RoboForex Review (2023): Is This the Right Broker for You? (2024)

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Wondering if RoboForex can help you take advantage of a volatile forex (FX) market?

You’ve come to the right place.

The GBP/USD rate hasn’t been so moody since the BREXIT referendum in 2016, with this trend showing itself across all major currencies. The U.S. dollar is being driven by COVID-19’s impact, as well as prevailing social and fiscal unrest. Even so, since January 2020, the Sterling has weakened by 15% against the U.S. Dollar. 💵

This shows the current unpredictability of the FX market, which—when done right—creates great opportunity for forex traders. What could go wrong?

During such times, it becomes crucial to understand the risks involved in FX trading, and show extra diligence about the rise in online trading scams. In South Africa, criminals are profiting off vulnerable traders by promising them positive returns. In reality, these brokerage platforms are created on fake software that is not connected to real forex exchanges.

This means that finding a regulated, trustworthy broker should be at the top of your list. And luckily, RoboForex is considered a safe online forex broker. In this review, we will help you understand the fees involved, which research tools you’ll have access to, and of course, the range of assets available.

Let’s get to it!

Investor Warning: 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.

What is RoboForex? 📚

RoboForex Group, established in 2009, operates through its entity RoboForex, which offers a comprehensive range of services globally. The entity is regulated by the IFSC and has established a reputation for providing diverse trading options and platforms to cater to traders worldwide

RoboForex Group has 800,000 clients from 170 countries across the globe. The broker caters to this wide selection of countries by offering support in 18 languages. For the celebration of its 10th anniversary, the firm was giving away $1,000,000.

The broker aims to take its clients trading to the next level through its innovative technology and trading tools. With RoboForex, you will gain access to eight asset types and over 12,000 instruments for trading. Interestingly, RoboForex is the official sponsor of Muay Thai fighter Andrei Kulebin.

Can You Trust RoboForex? 🕵️‍♂️

RoboForex Ltd, part of the RoboForex Group, is registered and regulated by the IFSC in Belize.

Though trading with offshore brokers is not advised due to the lack of regulations, the additional license helps position RoboForex as a safe bet. RoboForex applies negative balance protection which secures your deposits from losses. Investors funds are kept in segregated accounts in leading banks.

The broker is the proud participant of the Commission’s Compensation Fund which gives your money insurance coverage should anything go wrong. In South Africa, in particular, the most successful female forex traders have one important trading feature that distinguishes them from men. That is, they focus on the details, making them less likely to be scammed. Men–take note!

Is RoboForex Regulated? 🛡

RoboForex is regulated by the International Financial Services Commission Belize (IFSC). The IFSC is regulated by the International Financial Services Commission Act (IFSC Act) and the Ministry of Belize.

On top of this, RoboForex holds a category A membership with the Financial Commission operating outside of Hong Kong (SFC), an independent self-regulatory organization and external dispute resolution body for the forex market.

This means that your deposits will be secured up to €20,000, which will be enough to cover most retail deposits. Overall, RoboForex goes to pretty significant lengths to make sure its clients’ funds are protected.

RoboForex Compared

RoboForex Fees Explained 💸

RoboForex generates revenue through the spreads and commissions it charges on its range of more than 9,400 assets. This is a normal method used by forex brokers to make a profit and keep the lights on. RoboForex uses a hybrid forex business model that positions it as a market maker on its Cent Accounts as the small trade size is lower than the minimum needed for its straight-through processing (STP) model.

When the broker acts as a market maker, it profits from clients losses. Market orders are processed through a bridge to the liquidity provider, and RoboForex takes a commission from the provider on top of a percentage of the spread. There are overnight financing costs on leveraged positions, so make sure to swap rates. Corporate actions are passed onto traders’ accounts too.

Depending on the jurisdiction, forex brokers will offer different leverage amounts. The top forex brokers in the UK for example, can offer a maximum leverage of 30:1 under ESMA regulation.

Additional Fees ⚠

It is worth noting that some financial instruments can only be traded during a particular window, which needs to take into account different time zones, and extra fees might be incurred if positions are held for too long once they have been closed.

Overnight Fees ☀

RoboForex might charge overnight fees, also known as rollover fees or swap fees, if a position is held open for more than a day.

Deposit & Withdrawal Fees💳

Deposit and withdrawal fees can really add up at the end of the trading period. Thankfully, RoboForex doesn’t charge a deposit fee. Withdrawal fees, on the other hand, are applicable depending on how you choose to withdraw. Here’s a breakdown:

• ☑️ Credit/Debit Cards (VISA, MasterCard and JCB) – 2.6% plus $1.3 or €1
• ☑️ Bank Transfer (SEPA) – 1.5%
• ☑️ Skrill: 1%
• ☑️ Neteller: 1.9%
• ☑️ China UnionPay: 1.8%
• ☑️ Local Bank Transfer: as much as 4%
• ☑️ ecoPayz: $2 / €1
• ☑️ AdvCash: 1%
• ☑️ WebMoney: 0.8%
• ☑️ Perfect Money and Fasapay: 0.5%

How Does Leverage Work with RoboForex? ⚖️

RoboForex’ range of CFDs are leveraged. For example, if you have a $10,000 position, you might hold just $1,000 in your account. A small sum of money will control a large sum, known as leverage.

In this case, the leverage can either dramatically increase your profits, or you could be left with a huge debt.

RoboForex Commissions & Spreads 🧐

Commissions and spreads at RoboForex start from $15 with variable spreads starting at 0.0 pips.

RoboForex offers a seriously low spread in comparison to what some other brokers offer with its spreads from 0.0 pips, as well as $15 commissions per one million USD of trading volume via the Prime Account.

The fees charged will be based on the account type chosen and the options, as well as the spread list, minimum deposit required, commissions, and leverage. If you’re unsure about exactly what to look for in fees, it’s best to read our guide on commissions and spreads.

To get a better idea of fees, you can do some research to see what other forex brokers are charging in your jurisdiction.

Account Types 🗃

Signing up to RoboForex will give you the choice between five accounts, including an Islamce account. Let’s go through each account and its related fees.

Pro-Standard Account 👤

The pro standard account is the most loved account type with traders, and is fitting for both beginners and more experienced traders. This account has a range of 36 currencies, CFD and U.S. stocks, CFD on oil, and Metals.

• ☑️ Minimum deposit: 10 USD / 10 EUR
• ☑️ Spread: Floating from 1.3 pips
• ☑️ Maximum leverage: 1:2000

Pro-Cent Account 🌟

A Pro-Cent Account has 36 currency pairs and metals. This account is suitable for different trading levels, too, and allows traders to test their trading strategy. Using Pro-Cent accounts, beginners and experienced traders can test their trading strategies. With the current volatility in the market, this might be the ideal opportunity to test out some of the leading forex trading strategies.

• ☑️ Minimum deposit: 10 USD / 10 EUR
• ☑️ Spread: Floating from 1.3 pips
• ☑️ Maximum leverage: 1:2000

ECN-Pro Account 💴

While the last two accounts we mentioned were suitable for all levels, this account is aimed at professionals, specifically, looking for ideal trading conditions.

The ECN-Pro account has, again, 36 currency pairs, CFD on indices, CFD on U.S. stocks, CFD on Oil, and Metals.

• ☑️ Minimum deposit: 10 USD / 10 EUR
• ☑️ Spread: Floating from 0 pips
• ☑️ Maximum leverage: 1:300

Prime Account 💱

This account has a slightly less figure of 28 currency pairs, CFD on indices, CFD on U.S. stocks, CFD on Oil, and Metals. The Prime account is specifically made for more advanced traders. If you’re a beginner, this won’t be the account for you.

• ☑️ Minimum deposit: 5,000 USD
• ☑️Spread: Floating from 0 pips
• ☑️ Maximum leverage: 1:100

R Trader Account 💶

This is a multi-asset account with over 12,000 assets including Real stocks, CFD on stocks, Indices, forex, and ETFs. This account is best suited to more experienced traders looking for more access to a wider financial market.

• ☑️ Minimum deposit: 100 USD
• ☑️ Spread: from 0.01 USD
• ☑️ Maximum leverage: 1:200

Where Does RoboForex Shine? 🏆

Now that we’ve gone through all the basics, here are some of the primary advantages offered by RoboForex.

RoboForex Investment Selection📃

RoboForex offers a wide selection of 9,400 assets over the following categories: Stocks, forex, soft commodities, ETFs, and metals. This gives you the option to really diversify your portfolio and take advantage of trading opportunities.

There are also a cosy amount of 40 currency pairs, with a leverage of up to 1:2000 available.

There are over 9,400 assets available with RoboForex through its R Trader platform, but the MT4/MT5 platforms offer just 50 of the most popular stock CFDs. The range of index CFDs offered is lacking but you will get all the standard instruments.

📈 Looking for an even larger investment selection? Check out the huge range of tradable securities offered by Interactive Brokers.

RoboForex Fees & Spreads 🤝

If you’re looking for excellent trading conditions, RoboForex will offer you that through its spread starting at 0.0 pips, and $15 commission per one million traded via the Prime Account. The ECN-Pro NDD account gives traders access to spreads starting at 0.0 pips and a slightly higher commission of $20 per one million traded

Trading Platforms 🖥

RoboForex offers the MT4 and MT5 trading platforms, and its proprietary R Trader platform.

RoboForex MT4 Platform 💻

The MT4 platform is highly established, and when upgraded with third-party applications, it can really stand out from other platforms. The automated trading, intensive support, and back-testing capabilities attracts hundreds of millions of traders around the world towards the MT4 platform.

RoboForex MT5 Platform⭐

The MT5 platform does not allow hedging, and lacks backward capability making it less popular than the MT4 platform. Though this platform has been promoted as an upgrade to the MT5 family, it isn’t the case yet.

R Trader 🤖

Apart from the three platforms we just went through, RoboForex offers R Trader, which gives access to a complete selection of assets. The other three platforms offer a limited selection of assets, especially stocks.

Traders seeking automated trading solutions who prefer platforms like MT4 should consider using the R Trader. This platform provides a quality trading experience and is designed to facilitate the creation and implementation of automated trading solutions.

Unique Features 👥

On top of its excellent trading conditions and over 10,000 assets, this platform has unique features that separate it from the rest. The platform allows copy-trading, but if this is something you’re particularly interested in, check out eToro’s easy-to-use copy trading platform.

R Trader has a minimum investment requirement of just $100. Traders can also take advantage of the free VPS hosting offered to accounts that maintain $300 or more, and are verified.

RoboForex Customer Support ☎

While RoboForex has heaps of quality services and tutorials ensuring that you will probably rarely need customer support, the team is on hand 24/7. When assistance is needed, traders just need to click the green button on the website.

For questions that require more in-depth responses, the team is available via email, or phone, too. Best of all, the support can be reached in 12 different languages.

Bonuses and Promotions with RoboForex 🎁

RoboForex offers four bonus programs. There are some incentives and free trading contests available, too. The Profit Share Bonus represents a 50% bonus on every deposit over $300 in either the Pro-Standard account, or the Pro-Cent account.

The Classic Bonus offers 115% which offers a huge boost, but it is not available for forex drawdown periods. This requires a $500 deposit.

The last two bonuses are aimed at trading activity. Traders could access a 15% cashback to all verified accounts. Traders must have a minimum trading volume of 10 lots a month. This is especially attractive to high-frequency traders because it will lower trading costs hugely.

Where RoboForex Could Improve 👨‍🔧

Most of the investor research is published on the brokers blog, and includes some informative videos from its partner, Claws & Horns.

The tutorials are completely free and can be accessed by logging into the Members Area and then going to Education, and RoboForex analytics center. The team has created free courses on trading on NYSE and NASDAQ stock exchanges.

Though, the in-house analytics deserves an upgrade with its cluttered charts, and basic design. The content offered is also quite mediocre, and needs a better all-round enhancement.

RoboForex Education 👨‍🏫

The education offers a similar set up to the research section in that it is part in-house and part Claws & Horns. The education is far better than the research offered. The content can be found on the blog, and doesn’t have its own dedicated section, but it’s informative and engaging. This content is uploaded regularly, usually daily, and offers some first hand material.

Similarly here, Claws & Horns provide most of the educational material, as well as video content, helping create a superior experience. Overall, the education is solid but RoboForex isn’t one of the most popular forex brokers for beginners.

RoboForex Mobile Trading App 📱

While Roboforex does offer a mobile app for Android and iOS, making it easier to stay on top of trades on the go, we recommend checking out some of the top forex trading apps.

How is COVID-19 Affecting Forex? 📈

The Foreign Exchange (FX) markets have been seriously affected by the ongoing covid-19 pandemic, (*cough* Trump’s recent positive COVID-19 results) in addition to the not-so-obvious effect of U.S. home sales. In particular, the Sterling has fallen 15% against the U.S. dollar since January 2020.

When it comes to the GBP/USD rate, it hasn’t been more volatile since the BREXIT Referendum in 2016. Since the start of the 2020, its volatility has increased more than 250%. This is similar across all major currencies, with volatility against the U.S. dollar and against others spinking near the end of March.

This volatility has created a difficult valuation environment unlike anything we’ve seen in years, making it critical that FX traders understand how it’s all impacting their balance sheets, including the risks to financial reporting and valuations concerned with more volatility in the market. This will help place you in a much more secure position to maintain the value of your portfolio.

On top of this, the high FX volatility is expected to create sizable valuation movements which emphasize the need for increased diligence around valuation cut-off times. It is suggested that this is used to steer you towards using an approach that mitigates the operational impact of this

To give you a better idea of the impact of COVID-19 on the foreign exchange market and the future outlook you could take a look at this Revinitiv on demand webinar, where experts will be discussing just that.

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.