RoboForex Review 2024 & Detailed Trading Information (2024)

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Since its inception in 2009, RoboForex has been gradually gaining popularity among Forex traders. It is registered in the Island nation of Belize, which is a major offshore financial hub with a strong financial sector. RoboForex's office is located at 2118 Guava Street, Belama Phase 1, Belize City, Belize.

Over the past decade, RoboForex has gained the trust of 730,000 clients from all over the world. As of 2020, RoboForex utilizes liquidity from over eight top tier banking partners and other financial service providers and connects traders using the latest online trading software platforms.

RoboForex has established itself as one of those offshore brokers that makes tradeoffs in the area of strict regulation but, at the same time, it provides quality Forex brokerage services to clients and offers many benefits that more closely monitored and regulated brokers simply cannot offer.

While RoboForex is located in an offshore location, it still avoids clients from certain jurisdictions, including the United States, Australia, Canada, and Japan. If you happen to have residency in one of these major economies, it is best that you look for regulated brokers who comply with local laws and reporting requirements.

Regulation and Safety of Funds

As a registered Forex broker in Belize, RoboForex is regulated by the International Financial Services Commission (IFSC). It operates the business under the license No. 000138/437. While the reputation of the IFSC may not be at par with more established regulatory authorities like the ASIC in Australia or the FCA in the United Kingdom, it does carry out regular audits and controls and certifies members for running an efficient, honest, and transparent services as well as guarantee traders of such measures.

Besides being regulated by the IFSC, RoboForex participates in regulation by being a member of the Financial Commission, which is an independent self-regulatory organization. Traders can use the commission as an external dispute resolution (EDR) body and take measures against member brokers by arbitration.

RoboForex is a category "A" member of the Commission's Compensation Fund. As an "A" category member, traders who have accounts with RoboForex become entitled to protection up to € 20,000 per case in case the broker refuses to adhere to judgments from the Financial Commission.

Moreover, as mandated by the IFSC, all brokers in Belize need to keep client funds in segregated accounts. Hence, in the case that RoboForex's operation goes belly up and the company files for bankruptcy, client funds remain safe and traders can claim their deposits from the RoboForex's deposit bank.

Trading Services: Types of Forex Trading Accounts Offered by RoboForex

RoboForex operates as a true ECN Forex broker, but it also offers standard accounts for beginner traders who do not want to deal with paying commissions on each transaction. Currently, they list a total of 5 different types of accounts that you can open with RoboForex.

The most popular account service offered by RoboForex is called Pro-Standard and it is suitable for traders who want a balance between features and costs associated with trading Forex. The Pro-Standard account offers up to a massive 2000:1 leverage and spreads start from 1.3 pips. The Pro-Cent account offers similar features, but the main difference is that it is a cent denominated account. With the Pro-Cent account, traders are encouraged to test their trading strategies.

The third account offered by RoboForex is a non-dealing desk ECN account called ECN-Pro. While it offers spreads from 0.1 pips, the broker charges $2 per standard lot worth $100,000 of trading volume for most currency pairs. Also, one of the limitations is that you only get 500:1 leverage with the ECN-Pro account. However, just like the other two accounts, it only requires a $10 minimum deposit to open.

The fourth account offered by RoboForex is called Prime and it is designed to cater to the needs of professional traders. The Prime account has no minimum spreads and you will often find 0.0 spreads for currency pairs. However, RoboForex is very transparent about the pricing and mentions that the average spread for pairs like EURUSD hovers near 0.2 pips. Also, the Prime account charges $1.5 commission per standard lot. The minimum deposit requirement for the Prime account is usually quite high ($5000) but a promotion until the end of the year, starts at $10 USD. However you only get 300:1 maximum leverage with it.

The fifth and final account offered by RoboForex is called R Trader and we found it to be the mother of all trading accounts! The R Trader is designed to give traders access to access all major financial markets from a single account as you can trade currencies, indices, Real stocks, CFD on stocks in Switzerland, Germany, the United Kingdom, and the United States, as well as various ETFs with this account. RoboForex claims to offer a total of 11,700 assets for trading with the R Trader account.

A quick comparison of different accounts offered by RoboForex

Trading Platform & Technology

RoboForex has invested heavily in its technology to provide the best software platforms for traders and the list includes some of the heavyweight names in the industry, including MetaTrader, cTrader, and R Trader DMA Multi-asset Web-based Trading Platform from UMSTEL. RoboForex has also partnered with investment platforms like CopyFX and developed unique RAMM accounts so that traders can automate their trading.

Discretionary traders who depend on technical and fundamental analysis can trust the decades of reliability that MetaTrader 4 and 5 platforms bring to the table. RoboForex has several accounts that support the MetaTrader software. One of the advantages of MetaTrader is it packs over 50 technical indicators. Also, being in the market for a long time, you can buy a range of custom technical indicators for this platform as well as fully automated trading algorithms.

The cTrader platform is relatively new to the market, but has gained a reputation for being a very stable trading software. Because unlike MetaTrader, the cTrader platform is hosted by the vendor Spotware Systems. Also, if you are opening an ECN account, opt for the cTrader platform because it will give you the best price quotes and unfiltered order executions as cTrader requires brokers to connect liquidity providers directly and does not allow any modification of the price feeds.

Recently, RoboForex has introduced the R Trader suite that provides traders with a full range of assets that most other brokers do not offer in the market. RoboForex has mainly introduced the R Trader platform for trading stocks, indices, and cryptocurrencies. Being a relatively new platform, the available number of custom indicators and algorithms for this platform is currently rather low in the market.

If you are focused on Forex trading, we would suggest you stick to either MetaTrader or cTrader platforms.

All three platforms offered by RoboForex come with respective Android and iOS apps for smartphones and tablets. Hence, you can easily access your RoboForex trading account on the go from your phones and mobile devices.

Furthermore, we found RoboForex has introduced Web trader versions of MetaTrader. As a hosted solution, you don't need to install any software to use the Web trader. All you need is a browser to login to your trading account. Hence, if you want to access your trading account from a computer at the office, it can be a viable option.

RoboForex hosts its MetaTrader servers in different locations. For example, the ECN server mt4-ecn-dc1.roboforex.com is located in the Netherlands and most of the other servers are located in the same data center. Depending on your geographic location, the order filling time will vary due to latency issues. However, during our tests, we found the order execution to be mediocre, with a few slippage issues.

Here is a summary of our order execution test results.

Customer Service and Support

For general queries, you can reach RoboForex at info@roboforex.com and someone will usually reply to your emails within 24 hours as the company runs a 24/7 support desk, even over the weekends. For urgent issues, RoboForex suggests that you try to reach its multilingual support team that provides technical support in 12 different languages. However, not all 12 countries have dedicated phone lines in their respective countries. For example, if you are from the Middle East and want to speak to a support agent in Arabic, you still need to call their main support line in Singapore (+65 3158 8389).

But the good news is that for other languages, RoboForex lists phone numbers in different countries.

Besides calling RoboForex, you can also request a call back from the broker. If you drop your number in the ask a question box on its website and a RoboForex representative will reach out to you in no time.

RoboForex clients can also engage in chat under the members area where the company runs a ticketing system for tracking complicated issues.

We found that RoboForex staff are usually well versed in solving Forex related issues and if you are facing any problem with your account, it is dealt with promptly.

Based on our criteria, we gave the following ratings to their customer service:

Deposit and Withdrawal Methods

RoboForex has one of the highest numbers of deposit and withdrawal methods we have seen in the Forex industry. Besides credit and debit cards like Visa and Mastercard, they accept niche bank cards like China UnionPay as well. While it is always recommended that you make large deposits with an international wire transfer, RoboForex has partnered with local banks in many countries like Indonesia, Thailand, and Vietnam where you can simply make a local deposit and the money will show up in your RoboForex account.

RoboForex also supports a huge list of e-payment services like WebMoney, Skrill, Neteller, Perfect Money, AdvCash, Fasapay, QIWI Wallet, Yandex.Money, Santander, Caixa, Boleto, Bancolombia, Mobile Money, Bradesco, ITAU, and Webpay.

While RoboForex does not charge any fees for any of its deposit methods, it does charge withdrawal processing fees. For example, to make a withdrawal with credit or debit cards, you will be charged 2.6% of the amount plus 1.3 USD or 1 Euro, depending on which currency your account has.

Also, we found the withdrawal processing time to be rather high compared to other brokers. For example, it takes up to 5 business days to receive a wire transfer. But it may take up to 10 days to get a withdrawal via Visa or Mastercard! However, most of the e-payment methods take only 1 minute to maximum a day for withdrawal requests to be processed.

Current Promotions and Bonus Offers

RoboForex is currently running several bonus offers. To lure customers into trying their service, they are offering a $30 USD welcome bonus to all new customers. To get the welcome bonus, all you need to do is open a live account and verify your information and make a minimum $10 deposit.

RoboForex is definitely marketing its services very aggressively and this is a great time to switch gears to make RoboForex your preferred broker if you are already trading with another company.

The Bottom Line

For a relatively old company, RoboForex is running some of the most lucrative deposit bonus programs in the market. While it may appear to give a signal that their business is failing to attract customers with traditional marketing means, we found that it is a temporary measure to increase their exposure among Forex traders.

RoboForex recently registered a company in Cyprus called RoboMarkets Ltd and hopefully, they will be soon be regulated by the CySEC in the future. But for now, traders looking for an offshore broker only have the IFSC in Belize to watch their backs.

Nonetheless, most offshore brokers compete in the market by being honest and providing quality services instead of focusing on the regulatory restrictions put on them by an external regulator. And, RoboForex has earned its name by doing exactly that for over a decade.

With some of the highest leverage on offer in the Forex market, RoboForex is providing true ECN services to traders and with the lucrative bonus offers - it makes sense to try out their service before settling for other competitors.

Based on our research, we have assigned the following ratings to Roboforex. To know more about how we rate brokers, read our review process.

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