RoboForex

RoboForex is a global broker with a competitive range of services and trading conditions. Cent, STP and ECN account options, coupled with five major trading platforms and hundreds of financial instruments, provide great opportunities for swing trading, scalping and everything in between.

This 2024 RoboForex review will delve into the software on offer, the fees you can expect and other key information to help you decide whether to register for an account.

RoboForex Ltd and its affiliates do not target EU/EEA/UK clients. Please be aware that you are able to receive investment services from a third-country firm at your own exclusive initiative only, taking all the risks involved.

What Is RoboForex?

Company Details

RoboForex Ltd. is an online brokerage that offers swing trading on forex, stocks, indices, and commodities (CFDs).

The company headquarters location is in Belize City: 2118 Guava Street, Belama Phase 1, Belize City, Belize.

The firm is regulated by the Financial Services Commission (FSC) of Belize, license number 000138/437, registration number 128.572.

History

RoboForex was launched in 2009 and has since seen a large growth in its user base, now boasting over 4.5 million accounts globally. The broker has picked up multiple awards along the way, such as the Most Trusted Global Broker at the International Business Magazine Awards of 2021. These, alongside reputable sponsorship and partnership deals, have cemented a reputation of reliability and trustworthiness.

Markets

Aspiring traders can speculate on a range of popular financial markets:

• Forex – Over 40 major, minor and exotic currency pairs, such as USD/ZAR. Leverage is capped at 1:2000 and spreads start at zero pips.
• Stocks – More than 12,000 stocks including companies such as Apple and Netflix. The maximum leverage rate is 1:20.
• Indices – 10 indices, such as the Dow Jones (US30), the Nasdaq 100, the S&P500 and the DAX 40.
• ETFs – More than 1,000 ETFs with spreads from 0 pips and a maximum leverage limit of 1:20.
• Commodities: Soft commodities, metals and energies such as Teucrium Corn, Gold (XAU/USD) and Brent Oil.

Trading Platforms

MetaTrader 4

The MetaTrader 4 (MT4) platform is a world-leading software package and is suitable for novice and experienced traders alike. MT4 is a 64-bit application available on Windows and macOS computers both as downloadable clients and through browser-based ‘web traders’. RoboForex users can also trade on the go with mobile apps for iPhone and Android (APK) mobile devices.

Key features include:

• Hedging support
• Automated trading
• Nine chart timeframes
• Four pending order types
• Customisable charts and tools
• 30 built-in technical indicators

MetaTrader 4

MetaTrader 5

RoboForex offers the advanced MT5 trading platform, which extends the range of available markets. MetaTrader 5 is a sleeker and more sophisticated iteration of MT4, boasting a more intuitive interface and an easier-to-understand algorithmic trading language.

Notable features include:

• Deeper market data
• 21 chart timeframes
• Everything MT4 offers
• Six pending order types
• Hedging and netting support
• 38 built-in technical indicators

MetaTrader 5

R StocksTrader

RoboForex has also created its own platform called R StocksTrader, which is available through a web browser. The platform has a clean design that facilitates and prioritises user customisation and experience. The easy to use software tool has the following features:

• Stock watchlists
• One-click trading
• Strategy templates
• Level 2 market data
• Strategy backtesting
• Corporate actions tracking
• Algorithm trading robot tool
• Hedging and netting support

R StocksTrader

Copy Trading

RoboForex users can take advantage of the CopyFX trading platform to track, follow and copy the trades made by other investors. The platform ranks thousands of participants by profitability and drawdown over a timeframe of the user’s choice. This software can help you boost your profits, learn useful methods and both adapt and improve your strategies. It’s also a great way for established traders to bolster their earnings with a secondary revenue stream.

Trading Accounts

Clients can choose from five RoboForex accounts:

Pro & ProCent

These are the two most popular account types on RoboForex. Minimum deposits for both are USD/EUR 10 and the maximum leverage is 1:200. ProCent accounts have USD/EUR cents as their base currency and provide access to forex and precious metals markets (CFDs). The ProCent account builds on this with CFDs on US stocks, indices and oils, working with whole currency units. ProCent stop-outs are triggered at 10%, while Pro standard accounts have a stop out level of 20%.

Prime & ECN

These accounts are aimed at more advanced traders, offering tighter spreads and faster executions. Both options display raw spreads but charge clients a commission per lot on each trade. Prime accounts come with 28 currency pairs, and CFDs on metals, US stocks, indices and oil, while ECN account holders can access a further 8 forex pairs. Prime accounts are also capped at a maximum leverage rate of 1:300, while ECN users can access rates up to 1:500. Minimum deposits for both are USD/EUR 10. Prime accounts have a stop out level of 100%, which drops to 40% for ECN accounts.

R StocksTrader

This account is limited to RoboForex’s proprietary trading platform, R StocksTrader. The spreads, commissions and maximum leverage rates depend on the asset being traded. Indices, real equities and CFDs on stocks, forex, ETFs, oil, metals and Brazilian stocks are all available. The minimum initial deposit is USD 100.

Demo Account

RoboForex clients can open demo accounts that simulate the Pro, ECN or R StocksTrader account options with MT4, MT5, R StocksTrader and the CopyFX copytrade platforms. These replicate real-time trading conditions in a simulated, risk-free environment. Demo accounts are a great way for inexperienced traders to get to grips with the trading platforms, instruments and different markets before using real funds. Alternatively, experienced swing traders can use them to explore new approaches, markets and strategies.

RoboForex also offers an Islamic account that follows Sharia law. In short, these halal accounts are swap-free and are charged a fixed commission rate upon opening and closing trades.

If you wish to delete your RoboForex account, you will first need to sign in and go to the members’ area, where you can set your account status to ‘no’.

Fees

RoboForex marks up asset spreads for Pro, ProCent and R StocksTrader accounts, while ECN and Prime accounts display raw spreads and incur commissions. Swap fees are charged for positions held overnight and all methods incur withdrawal fees. Spreads are in line with the industry, with sub 1 pip spreads available on major FX pairs.

Payments

Deposits

• Bank Payments – Deposits are free and typically processed within one working day. The minimum and maximum limits are USD 10 and 10,000.
• Electronic Payments – The broker supports AstroPay, Skrill, Neteller, Perfect Money, AdvCash, PayPal and NganLuong Wallet. Skrill and NganLuong Wallet payments take one day to process, while other methods are instant. Deposits are free and have no minimum for Neteller, a limit of USD 5 for Perfect Money and USD 10 for AstroPay, Skrill and AdvCash. Maximum limits and supported currencies vary.
• Payment Cards – Clients can use China UnionPay, Visa, Mastercard and JCB bank cards (debit card or credit card) to make deposits. Visa, Mastercard and JCB payments are instant and have no maximum limit. China UnionPay deposits can take up to one day to be processed and are capped at CNY 100,000. All methods are free.

Withdrawals

• Bank Payments – Withdrawal charges, supported currencies, processing times and limits vary with the bank being used.
• Electronic Payments – Withdrawals incur a fee of between 0.5% and 1.9%, depending on the e-wallet used. All transfers take up to one day to be processed and both minimum and maximum limits vary.
• Payment Cards – Transfers with China UnionPay are free, take up to two days to be processed and have no limits. Other card providers are charged 2.6% + USD 1.3 / EUR 1, take up to ten days to be processed and are capped at USD 10,000.

RoboForex Regulation

RoboForex is regulated by the Financial Services Commission (FSC) of Belize and licensed under the number 000138/437.

The FSC of Belize adheres to International anti-money-laundering (AML) laws and guidance and imposes rules on the brokers it regulates to protect their clients.

Security

Account protections such as two-factor authentication (2FA) and know-your-customer (KYC) protocols are in place. These require you to verify your details when you first register and confirm them every time you log in to best protect your funds. All data is encrypted with SSL protection and there is a backend anti-fraud system.

Additionally, RoboForex is a member of the Financial Commission’s Compensation Fund, which protects clients for up to EUR 20,000 in case the broker fails to comply with regulations or goes under. All clients are also protected by negative balance protection, which automatically closes leveraged positions before they drop enough to generate a negative account balance.

Education & Analysis

The broker’s website contains a useful education section with plenty of helpful guides and videos for swing traders of all abilities. Our review recommends that beginners use this to learn trading fundamentals before risking real money. Additionally, experienced traders can always improve their understanding and knowledge.

The resources in this section cover topics like navigating the broker’s website, technical analysis techniques and how to open a demo account. Moreover, an economic calendar with important upcoming events and announcements, an automated expert advisor (EA) strategy builder and several trading calculators, such as a margin calculator, are provided.

Promotions

RoboForex runs frequent promotions, with a long-standing USD 30 welcome bonus for all new clients. You can claim and receive this by simply signing up, opening a Pro or ProCent account and making the minimum deposit of USD 10.

There is also a loyalty profit share programme with which customers earn bonuses on the profits they make. A 10% reward is added to profits between USD 500 – 15,000. Profits between USD 15,000 and USD 30,000 are awarded 15% and a 20% bonus is applied to profits above USD 30,000. These are paid monthly.

One of the more attractive bonuses is the ‘no deposit bonus’ (NDB), whereby users deposit an initial USD 10, receive a USD 30 bonus and then withdraw the initially deposited USD 10. Be sure to review the terms and conditions for this bonus programme to see if you are eligible because traders from some locations, such as Indonesia and Nigeria, may not be able to participate.

Keep an eye out for trading tournaments and demo competitions, such as the Week with CFD or King Size trade day demo contests. These see the user that executes the largest trade over 24 hours receives a prize.

Advantages

Reasons to sign up for a RoboForex account include:

• Free VPS
• Copy trading
• High leverage rates
• Regular promotions
• Educational resources
• Range of account types
• Good customer support
• MT4 & MT5 access
• ECN execution type accounts
• Accessible minimum deposits

Disadvantages

Downsides to trading with RoboForex include:

• Withdrawal fees
• Regulation is not top-tier
• Restricted access to US and Canadian residents

Trading Hours

Forex markets are open 24 hours per day Monday to Friday. However, area-specific windows cater to different timezones, such as those in Asia and North America. The market trading hours for the UK and Europe-based customers open at 09:00 GMT and close at 17:00 GMT.

Customer Support

Clients can directly contact RoboForex’s customer service team via telephone or the live chat service located in the lower-right corner of the website. Alternatively, there is the option to fill out a contact request ticket and wait for an email response. Customer support is live 24/7 and available in many languages, including English, Chinese, Portuguese and Arabic. The firm is also active on social media, with accounts on WhatsApp, Facebook, Skype and Telegram.

• Phone Number: +65 3158 8389

RoboForex Verdict

RoboForex is a competitive online broker with services that are effective for swing trading, day trading and position trading of all experience levels. The broker offers a wide range of advanced trading platforms and over 10,000 securities and derivatives for both short-term speculation and long-term investing. Those that do not want to monitor and take positions actively can make use of the CopyFX platform for copy trading.

FAQ