RoboForex Review 2023
Founded in 2009, RoboForex is a brokerage firm that deals in forex and CFD trading. It is a part of RoboForex Group. The company allows clients to trade various financial instruments across multiple markets, including forex, indices, commodities and cryptocurrencies. While flexible account types, user-friendly trading platforms, and the availability of copy trading services are the key features offered by the company, the multi-regulated regulatory setup provides a sense of security to clients signing up with it. Today, we review the broker in detail.
Regulation and Security
While being a part of the RoboForex Group, the company holds regulations in multiple jurisdictions around the world.
- Cyprus – Cyprus Securities and Exchange Commission (CySEC)
- Belarus – National Bank of the Republic of Belarus (NBRB)
- Malaysia – Labuan Offshore Financial Services Authority (LOFSA)
- Poland – Polish Financial Supervision Authority (PFSA)
- Virgin Islands– Financial Services Commission (FSC)
- Ireland – Central Bank of Ireland (CBI)
- Australia – Australian Securities and Investments Commission (ASIC)
- Japan – Financial Services Agency (FSA)
- United Arab Emirates – Financial Regulatory Services Agency (FRSA)
- Israel – Israel Securities Authority (ISA)
The company is a registered member of the Investor Compensation Scheme and offers protection of up to €20,000 per client in case of dispute between the company and client. Further, the company employs a Civil Liability Insurance program under which clients can seek compensation for their financial losses of up to 5,000,000 EUR in case the company goes bankrupt. However, the offer is valid for selected nations only; click here to check your applicability.
Negative Balance Protection
RoboForex offers negative balance protection to its clients. If a customer has incurred a negative balance in his/her account due to the highly volatile market moves, the company immediately resets the customer’s negative balance to zero. That means customers could only lose their capital investment with the company at max.
RoboForex Ltd. keeps clients’ investments in segregated bank accounts, preferably with AAA investment banks, ensuring clients have real-time access to their funds.
Is RoboForex available worldwide?
RoboForex is an operating brand of ForexGroup limited. The group comprises two entities, including RoboForex Ltd. and RoboMarkets Ltd. The group serves international clients through RoboForex Ltd., while it registers clients from the European States under RoboMarkets.com. However, the company doesn’t operate in certain jurisdictions, including but not limited to Canada, Australia, Japan, Bonaire, East Timor, Saipan, Liberia, Russia, and the USA.
RoboForex offers multiple trading platforms, including its custom-built proprietary app, the famous cTrader and a full suite of industry-standard MT4 and MT5 trading platforms. All trading platforms are accessible online or via desktop and mobile phones.
Clients who prefer exploring the market using the web can either access the company’s proprietary trading platform ‘R Web Trader’ or use the web-based versions of other platforms, such as MT4/MT5. The RoboForex Web terminal comes with 13 technical indicators and 9 tools for graphical analysis. With the powerful and intuitive ‘R WebTrader’, clients can execute trades, monitor real-time price quotations and annotate charts for multiple tradable assets conveniently. On the other hand, cTrader’s web terminal is also a great option for experienced traders. The cTrader platform supports rare types of orders and comes with level II pricing. Further, it has 54 built-in technical indicators and 14-time frames for charting options.
Clients have multiple options available for desktop trading as well. However, the traditional MetaTrader 4 terminal appears to be the most popular choice for retail traders. Regardless of a trader’s skillset, it offers all the features and tools necessary for meaningful trading. In addition, the MT4 desktop version offers unique MQL platform functionality and opportunities built inside it. The platform supports three order types and has 50 built-in technical analysis indicators.
On the other hand, MT5 combines distributed computing with order execution for ambitious trading. MetaTrader 5 is a sophisticated tool for designing trading strategies and robots. In short, MT5 is the most refined platform for traders who value speed, reliability, and the latest technology.
On-the-go clients can also choose between the company’s in-house trading solutions and third-party platforms, such as cTrader, MT4 and MT5. The ‘R MobileTrader’ can be your mobile “workstation” for trading, depositing funds, and analysing the market. Moreover, you can also seek live support using it. Alternatively, all the limitless opportunities of the cTrader terminal are available on iOS and Android-based mobile devices. The MT5 mobile trading app provides in-depth market insights, all forms of trading activities, 30+ indicators, 24+ analytical tools, and more. It also supports netting and hedging trading techniques. Mobile trading apps usually have restricted features, and if you’re looking to rely solely on mobile trading, you must analyze the available features before signing up.
RoboForex offers five types of accounts, including Prime, ECN, ProCent, Pro, and R Stocks Trader. The company provides each account type with a specific objective. For instance, clients looking for instant trade execution can sign-up for the ECN account. Those who feel more inclined toward excellent trading conditions can register for a Prime account with the company. The broker also offers a dedicated account for stock trading. While most services and features are identical across all accounts, the number of tradable assets may vary from account to account. Click here to find the best account type for you.
The account registration process is pretty simple. Clients can open an account with the company in less than a minute. Although the company doesn’t require clients to verify their accounts upfront, investors must complete the KYC process before requesting withdrawals. Clients can use a copy of their National ID Card, Passport, or Driving license to confirm their identity. The broker also needs you to submit the proof of residence. A bank statement of a copy of your recent utility bill will do so. Below are the steps you need to follow to open an account with RoboForex.
1) Access the registration page and enter your details, such as name, email ID, password and mobile phone number.
2) Read the terms and conditions and mark your acceptance.
3) Click on the register button to access the dashboard.
The company also sends your login credential to your registered email ID. Clients can start placing trades immediately after signing up with the company and depositing funds in their accounts.
A sleekly designed trading dashboard welcomes you on board as you log in to your trading account using the credentials received via email. The company has sophisticatedly designed the trading dashboard so that even newbies don’t have any problem navigating it. Six tabs are available on the upper navigation panel: Accounts, Funds, Profile, Partner, Investments, and Help. Let’s check out what features are available under each tab.
Accounts: The account tab enables clients to manage their accounts preferences, such as default leverage level and account password. Clients can also view their account history and open positions using the same tab.
Funds: The fund’s tab allows clients to access the deposit and withdrawal page. This tab lets investors view their integrated cards and currency exchange rates.
Profile: Account verification, members area login credentials, cash rebates, push notifications, email subscriptions, and security settings are all accessible through this tab.
Partner: Any information about referral commission is viewable using the Partner tab.
Investments: All matters related to copying trading services are classified under the investment tab.
Help: Clients can use the help tab to seek the company’s customer support services.
Deposit and Withdrawals
RoboForex supports multiple methods for deposits and withdrawals, including but not limited to Credit cards, Debit cards, Skrill, Neteller, FastPay, Google Pay, Apple Pay, and more. The company also accepts crypto payments.
The minimum amount to open an account with RoboForex is $10 across all accounts, except for the R Stocks Trader account. Clients need a minimum $100 deposit to sign up for the stock trading account. There is an upper limit for the maximum deposit, which is $10,000 in a single go. However, clients can fund their accounts up to Є100,000 at a time using bank transfers.
Most payment methods have a processing time of up to 1 day. However, bank transfers could take up to 3 days to reflect in your trading account.
Notably, the firm processes withdrawal requests via the same methods clients used to make deposits. Requested funds are likely to reach your bank account within one business day.
RoboForex offers a wide array of tradable instruments across major asset classes. For example, clients can trade 1200+ stocks, 36+ currency pairs, 20+ precious metals and ETFs, 7+ indices, 4+ commodities, 2+ energies, and 9+ cryptocurrencies. The tradable assets range also varies depending on your selected account type and entity. For example, crypto derivatives trading is unavailable to UK clients amid FCA restrictions. Therefore, clients should confirm the availability of their prefered instrument from the broker before signing up with it.
Commissions and Fees
RoboForex offers an average pricing structure. The broker’s trading fee (spreads, commissions, swap rates) and non-trading fees (deposit or withdrawal fee, inactivity charges) vary depending upon your selected account type. For example, the company charges a commission of up to $15 per $1 Million traded volume in the Prime account. On the other hand, the commission in the ECN account surges up to $20 per $1 Million traded volume. The company doesn’t charge any commission from Pro account holders, while clients with R Stock Trader accounts must pay a fee starting from $0.0045 per share.
The broker doesn’t charge any fee on deposits. However, clients might incur a fee of up to 4% of the transaction, depending on the selected payment method. The company doesn’t apply an inactivity fee on dormant accounts.
RoboForex employs floating spreads across all financial markets. Moreover, the spread on tradable assets varies from account to account. For example, the average spread on EUR/USD in the ProCent and Pro accounts is 1.4 pips, while it remains around 0.1 pips in the Prime and ECN accounts.
Leverage refers to margin-based trading, which involves controlling significant positions with a fractional investment. Your broker fills the difference. In other words, you borrow funds from your broker to open large trades with marginal capital. For instance, 1:30 implies that you can open a position as big as 30 times your capital.
RoboForex offers maximum leverage of up to 1:30 on currency pairs, while clients can trade precious metals using a leverage of up to 1:20. The company provides a maximum leverage of 1:2 for trading crypto assets. Notably, leveraged trading carries increased risk exposure and can wipe off your account within no time during highly volatile market conditions. Therefore, you must use the appropriate leverage level when trading CFDs.
Analysis and Education
A company’s commitment to its clients may be judged in part by the educational resources that are made available and the level of customer support the company offers. The broker seems to have put extra effort into educating its clients and helping them learn and grow.
Regarding the instructional resources that are made available, RoboForex offers both video and written guidance on the fundamentals of the stock and forex market (such as “How to Open an Account” and “How to Start Trading,” among other similar topics). In addition to a data centre, the company features daily analysis and forecasts. An economic calendar is also available to help traders keep track of upcoming major economic events.
Additionally, the broker has a blog on which in-house industry professionals comment on the latest events and various trading tactics. Although the broker maintains the educational section well, we missed the glossary feature, which can be very helpful for newbies to become familiar with different trading jargon and terminologies.
RoboForex offers excellent customer support. In addition to providing a dedicated FAQs section, the company keeps its multilingual customer support staff accessible round the clock, seven days a week. Clients can contact the company through all channels, including telephone, email and live chat. Moreover, the company has representation on social media platforms like Facebook, Twitter, Instagram and Youtube. Customers can also reach the company via Whatsapp and Telegram.
Reputation amongst Traders
With an average rating of 3.6 on Trustpilot, the company seems to have mixed opinions among traders. While 60% of the traders showed extreme satisfaction with the company, 30% of clients marked it a bad choice. About 10% of clients reported the company to be great, while none of the clients rated it poorly.
RoboForex has won several awards in recognition of its services to the industry.
- Best Mobile Trading App (Global) Award 2022 by Global Forex.
- Most Trusted Broker (Global) Award 2022 by International Business Magazine Awards
- Best Prime Trading Account (Global) Award 2022 by Ultimate Fintech.
- Best Stocks Broker Global Award 2022 by London Trader Show
- Best Broker of the Year Award 2021 by Traders Union IAFT
- Best Prime Trading Account (Asia) Award 2021 by Global Banking & Finance Awards
Can beginners trade with RoboForex?
Yes, RoboForex offers seamless trading conditions, flexible account types and multiple research and educational resources to help beginners stay on track. However, CFD trading is comparatively a riskier form of investment due to the leverage element. Therefore, newbies should first sign up for the company’s demo account and practice different trading strategies and money management skills before committing their real funds to the company.
RoboForex can be a competitive choice for all types of investors. While the company offers flexible accounts to suit the trading needs of individual traders, the broker’s robust trade execution policy with low latency rates and protection against negative balance make it a safe choice for trading forex and CFDs. The company also offers rich educational resources and virtually funded demo accounts, and a third-party copy trading feature equally beneficial for newbies and skilled professionals. The solid regulatory framework and the fact that this broker has won multiple awards offer reasonable assurance about the company’s legitimacy.