RoboForex is a popular online forex and CFD broker that was founded in 2009. With low spreads, a wide selection of trading platforms and accounts, and customer support available 24/7, RoboForex aims to provide traders with the ideal environment to trade the markets successfully.
But is RoboForex a legit and properly regulated broker that you can trust? Or could they potentially be a scam operation you should avoid?
In this detailed RoboForex review, we’ll examine all aspects of this broker to determine if they are in fact legitimate or not.
An Overview of RoboForex
RoboForex is an international brokerage brand owned and operated by RoboForex Group, which consists of a number of regulated financial companies in various jurisdictions.
The group’s holding company, RoboForex Ltd., is located in Belize and holds Belize FSC license No. 000138/437.
RoboForex offers its clients access to over 12,000 financial instruments across nine asset classes, including forex, stocks, indices, commodities, CFDs, ETFs, and more.
Spreads are advertised as low as 0 pips on certain forex pairs and fractional pip pricing on many other instruments. Trading costs are transparent with no commissions.
In terms of platforms, RoboForex provides the popular MetaTrader 4 and MetaTrader 5 platforms, as well as its own proprietary R Trader platform. These can be accessed via desktop, web, and mobile.
Several account types are available to suit different trader needs and experience levels. This includes a Cent account with a $10 minimum deposit and 1:3000 max leverage, an ECN account with tight spreads, and a Prime account with extra services bundled. Islamic accounts compliant with Sharia law are also provided.
For funding and withdrawals, RoboForex accepts an array of convenient payment methods, including cards, wire transfers, and an array of e-wallets.
Pros of RoboForex:
- Competitive spreads from 0 pips
- Multiple regulated entities
- Variety of trading platforms offered
- Several account types to choose from
- Accepts a wide range of deposit/withdrawal methods
- 24/7 multilingual customer support
Cons of RoboForex:
- Brand owned by an unregulated Belize entity
- High leverage offers risks for new traders
- Software is proprietary, not from major platform developers
- Doesn’t accept clients from several restricted countries
Now that we’ve covered the key facts and features on offer at RoboForex, next we’ll take an in-depth look at regulation and safety of funds.
Regulation and Licensing
One of the most crucial factors when assessing the legitimacy of a broker is whether they hold proper regulation and licensing in reputable jurisdictions.
This ensures they maintain sufficient standards in areas like capital adequacy, segregated accounts, transaction reporting, and more. Regulated brokers also offer clients more recourse in the event of disputes.
As mentioned, RoboForex Group consists of Belize FSC license No. 000138/437.
RoboForex offers its clients a choice among three different trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5), and R Trader.
MetaTrader 4 and MetaTrader 5
The MetaTrader platforms developed by MetaQuotes are the most widely used retail trading platforms in the forex industry.
MT4 in particular has been an industry standard for many years thanks to its reliability, customizability, and access to a huge ecosystem of indicators and EAs via the MQL programming language.
MT5 is newer and includes some additional features like more timeframes, more pending order types, Depth of Market (DOM) trading, and support for trading non-forex assets.
At RoboForex, both platforms come standard with virtual trading capabilities, one-click trading, and access to expert advisors (EAs) and custom technical indicators through the MQL marketplace. The broker’s latest plugin modules provide enhanced safety, analytics, sentiment tools, auto-chartist patterns and more.
The platforms support mobile trading on iOS and Android devices, and can be accessed through desktop applications or directly through the web browser.
Overall, both MetaTrader platforms offer a best-in-class trading experience familiar to millions of traders worldwide. Having access to both versions is a valuable option for RoboForex clients.
R Trader Platform
In addition to the MetaTraders, the broker offers its own proprietary platform called R Trader. This web-based platform can be used for manual and algorithmic trading.
Some of the key features of R Trader include:
- Advanced charting with 100+ indicators and overlays
- One-click trading and order management system
- Support for Expert Advisors and RoboForex’s proprietary R Algo robot
- Built-in autotrading capabilities
- Customizable workspaces and layouts
- Advanced order types like OCO, If Done, and If Touched
- Available for desktop and mobile devices
The R Trader platform provides a decent alternative for traders seeking a modern web-based trading experience. The focus on algo trading and automation is a distinguishing factor.
However, being a proprietary platform, it remains to be seen if R Trader will match the popularity of the MetaTraders which benefit from a much wider user base.
RoboForex provides traders a choice of several account types to cater to different experience levels, trading styles, and markets traded.
The main options are:
The Cent account is a good fit for newer traders thanks to its low $10 minimum deposit and maximum 1:3000 leverage. Spreads are slightly higher. Traders can access all trading platforms and financial instruments, with some trading restrictions.
Cent Account Features:
- Minimum Deposit: $10
- Leverage up to 1:3000
- Variable spreads from 1.7 pips
- Commission-free trading
- Access to all trading platforms
- Available funding methods – Bank cards, popular e-wallets
The Standard account is the regular account option open to traders of all experience levels. It has a $100 minimum deposit, up to 1:300 leverage, and access to tighter spreads. No trading restrictions.
Standard Account Features:
- Minimum Deposit: $100
- Leverage up to 1:300
- Spreads from 0.4 pips
- Commission-free trading
- Access to all trading platforms and instruments
- All funding methods available
ECN stands for Electronic Communication Network. The ECN account provides direct market access through an electronic network of liquidity providers. Spreads are the tightest available at RoboForex starting from 0 pips, but a small commission is charged per lot traded.
ECN Account Features:
- Minimum Deposit: $100
- Leverage up to 1:100
- Spreads from 0 pips
- $6 per lot commission fee
- Advanced trading tools for larger traders
- More stringent margin requirements
The Prime account offers additional services and features tailored for more active traders looking for a premium experience. This includes spreads from 0 pips, dedicated account manager, faster withdrawals, and access to advanced trading tools.
Prime Account Features:
- Minimum Deposit: $2,000
- Leverage up to 1:200
- Spreads from 0 pips
- $4 per lot commission fee
- Premium trading conditions
- Faster withdrawals
- Personal manager and Individual approach
The variety of account options allows clients to select the type that suits their capital, trade sizes, instruments, and style of trading. The Cent account stands out with its low minimum deposit, while the ECN and Prime accounts offer tighter spreads and advanced features for larger traders.
RoboForex Spreads and Fees
As a market maker, RoboForex provides its own liquidity for trading instruments on its platforms rather than bridging orders directly to the market.
As a result, trading costs come primarily from the spread – the difference between the bid and ask prices. Wider spreads translate into higher costs for traders.
Here is a summary of the typical spreads advertised at RoboForex:
|Account Type||Spreads From|
On its ECN and Prime accounts, RoboForex advertises spreads as low as 0 pips on forex pairs and fractional pip pricing on other instruments.
The ECN and Prime accounts do charge a small commission per lot traded on top of spreads:
- ECN Account – $6 per standard lot
- Prime Account – $4 per standard lot
Overall trading costs are quite competitive but traders should be aware of the varying spreads and commissions across different account types. Active day traders may find the ECN and Prime accounts offer better value for money spent on spread costs.
RoboForex Minimum Deposit
RoboForex makes an effort to cater to traders with varying levels of capital through its multiple account offerings.
The Cent account has an extremely low minimum deposit requirement of just $10. This allows new traders ready to open a live account to do so with minimal capital.
The next level Standard account has a $100 deposit minimum, typical of other brokers.
The advanced ECN and Prime accounts have slightly higher minimums of $100 and $2,000 respectively.
Overall, thanks to its $10 opening deposit offer, RoboForex has one of the lowest capital requirements among online brokers. This gives them high marks for accessibility.
RoboForex Leverage and Margin Requirements
Leverage is the ratio of borrowed capital provided by the broker compared to the trader’s own deposit. It allows traders to open much larger position sizes than they could with their own limited capital.
RoboForex offers leverage up to 1:3000 on its Cent account, 1:300 on the Standard account, 1:100 on ECN, and 1:200 on the Prime account.
These high leverage ratios enable traders to put at risk large amounts of capital – both winnings and losses can be magnified by dramatic multiples compared to margin deposited.
While leverage can lead to outsized profits during winning streaks, even short losing streaks can rapidly deplete an entire trading account when using such high multiples.
Therefore, newer traders should exercise extreme caution when utilizing leverage offered by RoboForex or any broker. More conservative levels below 1:100 are advisable for maintaining proper risk management. The lower 1:100 ratio on ECN accounts enforces more discipline for high volume traders.
In addition to limiting leverage, traders should pay close attention to margin requirements which determine how much capital must be set aside for each position opened. Margin levels vary across different instruments and accounts at RoboForex.
RoboForex Trading Instruments and Assets
RoboForex provides traders access to an expansive range of over 12,000 trading instruments through its platforms.
For forex, over 50 major, minor and exotic currency pairs can be traded with competitive spreads. This covers all the most widely traded pairs and crosses such as EUR/USD, USD/JPY, GBP/USD, EUR/GBP and USD/CHF.
All major global stock indices are available including S&P 500, FTSE 100, Nikkei 225, DAX30, ASX 200 and dozens more.
Traders can trade CFDs on major commodities such as gold, silver, oil, natural gas, copper, corn, wheat, sugar, soybeans, and more.
Access is provided to thousands of stocks listed on exchanges around the world. Major ETFs tracking various assets and sectors are also available.
The huge range of assets across diverse markets offers clients ample opportunities to trade according to their personal trading style and interests.
RoboForex Educational Resources
To support beginning traders, RoboForex provides a selection of educational materials and trading resources on its website.
This includes an eBook covering introductory topics, a glossary of key terms, and a selection of video tutorials. Live webinars are also held periodically.
The broker also maintains active Facebook, YouTube, Telegram, and Instagram channels providing further trading education content.
Experienced traders may find the materials too basic. But for novices, they offer a helpful starting point to pick up some foundational knowledge before venturing into live markets.
Further depth could be added by expanding into more intermediate and advanced topics as well as critical areas like risk management. But the quality of what is provided gives a good grounding.
RoboForex Customer Support
RoboForex offers customer support 24 hours a day, 5 days a week via several contact methods:
- Live Chat
Support is available in multiple languages including English, Chinese, Turkish, Polish, German, Italian, Indonesian, Malay, Farsi, and more. Clients can request a call back as well.
Response times via email and chat are generally prompt during business hours. Telephone wait times are longer during peak periods.
Feedback on customer service quality is mixed, with some traders reporting disappointing experiences, while others praise the multilingual support and responsiveness. But overall RoboForex customer service appears around average for the industry.
RoboForex Deposits and Withdrawals
RoboForex accommodates a wide variety of payment processing methods for deposits and withdrawals:
Bank Cards – Visa, Mastercard, Maestro
Bank Transfers – Wire transfers, Internet banking
E-Wallets: Skrill, Neteller
Transaction minimums depend on the payment method used but are as low as $10 for some options.
Processing times are fast for small deposits and internal transfers. Larger withdrawals and wire transfers take up to 5 business days in some cases. No fees are charged by RoboForex on transactions.
The array of payment methods across multiple jurisdictions should ensure most clients have a convenient funding option available to them, though the breadth of choices could be expanded further.
Is RoboForex a Regulated Broker?
RoboForex holds license across Belize FSC license No. 000138/437.
Is RoboForex Safe to Trade With?
RoboForex appears to take adequate steps to maintain compliance and protect customer funds through segregated accounts. But traders should exercise caution with only modest account balances given the light offshore regulation.
Is RoboForex Right for Beginners?
Between its $10 minimum deposit, high leverage, basic educational materials, and copy trading, RoboForex provides an accessible environment for beginner traders. But the risks of high leverage should be acknowledged.
Pros and Cons of RoboForex
- Competitive spreads from 0 pips
- Multiple regulated entities
- Wide selection of trading platforms
- Low $10 minimum deposit
- Variety of account types
- Array of payment methods accepted
- Brand owned by lightly regulated offshore company
- High leverage can encourage poor risk habits
- Proprietary platforms versus more trusted technology
- Complex group company structure
RoboForex Review Conclusion – Legit Broker Worth Considering
In conclusion, RoboForex presents itself as a well-rounded broker thanks to competitive pricing, multilingual service, and a good range of platforms, account types, and tradable assets.
The availability of multiple licenses helps ease concerns about potential scams or safety of funds. But the limitations of offshore regulation should still be considered.
For novice traders, the $10 opening deposit and copy trading features make RoboForex especially accessible. But the high leverage ratios offer enhanced risks as well.
Experienced active traders may want to explore the ECN account offering direct interbank market access and advanced features. But overall costs are still mid-tier.
In the crowded forex and CFD brokerage market, RoboForex deserves consideration based on its decent pricing and product package. But traders should weigh the unique pros and cons highlighted in this RoboForex review against their personal needs and priorities in choosing any brokerage.
Frequently Asked Questions
Is RoboForex legit or a scam broker?
RoboForex holds license Belize FSC license No. 000138/437. However, its offshore regulation raises risks for traders. Reputation is mixed; some traders are satisfied while others report poor experiences. Proceed with caution.
How do I open a demo account with RoboForex?
Visit RoboForex.com and complete the quick registration process. You can then request a free demo account and virtual funds to practice trading on any of their platforms with live market data. Useful for testing strategies risk-free.
What is RoboForex’s spread?
Spreads at RoboForex start from 0 pips on ECN/Prime accounts. On Standard accounts, typical spreads are 0.4 pips on major forex pairs. Cent accounts have wider spreads from 1.7 pips. Overall competitive spreads but vary based on account.
Is RoboForex available in the USA?
Unfortunately RoboForex does not presently accept clients from the USA. Only traders outside the US can open an account. Restricted countries also include Japan, Canada, Myanmar, Israel, Ukraine.
Does RoboForex allow scalping or EA strategies?
Yes, RoboForex permits traders to scalp and use expert advisor robots and scalping strategies, as long as done responsibly within margin rules. No restrictions on trading styles.
How long do RoboForex withdrawals take?
RoboForex withdrawal time depends on payment method. Bank cards and e-wallets are fastest within 24 hours. Larger bank wire transfers take 2-5 days. Internal transfers between RoboForex accounts are instant.
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|
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