RoboForex is an online brokerage that offers trading in stocks, forex, indices, commodities, currencies, ETFs and CFDs. With low spreads, fast execution speeds and access to multiple trading platforms, RoboForex caters well to active traders looking to capitalize on market opportunities.
But is RoboForex the right brokerage for your needs? In this comprehensive review, we’ll analyze the pros and cons of trading with RoboForex to help you decide if you should open an account in 2024.
Introduction to RoboForex
RoboForex was founded in 2009 and is regulated in Belize, providing services to over 1 million clients globally. The brokerage offers:
- Trading in 170+ assets including forex, stocks, indices, commodities, currencies and ETFs
- Multiple trading platforms including MetaTrader 4, MetaTrader 5, cTrader and R Trader
- Competitive spreads from 0 pips on commission-based accounts
- Leverage up to 1:2000 on forex and 1:100 on other assets
- Fast execution speeds and direct access to liquidity pools
- Segregated client accounts and negative balance protection
With their broad product offering, competitive pricing and focus on technology, RoboForex aims to provide an optimal trading experience.
But how does the broker really stack up? Let’s dive into the key pros and cons:
Pros of Trading with RoboForex
1. Low Spreads and Commissions
RoboForex offers variable spreads as low as 0 pips on commission-based ECN accounts, providing direct access to forex liquidity providers. Non-ECN accounts have spreads from 1 pip.
Stock and ETF trading is commission-free, while index and commodity CFDs start from 0.4 pips spread.
These competitive spreads allow active traders to capitalize on small intraday price movements across assets.
2. Choice of Trading Platforms
RoboForex offers a choice between MT4, MT5, cTrader and R Trader, catering to different trading styles:
- MetaTrader 4 and 5: The most popular retail trading platforms. Offer automated trading via Expert Advisors, custom indicators, advanced charting and mobile apps. Ideal for forex and technical traders.
- cTrader: Focused on direct market access, Level II pricing and fast execution for short-term traders. Has automated trading and cross-platform capability.
- R Trader: Web-based platform using HTML5 with advanced charting, indicators and order management tools. Easy to access from any device.
Having access to these different platforms is a major plus for traders. You’re not locked into a single type of platform.
3. Excellent Customer Support
RoboForex has multilingual 24/5 customer support via Live Chat, email and phone. Their team is generally knowledgeable, helpful and quick to respond.
Support is a key factor for global traders who need assistance in their native language at odd hours. RoboForex delivers well in this aspect.
4. Extensive Educational Resources
For beginning traders, RoboForex offers a wealth of learning materials via its Trader’s Portal:
- Trading ideas: Daily setups and market analysis by RoboForex analysts.
- Webinars: Interactive seminars covering platforms, technical/fundamental analysis and trading psychology.
- E-books: Useful trading guides on forex, technical analysis, money management etc.
- Glossary: Key terms and FAQs for developing trading knowledge.
- Quizzes: Test yourself on trading topics to reinforce concepts.
- Demo accounts: Practice accounts to test strategies risk-free.
This combination of trading tools, ideas, education and practice helps clients become better informed traders.
5. Array of Account Types
RoboForex offers several account types to match trading strategies and experience levels:
- Pro-Standard: For casual traders, tight spreads from 1 pip and leverage up to 1:2000.
- Pro-ECN: For professionals, direct market access and 0 pip spreads, commissions apply.
- Prime: For high volume traders, deep liquidity access and customized conditions.
- Cent: Micro-accounts starting from $10 for newer traders.
- Demo: Practice accounts with $10,000 virtual funds, ideal for beginners.
Having this degree of account flexibility allows traders to easily upgrade as they gain experience and make the transition from casual to professional.
6. Active Trader Rebates
For high volume traders, RoboForex offers tiered volume-based rebates up to $20 per million traded. These rebates provide an opportunity to lower transaction costs and increase potential profitability.
The program helps offset the standard fixed and variable spreads, making RoboForex more cost-effective compared to other retail brokers that don’t offer rebates.
7. Copytrading Services
For investors seeking passive income streams, RoboForex provides copytrading services that allow you to mimic trades from strategy providers automatically.
This allows you to leverage the expertise of top-performing traders without having to actively trade or do market research yourself. Ideal for those with limited trading experience or time.
Overall, RoboForex offers one of the most well-rounded copytrading platforms in the industry.
8. CFD Trading
RoboForex allows trading of major CFD against USD including Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash.
Spreads are competitive from 0.5% and maximum leverage is 1:5. This gives CFD traders an opportunity to diversify their assets.
CFD adoption is on the rise, so having the ability to trade CFDs is a good option to have.
9. Social Trading Platform
RoboForex has integrated a social trading investment network called R Trader in its offerings. This platform allows you to:
- Share trade ideas and market analysis
- Copy trade top investors automatically
- Interact with other traders in the community
- View detailed performance stats of strategy providers
- Customize your own news feed
For traders that value collaboration and social interaction, R Trader makes RoboForex an attractive option.
10. Regulated Globally
RoboForex is regulated by Belize FSC license No. 000138/437
Being regulated across multiple jurisdictions inspires confidence in their compliance standards and operational controls. This gives clients greater peace of mind.
Cons of Trading with RoboForex
While RoboForex has several pros, there are also some potential drawbacks to consider:
1. Belize Regulation
RoboForex’s primary regulation is through the Belize FSC license No. 000138/437.
There have been cases of Belize forex brokers engaging in scam activities. So prudent traders should do due diligence on the broker’s reputation and compliance history specifically.
2. Limited Assets Compared to Rivals
While RoboForex offers 170+ tradable instruments, their product range still lags some competitors who offer thousands of global stocks, ETFs, bonds, options and futures.
Traders seeking to diversify across more asset classes may find the selection limiting compared to larger global brokers.
3. High Forex Leverage Can Be Risky
RoboForex offers high leverage of up to 1:2000 on forex pairs. While this provides the benefit of magnified profits, it also amplifies losses if used irresponsibly.
Traders should exercise strong risk management, use lower leverage and avoid overtrading, otherwise significant losses can mount quickly.
4. Website Translations Need Improvement
Although RoboForex has multilingual support, some translated sections of their website contain errors or inconsistent information. This can cause confusion for non-English natives.
Improving translations should be a priority for better user experience across languages.
5. Lack of Guaranteed Stop Loss Order Type
RoboForex currently does not offer guaranteed stop loss order execution. During periods of extreme volatility, regular stop losses can still slip and get filled at unfavorable prices.
Guaranteed stops provide absolute protection at the intended price level. Not having this option is a disadvantage for cautious traders.
6. Inactivity Fees Apply
Accounts are subject to inactivity fees if no trades are placed for 180 consecutive days. This can erode account balances over time.
Some brokers waive this fee, so inactive traders may prefer alternatives to RoboForex. Keep trading activity consistent to avoid fees.
7. Islamic Accounts Not Offered
For traders following Islamic finance principles, RoboForex does not offer swap-free accounts needed to comply with Sharia law.
This prevents traders who want to strictly avoid interest earnings/charges for religious reasons.
RoboForex Safety – Is It a Legit Broker?
As an online brokerage, safety of funds and upholding regulatory standards are critical for RoboForex to maintain legitimacy and trustworthiness.
Let’s examine some key safety criteria for RoboForex:
- Segregated accounts: Client funds kept isolated from company funds.
- IFSC regulated: Official oversight ensures standards are met.
- Negative balance protection: Losses cannot exceed deposits.
- SSL data encryption: Secure data transmission.
- Tier-1 liquidity providers: Reliable price feeds and order execution.
- No proprietary trading: Broker interests fully aligned with clients.
Additionally, RoboForex displays TrustScore rankings and client reviews on the website for transparent feedback.
There are no major regulatory penalties or lawsuits in RoboForex’s history since its founding in 2009. They engage frequently in sponsorships, charity and community education events as a legitimate business would.
Overall, RoboForex meets the basic criteria for a legal, non-fraudulent brokerage business. But as always, clients should still exercise caution and withdraw funds if any dubious activity arises.
Who is RoboForex Best Suited For?
RoboForex will be most suitable for:
- Active traders seeking tight spreads, fast execution and advanced trading platforms.
- Forex traders who benefit from high leverage and 24/5 support.
- Social investors who want to copytrade and interact with a trading community.
- Beginner traders needing educational materials and demo accounts to develop their skills.
- International traders who need multilingual support outside of Western countries.
RoboForex meets the needs of these clients segments well based on their specific product and service offerings.
Traders outside these segments may find RoboForex less optimal for their needs. For example, buy-and-hold investors doing infrequent trading are better served by low cost brokers instead. Guaranteed stop loss orders also cannot be executed with RoboForex currently.
As a global brokerage, RoboForex casts a wide net in appealing to diverse traders across specialties, experience levels, language needs and trading styles.
RoboForex Review Conclusions – Final Thoughts
RoboForex provides a well-rounded service offering for active traders focused on competitive pricing, platform technology and comprehensive trader education. Their social copytrading capabilities are also industry-leading.
However, prudent clients should be aware of their Belize regulation status, website translation issues and lack of guaranteed stops. Assessing one’s individual needs and RoboForex’s fulfillment of those needs is advised.
For frequent traders seeking low cost executions across forex, stocks, indices and commodities – RoboForex delivers a top-tier service at affordable rates.
Their social community also sets them apart for allowing clients to engage with one another, share ideas and automatically copy profitable traders.
Forex traders who employ disciplined leverage and risk management can benefit from ultra-tight spreads and fast execution available through RoboForex ECN accounts and bridges.
All factors considered, RoboForex is a recommended broker in 2024 for active traders, forex traders, copy traders, currency traders and international clients. Carefully evaluating their pros against any potential cons on an individual basis is wise.
Overall, RoboForex currently provides sufficient features, technology, pricing and client support to fulfil most traders needs – making them a top choice for 2024 and beyond.
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:
| No | Broker | Regulation | Min. Deposit | Platforms | Account Types | Offer | Open New Account |
|---|---|---|---|---|---|---|---|
| 1. | RoboForex | FSC Belize | $10 | MT4, MT5, RTrader | Standard, Cent, Zero Spread | Welcome Bonus $30 | Open RoboForex Account |
| 2. | AvaTrade | ASIC, FSCA | $100 | MT4, MT5 | Standard, Cent, Zero Spread | Top Forex Broker | Open AvaTrade Account |
| 3. | Exness | FCA, CySEC | $1 | MT4, MT5 | Standard, Cent, Zero Spread | Free VPS | Open Exness Account |
| 4. | XM | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Micro, Zero Spread | 20% Deposit Bonus | Open XM Account |
| 5. | ICMarkets | Seychelles FSA | $200 | MT4, MT5, CTrader | Standard, Zero Spread | Best Paypal Broker | Open ICMarkets Account |
| 6. | XBTFX | ASIC, CySEC, FCA | $10 | MT4, MT5 | Standard, Zero Spread | Best USA Broker | Open XBTFX Account |
| 7. | Vantage | ASIC, CySEC, FCA | $50 | MT4, MT5 | Standard, Cent, Zero Spread | 20% Deposit Bonus | Open Vantage Account |
| 8. | FXTM | FSC Mauritius | $10 | MT4, MT5 | Standard, Micro, Zero Spread | Welcome Bonus $50 | Open FXTM Account |
| 9. | FBS | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Cent, Zero Spread | 100% Deposit Bonus | Open FBS Account |
| 10. | Binance | DASP | $10 | Binance Platforms | N/A | Best Crypto Broker | Open Binance Account |
| 11. | TradingView | Unregulated | Free | TradingView | N/A | Best Trading Platform | Open 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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