Is RoboForex a Scam or Legit Forex Broker? Unbiased Review

RoboForex is a well-known retail forex and CFD broker that has been operating since 2009. With low spreads, a choice of trading platforms and account types, and availability in over 150 countries, RoboForex attracts many traders.

However, with any broker, it’s essential to do your due diligence before opening an account. In this comprehensive 2024 review, we’ll uncover everything you need to know about RoboForex to determine if they are a scam or a legit, trustworthy broker.

Introduction to RoboForex

RoboForex was founded in 2009 and is regulated by the International Financial Services Commission of Belize (IFSC). They offer trading on over 12,000 instruments including forex, commodities, indices, shares, ETFs, and currencies.

With their proprietary R Trader platform, MT4/MT5 integration, and app versions, RoboForex aims to cater to all trader types – from beginners to advanced algorithmic traders. They offer ECN/STP execution and boast fast execution speeds.

But is RoboForex legit and safe to trade with? With online forex scams still commonplace, we need to dig deeper into their offering.

Pros of Trading with RoboForex

Let’s start by looking at some of the positives of trading with RoboForex:

1. Regulation in Belize

RoboForex is regulated by the IFSC in Belize which helps provide trader protection and oversight. Belize regulation may not be the strictest, but it’s better than trading with an unregulated entity.

2. Variety of Account Types

RoboForex offers four live trading accounts (Pro-Standard, Pro-Cent, Pro-ECN, Prime) and a demo account. This caters to different trader needs in terms of spreads, commissions, leverage etc.

3. Choice of Trading Platforms

You can trade via RoboForex’s proprietary R Trader platform, MT4, MT5 or their mobile app. Again, this provides options for all trader types.

4. Low Spreads and Commissions

Spreads are competitive starting from 0 pips on ECN accounts. There are no deposit/withdrawal fees and inactivity fees only kick in after a year. Overall, costs are low.

5. Good Range of Markets and Instruments

You can trade over 12,000 instruments at RoboForex – much more than many brokers. Major forex pairs, minors, exotics, metals, energies, indices, shares and ETFs are covered.

6. Educational Resources

RoboForex provides an economic calendar, market analysis, learning materials, webinars and video tutorials. Useful for new traders.

7. Customer Support Options

Support is available 24/5 via live chat, phone, email, and social media. Support has a good reputation among traders overall.

Cons of Trading with RoboForex

Now let’s examine some of the negatives to be aware of:

1. Belize Regulation Not the Strongest

While regulated, Belize doesn’t have the strictest regulatory oversight compared to well-known regulators.

2. Limited Information About the Company

Very little background information about RoboForex is available such as ownership structure, management team etc. This raises transparency concerns.

3. Only Offers MT4/MT5 for Advanced Traders

No alternative advanced platforms like cTrader offered. Relies solely on MetaTrader platforms which may not suit some algos.

4. High Leverage Can Encourage Over-Trading

Leverage up to 1:3000 is extremely high. Beginner traders could easily over-leverage and blow accounts.

5. Complex Withdrawal Complaints

Some traders have complained of excessive verification steps and delays on withdrawals. Not very widespread though.

6. No Negative Balance Protection

Accounts are not guaranteed against negative balances. Use of stop losses advised.

7. Limited Global Presence

RoboForex doesn’t have entities in major financial hubs. Headquarters remains in Belize which may deter larger clients. Regional offices needed.

Is RoboForex a Regulated Broker?

Yes, RoboForex is a regulated broker under the International Financial Services Commission (IFSC) of Belize with license No. IFSC/60/241/TS/19.

While Belize regulation is not the strictest, it does provide a base level of oversight and compliance for traders. Regulated brokers must segregate client funds, maintain net capital, submit reports, and comply with audits.

Traders are advised to be cautious with offshore brokers registered solely in small jurisdictions. But RoboForex does pass the first test of being a regulated entity.

What Trading Platforms Does RoboForex Offer?

RoboForex provides access to multiple trading platforms:

R Trader Platform

R Trader is RoboForex’s proprietary web and desktop platform designed for beginner through intermediate traders. It provides charting, technical analysis, one-click trading, custom indicators, EAs, virtual dealing room and more.

MetaTrader 4 (MT4)

The popular MT4 platform needs no introduction. RoboForex offers MT4 with advanced features, EAs, and add-on tools. Seamlessly trade forex and CFDs.

MetaTrader 5 (MT5)

For multi-asset trading, MT5 provides access to thousands of instruments from stocks and ETFs to futures and bonds. Advanced trading features come standard.

Mobile Apps

Android and iOS mobile apps make it easy to trade on the go. Monitor positions, place trades, manage orders and use analytical tools from your smartphone.

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Having MT4, MT5 and proprietary platforms caters to all trader types at RoboForex whether using EAs, scalping, mobile trading or hedging strategies.

What Account Types are Available at RoboForex?

RoboForex provides a choice of live trading accounts and a demo account:

Pro-Standard Account

The Pro-Standard account has floating spreads from 2 pips, up to 1:3000 leverage, and a minimum deposit of $10. All trading platforms supported. Best for new traders.

Pro-Cent Account

Spreads from 0.3 pips on this commission-based account with $100 minimum deposit. Up to 1:3000 leverage offered. Suited to high volume traders.

Pro-ECN Account

For direct market access and interbank spreads, the Pro-ECN account offers raw spreads from 0 pips. $500 minimum deposit and 1:300 leverage. Advanced traders benefit most.

Prime Account

A premium account for active traders with $20,000 minimum deposit, institutional grade spreads, dedicated manager and more benefits. $1.5 roundturn commissions.

Demo Account

Practice risk-free with $10,000 in virtual funds on a demo account. Refine strategies before going live. Demo accounts have no expiry at RoboForex.

This range of accounts accommodates all capital levels and trading strategies. Lower spreads and higher leverage come with higher account levels as is standard practice.

What Trading Instruments are Available?

RoboForex provides access to over 12,000 instruments across these asset classes:

Forex: Major, minor and exotic currency pairs. Raw spreads from 0 pips. Deep liquidity.

Commodities: Trade popular commodities like gold, silver, oil, natural gas, copper, corn, wheat, soybeans, cocoa, and more.

Indices: Major global stock indices cover markets in Europe, Asia, Middle East, Australia, and the Americas.

Equities: Direct access to shares of companies from global exchanges like NYSE, LSE, NASDAQ etc.

ETFs: Choose from over 800 exchange-traded funds covering all major asset classes.

Bonds: Trade global government and corporate bonds by country or issuer.

With over four dozen currency pairs plus CFDs on thousands of stocks, ETFs and funds, RoboForex provides diversity for multi-market traders. Exotic forex pairs and emerging market assets supplement major assets.

What are RoboForex’s Spreads, Fees and Commissions?

Trading costs at RoboForex vary depending on the account. Key fees include:

Spreads: Floating spreads start from 0 pips on ECN accounts. Typical EUR/USD spreads are 0.4 pips on Pro-ECN, 1.2 pips on Pro-Cent and 2 pips on Pro-Standard. Tighter spreads require a higher minimum deposit.

Commissions: Pro-Cent has $6 per lot round turn commission. Prime accounts have $1.5 round turn commission per lot. ECN accounts have no commissions.

Financing Charges: Typical financing charges for holding CFD positions overnight is 2% to 5% annually. Swaps are tripled on Wednesdays.

Inactivity Fees: Accounts are considered inactive after 12 months of no trading. Inactive accounts then incur a $15 per month fee, or balance if under $15.

Withdrawal Fees: There are no fees for banking withdrawals.

Overall trading costs are competitive but there are cheaper brokers too. Active traders will find lower commissions on ECN or Prime accounts. Opening and closing trades incurs no fees.

What Customer Support Options are Available?

RoboForex provides customer service through these channels:

  • 24/5 Live Chat via the website for quick queries
  • Email Support for non-urgent inquiries
  • Phone Support in English, Chinese, Indonesian, Thai, Malaysian, Arabic, Hindi, and Bengali
  • Social Media active on Facebook, Twitter, Telegram, and YouTube
  • Online Contact Form for private messages
  • Support Center with FAQs, education, and how-to guides

Support is available 24 hours Monday to Friday. Given time zone differences, 24/5 support provides adequate coverage for most traders. Response times via chat are generally fast during trading hours.

Overall RoboForex customer support has a pretty good reputation among traders. Support reps are knowledgeable, friendly and amenable to resolving issues. Phone support in multiple languages is a nice touch for an international brokerage.

How Safe are Funds at RoboForex?

Safety of client funds is critical when choosing a broker. Here are key safety measures at RoboForex:

  • Segregated accounts at regulated institutions to keep client funds separate from company funds
  • Member of the Investor Compensation Fund which covers up to $20k per trader
  • Uses secure SSL encryption for data transmission and online transactions
  • Offers two-factor authentication (2FA) via Google Authenticator for account access
  • Negative balance protection not offered on live accounts

Being regulated forces RoboForex to maintain segregated accounts and meet financial reporting requirements. Belize regulation may not have the strongest oversight but segregation prevents outright fraud.

While adequate, RoboForex does not use top-tier banking partners or offer negative balance guarantee which raises risks if using high leverage irresponsibly.

RoboForex Deposits and Withdrawals

RoboForex offers several convenient deposit and withdrawal methods:

Deposit Methods:

  • Bank Transfer – Local transfers or SWIFT
  • Credit/Debit Cards – Visa, MasterCard, Maestro
  • Skrill – eWallet
  • Neteller – Prepaid card option
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Withdrawal Methods:

  • Bank Transfer – 1-3 days
  • Credit/Debit Cards – 3-5 days
  • Skrill – 24 hours
  • Neteller – 24 hours

Credit cards, eWallets, local transfers cover most payment needs. Withdrawals are processed within 1–5 days, which is industry standard. No fees are charged by RoboForex on any banking withdrawals.

Some traders report frustrations with withdrawals being held for excessive verification even after completing KYC checks. This does not appear to be widespread though.

RoboForex Trading Platform Features

RoboForex offers three trading platforms:

R Trader Platform

  • Customizable workspace via tiles and modules
  • Advanced charting with 100+ indicators and templates
  • One-click trading and order entry from charts
  • Support for EAs, robots, signals and VPS
  • News feed, economic calendar, trading stats and alerts
  • Virtual Deal Room for social trading

MetaTrader 4 (MT4)

  • RoboForex offers MT4 with zero add-on plugins needed
  • Advanced charting capabilities and technical analysis
  • Expert Advisors (EAs) and algorithmic trading options
  • One-click and automated trading features
  • Custom indicators, scripts, trading signals and MQL4
  • Available via desktop, web and mobile apps

MetaTrader 5 (MT5)

  • Everything in MT4 plus…
  • Wider market access including equities and ETFs
  • More pending order types and expiration options
  • Hedging and netting of positions
  • Market depth information and Level II pricing
  • Integrated trading signals and social trading

Overall, RoboForex provides enough features on their platforms for most day traders, scalpers, EAs, and hedging strategies. Advanced order types, sentiment tools, algos and API access may require an add-on platform.

Is RoboForex Right for Beginners?

With multiple platforms, account options, and educational resources, RoboForex can work for beginners. Benefits include:

  • Demo account with virtual funds to practice risk-free
  • Small minimum deposit ($10) and micro-lots from 0.01
  • Intuitive proprietary R Trader platform and mobile apps
  • Built-in MT4 and MT5 tutorials and guides
  • Economic calendar, trading stats, and analytics
  • Webinars, video tutorials, and an eBook for training
  • 24/5 customer support via live chat, email, and phone

The combination of low costs, protected demo accounts, how-to resources and multi-lingual support makes RoboForex suitable for new forex and CFD traders. Those committed to learning good practices can progress.

Downsides are the high leverage that tempts overtrading and lack of negative balance protection on live accounts. But overall RoboForex accommodates beginner traders well.

How Does RoboForex Compare?

RoboForex compares favourably against other retail forex brokers when looking at:

  • Regulation – RoboForex regulated in Belize, others offshore
  • Trading Costs – Competitive spreads and zero deposit/withdrawal fees
  • Platform Options – Offers MT4/MT5 and proprietary platform
  • Account Types – Range of accounts suit different traders
  • Trading Instruments – Over 12,000 instruments across forex, stocks etc
  • Customer Support – 24/5 multilingual customer service via chat, phone and email
  • Safety of Funds – Segregated client accounts and Belize compensation fund

When compared to strictly regulated brokers, RoboForex falls behind on brand reputation, safety of funds, transparency and advanced features expected by institutional traders. But in terms of retail trading features, costs and assets, RoboForex holds it own against most brokers.

RoboForex Review Summary

After reviewing the pros, cons and all aspects of trading with RoboForex, here is a brief summary:

  • Regulated broker registered in Belize – meets basic compliance
  • Operates since 2009 with generally positive trader feedback
  • Offers variety of accounts to suit different traders
  • Competitive pricing with tight spreads and low commissions
  • Good range of platforms including MT4, MT5 and proprietary
  • Access to 12,000+ instruments across forex, stocks, ETFs
  • Functional platforms for automated and mobile trading
  • Useful educational tools for beginner traders
  • Multilingual 24/5 customer support via live chat, email and phone

Overall, RoboForex comes across as a legitimate and respectable broker based on trader reviews, costs, regulation status, platform features and asset classes supported. They are not without limitations when compared to premium international brokers. But RoboForex provides an honest trading experience that should meet most traders needs.

As with any broker, proceed with caution – use demo accounts, start small and keep risk management top of mind. However, RoboForex checks off enough boxes to be considered a safe place to trade as a regulated and compliant forex and CFD broker.

FAQs about RoboForex

Is RoboForex regulated?

Yes, RoboForex is regulated by the International Financial Services Commission (IFSC) of Belize under the license number IFSC/60/241/TS/19.

Where is RoboForex based?

RoboForex is headquartered and incorporated in Belize. They have regional support offices in Malaysia, Thailand, Indonesia, India and United Arab Emirates.

Is RoboForex safe to trade with?

RoboForex implements standard safety measures including segregated client funds, SSL encryption, and 2FA authentication. While not the highest tier broker, they are considered generally safe for trading.

What trading platforms does RoboForex offer?

The main RoboForex platforms are MT4, MT5 and their proprietary R Trader platform – all available

Best and Most Trusted Forex Brokers

Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:

NoBrokerRegulationMin. DepositPlatformsAccount TypesOfferOpen New Account
1.RoboForexFSC Belize$10MT4, MT5, RTraderStandard, Cent, Zero SpreadWelcome Bonus $30Open RoboForex Account
2.AvaTradeASIC, FSCA$100MT4, MT5Standard, Cent, Zero SpreadTop Forex BrokerOpen AvaTrade Account
3.ExnessFCA, CySEC$1MT4, MT5Standard, Cent, Zero SpreadFree VPSOpen Exness Account
4.XMASIC, CySEC, FCA$5MT4, MT5Standard, Micro, Zero Spread20% Deposit BonusOpen XM Account
5.ICMarketsSeychelles FSA$200MT4, MT5, CTraderStandard, Zero SpreadBest Paypal BrokerOpen ICMarkets Account
6.XBTFXASIC, CySEC, FCA$10MT4, MT5Standard, Zero SpreadBest USA BrokerOpen XBTFX Account
7.VantageASIC, CySEC, FCA$50MT4, MT5Standard, Cent, Zero Spread20% Deposit BonusOpen Vantage Account
8.FXTMFSC Mauritius$10MT4, MT5Standard, Micro, Zero SpreadWelcome Bonus $50Open FXTM Account
9.FBSASIC, CySEC, FCA$5MT4, MT5Standard, Cent, Zero Spread100% Deposit BonusOpen FBS Account
10.BinanceDASP$10Binance PlatformsN/ABest Crypto BrokerOpen Binance Account
11.TradingViewUnregulatedFreeTradingViewN/ABest Trading PlatformOpen TradingView Account

“If you don't find a way to make money while you sleep, you will work until you die.”

- Warren Buffett

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