RoboForex Pros and Cons – Should You Trade With This Broker?

RoboForex is a popular online forex and CFD broker that offers trading access to over 12,000 instruments across 9 asset classes. With over 1.5 million clients across more than 180 countries, RoboForex has grown significantly since its launch in 2009.

But is RoboForex a good choice for traders? In this comprehensive review, we’ll analyze the pros, cons, fees, features, regulation, and more to determine if RoboForex is worthwhile or if traders should look elsewhere.

Overview of RoboForex

RoboForex is regulated in several jurisdictions and holds licenses from Belize FSC license No. 000138/437. The broker offers access to forex, commodities, indices, stocks, ETFs, and CFDs on popular trading platforms like MetaTrader 4/5 and R Trader.

Some key features that appeal to traders include:

However, RoboForex also has some limitations:

  • High minimum deposit requirement ($100)
  • Limited research and educational resources
  • Conflicting online reviews from customers

Below we analyze the pros and cons of trading with RoboForex in detail to help you decide if it’s the right broker for your needs.

Pros of Trading with RoboForex

Well-Regulated Globally

RoboForex holds regulatory licenses from Belize FSC license No. 000138/437.

Compliance with strict regulations inspires confidence in trader security. This oversight ensures RoboForex adheres to standards around capital requirements, segregated accounts, reporting, and fair treatment of clients.

Wide Range of Trading Instruments

RoboForex offers CFD trading across:

  • Forex – 55 major, minor and exotic currency pairs
  • Commodities – Metals, energies, agriculture
  • Indices – Major global stock indices like S&P 500
  • Stocks – US, UK, German, Asian shares
  • ETFs – Major exchanged-traded funds

With diversified assets across stocks, forex, indices, and CFDs, traders can easily tailor a portfolio matching their strategy and risk preferences.

Multiple Trading Platform Options

RoboForex integrates with two popular third-party platforms:

  • MetaTrader 4/5 – The industry standard for forex and CFDs trading. Offers advanced charting, technical analysis, EAs, backtesting, mobile app. Ideal for experienced traders.
  • R Trader – Web-based, more user-friendly alternative to MetaTrader better suited to beginners. Also available as mobile app.

Catering to both advanced and new traders is a major plus for RoboForex. Traders can choose their preferred platform experience.

Competitive Fees and Spreads

RoboForex offers attractive trading costs and leverage:

Lower trading costs make volatile forex and CFD trading less expensive to enter and exit positions.

Excellent Customer Support

RoboForex provides 24/5 multilingual customer service via Live Chat, phone, email, and Help Center:

  • Live Chat – Get instant answers to questions.
  • Email – Typically resolves issues within 24 hours.
  • Phone – Speak directly to support agents.
  • Help Center – Search the knowledge base for self-help.

Prompt, personalized assistance gives traders confidence their issues will be addressed promptly during market hours.

Cons of Trading with RoboForex

While RoboForex excels in several areas, the broker does have some drawbacks to consider:

High Minimum Deposit

The minimum deposit is $100 across all account types. Other brokers like XM have minimums as low as $5.

High minimums may exclude new traders with limited starting capital. However, regulation requires brokers hold sufficient operating capital, necessitating higher minimums.

Limited Educational Resources

Compared to rivals, RoboForex offers lighter educational content focused on beginners:

  • eBook – Basic introduction to forex and CFDs trading.
  • Videos – Short video tutorials on using the platforms.
  • Webinars – Occasional live trading webinars.
  • Glossary – Defines common trading terms.

There are no in-depth courses, daily analysis, ebooks, or detailed videos catering to experienced traders. Those seeking robust education may have to supplement externally.

Mixed Online Reputation

RoboForex has concerning TrustPilot and ForexPeaceArmy reviews:

  • TrustPilot – 2.8/5 stars based on 497 reviews
  • Forex Peace Army – 1.14 stars based on over 200 reviews

Negative feedback involves accusations of excessive trading fees, manipulation during news events, difficulties withdrawing money, and poor customer service.

However, many positively highlight the fast execution speeds, tight spreads, and helpful support. Still, the volume of criticisms warrants further research.

RoboForex Fees

Understanding the fee structure is crucial when selecting a broker. RoboForex offers several account types with varying fee models:

Standard Accounts

Commissions – No commissions on trades. Brokers earn from wider spreads.

Spreads – Typical spreads from 1.2 pips on EUR/USD. Higher than ECN accounts.

Financing Fees – Daily swap fees applied to hold positions overnight. Long/short rates vary based on instrument.

Deposit/Withdrawal Fees – Free deposit options. Withdrawals may have fees depending on method.

Lower trading costs than ECN overall but still competitive pricing from a market maker broker. Well-suited to casual trading.

ECN Accounts

Commissions – No commissions on trades.

Spreads – Ultra tight spreads from 0 pip on 7 major currency pairs.

Financing Fees – Lower swap rates than standard accounts.

Deposit/Withdrawal Fees – Same as standard accounts.

True ECN spreads and leveraged financing make these accounts ideal for high frequency trading strategies like scalping.

Islamic Accounts

Commissions – No commissions on trades.

Spreads – Same competitive spreads as standard accounts.

Financing Fees – No overnight swap fees paid or earned, in compliance with Sharia law.

Deposit/Withdrawal Fees – Same as standard accounts.

These specialized accounts allow Muslim traders to invest without concerns over interest earnings or payments.

Inactivity Fees

Standard/ECN/Islamic – $5 per month after 90 days of no trading activity.

CFD – $15 per month after 90 days of no trading activity.

Reasonable inactivity policies prevent dormant accounts from draining company resources. Fees encourage funded accounts to actively trade.

RoboForex Regulation

RoboForex holds regulatory licenses from Belize FSC license No. 000138/437.

Multiple licenses ensure oversight adapted to the regions where RoboForex operates worldwide. Regulation is a major plus when evaluating any broker’s trustworthiness.

Pros and Cons Recap

Pros of RoboForex:

  • Belize FSC license No. 000138/437
  • 12,000+ trading instruments
  • MetaTrader 4/5 and R Trader platforms
  • Spreads from 0 pips on ECN accounts
  • Leverage up to 1:3000
  • Commission-free trading
  • 24/5 multilingual customer support

Cons of RoboForex:

  • $100 minimum deposit
  • Limited educational resources
  • Mixed reputation based on online reviews
  • Higher spreads than some rivals

Carefully consider your needs to determine if RoboForex is a good fit or if another broker may better suit your priorities around fees, platforms, regulation, and account options.

How Does RoboForex Compare to Other Brokers?

How does RoboForex stack up against the top competitors in the broker space? Here is a side-by-side comparison focusing on key criteria:

BrokerRegulationInstrumentsMinimum DepositSpreadsPlatformsLeverage
RoboForexFSC12,000+$100From 0 pips (ECN)MT4/5, R TraderUp to 1:3000
XMASIC, CySEC, IFSC1000+$5From 0 pips (Ultra)MT4/5Up to 1:888
IC MarketsASIC, CySEC, FSCA232$200From 0 pips (Raw)MT4/5, cTraderUp to 1:500
AvaTradeASIC, CBI, FSA, FSC1200+$100From 0.4 pips (ECN)MT4/5, DupliTrade, ZuluTradeUp to 1:400

RoboForex holds its own against the top competitors, with regulation, platforms, spreads, and instruments comparing well. The high leverage and focus on beginner traders gives RoboForex a competitive edge in those areas.

However, the high minimum deposit and limited educational resources prevent it from topping this broker comparison overall. Still, RoboForex remains a solid choice for casual traders emphasizing loose regulation, ultra-high leverage, and discounted trading costs.

Is RoboForex Right for You?

RoboForex caters well to beginner traders emphasizing an easy entry into forex and CFDs trading via:

  • User-friendly R Trader web and mobile app
  • Multilingual 24/5 customer support
  • Deep discounts on financing and spreads
  • High leverage magnifying profits

However, experienced traders may be frustrated by the limited advanced trading tools, light education, and slightly higher spreads.

Overall, RoboForex excels for new traders but falls short for seasoned investors compared to heavyweights like IC Markets and XM. Consider your priorities around trading instruments, apps and platforms, leverage, costs, and research when deciding if RoboForex is the optimal broker.

While regulation inspires confidence in the broker’s security, be sure to practice responsible risk management if you open an account. No broker can guarantee profits in the risky world of forex and CFDs trading.

Frequently Asked Questions

Is RoboForex a reliable and safe broker?

RoboForex is licensed by top-tier regulators Belize FSC license, inspiring confidence in their security and professionalism. However, some lingering negative customer reviews regarding withdrawals and manipulation point to potential issues.

What fees and spreads does RoboForex charge?

Spreads start from 0 pips on ECN accounts with no commissions. Standard accounts have spreads from 1 pip with no commissions. Swap fees apply for holding overnight positions. Inactivity fees apply after 90 days without trading.

What leverage does RoboForex offer?

RoboForex offers high leverage up to 1:3000 depending on account type and instrument, among the highest in the industry. This allows greater exposure with less margin but significantly increases risk.

What trading platforms does RoboForex offer?

RoboForex offers two popular third-party platforms – MetaTrader 4/5 for advanced traders and R Trader for beginners. Both offer web, desktop, and mobile app access.

Is there negative balance protection with RoboForex?

Yes, RoboForex offers negative balance protection ensuring trader losses will never exceed the account balance as required by ESMA regulation. However, losses can still exceed the deposited margin.

Can I trade forex, stocks, commodities with RoboForex?

Yes. RoboForex provides trading access to over 12,000 instruments across stocks, forex, commodities, indices, and ETFs. So traders can easily diversify their portfolio.

Conclusion

RoboForex provides traders access to a diverse selection of investment assets all on powerful, customizable trading platforms – an appealing combination for many investors.

Factor in beginner-friendly support, discounted spreads, and high leverage, and it’s clear why the broker remains a popular destination for casual traders and those with limited capital starting out.

However, a lack of robust education, high minimum deposit requirements, and some lingering regulatory concerns prevent RoboForex from being a top choice for more discerning investors. As you expand your skills and knowledge, you may eventually outgrow the broker.

Analyze your priorities around fees, platforms, instruments, research, regulation, and account types against your investing goals to determine if RoboForex is a good fit – especially as a temporary stepping stone as you embark in the global markets. But keep sound risk practices to avoid the amplified downside of excessive leverage.

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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