Roboforex Review 2020 - Verified Customer Reviews

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4.9
User Rating
4.7
(54)
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Roboforex Review

Updated September 28, 2020
4.9
Score breakdown
Pricing: 5
Regulation: 5
Popularity: 5
User Rating: 4.7 (54)

Roboforex overall score rank: 1 out of 34

RoboForex forex broker review
KEY TAKEAWAYS

✔️ Good spreads on Majors and no withdrawal fees
✔️ More than 12,000 trading assets
✔️ Cent accounts available (ideal for beginners)
✔️ Great Forex educational materials

Regulations and Money Protection

5.0 


Entity Name Regulation Client Money Protection Deposit Compensation Scheme Negative Balance Protection
RoboForex Ltd (BZ) Belize IFSC License ✔️
RoboForex (CY) Ltd (EU) Cyprus CySEC License  ✔️ - segregated client money ✔️ - up to €20,000 ✔️

Entity/Regulation

  • International customers: RoboForex Ltd will be the counterparty for International customers. This entity, registered in Belize is regulated by the Belize International Financial Services Commission (IFSC) with a "Trading in financial and commodity-based derivative instruments and other securities" license.

  • European customers: RoboForex (CY) Ltd, with address at Arch. Makarios III Avenue 171, 8th floor, 3127, Limassol, is a Cypriot Investment Firm (CIF) under number 310464 and is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 191/13. The CySEC license allows RoboForex (CY) Ltd to carry out brokerage activities in Europe, as an intermediary in the financial markets, respecting the MiFID obligations.

Client Money Protection

  • RoboForex complies with the highest safety standards for client's funds. For this reason, RoboForex client's funds are kept in top-tier international banks, such as Barclays Bank, fully segregated from the company’s funds.

  • RoboForex also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. RoboForex holds client's money separately to the company funds and does not use these funds for any operational expenses or purposes.

Deposit Compensation Scheme

RoboForex (CY) Ltd is a member of the Investor Compensation Fund (ICF), an investor compensation fund for CIF clients and its functions are regulated by the directive DI87-07 of the CySEC. If RoboForex (CY) Ltd is unable to meet its obligations, clients might be entitled to compensation (up to the value of €20,000) per claim, irrespective of the number of accounts held, currency and place of offering of the investment service (within Europe).

Negative Balance Protection

For accounts opened via any entity of the RoboForex Group, there is a default Negative Balance Protection mechanism in place, for the sake of no negative balance. With NBP, RoboForex customers are protected from any losses bigger than their original investments, in cases of extreme market volatility.

Civil Liability Insurance Program

RoboForex has implemented a Civil Liability insurance program for a limit of 5,000,000 EUR. This insurance program includes market-leading coverage against omissions, fraud, errors, negligence and other risks that may lead to financial losses of clients.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage
✔️ - Pro-Standard
✔️ - Pro-Cent
✔️ - ECN
✔️ - Prime
✔️ - R Trader
✔️ - Islamic Accounts
✔️ - Forex
✔️ - Indices
✔️ - Stocks
❌ - Futures
❌ - ETFs
❌ - Bonds
✔️ - Commodities
✔️ - Cryptocurrencies
Metatrader 4
Metatrader 5
cTrader
R Trader
CopyFX
RAMM
MQL Signals
30:1 Europe
1000:1 Rest of World

Account types and currencies

  • RoboForex offers five types of trading accounts; Pro-Standard, Pro-Cent, Prime, ECN and R-Trader. RoboForex also offers swap-free accounts for any traders of Islamic belief.

  • RoboForex allows for social trading, including copy trading, via the CopyFX account and MQL Signals.

  • RoboForex has RAMM accounts alternatives for money managers.

  • RoboForex maximum leverage is 30:1 for accounts opened within Europe and up to 1000:1 for accounts opened in other countries around the world.

  • Currently, RoboForex trading accounts are only available in USD, EUR and GBP.

Financial instruments

Trading with RoboForex can be done via the Metatrader 4, Metatrader 5, cTrader and R Trader available on web, desktop terminal and mobile versions. RoboForex offers an excellent selection of more than 12,000 assets to trade, including Forex, indices, stocks, commodities and cryptocurrencies.

  • FX market - 40+ currency pairs (including Minor and Exotic crosses).

  • Indices - 4 world indices, including US 500, US 30 and GER 30.

  • Stocks - 12,000+ stocks CFDs from global top companies and banks, such as Amazon, eBay, Google, Netflix or Tesla.

  • Commodities - 26 commodities CFDs available for trading; 20 combinations for metals, 2 energies, with UK Oil and US Oil and 4 soft

  • Cryptocurrencies - 9 CFDs crosses for trading, including BTC/USD, LTC/USD and ETH/USD.

Pricing

5.0  


Pricing/
Account
Pro Standard Pro Cent ECN Prime R Trader
Spread EUR/USD from 1.4 pip from 1.4 pip from 0.1 pip from 0.0 pip from 0.0 pip
Commissions from 20 USD (per million traded) from 10 USD (per million traded) from 0.50 USD Per Contract
Minimum Deposit from 0 USD from 0 USD from 0 USD from 100 USD from 5,000 USD

Spreads

RoboForex trading spreads are not the most competitive in the market for the entry-level accounts (Pro-Cent and Pro-Standard). For the most traded pair, the EUR/USD, the spread on both accounts starts at 1.4 pip. On the positive side, with an ECN account, the EUR/USD minimum spread is 0.1 pip (typically 0.2 pip). Things get even better with a Prime account. The minimum spread for the EUR/USD is a cool 0.0 pip (typically 0.2 pip).

To access the better trading conditions of the ECN and Prime accounts (lower spreads), the cost is a broker commission. With an ECN account, the commission for a trading volume of 1 million USD is 20 USD. With the Prime account, the commission cost for a trading volume of 1 million USD starts at 10 USD.

Rollover Rates

RoboForex swap rates, as of 27-08-2020, for 1 lot EUR/USD (100,000 units) stands at an average rate of -6.20 for holding overnight a long 1 lot contract and at +0.50 for holding overnight a short 1 lot contract. We consider these swap rates to be average compared with the rollover rates offered by other top Forex brokers.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in 3 different currencies and maintained via 20 different funding methods, including cards, bank wires and e-payments such as Neteller, Skrill, FasaPay, WebMoney. RoboForex does not charge any fees for deposits.

  • Withdrawals fees - Same policy applies for withdrawals (processing times vary from instant to 1 working day). RoboForex does not charge any additional fees for withdrawals. However, banks, e-wallets and cards processors might charge their transaction fee. For more information, please visit the RoboForex’s deposit and withdrawals dedicated page.

  • Inactivity fee - RoboForex does not charge an inactivity fee or any account maintenance fees.

Popularity

5.0 


Forex Education Deposit Options Deposit/Withdrawals Fees Non expiring demo account Customer Support
Webinars
Analysis
Daily Blog
Cards
Bank Wire
E-payments
✔️ Multi language
24/5 Support
Live Chat

Opened for business in 2009, RoboForex is a fast expanding broker and according to their corporate website, they’ve reached in the year 2018 more than 2,000,000 trading accounts opened! Compared to 2009, when RoboForex established its headquarters in Belize and had 1,724 trading accounts, that is an impressive growth rate!

RoboForex is also a very popular Forex broker amongst traders for the variety of trading platforms on offer. To start, trading can be done via the more traditional MT4 and MT5, also on MT4 Web Platform. For the more advanced traders, RoboForex also offers trading via the cTrader and RoboForex proprietary platforms; R Trader (web version) and Mobile R Trader, suitable for trading on the go. With the R Trader platform traders can also, even with minimal coding knowledge, create their own automated strategy trading robot.

  • Trading accounts - The RoboForex Prime account is a popular choice with traders looking to save on trading costs trading costs, with a lower spread and a competitive commission per lot traded. Extra points for RoboForex' policy of no fees on deposits or withdrawals.

  • Forex education - RoboForex also gets extra popularity points for their extensive range of Forex education materials, available through the Education tab. RoboForex clients can access market analysis and forecasts, with daily blog articles and expert market analyst’s comments. Also available for account holders, the RoboForex Analytics centre, with analytical data and trading instruments all in one window.

Funding Methods Bank Wire, China Union Pay, Credit Card, EPS, Giropay, iDeal, Neteller, Paypal, Perfect Money, POLi, QIWI Wallet, Skrill (Moneybookers), Sofort, Yandex, Webmoney, TrustPay, Local Bank Transfer, Ecopayz, Trustly, Debit Card, Rapid Transfer
Support Languages Arabic, Chinese, Czech, English, German, Indonesian, Italian, Polish, Portuguese, Russian, Spanish, Thai, Vietnamese


  • Minimum deposit - Opening a trading account with RoboForex couldn’t be easier and it can all be done via the website. The minimum deposit requirement (except for the R Trader and Prime trading accounts) with RoboForex is… 0! Of course, with a zero balance, customers will not be able to open any trades. But traders can have a real feel for the broker’s trading platforms, how the spreads widen on high impact news and for the overall trading conditions.

  • Customer support - RoboForex' multi language customer support service is available 24 hours, 5 days a week, in 13 languages. RoboForex' support is available via direct phone call, or even by requesting a call-back, email and through live chat directly from their website.

Broker Profile

RoboForex Ltd has been operating since 2009. The broker has always been focused on providing the best trading conditions, by using innovative technologies and many years of experience. RoboForex is an international broker offering 8 asset types and more than 12,000 instruments for trading. The company aims at providing their clients and partners with a great trading environment, regardless of their experience and amount of their investments.

RoboTrade Ltd ("RoboForex") supplies customers and partners with quality and reliable brokerage services using modern tools and technologies. It strives to satisfy the needs and wishes of their clients and offers them reliable and affordable services of the highest quality with a personal and confidential approach.

RoboForex follows a hybrid Forex business model, serving both as a market maker as well as offering Market Execution (ECN/STP) trading conditions as a non-dealing desk broker. Find out more on our RoboForex review.

Overall, on our RoboForex review, the broker scores a superb 4.9 out of 5.0 as it is a great choice for traders looking for diversity of trading platforms and, mainly, because of the broker's trading accounts in cents. With a cents trading account, especially for a beginner trader, it is possible to have the feel for the real Forex market and it's trading conditions, without risking a huge amount of cash.

Data supplied in partnership with CashBackForex - Forex Rebates places RoboForex on the top 5 brokers for popularity with traders opening an account in 2020.


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