RoboForex

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AspectDetails
broker popularity top broker high popularity best reviews benchmark
LeverageLeverage up to 1:2000, 24-hour trading for different asset classes
Minimum Deposit$10
Year Established2009
RegulationFinancial Services Commission (FSC) Belize
Payment methodsCredit/Debit Card, Bank Wire, Skrill, Neteller, AstroPay, AdvCash, Giropay, Ideal, Revolut, Perfect Money, N26, Sofort, Western Union
Publicly Traded
Employees200-300
Type of BrokerMarket Maker, STP, NDD, ECN
MT4
MT5
Trading AssetsForex, Stocks, Indices, ETFs, Metals, Energy and Commodities
Demo Account
Islamic Account
CopyTrading
Signals
Deposit Fee
Withdrawal Fee
Rating★★★★
Offers Official Website

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Pros and Cons

Pros
  • Regulated by IFSC.
  • Diverse asset selection.
  • Competitive fees.
  • Flexible leverage options.
  • Multiple account types.
  • Copy trading system.
  • Lucrative partnership program.
  • Negative balance protection.
  • Variety of trading platforms.
  • Award-winning reputation.
Cons
  • Limited educational resources.
  • No swap-free accounts.
  • Absence of fixed spread accounts.
  • Minimal in-house research.
  • Not FCA regulated.
  • Withdrawal fees.
  • Restricted access in some countries.
  • Higher minimum deposit for ECN account.
  • Limited customer support languages.
  • No telephone orders.

Introduction

RoboForex is a reputable and established brokerage firm that has been a prominent player in the financial markets since its inception in 2009.

Headquartered in Belize, it operates under the regulation of the International Financial Services Commission (IFSC), which adds a layer of security and trustworthiness for traders worldwide.

This broker offers a diverse range of trading instruments, including forex pairs, stocks, indices, commodities, metals, and energy commodities, catering to the diverse needs of both novice and experienced traders.

One of its standout features is its accessibility, with a remarkably low minimum deposit requirement of just $10, making it an attractive choice for traders of varying budgets.

Additionally, the company provides a demo account for practice trading, allowing traders to hone their skills and explore the platform’s features risk-free.

With 24/7 customer support available via email, live chat, and telephone, the company ensures that its clients receive timely assistance whenever needed.

Overall, RoboForex’s combination of regulatory compliance, a wide array of assets, and accessibility makes it a compelling option for traders seeking a reliable and versatile brokerage platform.

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Editor’s Verdict

In summary, RoboForex is a reputable broker with a strong reputation.

It offers a wide range of trading instruments, competitive fees, and excellent customer support.

Whether you’re a beginner or an experienced trader, the broker has something to offer.

Fee

The broker boasts competitive trading costs with tight spreads starting from 0 pips.

It offers a fee structure that stands up well against other brokers.

Notably, RoboForex does not charge swap rates on leveraged overnight positions, which can be advantageous for traders.

Range of Assets

The broker caters to a diverse set of trading strategies with its wide variety of trading instruments.

You can trade currency pairs, equities, commodities, and indices.

This versatility makes it suitable for both short-term and long-term traders.

Leverage and Trading Hours

This broker offers flexible leverage options, allowing traders to manage their risk effectively.

Trading hours vary depending on the asset class, so it’s essential to be aware of the specific market hours for the instruments you trade.

Account Types

RoboForex provides a range of account types to accommodate different trading styles.

Whether you prefer a ProCent account for testing strategies or a Pro account for more advanced trading, It has you covered.

Demo Account

For beginners, the demo account is a valuable tool for practicing without risking real capital.

It simulates live trading conditions and is an excellent way to get familiar with the platform.

In the demo account, traders receive:

  1. Virtual Funds: You get a substantial amount of virtual money to practice trading without using real capital.
  2. Real Market Conditions: Experience actual market conditions, including price fluctuations and order execution.
  3. Access to Platforms: Use the same trading platforms available in live accounts, like MT4 and MT5.
  4. Risk-Free Practice: Safely practice trading strategies and gain confidence without risking real money.
  5. Limited Duration: Demo accounts are time-limited, so check with RoboForex for the specific duration.

In the demo account, traders typically receive virtual funds ranging from $10,000 to $100,000, depending on the account type.

The duration of these demo accounts is commonly set at 30 days, allowing users a month of risk-free practice.

This ample virtual capital and reasonable time frame provide traders with a substantial opportunity to hone their skills, test strategies, and familiarize themselves with the platform before transitioning to a live trading account.

Trading Platforms

RoboForex offers a selection of trading platforms, including proprietary options and popular choices like MT4 and MT5.

Each platform has unique features, and traders can choose the one that best suits their needs.

The broker offers a range of trading platforms, including:

  1. MetaTrader 4 (MT4): A widely used platform known for its stability and advanced charting tools.
  2. MetaTrader 5 (MT5): The successor to MT4, offering additional features and asset classes.
  3. R StocksTrader: Designed specifically for trading stocks, providing access to global stock markets.

These platforms cater to different trading styles and preferences, ensuring traders have options to suit their needs.

Awards

The company has received recognition in the form of awards and accolades, further highlighting its credibility and commitment to providing top-notch services.

Here is the list of the most prominent awards:

  1. Most Trusted Broker: The company was awarded the “Most Trusted Broker” title by International Business Magazine, highlighting its reputation for trustworthiness and reliability.
  2. Best Investment Products: Recognized by Global Brands Magazine, The company earned the “Best Investment Products” award, underlining its diverse range of investment options.
  3. Most Transparent Broker: World Economic Magazine honored RoboForex with the “Most Transparent Broker” award, indicating its commitment to transparency and fairness in trading.
  4. Best Copy-Trading System: The company proprietary copy-trading system, CopyFX, has earned it accolades for offering one of the best copy-trading platforms in the industry.
  5. Outstanding Partner Commissions: The company’s Partner Program was acknowledged for providing one of the most attractive partner commissions in the market, making it appealing for affiliates and partners.
  6. High-Quality Execution: The company received recognition for its high-quality order execution, ensuring efficient and timely trade execution for its clients.
  7. Wide Range of Tradable Assets: Its extensive offering of over 12,000 trading instruments, including indices, stocks, commodities, metals, and ETFs, was acknowledged for providing traders with diverse options.
  8. Innovative Trading Platforms: RoboForex’s trading platforms, including MetaTrader 4 and 5, were commended for their innovation and user-friendly features.
  9. Economic Calendars and Analytics: Its robust analytical tools, including economic calendars and analytics centers, were recognized for assisting traders in making informed decisions.
  10. Civil Liability Insurance: RoboForex’s implementation of a Civil Liability insurance program for a limit of 2,500,000 EUR was acknowledged for providing clients with added financial security against potential risks and losses.

Regulation and Security

The company holds regulatory licenses from reputable bodies like the IFSC. This ensures a level of oversight and accountability.

Additionally, it implements measures to safeguard client funds and maintain a secure trading environment.

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Research and Education

While RoboForex has partnerships for research and trading signals, it lacks comprehensive educational content.

We recommend seeking additional educational resources if you’re a beginner looking to learn the ropes.

Customer Support

The company offers various customer support methods, including live chat and phone support.

Their support is available in multiple languages and operates 24/7, ensuring assistance whenever you need it.

Bonuses and Promotions

The broker has an approachable stance on bonuses and promotions, including a partnership and affiliate program that can benefit traders.

Account Opening

Opening a trading account is a straightforward process, involving mandatory verification and a minimum deposit requirement.

Step-by-step guide on how to open an account:

1. Visit the RoboForex Website: Go to www.roboforex.com.

2. Click “Open Account”: Find and click the “Open Account” button.

3. Choose Account Type: Select from various account types.

4. Fill in Your Details: Provide your personal information and create a strong password.

5. Pick Account Currency: Choose your preferred account currency.

6. Accept Terms: Read and accept the terms and conditions.

7. Verify Identity: Upload ID and proof of address documents.

8. Verification Process: Wait for the company to verify your documents.

9. Fund Your Account: Deposit the minimum required amount.

10. Start Trading: Access RoboForex’s trading platforms and begin trading.

Payment Methods

The broker supports various payment methods for both deposits and withdrawals, providing flexibility for traders.

It also offers various payment methods for your convenience:

  1. Bank Wire Transfer: Direct bank transfers.
  2. Credit/Debit Cards: Visa and MasterCard.
  3. E-Wallets: Skrill, Neteller, WebMoney.
  4. Online Banking: Region-specific options.
  5. Local Payment Systems: Country-dependent methods.
  6. Electronic Payment Systems: FasaPay, Perfect Money, AdvCash.
  7. Mobile Payments: Available in some regions.

Please check the official website for payment availability in your area.

Deposits and Withdrawals

The deposit and withdrawal process is relatively smooth, with varying processing times depending on the chosen method.

It’s crucial to match the payment processor with your RoboForex account for smooth transactions.

Is it a Good Broker?

In conclusion, It is a reputable broker with a lot to offer. It provides a wide range of trading instruments, competitive fees, and reliable customer support.

Whether you’re a novice or an experienced trader, RoboForex is worth considering for your trading needs.

Alternative Brokers & Comparisons

Here is a list of some alternate companies or forex brokers that you can consider:

  1. MetaQuotes: Known for its popular trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
  2. IG Group: A global leader in online trading, offering a wide range of assets and markets.
  3. OANDA: Known for its competitive spreads and advanced trading tools.
  4. Saxo Bank: Offers a comprehensive range of trading instruments and a user-friendly platform.
  5. eToro: Known for its social trading platform that allows you to follow and copy other traders.
  6. Interactive Brokers: Offers a wide range of assets and is popular among professional traders.
  7. XM Group: Known for its low spreads and a wide range of educational resources.
  8. AvaTrade: Offers plenty of trading platforms and a broad selection of assets.
  9. FXTM (ForexTime): Known for its innovative tools and educational resources.
  10. Pepperstone: Offers competitive spreads and a range of trading platforms.
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Conclusion

In this comprehensive review, we’ve explored the various aspects of the broker, from its offerings and fees to its regulatory standing and customer support.

It’s evident that RoboForex is a credible and trustworthy broker, catering to traders with diverse needs and preferences.

Whether you’re new to trading or an experienced pro, RoboForex is certainly worth considering as your broker of choice

Contact Info

FAQ – Frequently Asked Questions

What is RoboForex?

RoboForex is an online brokerage firm that offers trading services in various financial markets, including Forex, stocks and more. It provides a platform for individuals and institutions to trade a wide range of assets.

Is RoboForex regulated?
Yes, The broker is regulated by the Financial Services Commission (FSC) in Belize. It holds a valid license from the FSC, which helps ensure compliance with financial regulations.
What trading platforms does RoboForex offer?
This broker offers popular trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are widely used by traders for their advanced charting and analysis tools.

Does RoboForex provide a demo account?
Yes, the broker offers a demo account that allows traders to practice and familiarize themselves with the platform without risking real money.
What is the minimum deposit required to open an account with RoboForex?
The minimum deposit requirement varies depending on the type of account you choose, but it starts at $10 for some account types.

Does RoboForex charge commissions on trades?
The commission fees depend on the type of account. The broker offers zero commission on some account types, while others may have varying commission structures.

Can I engage in copy trading with RoboForex?

Yes, it provides a copy trading platform called CopyFX, where you can either follow other traders’ strategies or make your own trading strategies available for copying.

What financial instruments can I trade on RoboForex?

The broker offers a wide range of trading instruments, including Forex currency pairs, stocks, indices, commodities, metals and more.

Are Islamic (swap-free) accounts available?

Yes, This broker offers Islamic accounts, which are also known as swap-free accounts, for traders who wish to adhere to Islamic finance principles.

How can I contact RoboForex customer support?
You can contact RoboForex customer support through various channels, including email, live chat, and telephone. Their customer service operates 24/7 to assist traders.

References and Sources

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Article written, edited and reviewed by

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Adam Rosen

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Last updated: June 11, 2024