It can take weeks finding the best forex broker for you to trade with, as there are now thousands of brokers in the industry. With so many scam brokers too, which ones can you trust?
In this article, we are looking at RoboForex. Are RoboForex a scam? Do they have good trading conditions? What do other traders think of the broker? We will be answering all of these questions and more! Let’s get into the article…
Who Are RoboForex?
Today we’re focusing on the broker Roboforex and have a look at whether its reputation makes it worth considering choosing them to trade with. Established in 2009, RoboForex is regulated by the IFSC with a registration number of 000138/107, so we can already tick the box that ensures your money will be safe with them.
They’re property of RoboMarkets Ltd. and head offices are based in Cyprus as we can see is common in a lot of brokerages. At a glance we can see that they offer over 100 instruments to trade with alongside spreads from 0 points and leverages of up to 1:2000.
RoboMarkets boast several awards, including Best Investment Products (Global) 2020 by the Global Brands Magazine Awards, and Most Trusted Broker in 2020 by the International Business Magazine Awards. However let’s take a deeper look into what this broker can offer you as a trader and whether it’s worth taking the steps to open up an account with them.
Of course, like always, we want to establish the trading conditions provided by RoboForex. Like I mentioned before, they’re based out of Cyprus and are regulated by the International Financial Services Commission which means they can offer a leverage of up to 1:2000 to it’s clients. Though that’s the maximum, you are able to reduce this right down to 1:1 if you wish to and are more comfortable trading with a lower leverage.
|Leverage On Stocks||1:20|
|Spreads||From 0 Pips|
RoboForex provide the standard number of instruments you’d expect with any broker, including 40+ forex currency pairs (including EURUSD, USDJPY, GBPUSD and EURGBP), stocks, indices and the ever-popular cryptocurrencies. Through trading forex you have the opportunity to trade with tight spreads from 0 pips and a leverage of up to 1:2000 should you wish to grow your account super quickly. Stocks have a leverage of up to 1:20 and include Amazon, Facebook, Siemens and more than 12,000 other instruments.
Again, RoboForex claim to offer tight spreads on indices and over 10 trading instruments, including those with high liquidity. Trade Bitcoin, Dash and other cryptocurrencies though RoboForex as you can invest in them 24/7 and start with a minimum of $10 deposit. Finally, all traders seem to be catered to as you can also invest in metals, commodities and energy commodities.
We can’t forget spreads and commissions! RoboForex’s Prime and ECN accounts have spreads from 0 pips and others offer very low spreads from $0.01. The broker also doesn’t charge commission on CFD instruments.
So far it seems as though this broker has a lot to offer with a variety of instruments available to trade and competitive figures for both leverages and spreads.
Most traders will appreciate the availability of several different account types to suit all needs RoboForex offers 5 main account types, so let’s have a look at them.
A Prime account with RoboForex is ideal for traders who want to improve and advance in the forex world as it has 28 currency pairs to choose from and other instruments including metals, CFD on US stocks, Indices and Oil and finally cryptocurrencies. The minimum deposit is $10, with spreads floating from 0 pips and the maximum leverage is 1:300.
An ECN account, as stated by RoboForex, is intended for more professional traders who are after the best trading conditions possible. 36 currency pairs, metals, CFD on stocks, Indices and Oil, plus cryptocurrencies are all available to trade with this account. Like the Prime account you’ll need a minimum deposit of $10, however the maximum leverage is higher, up to 1:500.
An R Trader account is as it seems; this is geared towards traders who are looking to trade on the platform R Trader to access all major financial markets from a single account. This offers a staggering 12,000+ variety of instruments, including Indices, cryptocurrencies, real stocks, CFD on stocks, oil and metals, and Forex and ETF. The account requires a minimum deposit of $100, has a maximum leverage of 1:300 and has tight spreads from $0.01.
A Pro-Cent account uses cents as the base currency, which means both beginners and experienced traders can test out different trading strategies. You can trade 36 currency pairs, metals and cryptocurrencies on this account. The maximum leverage is 1:2000, the spread starts at 1.3 pips and you’ll need $10 as the minimum deposit.
Last, but not least, we have the Pro-Standard account, which RoboForex claims is the most popular type of account. Instruments include 36 currency pairs, CFD on US Stocks, Indices and Oil, and Cryptocurrencies. Like most of the others the minimum deposit is $10. Spreads start from 1.3 pips and there’s a great maximum leverage of 1:2000.
As most brokers do, they offer the chance to set up a free demo account which allows you to either practise trading or test out the market conditions before you commit to a full account. There seems to be a wide range of accounts available to traders in which you can choose which one is most suited to you and your style of trading, with low minimum deposits and high leverages.
Are RoboForex Regulated?
As I’m sure most of you know, regulation is probably one of the most important aspects of a broker. Without this your money is susceptible to unsafe conditions and it’s important to know that your money isn’t at risk.
We can see that this broker is regulated by the IFSC, license no, 000138/107. Under this they’re also regulated by CySEC, a Cyprus based regulatory body. As I mentioned earlier its great to know that they’re fully regulated as it means you know your money is safe and the markets wont end up being manipulated unfairly.
It’s worth noting that if you’re trading in the USA you won’t be able to get access to this broker, so I would suggest either trading with a brokerage based in the USA or an unregulated broker- be careful with this though. I would recommend looking at brokers like Hugosway if this is what you’re thinking about doing – I have done a full review of Hugosway here.
RoboForex offers five types of trading platforms to traders, which means you’re able to choose from several depending on what you prefer or who you’re used to trading with. MetaTrader4 and MetaTrader5 are both available to trade with using this broker, which are some of the most popular platforms within the currency market. They’re available to trade on Apple devices, Android, from theapp and through a web browser which means however you like to trade is accessible.
Traders can open every type of account using MT4 or MT5 aside from the R Trader account which is specifically catered to those who prefer using R Trader as their platform. cTrader is another way in which traders can use the financial markets, also accessible through Apple, Android, your web browser or on the app specifically. Finally we have RoboForex terminals which they outline as ‘the perfect solution for mobile traders’.
Personally I like to use MT4, as Ive stated in other blog posts, I’ve found it to be the most useful and reliable for my style of trading through its graphic and technical analyses and the order execution. On brokers that offer the option, I always use cTrader too, as it has a lot more depth of tools.
Deposit & Withdrawal Methods
RoboForex have a few different ways to deposit or withdraw form your account. In fact, they actually have over 20 different methods. There are also no deposit fees included which is a bonus. Ways to deposit or withdraw include:
|Wire Transfer||$0 Deposit Fee|
|Skrill||$0 Deposit Fee|
|Neteller||$0 Deposit Fee|
|Perfect Money||$0 Deposit Fee|
|Credit/Debit||$0 Deposit Fee|
So as you can see there are several different ways to fund your accounts. When testing this broker I used Skrill as my deposit and withdrawal method and found no issues with it. All methods are pretty fast and deposits are done instantly. Typically withdrawals are process within 48 hours. If you’re finding any issues when depositing or withdrawing or have any questions then make sure to get in touch with their team who can assist you.
Setting Up An Account With RoboForex
As far as setting up an account goes, the process for RoboForex is pretty painless and easy. All you’ll need to do is click ‘Open Account’ (there are many points on their website where you can open up an account). It’ll take you to a page where you fill in details including your name, phone and email. After that you’ll be asked a few basic questions to confirm how much trading experience you have. You’ll need to provide proof of identity and of address so having a document like a passport, driving license and a utility or bank statement will be useful.
Click here to sign up and create your account now!
In my opinion, being with a broker that provides excellent customer support is essential. It’s useful to know that should you have any problems, whether that be setting up your account, withdrawing or depositing funds or just any questions regarding your experience with the broker, there is a team who can assist you and ensure that any issues are resolved.
There are multiple ways of getting intouch with RoboForex, and I found their customer support really reliable and helpful, including:
- Email (Gen Enquiries) – Info@RoboForex.com
- Email (Marketing) – Marketing@RoboForex.com
- Phone Number – +65 31588389
- Multi-language Support – There are phone numbers for all countries including China, Spain, Ukraine and many more.
- 24/7 Live Chat Support
Reputation & Reviews
As always with these blog posts I like to include a few different reviews found on reputable forums.When looking for a broker to start up an account with I found it really useful to be able to get an idea of what other traders were saying and how they found their experience with the broker to be. RoboForex don’t actually have too many reviews online at the minute so we don’t have too many traders opinions to work with, but here’s what I could find…
As you can see, there is a fairly mixed bag of reviews. RoboForex support has replied to every negative comment, addressing the situation and showing that they have actually solved the traders issue – so there is not a cause for concern.
In conclusion, RoboForex is a great forex broker offering 1:2000 leverage and a minimum deposit of $10 across over 40 forex pairs, stocks and indices! They offer amazing deposit and withdrawal options, alongside 5 different account options and 4 different trading platforms!
This is an ideal broker for beginner traders who are looking to perfect their skills in the markets! Sign up to RoboForex now!