RoboForex Review 2020
Over the past few years, RoboForex has gained trust from lots of clients around the world. It is an online broker that offers trading assets on its Pro-Cent, Pro-Standard, and RAMM Live Accounts. The broker has the worldwide known MetaTrader 4 and MetaTrader 5 platforms. Users can access them through desktop, web, and mobile trading. So RoboForex offers lots of benefits that other brokers cannot do. This review will explore how RoboForex works, along with its regulation, bonuses, and deposits.
RoboForex began in 2009 in Belize. It is under the regulation of the International Financial Services Commission (IFSC). It controls members for running honest and transparent services as well as secure traders of such measures. Over the years, the broker has earned an excellent reputation, with 3 million live accounts opened. Users can trade more than 12,000 trading instruments, two investment platforms, and four trading platforms. The company is partners with BMW M Motorsport and sponsored by the world kickboxing champion and Muay Thai Fighter, Andrei Kulebin.
Trading Platforms – RoboForex
MetaTrader 4 is a well-known trading platform among traders from many parts of the world. MT4 is it packs over 50 technical indicators, graphical tools, and three order execution types. Users can benefit from the one-click trading ability and their trading robots. MT4 is a useful web trader that you can access from a browser. And you can download it through the desktop.
MT5 offers safety for advanced trading and practical trading tools. It is a platform for expert traders who wants to enhance their trading skills. It has is netting and hedging skills, Market Depth, and four types of order execution. Also, it has six types of pending orders, technical indicators, and graphical tools.
MetaTrader 5 platform is for trading on the go. It lets its users trade from any browser and any device. Users can download the PC application or through a web-browser version of the platform.
Lots of traders find cTrader as neat and easy to use. The platform is for advanced traders looking for an option to MetaTrader. With cTrader, users can access a few types of orders, Level II pricing, 54 technical indicators on 14 timeframes, and nine types of charts. Also, with cTrader Automate, you can create robots and indicators.
The web version is perfect for MacOS PC users. And users can download the platform through a browser.
R Trader offers an advanced and easy-to-use trading platform. It provides traders with a full range of assets that most other brokers do not offer in the market. It is chosen by lots of traders who invest in global markets due to its convenient trading and classic design. Traders have access to 13 technical indicators, Level II Market Depth, nine graphical tools, and a strategy tester. Also, the platform supports Netting and hedging account models.
Traders can access it on both web-platform and desktop applications.
RoboForex Review – Tradable Assets, Spreads, and Leverage
With RoboForex, traders can trade on 40+ currency pairs, over 12,000 global stocks. The broker has 26 cryptocurrencies plus crypto indices, a unique product for trading on various cryptos at once. It offers over ten indices, like the Dow Jones (US30) and NASDAQ. Also,100 commodities, such as oil and ETFs.
Spreads & Commission
Spreads are competitive vs. brokers like FBS and FXTM, and the price depends on the account you choose. For the Pro-Cent and Pro-Standard accounts, with fees in the spreads. It is around 1.4 pips for EURUSD, 1.75 for US indices, and 22 for XAUUSD (Gold).
With Pro-Cent and Pro-Standard accounts, the maximum leverage offered by RoboForex is at 1:2000. For the ECN account, leverage is up to 1:500 and 1:300 for Prime and R Trader accounts.
RoboForex Trading Platforms
RoboForex has invested heavily to provide the best platforms for traders. And the list includes some of the great names in the industry, such as MetaTrader, cTrader, and R Trader.
MetaTrader – Traders enjoy using MT4 and MT5 due to having the same technical features as desktop apps. And these are charting tools, full trading history, and access to trading robots. The user’s client login area is open on mobile platforms.
The cTrader – The platform is new to the market, but it is famous for being a very stable trading software. It offers handy features such as pinch-to-zoom, fling scrolling, and double-tap action to recentre charts as well as the in-app notifications.
R Trader – R Trader offers an all-in-one solution with safe in-app account deposits and bonus management. It provides some trading indicators, live charts, quotes, as well as mobile-friendly features.
These platforms are open in 22 languages for both iPhone and Android users. MT4 and MT5 mobile apps nothing but good feedback from traders.
Payment Methods of RoboForex
With RoboForex, there is no lack of funding methods. It has dozens of deposit methods in nine currencies, such as USD, EUR, GBP, and ZAR. Traders can make deposits through an International and local bank, as well as card payments and e-wallets. Paypal is not approved yet. Most methods require a minimum deposit of 10 USD/EUR with standard accounts. All deposit methods are fast and safe.
There are 13 withdrawal methods RoboForex offers to its traders. But this may depend on your jurisdiction. Mostly, the withdrawal process only takes one day, which is a good thing. And because of this, the broker was given praise in customer reviews in 2020. Withdrawal commissions range from 0.5% to 2.8%. The broker offers a Free Funds Withdrawal program for traders to withdraw funds twice a month with no commissions.
Regulation, Bonus, and Demo Account
With Robotex, users can choose from three demo accounts that suit you best. And these are Demo Pro, Demo, and Demo R Trader. The Demo Pro account is the most well-known for traders as it replicates the standard account packages. It comes with 1:2000 maximum leverage and floating spreads from 1.3 pips. Traders can test trading strategies without risking real money. The demo account is free to use and expires after 90 days. You can open it from the broker’s homepage.
RoboForex offers a welcome bonus for Pro-Cent and Pro-Standard accounts. To draw clients into trying their service, they offer a $30 welcome bonus to all new traders. To get the welcome bonus, all you need to do is open a live account, provide your information, and make a minimum deposit of $10. For veteran traders, the most attractive is called Profit Share Bonus. And avail up to 120% on deposits by claiming the Classic Bonus. RoboForex also offers up to 10% bonus credit on account balances, cashback rebates, daily competition with ContestFX, and a free VPS server.
Today, RoboForex does not offer any no deposit bonus (NDB) deals in 2020. It has weekly demo contests so traders can check the website for future promos.
RoboForex Ltd is authorized by the International Financial Services Commission (IFSC). Its office is in Belize with license number 000138/107. Also, it is an “A” category member of the Financial Commission. So RoboForex offers a Compensation Fund of up to €20,000 per case. The broker offers negative balance protection and holds Civil Liability insurance. Hence, RoboForex is a reliable and safe online broker.
RoboForex offers training for both casual and skilled traders. It includes how-to guides, on-demand videos, forex analysis, plus a helpful community forum, blog, and econ.
Among all the features, the RoboForex Analytics center is the most crucial one. You can subscribe for free to analytical data and trading instruments from within one window. It offers an interactive data layout so users can access signals, videos, calendars, and tools. And it is open in 13 languages.
Account Types – RoboForex
RoboForex offers five live account types for its users. These are Prime, ECN, R Trader, Pro-Cent, and Pro-Standard accounts. The minimum deposit required for all accounts is 10 USD/EUR. But except for the R Trader account with a 100 USD deposit. These minimum deposits are low compare to other brokers.
The ECN and Prime accounts are for expert traders looking for spreads from zero pips. The R Trader account, on the other hand, holds multi-asset stock trading. Pro-Cent and Pro-Standard account for new and casual traders.
This review checks the difference between the accounts’ minimum requirements, leverage limits, margin call/stop-out levels, and access to bonuses. Users can get a bonus with Pro accounts, while there is none for the R Trader account.
RoboForex also offers Islamic swap-free accounts. Also, investment solutions with CopyFX and RAMM platforms support both short-term and long-term trading strategies.
To start real trading in live markets, you can open a real-money account from the broker’s homepage.
Benefits and Drawbacks
Here are a few reasons why to open a RoboForex account:
- Bonuses its offers
- Wide range of assets
- Four live trading platforms
- Commission-free trading
- CopyFX features – Copy the Pro traders
- RoboForex does not accept clients from the USA, Canada, Japan, Australia, Bonaire, Curaçao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other restricted countries as updated on their website.
- Complies with IFSC Belize and the Financial Commissions only.
For queries, you can reach Customer service 24/7 to assist their clients. Traders can ask for help from its multilingual support team in over 12 distinct languages. RoboForex staff is well versed in fixing Forex related issues. And if you need help with your account, they will deal with it promptly.
Telephone number – +65 3158 8389
Online callback form – Contact Us page
You can reach them via live chat, Telegram, Facebook Messenger, Skype, Whatsapp, and Viber.
Head Office Address: 2118 Guava Street, Belama Phase 1, Belize City, Belize.
All RoboForex platforms use dual-factor authentication protocols and SSL encrypted security systems. Withdrawals and transfers are safe with an SMS confirmation code per transaction. The broker also has an anti-fraud function to secure against repeated transfers of funds.
The Bottom Line
RoboForex is reliable and has earned a good name in the market over the years. It offers a wide range of assets on trading platforms, such as MT4, MT5, cTrader, and R Trader. For the safety of traders, it is also licensed and offers negative balance protection. So, we can say that RoboForex is a good broker for all levels. And their zero-spread ECN accounts and RAMM platforms to lure lots of traders. Its Free Demo Accounts makes you to try out their service before settling for other brokers.