RoboForex Broker Review

Is RoboForex Safe?

RoboForex was founded in 2009, is headquartered in Belize, and is regulated by the International Financial Service Commission (IFSC):

• RoboForex Ltd is an international broker regulated by the IFSC, license No. 000138/107.

In addition to placing money in segregated bank accounts, RoboForex Ltd is an “A” category member of the Financial Commission, which provides protection of up to 20,000 EUR per case. The broker also holds Civil Liability insurance.

RoboForex offers negative balance protection on all accounts, meaning that traders cannot lose more money than was deposited.

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Trading Conditions

A market maker with ECN account options, RoboForex offers Market Execution on all trading pairs.  It offers five live accounts and a 90-day limited demo account.  Platforms supported include MT4, MT5, c-Trader, and its proprietary platform, R-Trader.  Leverage is high at 2000:1, and the minimum order size is 0.01 lots.

RoboForex allows scalping, hedging, and netting, but accounts are only denominated in USD, EUR, CNY, and gold.  Beginner traders can benefit from the CopyFX system, which allows one to copy the transactions of more experienced traders. 

RoboForex also offers an Islamic Swap-Free account on which it charges a fixed commission. This Swap-Free service is only available on the Cent, Standard and Pro-Affiliate MT4 accounts.

RoboForex Pro-Cent Account

The Pro-Cent Account is a commission-free trading account with variable spreads starting at 0.00 pips and leverage up to 2000:1.  With a low minimum deposit of 10 USD, the Pro-Cent Account boasts favorable trading conditions for beginner traders. This account offers support for the MT4, MT5, and R-Trader platforms, and trading instruments include 36 currency pairs, Metals, and Cryptocurrencies.  Accounts are denominated in USD, EUR, CNY, and gold. 

RoboForex Pro-Standard Account

Pro-Standard is the most popular account type with optimal trading conditions, suitable for beginner and experienced traders alike.  The minimum deposit is 10 USD, it is commission-free, spreads start at 0.00 pips, and leverage is up to 2000:1.  Note that if using c-Trader, leverage is limited to 1:500.  RoboForex also offers support for the MT4, MT5, c-Trader, and R-Trader platforms on the Pro-Standard Account. 

ECN Account

The ECN Account is intended for professional traders.  Commissions are charged at 2 USD/lot per side.  The minimum deposit is 10 USD, and spreads are tight, starting at 0 pips.  It also boasts high execution speeds (0.1 of a second) through the MT4/MT5 and cTrader platforms.  Leverage is up to 1:500 on this account but is limited to 1:300 through the c-Trader platform.  The Stop Out level is at 40%, but note that this account does not allow Swap-Free options. 

Prime Account

The Prime Account is an ECN account with commission of 1 USD/lot per side, possibly the lowest in the retail industry.  Trading starts at 10 USD, leverage is 1:300, and spreads start at 0 pips.  Stop Out level is at 100% on this account, distinguishing it from the ECN account (with a Stop Out level of 40%).  The Prime Account offers support for the MT4/MT5 and R-Trader platforms, and on this account, there are no Swap-Free options. 

R-Trader Account

The R-Trader Account is an account specifically designed for the R-Trader platform. Accounts are only denominated in EUR and USD, and the minimum deposit is higher, at 100 USD. Unlike the Prime and ECN Accounts, the R-Trader Account supports multi-asset stock trading.  Commissions are charged at 1.50 USD/lot per side.  Spreads are tight at 0 pips, and leverage is up to 1:300 on FX pairs. 

Demo Account

RoboForex offers a choice of three demo accounts: Demo Pro, Demo, and Demo R Trader.

The Demo Pro account is the most popular choice as it replicates the trading conditions of the standard account packages, with 2000:1 maximum leverage and variable spreads from 0.00 pips. Demo accounts allow users to practice trading strategies using all the platforms without risking real money.

The demo account is free but expires after 90 days.

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Spreads and Commissions

Fees for the Pro-Cent and Pro-Standard accounts are included in the spreads, which average around 1.4 pips for the EUR/USD.  You will see tighter spreads with the Prime and ECN accounts, with zero pip spreads available in some asset classes.  Commissions are low – 2 USD/lot per side on the ECN Account, and 1 USD/lot per side on the Prime Account.

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

RoboForex

4.5/ 5

USD, EUR, Gold

0.00 pips

USD 4

0.00 pips

0.70 pips

0.40 pips

USD 4

CM Trading

4/ 5

EUR, USD

1.50 pips

USD 15

1.70 pips

2.60 pips

1.70 pips

USD 0

IQ Option

3/ 5

EUR, GBP, USD

0.80 pips

USD 8

0.80 pips

1.30 pips

0.90 pips

USD 0

Deposits and Withdrawals

RoboForex offers dozens of deposit and withdrawal methods available in 9 different currencies, including USD, EUR, and GBP. IFSC Belize follows the international AML (Anti-money laundering) policy, where all withdrawals must be made via the same method and for the same amount as the original deposit.  RoboForex does not charge a fee for deposits, but withdrawals are subject to fees ranging between 0.5% to 2.8% dependent on the method: 

• Visa/Mastercard: Deposits are instant and free. Withdrawals are charged at 2.6% and are processed within one to ten days. 
• Neteller: Deposits are instant and free. Withdrawals are charged at 1.9% and can take from one minute to one day to be processed.
• Skrill: Deposits are instant and free. Withdrawals are charged at 1.9% and can take from one minute to one day to be processed.

Please see the website for further deposit and withdrawal methods. 

RoboForex does not charge an inactivity fee. However, client accounts will be archived if there is no balance and the account is not used for more than six months.

Bonus Structure

Pro-Cent and Pro-Standard new account users receive a welcome bonus of 30 USD after depositing a minimum of 10 USD via bank card. Cent and Standard users can also benefit from the 60% Profit Share Bonus and up to 120% on deposits by claiming the Classic Bonus.

The broker also offers other promotions, including up to a 10% bonus credit on account balances, daily competition opportunities with ContestFX, cashback rebates based on trading volume, and a free VPS server. Full bonus withdrawal terms and conditions can be found on the broker’s website.

RoboForex for Beginners

RoboForex offers very little in the way of educational material for beginner traders, but it does provide up-to-date market analysis content and a helpful community forum. 

Furthermore, its demo accounts only expire after 90 days, and the customer service team is available 24/7 for all client account and technical questions.

Educational Materials

RoboForex’s limited educational suite includes a few how-to guides and video tutorials dedicated to the basics of trading on the Forex market, different aspects of technical and fundamental analysis, the psychology of trading, and risk management.  One has to register an account to view this material. 

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

RoboForex

Yes

No

Yes

Medium

No

CM Trading

No

No

No

Medium

Yes

IQ Option

No

No

No

Medium

No

Market Analysis Material

Market analysis materials include an up-to-date ‘Forex Analysis and Forecasts’ section, a proprietary RoboForex Analytics Centre available only for RoboForex clients, an Economic Calendar, and a robust blog.  These features are available in 13 languages.

Customer Support

RoboForex offers multilingual support in over 12 languages, including English, Malaysian, Indonesian, Arabic, and Spanish. Help is available 24/7 via email, telephone (locally in SA), live chat, Telegram, WhatsApp, Facebook Messenger, Skype, and Viber.  They also offer a call-back service.

Trading Platforms

RoboForex offers support for an impressive array of trading platforms, including MetaTrader4 (MT4), MetaTrader 5 (MT5), c-Trader, and its proprietary platform, R-Trader.  Different platforms are available for different accounts depending on the trading requirements of the account.  These platforms allow for a smooth trading experience with all the necessary trading tools and resources on hand to conduct research and analysis, enter and exit trades, and use third-party automated trading software.  

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Broker

Platform Choice

Copy Trading

Platforms

RoboForex

4.5/ 5

Yes

MT4

MT5

CM Trading

4/ 5

Yes

MT4

WebTrader

IQ Option

4/ 5

No

IQ option

MetaTrader 4

MT4 is still the most popular platform on the market.  It includes all the essential features a beginner or advanced trader needs, with 50 indicators for technical analysis, basic graphical tools, and three order execution types

MetaTrader 5

Professional traders can take advantage of the cutting-edge MT5 platform, which offers 30 technical indicators, 24 analytical objects, 21 timeframes, and an unlimited number of charts.  The application supports both netting and hedging systems and includes all the tools and features necessary for trading: Market Depth, trading operations, and history monitoring. 

R-Trader

The easy-to-use proprietary platform, R- Trader won ‘Best Global Mobile Trading App 2020’ from Global Forex Awards B2B. It allows the trading of over 12,000 multiple financial asset types on live markets from all over the world. It offers many trading options and features, including unique watchlists, numerous windows, and countless viewing methods.  It also provides a unique tool: allowing traders to build, run, and test trading strategies.

c-Trader

c-Trader is designed for experienced clients looking for an alternative to MT4/5 and is only available for the ECN and Pro-Standard Accounts.   Users can access rare order types, Level II pricing, plus 54 technical indicators on 14 timeframes and nine types of charts. Traders can also create trading robots and indicators using c-Trader Automate.

Mobile Apps

For mobile traders, RoboForex offers smartphone apps for all their trading terminals (MT4, MT5, cTrader, and R Trader):

• MetaTrader – MT4 and MT5 users enjoy the same technical features as desktop apps, including customisable charting tools, full trading history, and access to trading robots.
• cTrader – cTrader offers handy features including pinch-to-zoom, fling scrolling, and double-tap action to recentre charts, as well as in-app notifications on mobile and tablet formats.
• R Trader – R Trader is also fully-featured and offers an all-in-one solution with secure in-app account deposits and bonus management. The app offers 14 trading indicators, plus live charts and quotes and other mobile-friendly features.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of how we review NAGA’s product offering. Central to that process is the evaluation of the broker’s reliability, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. RoboForex would like you to know that: There is a high level of risk involved when trading leveraged products such as Forex/CFDs. 58.42% of retail investor accounts lose money when trading CFDs with this provider. You should not risk more than you can afford to lose, it is possible that you may lose the entire amount of your account balance. You should not trade or invest unless you fully understand the true extent of your exposure to the risk of loss. When trading or investing, you must always take into consideration the level of your experience. Copy-trading services imply additional risks to your investment due to nature of such products. If the risks involved seem unclear to you, please apply to an outside specialist for an independent advice. RoboForex Ltd and its affiliates do not target EU/EEA clients. RoboForex Ltd and its affiliates don’t work on the territory of the USA, Canada, Japan, Australia, Bonaire, Curaçao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other restricted countries.

Overview

RoboForex is a market maker broker with a wide variety of accounts, including ECN options.  It offers excellent trading conditions, with low minimum deposits, low commissions, and tight spreads.  It also provides support for numerous trading platforms, including MT4, MT5, c-Trader, and R-Trader. 

RoboForex’s copy-trading systems and demo accounts give the inexperienced trader the tools they need to begin a trading career.  Significant drawbacks for traders using RoboForex are its poor regulation, limited educational materials, and high withdrawal fees.