RoboForex: Review and Guide to Getting Started

RoboForex serves more than 800,000 clients in more than 169 countries. It has enjoyed rapid expansion since opening its doors in 2009. 

RoboForex has won numerous industry awards. These include the Global Forex Awards “Best Mobile Trading App 2021” award, the Global Brands Magazine Awards “2020 Best Investment Products” award, the Global Banking and Finance Awards “2020 Best Partnership Program” award, the 2020 International Business Magazine Awards “Most Trusted Broker” award, the 2020 Global Forex Awards Retail “Most Transparent Asian Forex Broker” award, and the Global Forex Awards “2020 Best Global Mobile Trading App” award. 

RoboForex offers several unique products and features to help set it apart from competitors.

Will RoboForex meet your needs? Here’s what you need to know. 

Account Types Offered

RoboForex offers several account types.

Prime accounts are meant for advanced traders. They start with a $10 minimum deposit. They offer Market Executions and spreads from 0 points, 28 currency pairs, metals, and CFDs, a limited number of bonus offers, and access to MT4, MT5, and WebTrader.

ECN accounts are designed for professionals. Like the Prime account you can get it started for just $10. Spreads again start at 0 points. This account offers access to 36 currency pairs, metals, and CFDs. You’ll receive limited bonus offers. You’ll also receive access to MT4, MT5, cTrader, and WebTrader.

RTrader is a multi-asset web platform for stock trading. It requires a minimum deposit of $100. You’ll receive access to over 12,000 stocks, indices, Forex, ETFs, and CFDs. Bonuses are not available on this account type. People who choose this account will only have access to the RTrader web platform.

The ProCent account is for algorithmic testing and trading microlots. It is designed for beginners. It requires a $10 minimum deposit. Spreads start at 1.3 points. You’ll gain access to 36 currency pairs, including metals. People with this account type can take advantage of all bonus offers. They’ll also gain access to MT4, MT5, and WebTrader.

The Pro account is the most popular account. It’s suitable for traders at any level of skill. It offers spreads starting at 1.3 points, 36 currency pairs, metals, and CFDs. Traders can gain access to all bonus offers. They can also work with MT4, MT5, WebTrader, or cTrader.

Islamic traders can take advantage of a Swap-free account with RoboForex, which charges a fixed commission instead of the swap in accordance with Islamic banking laws. It is available only for standard MT4 Pro-Affiliate accounts. 

Finally, RoboForex does offer a demo account just like most reputable brokers. It does a good job of replicating live trading conditions on a standard account. 

Trade Types Offered

RoboForex lets you take advantage of seven asset classes including Forex pairs, stocks, indices, EFTs, soft commodities, energies, and metals. 

There are a good variety of assets in each class.

• Forex: over 40 currency pairs.
• Stocks: over 12,000 stocks, global.
• Indices: 10+
• Cryptocurrencies: 26+ choices

RoboForex is one of the few platforms that allows actual stock trading, not just CFD trading, a nice feature for traders who want to work with a less risky product class and who want to own some of their assets outright. 

Roboforex has also introduced cryptoindicies, which is a unique product. If you’d like to trade on several cryptocurrencies at once then this is going to be the product you’re going to want to look into. 

Trading Platforms & Tools

The trading platforms you’ll have access to will depend largely on what account type you choose. Traders can choose between MT4 accounts, MT5 accounts, RTrader accounts, WebTrader accounts, and cTrader accounts. Each of these programs are offered as convenient, easy-to-use mobile apps. 

To some extent the platforms you’ll have access to will depend on the account you choose. Most of the accounts do offer access to MT4 however, which will give you most trading functions, up to and including the ability to program trading robots. MT5 will give you more order execution and pending order types, as well as more charting and analysis features. 

CTrader and RTrader both offer nice alternatives. cTrader lets you access some rare order types, and, like MetaTrader, allows for the creation of trading robots. RTrader allows for stock trades, not just CFD trades, so it’s going to be the platform of choice for traders interested in entering those markets. 

Traders do have access to copy trade functionality with certain account types. There are plenty of traders to follow, which means plenty of trading styles and strategies to choose from.

Customer Support

RoboForex provides traders with plenty of ways to reach them, including Livechat, Facebook, Telegram, Viber, Skype, Whatsapp, and Line. You can also reach them via email at info@roboforex.com, or call them at +65 3158 8398.

They offer customer support in 12 languages: English, Malaysian, Indonesian, Arabic, and Spanish. They are one of the few brokers offering 24/7 support. 

Deposits & Withdrawals

RoboForex offers 24/7 instant withdrawals and more than 20 ways to deposit and withdraw funds. These include Visa, Mastercard, bank transfers, Sofort, Neteller, and Skrill. 

You can see the full list of banks and payment methods they work with here. You can deposit funds in cryptocurrencies, and you can trade and withdraw with cryptocurrencies as well. This is a unique feature that helps to set RoboForex apart.

Spreads, Commissions, & Fees 

RoboForex offers tight spreads starting at 0 pips. Commissions are set at 0%. The actual prices you’ll receive does depend on your account type, as well as the asset you’re trading, but the spreads are considered reasonably competitive. 

The Prime and ECN accounts are the ones where you’ll start seeing those 0.0 pip spread starts. Otherwise you will see pips starting around 1.4. 

Regulation

RoboTrader is regulated under IFSC license #000138/210. They are a participant in the Financial Commission Compensation Fund. This is the International Financial Services Commission of Belize. 

They’re also an official participant in the Financial Commission, an international organization which resolves disputes between participants and their clients. They’re an “A” category member and a participant in the Commission’s Compensation Fund. 

The IFSC is not a particularly tough regulator. Licensing fees are low. Brokerages are only required to maintain a minimum operating capital of $1000 to $100,000 depending on the services offering. That’s not exactly comforting. The IFSC does not even require member brokers to segregate client funds from company ones, which means that RoboForex is free to use your money for their operations whenever they want. IFSC does not require brokers to establish a physical presence in Belize, and its reporting requirements are all but non-existence. 

When things go wrong, member brokers are essentially given a slap on the wrist: an easily absorbed fine.

We really like to see brokers we recommend operating in a much stronger regulatory environment and would not consider RoboForex’s current license to be much of a selling point for traders.

Reputation

RoboForex has a 2.5 star rating on Trustpilot across 93 reviews. 30% are rated at Excellent, while 54% are rated at “Bad.” 

Here’s a balanced, 3-star review.

“So I have been with this broker since August 2020, this is my honest review. Support—very often provides no live support, but rather asks you to send ticket. Withdrawals—Pricy, but always came in the end. Offer of things to trade—Poor, just basic stocks, very rarely they add anything new. CopyFX—Great service, though stats displayed on the trader’s ratings are not very accurate. Referrals—Probably the only reason I am still using broker, the whole system, VIP, rabats its all great. Their APP—Absolute rubbish, lost hundreds of dollars towards it, as it is not reactive, there are days when it opens a position when you click but doesn’t display the position in the open positions for the next 2 hours, there are days when closing the position takes 5 minutes and that’s not just when market opens and not just stocks…I wouldn’t recommend using the app. Due Diligence/Regulations—There is something dodgy here, I sent them a question regarding a larger deposit I planned to make as I am working in Due Diligence I wanted to get ahead of the situation and ask what documents will they need me to provide for the larger deposit (i.e. for AML reasons or others, usually companies ask for source of funds). The whole situation has been brushed under the rug, never got reply. So, long story short, with a little money I would trust them, with large amounts I would be very, very cautious. Don’t use the app, benefit from their promotions, and that’s that.” 

There are mixed reviews on certain issues. Some people give the brokers 5-stars on their withdrawal process, while others give them a 1-star review for the same process. 

A 5-star review:

“I do not get why people are complaining about this broker. This broker actually has the fastest withdrawals I have seen so far. I really love it. I have not yet faced any problems with this broker so far.” 

A 1-star review:

“Just stay away from this broker and find a regulated one such as a broker in Europe or the USA. Regulations on island states don’t seem to say much. Prices do not coincide by far with other brokers, negative protection is not 100% guaranteed. Fortunately, I did not have a margin call, but I had disbursement problems and to this day I have not received a sent in my bank account. Apart from the high withdrawal fees, some of which also occur on the free days, my bank transfers were never carried out thanks to technical problems with the Sepa system. Instead, I am now trying to get a payout every two weeks, now over a month. Even if you have deposited via credit card, no winnings can be paid out that are higher than the amount deposited. Then you seem to go through an eternal process in which there are constant problems. The support couldn’t help and wanted to get rid of me, tickets are open. The other reviews give me no courage in this regard and I hope that I will still receive the money. The broker’s day-to-day business is money, but bank transfers are difficult. That should really say everything.” 

Worth noting that RoboForex has taken the time to answer all of their reviews, good and bad, so they do seem to care about what customers have to say. 

Still, this is not exactly a stellar reputation. Traders should proceed with caution. 

There are no recent news scandals about this broker. 

Accepted Countries

You can trade with RoboForex in 169 countries around the world, but it’s not available everywhere. You can’t use RoboForex if you live in the United States, Canada, Japan, Australia, or Russia.

Alternatives

Compare Avatrade, Vantage FX, and eToro for brokerages with similar copytrade functionality. Compare Pepperstone for a highly-rated company that also allows you to use cTrader.

Bonuses & Promos

RoboForex offers several promotional offers. In fact, there are a fair number of customers who believe RoboForex’s many promotions are one of the best parts about working with this platform. 

The first is a profit share bonus of up to 60%, capped at $20,000. 

The second is a “classic bonus” of up to 120%, capped at $50,000. 

They also offer cashback rebates of up to 15%, for trading volumes of 10 lots and up. 

Finally, they offer up to 10% on the account balance, a payment for trading volume that starts at 1 lot. You receive this percentage on your account balance every month. 

Right now RoboForex is also giving away over 500 prizes between $1,000 and $20,000 until April 2022. They’re doing this to celebrate their 11th year. There will be 54 winners every month, for a total prize pool of $110,000 each giveaway. Winners will be chosen by the market. You must be a Prime account holder to enter, be a partner, or be a CopyFX trader. 

FAQs

Is RoboForex a safe, legitimate trading platform?

RoboForex has some longevity, which is something we like to see when evaluating brokers. It indicates a site that isn’t just going to disappear into the ether after getting enough deposits to make it worth a scammer’s while. It’s a legitimate business with a broad customer base.

RoboForex has taken all appropriate cybersecurity measures to protect customers and their data, including SSL-encrypted security systems and dual-factor authentication protocols. They also have dual-authentication protocols in place and anti-fraud systems to further protect customers. 

As mentioned, we don’t love the light regulatory environment this broker has chosen. Clients will have little legal recourse if this broker does something dodgy. As such, while it is a real broker it is nevertheless one that will carry more risk for traders than alternatives in locations that have sought stronger regulatory oversight. 

What is RoboForex’s minimum deposit? 

Some RoboForex accounts will let you get started for as little s $10. 

Is RoboForex good for beginners?

RoboForex offers some modest educational resources, mostly only for existing clients. There are a few videos, an FAQ, and a few tutorials, mostly on how to use the platforms. We don’t consider this to be a strong indicator for a good, solid, beginner-friendly platform.

They do offer demo accounts on all four of their trade platforms, which is a vital part of creating a beginner-friendly brokerage. All reputable brokers do this, however, so it’s not enough to shift our opinions on this matter in any meaningful way.

In short, we don’t consider this one to be a particularly strong choice for new traders.

What leverage does RoboForex offer?

The leverage you can take advantage of depends entirely on the type of account you’ve chosen and the asset classes you intend to trade. On some accounts you’ll see leverage as high as 1:2000. On others you’ll see it drop as low as 1:300. 

Who owns RoboForex? 

RoboForex, Ltd. runs the brokerage. The CEO is Rudolph Simmons. Simmons lives in Malta and has been running RoboForex for 5 years. Prior to this he was a senior lecturer at the University of Melbourne, which means he did not have a lot of business, trade, or other experience prior to becoming the CEO of this brokerage. He has demonstrated some stability by remaining at the head of the company for 5 years. He’s overseen some growth and some milestones.

It’s difficult to evaluate the company’s future based on this CEO’s track record. 

Is RoboForex a market maker?

Yes. They’re taking the other side on every trade you make. They do profit off your losses in addition to profiting off spreads. 

This is the reason why they’re able to offer such low minimum deposits and can provide zero-commission service. They aren’t actively manipulating your trades, but they also don’t have a good reason to want you to be as successful as other brokers might. Take this into account when deciding whether to choose them. 

Is RoboForex right for me?

RoboForex would probably not be our first choice for any trader. It seems to be a stable, easy platform with a few unique features, but the shaky nature of its reputation and regulation give us pause.

We encourage our readers to look to other options unless they absolutely find RoboForex to be the best brokerage they can access because they want to trade stocks or invest in crypto indices.