RoboForex

Editor's Score
Pros
  • RoboForex is available to traders 24 hours a day, 5 days a week.
  • Clients have several options when they require support
  • Traders can start off with as little as a $10 deposit
Cons
  • RoboForex does not accept account applications from U.S. residents
  • Not regulated by FCA
Min Deposit
0
Max Leverage
1:1000
Mini Account
Bonus
50%
Platforms
  • MT4
  • MT5
  • cTrader
Withdrawal Options
  • Skrill
  • credit cards
  • Bitcoin

Review

Introduction

RoboForex, a Cyprus-based online trading broker was established in 2009 and is owned by RoboForex Group. IFSC regulates the international broker, with license no. IFSC/60/271/TS/17. RoboForex offers services in forex trading to their clients and boasts around 8,700 instruments including currency pairs and stocks across a total of 8 asset types in online trading.

Trading Conditions

RoboForex clients holding varied Fix-Cent, Pro-Cent, Pro-Standard, and Fix-Standard accounts can choose among these increased leverages- 1:700, 1:888, or 1:1000.

Bonuses

When you open an account with RoboForex, you get a ‘Welcome Bonus’ of $30. With the ‘Classic Bonus’, you can get 115% bonus and the maximum you receive is $50,000. With an additional 50%, you get Tradable Protection, whereas the deposit commission stands at 0%.

Trading accounts

Trading accounts offered by RoboForex:

Standard Accounts - There are 2 standard account formats- Fix and Pro Standards. Fix-Standard makes 33 currency pairs available for trading, along with metals and CFD. There is no minimum deposit under this account. Pro-Standard also has no minimum deposit and you can trade in floating spreads and 5 digits quotes.

Cents accounts - These are sub categorised as Fix-Cent and Pro-Cent accounts. All the Standard account benefits apply here, the exception being the minimum margin requirement at 0.01.

ECN Accounts - The 2 categories of Ecn accounts are Ecn-pro and Ecn-Fixspread NDD. Commission for an Ecn-pro NDD account is $20 per million in trade volume. While Ecn-pro NDD offers a wide range of products to trade in, with 36 currency pairs, 5 digits quotes, CFDs and metals, Ecn-Fixspread NDD provides a modest range with fixed spreads and only 13 currency pairs, 5 digits quotes, and metals.

Stocks Account- Traders can open stock trading accounts and use Umstel trading platform to trade stocks. You can open demo accounts like Demo Ecn-Pro Ndd, Demo Fix, Demo Ecn-Fixspread Ndd or Demo Pro, and test out the trading platforms and services offered by RoboForex. Stocks trading account by RoboForex offers over 8400 stocks in instruments for trading and charges 2 cents in commission per each stock.

Products

Forex

You can select from their tight spreads and start trading from 0 pips with order execution speed of 0.1 seconds. You can trade in over 40 powerful currency pairs like USDJPY, EURGBP, GBPUSD, and EURUSD.

Stocks

You can access a wide range of technical analysis tools which are the fastest in the industry. RoboForex gives you the opportunity to trade in over 8,700 instruments, apart from the CFDs like German and American stocks, Siemens, Amazon, and other tech giants. With leverage value as high as 1:20, you can use online-quotes, stock exchange charts, and trading robots builder to automate your trades.

Indices

With no minimum limit on your deposits, you can trade in lowest of spreads, without any markup, from 0 pips. You can invest in over 10 popular instruments and CFDs on indices.

ETF

At RoboForex, over 1,000 ETFs can be invested in and you can trade with 0 pip tight spreads.

Cryptocurrency

RoboForex gives you reliable access for CFDs trading on cryptocurrencies like Ethereum, Bitcoin, EOS, Bitcoin Cash, Litecoin, Dash, and Ripple.

Regulation

Under the license no. IFSC/60/271/TS/17, RoboForex Ltd holds a special license for brokerage from IFSC Belize. The group is a category ‘A’ official member of The Financial Commission, which is an international organisation that works towards resolving disputes emerging between its participants. RoboForex Ltd is also a member of the Compensation Fund, the Commission’s wing where traders are provided with insurance coverage.

Platforms

MT4(MetaTrader 4), MT5(MetaTrader 5) and cTrader are the main types of trading platforms provided by RoboForex.

Umstel platform

Umstel trading platform by Roboforex is specifically designed for the investors who trade in stocks. This flexible platform, with fast and user-friendly features, supports efficient trading with one click.

Robot Builder

Robot Builder platform is aimed at more experienced traders interested in building their own strategies. Another useful tool is the StrategyQuant robot builder tool.

Mobile Trading

Traders who are accustomed to mobile trading need not feel left out since RoboForex has come up with mobile trading platforms in addition to their web-based platforms. For smartphones and tablets powered by Android and iOS, the broker has released mobile-friendly platforms available for download on Google Play Store and Apple’s App Store.

Investment Platforms

To indulge their clients’ interests for independent trading, many brokers from the industry have made provisions for specific platforms. But RoboForex is a touch above the others as there are two additional platforms- RoboForex RAMM and CopyFx platforms for independent trading.

Pricing

Roboforex charges their fees from the spread, just as most brokers- the difference of buying and selling price for any instrument.

But the minimum trading spread on RoboForex is 1.3 pips for EUR/USD - which is a tad higher than the average 0.82 pips for EUR/USD spread.

If you buy 1 standard lot(100k units) of EUR/USD at 1.1719 exchange rate, and sell on the next day for the same price, Roboforex charges would be $N/A.

Deposits & Withdrawals

To add funds, you can use a variety of methods like wire transfer via local or international banks and electronic Payments like Skrill, Fasapay, WebMoney, bitcoins, ePayments or webpay.cl to make your deposits. RoboForex also accepts broker deposits through bank cards, including MasterCard, Firstchoice Pay MasterCard, China UnionPay or VISA cards.

To facilitate easy withdrawals, RoboForex has an automatic withdrawal scheme, where the trader’s request will be processed within a minute. Moreover, a special program allows the traders to make 2 commission-free withdrawals in a month.

Customer Support

RoboForex provides 24/7 customer support. Traders can connect with the support team via Skype, email, live chat or on the telephone. You can fill out the contact form on RoboForex’s website and request a callback. To appeal to the non-native speakers of English, the website can be accessed in 8 other languages.

Research & Education

RoboForex offers its clients free video tutorials in its Analytics center, aimed to educate the beginner level traders. These provide the basics of Forex trading, different technical aspects, risk management, and trading psychology. You can check out the FAQ section where queries of many new traders are answered.

Noteworthy Points

RoboForex has received numerous awards for their excellence, including Best ECN broker (2013), Best Standard Forex Broker (2014), Fastest Growing Forex Brand Asia (2014) and Best ECN broker (2016). They offer market news and other necessary information which is constantly processed in their Analytics center. Their economic calendar and analytical webinars help traders to learn about trading strategies, analytical tools, and techniques.

Conclusion

After an impressive review of RoboForex and its product offerings, we are convinced by the quality of their services. In addition to their multiple platforms for trading and various accounts, RoboForex offers its new and existing clients with their promotional offers and exciting bonuses.

Comparison

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