RoboForex Review
RoboForex is an online forex and CFDs broker that provides an impressive range of over 12,000 trading products across numerous asset classes. They provide a variety of trading platforms and accounts, as well as trading tools and in-depth market analysis.
Roboforex is an established online CFDs and forex broker and has many years of experience in providing trading products and services to a global client base. The broker was founded in 2009 and is registered and regulated by the IFSC of Belize.
RoboForex has a huge product portfolio of over 12,000 trading instruments over various asset classes such as forex, CFDs, stocks, commodities, indices, cryptocurrencies, and ETFs. With minimal trading costs, the broker offers multiple account types for types of trading strategy. You can trade with very good conditions on some of the best trading platforms in the industry, including MetaTrader 4 and MetaTrader 5, cTrader, and RoboForex (R Trader) terminals.
RoboForex has a ton of educational resources and research tools to help educated beginners and so you can spot potential opportunities for making informed decisions. In addition, CopyFX provides the opportunity for investors who want to invest in professional traders’ portfolios and take a more hands-off approach. Overall, this broker has something for everyone and presents it a comprehensive yet user-friendly way.
RoboForex is a regulated broker and has over a decade of expertise in the industry. You can trade and invest in an impressive selection of more than 12,000 trading assets 8 asset classes. There are multiple trading platforms and account types to choose from. Lots of educational and research resources make it a good option for both beginner and professional traders. There are over 20 payment options for processing deposits and withdrawals. Low minimum deposit and no inactivity fee can provide an edge to its clients as well. In addition, the broker has multiple insurances and negative balance protection in terms of safety.
On the other hand, RoboForex does not accept clients from many countries, including the US. If you are in the USA then Oanda could be an option to consider. The company is currently not traded on a stock exchange and does not hold a banking licence.
Here is the summary of the advantages and disadvantages of RoboForex:
RoboForex offers a massive product portfolio of over 12,000 trading instruments over various asset classes. The asset classes offered by the broker are forex, CFDs, stocks, commodities, cryptocurrencies, indices, and ETFs. However, the broker does not offer other popular asset classes such as options and bonds. If you are looking for those, then you might want to consider Swissquote as an alternative broker.
RoboForex Instruments Summary
| Instruments | RoboForex |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | x |
| Bonds | x |
| ETFs | ✓ |
| CFDs | ✓ |
Commission and Spread Fees
RoboForex has multiple account options to suit the needs of every trader.
- Traders with Pro Accounts can trade with marked-up spreads starting from 1.3 pip without any commission. The spreads on this account are not the lowest but it means you do not need to pay a commission as it is already included within the spread mark-up.
- Traders with ECN Pro Accounts can trade with spreads as low as zero pip with commissions starting from just $2 per standard lot per round. This is one of the lowest commission fees that I have seen from any broker.
- Large volume traders with Prime Accounts can enjoy trading with zero pip and commissions as low as $1.5 per standard lot. Again, this is really low commission that sets RoboForex apart from much of the competition.
| Fee | Pro Account | ECN Pro Account | Prime Account |
|---|---|---|---|
| Commission (per standard lot per side) | $0 | $2 | $1.5 |
| Spreads from | 1.3 | 0 | 0 |
Deposit and Withdrawal Fees
RoboForex does not charge any deposit and withdrawal fee from its clients. However, it would be good if you check with your service provider whether they charge any fee per transaction.
Inactivity Fees
RoboForex does not charge an inactivity fee.
RoboForex has a ton of trading platforms and tools for all sorts of traders. It does not matter if you are a scalper, day trader or holding your positions for the long term, they have all of the platforms and tools that you will need to create trading strategies according to your own preferences.
RoboForex offers MetaTrader 4 and MetaTrader 5 for the traders who want simplicity and reliability. In addition, the broker offers the popular and advanced cTrader. They are one of a few brokers who have all 3 of these platforms, along with the likes of Pepperstone. Moreover, RoboForex also offers access to its state-of-the-art proprietary RoboForex Trading Terminal on web browsers and mobile devices.
Although the platforms are already fully loaded with plenty of advanced trading tools, RoboForex provides you with some additional powerful trading tools like strategy builder and CopyFX.
Let’s discuss each trading platform and tool briefly.
MetaTrader 4 (MT4)
The traditional MetaTrader 4 terminal is still the undisputed leader among retail traders who are looking for quick and easy access to the markets for manual and automated trading. It includes all of the features and tools that are required for both novice and expert financial market traders. You can do everything from analysing the charts to placing and managing your positions with relative ease. Furthermore, the terminal provides embedded features and opportunities that are only found on MQL systems. I like how the platform is very versatile as it if free to use for desktop, directly in your web browser and via an intuitive trading app for your mobile devices. Here are the key features of MT4:
- 3 types of order execution
- 3 chart types
- 11 timeframes
- Account history
- One-click trading
- Price alerts
- Market watch
- Strategy tester
- Full functionality for Expert Advisors (EAs)
- 50 technical indicators
- Drawing objects
- MetaQuotes Marketplace
- Available on desktop and mobile devices and web browsers
MetaTrader 5 (MT5)
MetaTrader 5 (MT5) is a trading terminal that combines enhanced order execution and distributed compute technology to accomplish the most ambitious trading concepts. MT5 is very similar to MT4 in the way that it looks and feels, but has more features and functionality for those who are looking to take their trading to the next level. It is a cutting-edge platform not just for professional investors but also for developing and testing advanced forex robots and strategies. If you value speed and dependability whilst trading manually or dealing with trading robots and wish to employ cutting-edge technology, the MetaTrader 5 platform is the ideal option. Here are some of the cool features of MT5:
- 4 types of order execution
- 3 chart types
- 21 timeframes
- 100 charts at once
- One-click trading
- Multi-currency tester
- Push notifications
- Full functionality for EAs and algorithmic trading
- Market watch
- 6 types of pending orders
- Available on desktop and mobile devices and web browsers
cTrader
RoboForex provides professional traders with the cTrader platform, which provides direct STP access to worldwide markets. cTrader is frequently used by skilled traders who demand unusual order types, partial filling orders, level II pricing, and faster execution times.
Over 50 technical indicators, 9 types of sophisticated interactive charts, 14 timeframes, alerts, and other features are available in cTrader. cTrader Automate allows you to construct your own trading robots and indicators in C#.
The mobile version of cTrader has the same capabilities as the desktop version and can be downloaded on both Android and iOS smartphones. You may set up notifications inside the mobile app and manage your account from anywhere in the world.
The cTrader online platform is compatible with most browsers and does not require the installation of any additional software. It has almost the same features as the desktop platform but with the added freedom and independence of a web interface.
R Trader
RoboForex has its own proprietary RoboForex platform for multi-asset trading on financial charts, along with comprehensive trading tools for technical analysis. Users have access to a huge range of over 12,000 trading instruments and several tools to meet the demands and ability levels of all traders. R Trader is simple and easy to use.
R Trader is intended for easy trading and maybe extensively customised. Market depth, unique watchlists, multiple windows, different chart layouts, customizable viewing techniques, one-click trading (trading from charts), strategies, technical indicators, and market news are all included. An automated strategy builder is available for developing and testing trading strategies using historical data.
The R MobileTrader is available for download for both Android and iOS devices, and it is excellent for individuals who want to trade from their mobile devices from anywhere in the globe with an internet connection. It has the same functionality as the desktop platforms and is available for free download from the appropriate app stores.
The R WebTrader offers the same capabilities and features as the desktop version, but it operates on most modern desktop and mobile web browsers. This is beneficial for folks who need to trade when travelling from any place in the world. There are no software downloads or upgrades required for the web terminal.
CopyFX Platform
The CopyFX platform allows traders to duplicate the transactions of other traders or to give techniques for others to imitate. Within the RoboForex Members Area, users may define criteria and establish subscriptions. This can be an option for those of you who do not currently have the time or knowledge required to trade by yourself and therefore need a hands off solution. It is critical to remember that past results and performance are in no way an indicator or guarantee of future success. If you are looking for a copy trading platform, then eToro are certainly worth consideration.
Virtual Private Server (VPS)
A virtual private server (VPS) allows you to remotely run your trading platform around the clock, so you don’t have to leave your computer turned on all the time. They are frequently employed when it is necessary to run an automated trading system 24/7 or when the local internet connection is poor and minimal downtime is required. VPS’s may be accessed simultaneously through desktop, laptop, and mobile devices. RoboForex provides qualifying clients with a free VPS which you can also get via some other brokers such as IC Markets.
RoboForex Platforms Summary
| Platform | RoboForex |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | ✓ |
| cTrader | ✓ |
| Proprietary | ✓ |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | ✓ |
RoboForex has an excellent selection of various educational resources and research tools. Let’s discuss each resource briefly.
RoboForex Analysis & Forecasts
The analysis and forecasts area offers constantly updated and thorough technical and fundamental analysis across several markets. This can be a great way for you to get inspiration for possible trade ideas and keep up to date with what is happening around the global markets.
R StocksTrader Strategy Builder
RoboForex offers a free and simple strategy builder tool that allows you to develop your own automatic trading systems without the need for sophisticated coding. The strategy builder has an easy-to-use point-and-click interface for designing, backtesting, and deploying automated trading systems based on your own techniques.
Because the automated techniques are saved and executed from the server, there are no execution delays. There is no need for a VPS because the tactics are hosted on a secure cloud server and can be viewed from anywhere at any time. There are pre-designed templates available that you may use to get acquainted with the builder or expand on.
Back testing your methods on several markets and periods is possible. Back testing data dating back to 1970 is available for long-term testing. From my experience, back testing is not that accurate because it cannot always account for certain factors such as spreads, slippage, commission and accurate timestamps. These are all important things that can have a significant impact on results. That being said, it is decent way to get a rough idea of how a particular trading system might work.
Economic Calendar
RoboForex has an economic calendar that shows the most recent forthcoming financial news events. This is frequently employed as part of basic analysis. News stories, price indices, and financial indicators, as well as the most recent inflation and unemployment figures, are shown as key events and highlights. You may see the dates and times of speeches and reports made by global financial regulators. News can be sorted according to its effect (low, medium, or high), date, and country. This is an important tool for staying aware of the latest market events that can impact your positions in the market. The MT5 platform also has a built-in economic calendar which can be more convenient to access without needing to switch to the browser window.
Trading Calculator
You may use the trading calculator to compute position characteristics depending on the instrument, leverage, lot size, and account currency. This can aid in strategic planning and trading choices.
Educational Videos
Clients of RoboForex receive free access to a variety of video lessons from the analytics centre. These are especially beneficial for novices since they cover market fundamentals, technical and fundamental analysis, trading psychology, and risk management.
FAQ
On the RoboForex website, there is a large frequently asked questions section that covers a wide range of issues, from the services and products they offer to general trading inquiries.
Trading Tips
The RoboForex website provides a trading tips section with some important suggestions for trading safely, minimising risk, and preparing yourself.
RoboForex Blog
The RoboForex blog, which is updated on a regular basis, contains a plethora of articles covering a variety of themes such as analysis, education, markets, and more.
RoboForex Research and Education Summary
| Resources | RoboForex |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | ✓ |
| Webinars | x |
| Autochartist | x |
| Trading Central | x |
| Economic Calendar | ✓ |
| Other | ✓ |
RoboForex offers an impressive choice of over 20 payment options for deposits and withdrawals in multiple base currencies. The payment methods include wire transfer, debit/credit cards, electronic payments, cryptocurrency and even vouchers. Funding is quick and easy although bank transfers can take a few days to clear. I find that e-wallets provide the quickest way for me to get access to my funds. This can be important if there is some market news you want to try and take advantage of.
RoboForex Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | ✓ | ✓ |
RoboForex Ltd is authorised and regulated by the International Financial Services Commission Belize (IFSC). However, the broker is not regulated by any other government regulatory body. If you would prefer a broker with more top-tier regulation, then you might want to take a look at AvaTrade instead.
RoboForex Regulation Summary
| Regulator | RoboForex |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | x |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | x |
| CFTC (USA) | x |
| Other (IFSC) | ✓ |
RoboForex Safety
RoboForex Ltd provides clients with negative balance protection, which prevents accounts from being negative during turbulent market circumstances. In this case, they will immediately reset the account balance to zero, and the customer will not be charged for this service. Client funds are kept in separate accounts from the broker’s operational funds in order to guarantee their safety and that they are not utilised for any other reason, such as the firm’s operating expenses.
RoboForex provides 24/7 customer support via live chat, email, phone, and the “ask a question” section of their website. I have always found support to be very polite and helpful.
RoboForex is a very good broker that provides a diverse range of financial instruments across numerous asset classes for trading and investing. They have a great selection of adaptable trading platforms, flexible account types for all strategies, and convenient payment methods. You get access to a nice variety of trading tools and updated thorough market research, which can be very helpful when it comes to analysing the markets and finding opportunities. Beginners are also well looked after with a large collection of trading guides and videos that explain everything in a clear and concise manner. The main area of improvement for me would be the regulation. Overall, I think that RoboForex can be a great choice of broker for anyone who is looking to access the markets with all of the tools that you need to succeed at your disposal. Free demo accounts are available if you want to give them a try without the risk.
