has managed to demonstrate itself as a well-regulated broker and gained trust from millions of traders with its excellence in financial trading services.

As a global trading exchange, Roboforex provides multiple trading platforms, user-friendly trading software, and numerous unique features for making online trading more convenient for its users.

Also, the broker is well-known for offering a large choice of trading assets. Besides forex currency pairs, RoboForex also offers cryptocurrencies, stocks, futures, commodities, and CFDs trading opportunities.

Furthermore, as a RoboForex client, you’ll enjoy a wide range of deposit and withdrawal methods, special accounts, and competitive trading fees, and incentives. The broker also offers a quick account registration process. In short, it takes only a few minutes and clicks to open a RoboForex account.

RoboForex Review

Besides, RoboForex maintains a client-friendly customer care department and provides faster solutions to customer queries. With multi-language support in 13 different languages and various channels of communication, the broker has been successful to maintain a good.

In this guide, we’ll have an in-detailed discussion about all the features, necessary information, pros, and cons of RoboForex. In a separate section, we’ve also explained how to open an account in RoboForex following a few simple steps.

RoboForex Regulation and Security

RoboForex is regulated by International Financial Services Commission (IFSC), Belize under license no. 000138/107.

Besides, it is listed as an “A” member by the Financial Commission. This commission offers pre-trial settlement of disputes between the investors and financial exchanges.

The broker is also a member of the Compensation Fund of the Financial Commission. This organization offers up to €20,000 protection in case a member refuses to accept a judgment from the commission.

Above all, RoboForex offers negative balance protection for its clients. It means if in case the market volatility pushes your account into a negative balance, the exchange automatically tops up the extra balance and settles it at 0. Also, the client doesn’t need to pay for this.

This exchange has obtained an Execution Quality Certificate from Verify My Trade (VMT). It confirms that the broker is in strict compliance with the requirements of the Financial Commission.

For the client’s account safety, it applies a two-step authentication system ensuring the account is logged-in by the right owner. For 2-step verifications, you may need to use OTP codes or to answer the security questions. You can receive the OTP codes through both e-mail and SMS to your phone.

Furthermore, RoboForex has launched a Civil Liability Insurance program with a limit of €5,000,000. This insurance covers the losses of clients caused by fraud, errors, omissions, negligence, and other disputes.

RoboForex Review – Trading Assets

RoboForex offers a wide range of trading assets like forex currency pairs, global stocks, indices, commodities, ETFs, cryptocurrencies, and crypto indices. Here are the details:

  • Forex: More than 40 forex currency pairs including EURUSD, GBPUSD, USDJPY, AUDUSD, and more.
  • Stocks: Over 12,000 trading instruments including CFDs on stocks of Facebook, Apple, Microsoft, Amazon, Siemens, and more.
  • Indices: Popular indices items like USA30 (Dow Jones), USA500.S (S&P 500), GER30 (DAX), and UK100 (FTSE 100).
  • ETFs: 1,000+ ETFs including FITS (The Health and Fitness), SPY (SPDR S&P 500), USMV (USA Min Volatility MSCI Ishares), and UUP (DB US Dollar Index Bullish Powershares).
  • Commodities: Top traded commodities like Cocoa, Coffee, Corn, Wheat, Soybean, Sugar, and fruit.
  • Metals: Allows trading Gold (XAUUSD), Silver (XAGUSD), Platinum, Palladium, Copper/Nickel, and more.
  • Energy Commodities: Well-known energy commodities like Oil, Ethanol, Heating Oil, and Natural Gas.
  • Cryptocurrencies: More than 26 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC). EOS, Dash, Ripple (XRP). RoboForex also offers trading Crypto Indices.

RoboForex Account Types

The broker has designed 5 types of trading accounts for covering the global variation of customer’s needs and requirements. Here are the details:

RoboForex Account Types
  • Prime Account: RoboForex Prime Account offers the best trading conditions for the clients in terms of liquidity, low deposit, and competitive spreads. With a prime account, you can access 28 forex pairs, Metals, CFD on Indices, Oil, and Cryptocurrencies.
    The minimum deposit required for opening a Roboforex prime account is as low as 10 USD or 10 EUR. Although, the exchange doesn’t offer a deposit bonus for the prime account users. Also, it offers a floating spread that starts from 0 pips. Besides, the maximum leverage allowed for prime accounts is 1:300. Furthermore, as a Roboforex prime account holder, you can enjoy all the loyalty bonuses offered by the exchange.
  • ECN Account: The ECN (Electronic Communications Network) represents a perfect order-matching execution system especially for professional-level traders. Generally, brokers inflate raw spreads to the asset’s price as the trading cost for regular accounts. For ECN accounts, RoboForex only charges a premium as a commission for each trade and doesn’t use the spreads for charging the trading fees. RoboForex ECN account allows you to trade over 36 currency pairs, CFD on US Stocks, Indices, Oil, Metal, and especially Cryptocurrencies. The ECN trading spreads start from 0 pips (floating) and the maximum leverage is 1:500. You can open an ECN account in Roboforex with a minimum deposit of 10 USD or 10 EUR only. Besides, the ECN clients enjoy all the loyalty bonuses offered by the exchange except the deposit bonus. Furthermore, Roboforex offers a cashback/rebate of up to 15% of the company’s revenue for the ECN traders.
  • R Trader Account: R Trader account allows you to access all the major financial assets throughRoboforex multi-asset web trading platform ‘R Trader’. This account suits experienced traders who wish to operate trading a wide range of instruments from a single trading account. The RoboForex R Trader account lets you access over 12,000 trading assets including forex, real stocks, cryptocurrencies, CFDs, MEtals, and more.
    The minimum deposit limit for opening an R Trader account is 100 and the maximum leverage is 1:300. Also, the spread starts from 0.01 USD.
  • Pro-Standard Account: The RoboForex Pro-Standard account exhibits a good balance between advanced trading facilities and user-friendliness. This account is suitable for both experts and beginner traders. With a pro-standard account you can access all the stocks, CFDs, Indices, Cryptocurrencies, and over 36 forex currency pairs. The minimum deposit limit of a pro-standard account is 10 USD/10 EUR. Besides, the maximum leverage allowed for this account is 1:2000. The spread for this account starts from 1.3 pips (floating). Also, as a pro-standard account holder, you’ll be entitled to all the deposit and loyalty bonuses offered by the exchange.
  • Pro-Cent: The Pro-Cent account offers all most the same features as the Pro-Standard account. The only difference is pro-cent account uses cents as the base currency like US Cent, EU Cent, etc. There are also some limitations in the accessibility to the trading assets for pro-cent clients. It allows you to trade 36 forex currency pairs, metals, and cryptocurrencies only. The deposit limits, spread, leverage, and bonus offers for the pro-cent accounts are the same as pro-standard accounts. The pro-cent account has been launched specially for beginners. However, experienced traders can also use these account features for testing their trading strategies in live markets.

How to open a RoboForex Trading Account? – RoboForex Review

Opening a trading account in RoboForex is as simple as opening an email account. You’re only required to follow the 7-key steps to open a RoboForex trading account and start trading:

  • Visit the RoboForex website and click on ‘Open an Account’.
  • Fill-up the registration form with your name, e-mail address, and mobile phone.
  • Next, choose ‘account types’, trading platform, leverage, and preferred currency.
  • Use your login details provided by the exchange to access the RoboForex member’s area.
  • Upload necessary documents to verify your account information.
  • Once you’re verified, you’re ready to fund your account using your preferred payment methods
  • Start trading with your favorite RoboForex trading platform.

RoboForex Trading Platforms

  • MetaTrader 4: MetaTrader 4 (MT4) is one of the most popular platforms for trading financial assets on both desktop and mobile devices. In this platform, you’ll get 50 ready-to-use indicators for analyzing the price charts of the assets. Also, it allows you to program your trading robot, custom indicators, and basic tools for graphic analysis. An MT4 platform allows you to execute one-click trading, algorithm trading, pending orders, and fundamental analysis through its news and signals terminal.
  • MetaTrader 5: The MetaTrader 5 (MT5) is the most advanced trading platform available in the market. It is an upgraded version of MT4. With an MT5 platform, you’ll be able to execute 4 types of direct orders and 6 types of pending orders. It also offers a multi-currency tester, market depth analysis, and many other advanced features for its users.
    MetaTrader 5 also allows you to rent a virtual hosting service for the 24/7 operation of EA/trading robots and subscriptions for trade signals.
  • cTrader Platform: RoboForex has launched the cTrader platform for the experienced traders who require STP (Straight Through Processing) access to the forex markets.
    cTrader platform serves 54 technical indicators, 14 different timeframes, level II pricing, and high-speed order executions for its users. Also, this platform offers 9 types of interactive price charts so that you can manage your multi-chart trading operations from a single trading window.
  • R Trader: R Trader is a RoboForex web trading platform. It allows you to access and trade all the major financial assets in the global markets from a single trading account.
    It offers cutting-edge technology, multi-asset terminals, advanced watchlist, and trading robot builders. With an R Trader platform, you can also track splits, merges, and dividend payments of the stocks and other financial assets. The R Trader trading platform gives you access to over 12,000 financial instruments including, forex, cryptocurrencies, stocks, CFDs, ETFs, indices, and more.
  • RoboForex Terminals: RoboForex Terminal offers a perfect solution for mobile traders with 13 technical indicators and 9 tools for chart analysis. It also offers a convenient process of account management and free analytics from the RoboForex market experts.
    This terminal can be installed on any device including desktops, tabs, and android devices. It also allows instant account deposits and faster switching facilities between trading accounts.

RoboForex Deposit and Withdrawals

The minimum deposit for a RoboForex account starts from $10. For the R Trader account, the minimum deposit limit is $100. The maximum deposit limit is up to $50,000 for electronic payments, and 100,000 EUR for bank transfers.

Usually, the deposits made using electronic payment methods are processed instantly. For bank wire transfer the usual processing time is 1 to 3 days.

The minimum withdrawal limit of RoboForex starts from as low as $0.10 for electronic payments. Whereas, for bank withdrawals, the limit starts from $500. On the other hand, the maximum withdrawal limit is 50,000 EUR for bank transfers and $100,000 for electronic payments.

RoboForex offers an instant withdrawal processing opportunity for electronic payments. For bank transfers, it takes 1 to 3 days, and for Visa and Mastercard withdrawals the processing time extends up to 10 days.

Recommended Reading: Withdraw RoboForex Funds without Commission

RoboForex Payment Methods

The broker allows a wide choice of payment methods so that investors/traders can access its trading facilities from any corner of the world. Here is the summary of RoboForex payment methods:

  • Bank Payments: Bank transfer (SEPA), international bank transfer, GiroPay, China Union Pay, Webpay, and local bank transfer in MYR, IDR, THB, and VHD currencies.
  • Electronic payments: Skrill, Neteller, Perfect Money, AdvCash, Fasapay, Mobile Money, WeChat Pay, Astro Pay.
  • Bank Cards: VISA, Mastercard, JCB, China UnionPay.
  • Cash & Vouchers: Efecty, Davivienda, Almancense Exito, Carulla, Surtimax, Pago Facil, Rapi Pago, ServiPag, Red Pagos, Banorte, Bancomer, OXXO, Pago Efectivo, and Western Union.

RoboForex Fees

  • Deposit and Withdrawal Fees: RoboForex deposit is completely free for all types of payment methods. It only applies fees on withdrawals which are 1.5% for bank transfer (SEPA), up to 4% for local bank transfer, up to 1.9% for electronic payments, and 2.6% (+ $1.3 or 1 EUR) for bank cards.
  • Trading Fees: The exchange charges zero commission on trading through Pro-Standard and Pro-Cent accounts. For ECN accounts the trading commission is $20 per $1 million trading volume. On the other hand, for Prime accounts, the commission is $15 per $1 million trading volume. For the R Trader account, the minimum trading commission is $1.5 per trade. The exchange also charges overnight fees, swap, or rollover fees based on the holding period of financial assets by the traders.

RoboForex Bonus and Promotions

RoboForex No Deposit Bonus
  • RoboForex Welcome Bonus: RoboForex offers a $30 welcome bonus on initial deposits made by the new clients. Please note that you must verify your account first to be eligible for the RoboForex welcome bonus.
    You can use this bonus amount for regular trading purposes without any restriction from the broker. Also, you are free to withdraw all the profits made by trading using the bonus amount. Moreover, the broker doesn’t write off the welcome bonus during the drawdown periods of your accounts.
  • Loyalty Bonus: As a RoboForex client, you’ll enjoy up to $6,000 based on your profits made from trading through RoboForex accounts (except R Trader). Besides, you’ll receive up to 10% extra funds on your account balance for trading with RoboForex.
  • Other Promotions: Currently, RoboForex is celebrating the 10th anniversary of its online trading services. As a part of the celebration, the exchange is offering a giveaway of over 200 prizes worth $1,000,000.Also, you can receive up to 3 coupons for each month to participate in the promotions and have a chance to win up to $20,000 per month.

RoboForex Research and Education

RoboForex has partnered with an independent analytical firm Claws & Horns for providing in-house analytics to its clients. It provides daily market updates, chart analysis, trade ideas, fundamental updates in both text and video formats.

Also, The broker’s education center offers a huge stock of trading lessons, tutorials, and educational materials that helps beginners to find the right stairs to be successful in the market.

Furthermore, RoboForex has its own research center that continuously monitors the market and sends critical alerts about upcoming market events to its clients. They also publish daily and weekly market research reports on a regular basis.

RoboForex Awards

Since its establishment, the broker has won numerous awards for its excellence in providing online trading services. Here is a list of the recent awards claimed by the broker:

  • Best Investment Products (Global), 2020
  • Best Partnership Program (LATAM), 2020
  • Most Trusted Broker, 2020
  • Most Transparent Asian Forex Broker, 2020
  • Best Global Mobile Trading App, 2020
  • Best Broker of the CIS, 2019
  • Best Investment Platform, 2019
  • Best Educational Forex-Center in CIS, 2019
  • Best Stock Broker Asia, 2019
  • Best Investment Products (Global), 2019
  • Best Crypto Broker, 2018
  • The Best ECN Broker, 2016

RoboForex Partnerships

Besides being excellent as a financial broker, RoboForex also supports many innovative projects, sports, and wellness events.

In 2019, RoboForex was announced as the official partner of BMW M Motorsport under the banner of RoboMarket Ltd. In the same year, it sponsored the team “RoboMarkets AEL” who took part in a women’s volleyball competition in Cyprus.

The broker also sponsored Muay Thai fighter and coach Andrei Kulebin in 2018 and a basketball team named “LKL BC Zalgiris” in the same year.

RoboForex Customer Support

Customer Support is an important department for any broker who cares about the necessity of providing regular assistance to the traders. The methods and speed of communication between the broker and the client vary depending on the professionalism of the brokers.

Moreover, the RoboForex customer support department has been magnificent in terms of providing proper feedbacks to customer queries and assistance to novice traders in exploring all types of trading facilities served by the broker.

You can contact a RoboForex customer support agent 24/7 through live chat, emails, social media, phone calls, and callback requests. Even if English is not your first language, no worries, RoboForex customer support offerers its assistance in 11 different languages.

RoboForex Contacts

  • Phone: +65 3158 8389 (UK & International), +88 627 741 4290 (Chinese), +34 911 237 952 (Spanish), +351 308 811 688 (Portuguese), +65 3158 8389 (Arabic).
  • E-mail:
    1. infor@roboforex.com (for general questions)
    2. marketing@roboforex.com (marketing team)
  • Address:
    1. 2118 Guava Street, Belama Phase 1, Belize City, Belize.
    2. 9724 Ramiro Duran Street, Belize City, Belize.

RoboForex Pros and Cons

RoboForex Pros:

  • Wide range of financial assets
  • A large choice of deposit and withdrawal methods
  • 5 types of trading accounts including ECN
  • 5 types of trading terminals
  • The minimum deposit limit is only 10 USD/10 EUR
  • 0% commission on fund deposits
  • Competitive fees
  • Quick and easy process of opening accounts
  • User-friendly interface
  • 24/7 customer support in 11 different languages
  • Variety of channels for communication
  • Automated trading facility with robot builder
  • Offers welcome bonus and loyalty bonus
  • Trading contests and special offers
  • Research and education support

RoboForex Cons:

  • Licensed only under a single jurisdiction in Belize
  • Doesn’t serve the US clients

Conclusion

According to our observation, RoboForex is a professional and full-fledged online trading broker in terms of its advanced trading platforms, user-friendly trading accounts, a wide choice of trading assets, and convenient process of deposit and withdrawals.

The broker offers competitive fees and sensational trading environments compared to other financial exchanges of the same level. Also, its customer service department is excellent at communicating and providing feedback to both existing clients and interested individuals.

Furthermore, RoboForex supports beginners with invaluable market analysis reports, trading tutorials, text and video lessons from its Education and Research center. Besides, it offers a welcome bonus, loyalty bonus, and hosts regular trading competitions for encouraging the newbies in building their trading careers.

Although, there is a claim that RoboForex is only authorized by the International Financial Services Commission (IFSC) in Belize.

In terms of the size and service of the broker, investors expect the broker should be authorized by an international governing body.

However, RoboForex has engaged in a Civil Liability insurance program and Compensation Fund of the Financial Commission to ensure the coverage against any fraud, errors, omissions, and other turbulence that may damage client investments.

I hope after reading RoboForex Review you will signup to this broker. If you have any queries/feedback then please feel free to comment below.

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2 thoughts on “RoboForex Review – Is it safe Forex Broker?”

    • Hi Lee,
      I have been using Skrill to withdraw my balance and it’s instant.
      Likewise, the same rule applies to WeChat too.

      Reply

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