RoboForex ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
RoboForex is an award-winning online broker that gives you access to trade an impressive range of more than 12,000+ trading instruments across 8 asset classes. They have a range of flexible trading platforms with user-friendly interfaces and powerful trading tools for your in-depth market analysis. You will find a good variety of different account types for all of your trading strategies. I found the spreads to be very tight and commission fees low. You can get your trades executed at some of the best market prices at all times. The minimum deposit to start trading is just $10 and it only takes a few minutes to setup your account. There is even a free demo account if you want to practice trading online before making a financial commitment. If you are a beginner, there is no shortage of educational content to help you learn more about trading online. This is all backed by excellent 24/7 support, making them one of my best forex brokers.
Pros & Cons
- Great choice of 12,000+ trading instruments across various financial markets
- Professional and user-friendly trading platforms
- Tight spreads and low trading fees
- Flexible account types and funding options
- Good educational resources
- In-depth market research
- Free powerful trading tools
- Very good analytics center for inspiration
- Low minimum deposit of $10
- Free demo practice account
- Swap-free Islamic accounts
- Excellent 24/7 around the clock support
- Cannot accept clients from certain countries
- No fixed spread accounts
- No managed accounts
- Only regulated in Belize
From the moment of its foundation in 2009, RoboForex has always been focused on providing the best trading conditions using innovative technologies and many years of experience. They are an international broker who are very proud to provide a variety of services to clients, which are of the same quality for all, regardless their experience and amount of their investments. Through this established broker you can trade a huge selection of over 9,400+ trading instruments in multiple asset classes including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, ETFs & CFDs. RoboForex is the international multi-asset broker of RoboMarkets who are the EU subsidiary.
RoboForex use 8 liquidity providers (LPs), offering spreads starting from just 0 pips, good execution speeds and leverage of up to 1:1000. They have over 800,000 clients in 169 countries, with more than 2 million trading accounts opened thus far. That is a big achievement by any brokers standard and shows how well respected they are in the industry.
You can trade with them via the popular MetaTrader platforms, professional cTrader platform and their very own exclusive proprietary R Trader platforms, providing a comfortable trading experience and catering to the needs of different traders. The trading platforms are available for desktop, web and mobile. I found them to be perfect for analysing charts, placing and managing trades without any hassle.
I like how clients have access to a range of excellent trading tools, helpful educational materials, powerful market analysis, promotions and copy trading signals. Support is offered 24/7 and there are 20 flexible funding options to choose from. The experienced RoboForex team are focused on implementing the latest innovative technologies to offer the best possible trading conditions to all clients whatever their level of experience or investment size. I think they do a great job in achieving this and much more.
RoboForex Ltd is an international broker, which is a member of RoboMarkets/RoboForex Group. RoboForex are headquartered in Belize. RoboForex Ltd is regulated by the International Financial Services Commission (IFSC), license IFSC/60/271/TS. IFSC is the Belize government agency which regulates financial market services and enforces regulations to protect investors and ensure companies operate in a transparent and responsible manner. IFSC Belize follow international anti-money laundering (AML) policies. RoboForex Ltd are an “A” category member of The Financial Commission who are an international organisation which aims to resolve disputes between its members and their clients pre-trial through alternative settlements. They are also a participant within the Financial Commissions Compensation Fund that provides eligible traders insurance cover. Whilst some may say this is not considered a top-tier regulatory, it is satisfactory for me personally because I understand that this regulation enables them to still offer certain products and services that other regulators may not. I think it is important that traders are giving the choice to access the features that matter the most to them.
Since 2018, RoboForex Ltd have regularly used the Verify My Trade (VMT) service which provides a quality auditing review of order execution to evaluate how they are executing client orders. RoboForex Ltd sends 5,000 depersonalised client trades for VMT to analyse and compare to other brokers each month. To gain a quality certificate, the results should comply with the market average values. RoboForex Ltd have received an execution quality certificate that confirms compliance with the strict requirements of the Financial Commission to its member brokers. This is something that you don’t see many brokers do, which is another thing that helps set them apart from the competition and shows how confident they are with their service.
RoboForex Ltd offers clients negative balance protection which can prevent accounts from going into a negative balance during volatile market conditions. In this instance, they will automatically put the account balance to zero without the client needing to pay anything for this service. Client funds are held separate from the company funds in segregated account to ensure that they are safe and not used for any other purpose such as the companies running costs.
The broker does not provide services to residents of the USA, Canada, Japan and Australia. If you are in a country where they dont accept clients, please feel free to browse our broker ratings for an alternative option.
RoboForex have taken into consideration the needs of different traders and provide a flexible range of platforms to suit individual requirements. Each trading platform offers a comfortable and efficient trading environment. They offer the popular and widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms for desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). There is the sophisticated cTrader platform for professional traders who need direct STP access to the markets. They also offer their very own in-house platforms: R Trader for desktop, R WebTrader and R MobileTrader. In addition to the trading platforms offered, there are 2 platforms for providing and copying signals. These are the CopyFX and RAMM platforms respectively.
This really is an excellent choice of platforms, up there with what Pepperstone offer. If you are new to trading, I feel MT4 could be a good choice due to its simplicity. For those of you who want more complex functionality, you may edge more towards cTrader. The brokers proprietary platform is also a very good option but you would need to learn another platform from scratch if you decide to switch brokers down the line. I personally use the MT4 platform, primarily because it was the first platform that I mastered and have never felt the need to change over to anything else. It does everything that I need it to and much more.
MetaTrader 4 (MT4)
MT4 is one of the most popular platforms used by new and experienced traders across the world. It has an intuitive interface and many built in features and tools for convenient trading. There are 3 order execution types, 9 chart timeframes, 50+ integrated technical indicators, graphical objects, automated trading capabilities, strategy tester, one click trading, marketplace, news, alerts and more. There is a large online MetaTrader community where users share ideas, templates, indictors and automated systems. The MetaTrader marketplace has a number of expert advisors (EAs), indicators and signals to choose from. Some are available for free and some can be purchased.
My favourite part of this platform is the automated trading features. I simultaneously run multiple instances of the MT4 platform to test my strategies on different brokers to see how they perform. The desktop version of MT4 is the only one that can support trading robots if you plan on using them. You can build your own automated systems and find plenty online from various websites. The marketplace that is built-in the platform has a good variety you can browse through.
MetaTrader 4 (MT4) Mobile App
MT4 is available for download on both Android and iOS devices so that users can trade on the go from anywhere in the world. It has the same familiar interface as the desktop platform with the same embedded features and tools for flexible trading in the palm of your hands. I am a frequent user of trading apps just because I like to check my trades throughout the day and see what is happening around the markets as and when I feel like it.
MetaTrader 4 (MT4) Web Platform
The MT4 web platform runs directly in most popular web browsers without needing to download or install any additional software. It maintains the same features, tools and performance as the desktop platform with the freedom to use it from anywhere in the world with an internet connection. I think this platform is great as we can access out account from any device. Imagine if you lost your phone or your battery dies but you didn’t to close a trade. You could borrow someone else’s device to access your account with the latest version of the platform always running via the web trader.
MetaTrader 5 (MT5)
MT5 is a newer more advanced version of the MetaTrader platform with a similar interface, some additional tools and features including 4 types of order execution, 6 types of pending orders, more timeframes, more technical indicators, market depth, multi-currency strategy tester and more. You have access to the MetaTrader market with over 1,500 expert advisors (EAs) and technical indicators to choose from. MT5 also features flexible netting and hedging capabilities.
Despite MT5 being the newer version of the MetaTrader platforms, I am still using MT4 because I don’t really need all of the extra bells and whistles that MT5 has. That being said, both platforms are very similar. If you learn how to use one of them, you shouldn’t have any problem using the other. I do like how MT5 has more chart timeframes and indicators for market analysis. I also like how it supports backtesting multiple instruments at the same time on tick data. Either way, both MetaTrader platforms are a popular choice for many traders and it is easy to see why. FXDD have MT4/MT5 as an alternative brokerage.
MetaTrader 5 (MT5) Mobile App
MT5 is available for download on both Android and iOS devices so you can access your trading account whilst on the go. The mobile application contains the same functions and features as the desktop platform, apart from it cannot run expert advisors. You will need the desktop version of the platform for that.
MetaTrader 5 (MT5) Web Platform
The MT5 web platform lets you trade on the platform through most popular web browsers from anywhere in the world with an internet connection. You do not need to download or install any additional software and it contains the same features as the other MT5 platforms. As with the MT4 web platform, you can quickly and easily access it from any device. It is also always up to date.
The broker has their very own exclusive RoboForex platform for multi-asset trading on financial charts with advanced trading tools for technical analysis built in. Users have access to over 9,400+ trading instruments and many features to satisfy the different trader needs and skill levels. I found the platform is very user friendly and easy to navigate. There is no cost or minimum volume requirements to use the R Trader platform and online 24/7 support is on hand to assist you.
R Trader is designed for convenient trading and can be fully customised. It includes level II market depth, unique watchlists, multiple windows, multiple chart layouts, customisable viewing methods, trading from charts, template strategies, technical indicators, market news and one click trading. There is an automated strategy builder for creating and testing trading strategies with historical data all the way back to 1970.
The R MobileTrader is available for download on both Android and iOS and is useful for those who wish to have the convenience of trading from their mobile devices from anywhere in the world with an internet connection. It maintains the same functionality as the desktop platforms and is free to download from the relevant app stores.
The R WebTrader has the same capabilities and features as the desktop version but instead runs directly within most modern desktop and mobile web browsers. This is useful for those who need to trade on the go from anywhere in the world. The web terminal does not require any software downloads or updates.
RoboForex offer the cTrader platform for professional traders, providing them with direct STP access to the global markets. cTrader is often the choice for experienced traders who require rare types of orders, level II pricing and superior execution speeds. cTrader features include over 50+ technical indicators, 9 types of advanced interactive charts, 14 timeframes, alerts and more. You can create your own trading robots and indicators in C# using cTrader Automate. This is another top platform that you might want to look into if you are serious about your trading and looking to go full time. I personally find it to be more complicated than the MetaTrader platforms but I do know of many traders who swear by it.
cTrader mobile has the same features as the desktop version and is available for download on both Android and iOS devices. You can set notifications within the mobile app and conveniently manage your account on the go from anywhere in the world. I found the app to have a nice modern interface that is easy to navigate. I wouldn’t have any problem using it to check the latest prices and place trades.
The cTrader web platform runs in most modern browsers without needing to download any additional software. It functions the same as the desktop platform running with the flexibility and independence of a web interface. As with the MetaTrader web platform, you can easily access this platform from any device and it will always be up to date.
The RAMM platform lets traders invest in other trading strategies with increased control over risks and proportional profit distribution. It has an intuitive user interface where you can choose to subscribe to or provide your own strategies. You can choose how much you wish to invest and remove or add strategies at any time. It is important to note that previous results and performance are by no means any indication or guarantee of future performance.
The CopyFX platform allows traders to copy other traders’ transactions or to offer strategies for others to copy. Users can specify conditions and create subscriptions from within the RoboForex Members Area. I found some interesting looking signals but the risk was too much for my taste. I actually prefer to use my own trading strategies that have formed over many years of trial and error. This way I am responsible for my trade decisions and know exactly why each trade was taken. It is important to note that previous results and performance are by no means any indication or guarantee of future performance.
You will notice that the broker has a vast collection of independent trading tools available which is great. This includes powerful tools for market analysis , calculators, calendars and a handy VPS service for running your platform remotely.
RoboForex Analytics Center
The RoboForex analytics center provides all analytics in one place and is free to all clients. It can be accessed from your browser or you can download the Android and iOS applications to conduct analysis from your mobile device. The analytics center supports 13 languages and features a large selection of up to date information for analysing the financial markets including market sentiment, technical and fundamental analysis. It is accessed independently from the trading terminal with a user-friendly compact display, interactive data layout and fully customisable filters. I found some interesting analysis that helped me become more aware of what is going on in the markets. I think this could be used to inspire trade ideas.
The feed section gives an overall market overview showing fundamental, technical, and wave analyses, Fibonacci retracements, Ichimoku Cloud, forecasts for a week and commercial news. In this section you can find up to date economic data and trade recommendation based on key parameters.
The economic calendar displays up to date fundamental data and indicators including the latest market news, public holiday dates, bank interest rates, worldwide economic indicators, trading sessions and dates when registries of the world’s leading companies are fixed. Each subsection can be filtered and searched according to user requirements. This is a great tool that I always reference before making any trade decision. You can also find an economic calendar built-in to the MT5 platform which saves you from needing to switch tabs all of the time.
The signals section displays signals in a table format along with data available on 7 timeframes from the 1 minute to daily. Technical indicators used include multiple moving averages, Bollinger Bands, Ichimoku, Stochastics, William`s, ZigZag and market sentiment charts.
This section contains tools such as historical volatility chart, pivot point level calculations, Fibonacci retracements and more. The data is conveniently displayed to assist with conducting market analysis based on the calcualtions from each of the tools.
There is a chat section where you can read question and answers from other users as well as ask questions of your own to the experienced analysts.
The education section has ready-made trading strategies for different styles of trading and video tutorials from MetaQuotes for insights into expert advisors, signals, hosting and more.
The video section contains weekly video forecasts for some of the most popular trading instruments.
R Trader Strategy Builder
The borker has a free and easy to use strategy builder tool where you can create your own automated trading systems without needing to conduct any complex coding. The strategy builder has a simple to use point and click interface where you can design, back test and deploy automated trading systems based on your own strategies.
The automated strategies are saved and run from the server and thus there are minimal execution delays. As the strategy builder hosts the strategies on a secure cloud server, there is no VPS required and they can be accessed from anywhere at any time. There are pre-designed templates that you can use to familiarise yourself with the builder or expand on.
You can back test your strategies on different markets and timeframes. Back testing data from 1970 is available for long term testing although it is worth noting that historical results are by no means a guarantee of future performance. Support is on hand to assist you with questions related to the strategy builder.
The trading calculator allows you to calculate your position parameters based on instrument, leverage, lot size and account currency. This can help with planning and trading decisions.
RoboForex have an economic calendar that displays the latest upcoming financial news events. This is often used as part of a fundamental analysis. Key events and highlight are displayed such as news reports, prices indices and financial indicators, the latest inflation and unemployment readings. You can view dates and times of speeches and reports delivered by heads of global financial regulators. News can be filtered by impact (low, medium, high), date and country.
Virtual Private Server (VPS)
A VPS allows you to remotely run your trading platform 24/7 so that you do not always need your computer on. They are often used where there is the need to run an automated trading system around the clock or if the local internet connection is unreliable and you need minimal downtime. I have my own VPS which is ideal for running my MT4 accounts without needing my laptop switched on all the time. I can easily login to my VPS or check the progress of trades from my phone using the MT4 app.
VPS’s can be accessed via desktop, laptop or mobile devices at the same time. RoboForex offer a free VPS to eligible clients. To qualify for a free VPS, clients need to maintain an account balance of at least $300 and produce a monthly trading volume of at least 3 standard lots. There are other brokers who provide a free VPS including Axi.
I like how the broker has some useful educational materials that are suitable for different skill levels of traders. There is market analysis, video tutorials, FAQs and trading tips. If education is important to you, then IronFX also have a great selection.
Analysis & Forecasts
The analysis & forecasts section contains frequently updated and detailed technical and fundamental analysis across different markets.
You can get free access to several video tutorials from the analytics center. These are especially useful for beginners as subjects covered include the market basics, technical and fundamental analysis, trading psychology and risk management.
There is a vast frequently asked questions area on the RoboForex website that covers a range of topics from the services and products they provide to general trading questions.
There is a trading tips section on the brokers website that has some useful tips for trading safely, minimising risk and preparing yourself.
The frequently updated RoboForex blog has a wealth of articles covering different topics such as analysis, education, markets and more.
I was really impressed with very large selection of over 12,000+ trading instruments from multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, ETFs & CFDs. There is something for everyone to trade, regardless of your interests. You will find everything from major currency pairs, to popular cryptos and stocks of the largest companies across the globe. If you like choice, Swissquote also have a great selection of financial instruments.
The broker provides forex trading on 40+ major, minor and exotic currency pairs, including EURUSD, GBPUSD, USDJPY, EURGBP and USDCHF. Very high leverage of up to 1:1000 is available with spreads from 0 pips and execution speeds from 0.1 seconds.
The broker offers CFD trading on American, German, and Swiss stocks. You can access a great selection of more than 9,400+ stocks such as Apple, Amazon, Facebook, Google, Tesla and much more. There are real time online quotes, stock exchange charts and leverage of up to 1:20.
RoboForex give you access to popular indices with spreads from as low as 0 pips and execution speeds from 0.1 seconds. Instruments offered include the Dow Jones, NASDAQ, TSX and SPX.
The broker has a great choice of more than 1,000+ exchange-traded funds (ETFs) for trading with leverage up to 1:20 and spreads from 0 pips.
You can choose to invest in ETFs with 1:20 leverage on more than 100 soft commodities such as cocoa, coffee, corn, wheat, sugar, soybean and fruit.
RoboForex offer traders Gold (XAU/USD), Silver (XAG/USD), and ETFs on gold, palladium, platinum and silver. Spreads start from as low as 0 pips with order execution speeds from 0.1 seconds.
Clients can trade ETFs and CFDs on energy commodities including oil (WTI, Brent), natural gas, and ethanol. Spreads start from 0 pips and leverage of up to 1:100 is available.
You can trade crypto CFDs on 26+ cryptocurrencies including Bitcoin and Ethereum. Cryptos are available to trade 24/7 with leverage up to 1:50.
You can access the global cryptomarket with Cryptoindexes, Crypto.TOP and Crypto.ALT. When buying Cryptoindexes, you are investing in the growth of the whole cryptocurrency market, rather than just individual instruments. This is a really unique offering that you will not find anywhere else. I think they are a really innovate broker when it comes to crypto trading.
RoboForex have several flexible account types for different trader requirements. The main difference between the account is that some offer lower variable spreads with a commission charge and others offer marked up variable spreads with no commission charge. You can choose an account depending on if you need tight spreads or would prefer to pay no commission. Either way, I think all of the accounts can provide good trading conditions for all trading strategies.
This account requires a $10 minimum deposit, has variable spreads from 1.3 pips and charges no commission fee. Maximum leverage is 1:1000 with minimum order size 0.01 lots and maximum order size 100 lots.
This account requires a $10 minimum deposit, has variable spreads from 0 pips and a $20 commission fee per 1 million in traded volume. Maximum leverage is 1:300 with minimum order size 0.01 lots and maximum order size 50 lots.
This account requires a $5,000 minimum deposit, has variable spreads from 0 pips and a $15 commission fee per 1 million in traded volume. Maximum leverage is 1:100 with minimum order size 0.01 lots and maximum order size 50 lots.
This account is similar to the pro account but uses cents rather than dollar. It requires a $10 minimum deposit, has variable spreads from 1.3 pips and charges no commission fee. Maximum leverage is 1:1000 with minimum order size 0.1 lots and maximum order size 500 lots.
There are affiliate versions of the pro-standard and ecn-pro accounts that have increased spreads and commissions for clients who are receiving additional services from RoboForex partners.
R Trader Account
This account offers over 9,400+ instruments and requires a $100 minimum deposit. It has variable spreads from $0.01 pips and a minimum $1.5 commission fee. Maximum leverage available varies and goes up to 1:200 with minimum order volume of 1 stock and maximum order volume of 2,000 stocks.
Demo accounts are available to test the different trading platforms and conditions before opening a real account. I think it is always best to try a broker out on a demo account at first, just to make sure they have suitable conditions for your style of trading.
Swap free Islamic accounts that comply with Sharia law are available upon request. it is always great to see a broker that will support clients with different religious beliefs. This is something I have come to expect from all brokers nowadays.
Opening a trading account at RoboForex is a fast and simple process. You simply complete the short online registration form to get access to the members area. Upon completion you can then apply for a trading account which will require you to upload some documentation for KYC purposes. These documents can be a proof of identification such as a passport or drivers license and a proof of address such as a utility bill. Once your documents have been verified, you will be able to fund your trading account and commence trading.
The broker gives you 24/7 professional support in 11 languages. Support are ready to answer your questions via online chat, phone and email. There is also a call back services where you can leave your number for them to get directly in touch with you. I have always found the customer service to be excellent. They are always prompt to respond and it is great that they are even available on weekends. This can be important if you plan to trade cryptos.
When it comes to funding your account, this is yet another area in which the broker really excels. They have vast range of over 20 payment systems that you can use for depositing and withdrawing funds to and from your trading account. You can choose the method that is most convenient for you. There is 0% commission for deposits and withdrawals as all expenses are covered by the broker. They also compensate clients commission for funds withdrawal twice a month.
Funding options include bank wire, credit card and online payment systems such as Neteller and Skrill. I like that there are digital wallets for quick and easy funding. This can be important if you want to move funds around quickly to try and capitalise on some market news.
Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. Please note that some methods may only be available to specific countries.
Accounts can be opened in a generous range of currencies which includes EUR, USD, CNY, RUB, BTC, ETH, GOLD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. They are one of few brokers who support crypto accounts, along with Hugos Way and KOT4X.
Accounts have two-step authentication for extra security. This helps to protect your personal information and funds by using SMS verification and back up codes.
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, I am really impressed by so many aspects of this brokers. They tick a lot of important boxes including a great range of platforms, lots of instruments and excellent support. You can trade a vast array of markets with excellent trading conditions. They offer a good choice of flexible account types as well as funding options for everyone. There is a range of trading tools to assist with trading and plenty of frequently updated detailed market analysis provided. It is clear to see why they are a multi-award-winning online broker. I think they can be a great choice of broker for anyone looking to trade CFDs on Forex, Cryptos, Stocks and much more.
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