RoboForex review (2021) Review
RoboForex was founded in 2009. Their headquarters are based in Belize and it`s regulated by the International Financial Services Commission. The company is an official partner of BMW M Motorsport and has a sponsorship deal with Muay Thai Fighter and world kickboxing champion, Andrei Kulebin. Users can trade from the globally recognised MetaTrader 4, MetaTrader 5 and cTrader platforms and try a demo account.
- Regulation – IFSC
- deposit – 10 USD
- Leverage – 1:2000
- Spread – variable
What can be traded
RoboForex offers users the ability to trade on more than 13,000+ markets covering Forex, Stocks, Indices, ETFs and Commodities. They offer 5 types of accounts:
Each account offers different asset classes to trade on with different deposits and leverage.
RoboForex Ltd has a special brokerage license IFSC Belize. IFSC Belize is a Belizean regulator of the financial services market at an international level. They have also implemented negative balance protection to limit the risk of market volatility and they have also received the Verify My Trade (VMT) certificate from the Financial Commission.
A demo account is an account, where you pretend to invest at no risk. it’s one of the best educational tools you can get. Usually, demo accounts are free of charge and pre-loaded with virtual money. With Roboforex, you can open a demo account with any account type they offer. So, for example, you want to use the Pro account, which is one of their best options, you can start off with a Pro demo account. It’s free of charge and expires after 90 days.
Pricing depends on the account you choose but spreads are quite competitive. Most withdrawal methods are commission-based. Fees can be found on the broker’s website. All deposit methods are free, and commissions for withdrawals are free twice a month and they do not charge inactivity fees. Their fees are standard according to other brokers.
You simply go to their offered accounts, as I have mentioned earlier, they offer 5 types. Then choose the account based on your needs and click the join button. Or try the demo of that particular account. I have chosen Pro and to start off with a demo first. A short form comes up, you need to fill in your name, telephone number and your email. All done in under a minute with 2 emails from RoboForex. The first email was a welcome email, with the next steps I should take and the second email was a verification email.
It takes you to a verification page, where you fill in other credentials. Passport number, PEP, DOB, nationality etc. This is unnecessary if I want to try the demo first, so I didn`t fill it in and went back to the page I had opened before verifying. There I confirmed the demo account.
The next step was to choose the platform I want to use, I chose Rtrader. That was the last step. The whole registration took quite a while and I had to look for what should be done next.
This broker provides you with access to multiple trading platforms. MT4, MT5, CTrader and RTrader. For mobile traders, RoboForex offers smartphone apps for all their trading terminals too and all platforms are available in 22 languages. I chose RTrader on a Pro demo account. After the registration, I was in and my first impression was good. No need to download and functional.
I wouldn`t mind a small guide to show me, where I can find what tools, but at the end of the day, it’s a demo, so I should learn myself.
Their website is functional, standard and intuitive I`d say. I had no problems looking for information. I even found information about fees, which is a good sign. No extra blabber, no extra pictures or text. There is the main menu bar, where you can find:
- For Clients
- For Partners
- About Us
Here you`ll find everything. I was interested in their educational support. They offer analytics with a blog, forecast, analytics centre and an economic calendar. They also offer educational videos and How-To guides. Tools like a Strategy Builder or charts aren`t missing, but I didn`t find any webinars.
RoboForex social media
They use Facebook, Twitter, YouTube and Instagram. Their Facebook account is active, updated a couple of times a month, which is OK. They post news, analytics and some facts, there are around 300 000 followers. Twitter has the same activity but not as many followers and youtube is full of how-to videos and CopyFX videos. Thumbs up for their social media activity. And to contact them you can use a live chat, Skype, Telegram, phone etc.
Advantages and disadvantages of RoboForex
RoboForex is an established online broker since 2009 offering a wide range of assets on reliable trading platforms, including MT4, CTrader and R Trader.
The broker is also regulated and provides negative balance protection, adding an extra layer of trust and security for traders. Their awards are proudly displayed on their website and they are active on their social accounts. On the other hand, traders from the USA cannot sign up for a live trading account. Clients from Canada, Japan and Australia are also unable to register for a RoboForex account. Their regulation isn`t as high as other brokers may have. Reading through other reviews, customers complain about slow response time and that they do not have a wire transfer option for withdrawal in 2021.
- Weak regulation
- Customer service slow
- Registration took a bit too long
- Over 12000 instruments
- Choice of platforms
- Good educational support
Pros / Cons