- 1 RoboForex Product Range
- 2 What are The Account Types?
- 3 Opening an account with RoboForex
- 4 Trading platform’s features. Pros and cons
- 5 Regulation and Trust
- 6 Fees and Commissions
- 7 Payments Methods
- 8 The learning curve with RoboForex
- 9 Pros and Cons of RoboForex
- 10 Our Verdict! Is it worth opening an account here?
RoboForex is an international broker that has been around for more than a decade. The broker is based in Cyprus and was founded in 2009. It is regulated in Belize by the IFSC (International Financial Services Commission) to provide trading facilities in securities and commodity-based derivatives. Almost 12 years into the business, RoboForex now has a huge list of 12000 tradeable instruments from 8 asset classes and various trading platforms to offer high-quality trading facilities to its clients.
As a company, RoboForex has grown exponentially. In just a decade, RoboForex managed to open nearly 3.5 million accounts. The below chart shows the number of accounts opened between 2009 and 2019.
RoboForex Product Range
RoboForex has a huge list of trading instruments; it provides almost 12000 financial instruments across 8 asset classes. The asset classes include Forex, Stocks, ETFs, Indices, Commodities, Cryptocurrencies and Crypto Indices
You can trade a range of currency pairs with RoboForex, which include all major and minor currency pairs and some of the exotic currency pairs. The CFD stock range makes the RoboForex product list fairly long. You can trade American and European stocks along with ETF’s using various trading platforms.
You can also trade major commodities, including Coffee, Cocoa, Wheat, Sugar, Soya bean, and So forth. In energies, both the WTI and Brent Crude Oil are available. RoboForex precious metals range is also decent and includes Gold, Silver, Platinum, and Palladium. Finally, RoboForex also provides cryptocurrencies and crypto indices.
What are The Account Types?
RoboForex offers 5 different account types to facilitate its clients. These account types are Prime, ECN, R Trader, Pro-Cent, and Pro-Standard. Each account type provides unique features and varies based on the spread and product range.
The Prime account is geared towards more experienced and advanced traders. Using this account, you can trade 28 currency pairs, CFD stocks, metals, indices, and cryptocurrencies. You will get market execution with the spread starting from 0 pips onwards. The Prime account has the highest order volume of 500 lots and has no restrictions on the number of open positions. The Prime account is available with MT4 and MT5 trading platforms.
RoboForex ECN account type provides you the direct access to the market participants via interbank trading prices with just a minimum deposit requirement of $10. The ECN account has the highest execution speed and offers a tight spread to the professional traders. In addition to the MT4 and MT4 ECN account is also available with CTrader which is known for the great execution speed. With an ECN account, you can trade 36 currency pairs and nearly all other products offered by RoboForex.
R Trader account type is available with RoboForex’s proprietary Web R Trading platform. There are almost 12000 products, and is the ideal account type for trading multi-assets. The spread on the R Trader account starts from 0.01 pips. The R Trader’s minimum deposit requirement is $100.
Pro-cent is a great choice for beginners as well as experienced traders. It uses the Cent as the base currency and is highly regarded for testing the trading strategies. The account comes with a floating spread that starts from 1.3 pips. Its minimum deposit requirement is also $10. A proc-Cent account provides the highest leverage ratio than the Prime, ECN, and R trader accounts. The account is available with MT4, MT5, and RoboForex Web Terminal. You can trade Forex, metals, and cryptocurrencies with this account.
Pro-Standard is one of the most popular RoboForex account types, which suits both beginners and experienced traders’ needs. Beginners have the options to use MT4 and MT5 platforms, while experienced traders can also use CTrader with the Pro-Standard account type. Like Pro-Cent account, its spread also starts from 1.3 pips and offers the highest leverage ratio of 1:2000. The minimum deposit requirement for Pro-Standard is also $10.
|Minimum Spread||0 Pips|
|Direct Market Access Option||Yes|
|Advanced Trading Tools||Yes|
|Copy Trading Services||Yes|
|Desktop Based Platform||Yes|
Opening an account with RoboForex
The RoboForex account opening process is quick and fairly simple. You can open an account with RoboForex by clicking on the “Open An Account” link on its website. In the first step, you will provide the basic information, including your first name, phone, and email address. The broker will later ask you to confirm the email address. In the second step, you will be asked to choose an account type, leverage, and enter your address. After this simple process, you will be redirected to the member area to manage your account. Note that the RoboForex compliance department will review your application at this stage, and you will have to provide verification documents, including a photo id. Once all that process is completed, your account will be activated, and you can fund your account to start trading.
Trading platform’s features. Pros and cons
As a trader, you will get a decent choice of trading platforms with RoboForex. You can trade with third party trading platforms or even opt for RoboForex proprietary trading platforms. The third-party trading platforms include the trusted MT4 and MT5 as well as the high-end CTrader. In RoboForex proprietary platform range you have the R Web Trader and R Mobile Trader.
If you have already traded with MT4 and MT5 trading platform you know the quality and the scalability these trading platforms provide and with RoboForex these platforms shine further because of the trading environment and a huge list of financial instruments. Both platforms are available with MetaTrader Market that gives you the ability to buy Expert Advisors and achieve your trading goals. You also get one-click trade execution and the option to create your trading robots. In addition to the desktop and web-based applications, both platforms are available for mobile devices as well.
CTrader is a great choice for professional and experienced traders as it provides a clean design and excellent charting tools with a great execution speed. It brings in the STP access to the Forex market along with 52 technical indicators and level 2 pricing. You also get to build the flexibility of position management and building your trading robots. In addition to the desktop-based application, CTrader is also available for ISO and Android platforms.
RoboForex R Web Trader and R Mobile trader bring further depth in the range of its trading platform. The R Web Trade runs on all mobile and desktop browsers, while the R Mobile Trader also matches a desktop terminal’s functionality. The R Web trader further provides tools like copyfx and Strategy building through RoboForex terminals with 13 technical indicators and various tools for graphics analysis.
In terms of trading platforms, RoboForex stands tall among its competitors. You have the traditional choice of MT4 and MT5 trading platforms, and if you are a more experienced trader, you have the CTrader that gives you the tools to trade like a pro. Finally, the RoboForex R Trader range is equally excellent as through its terminal services, and you get the option like Strategy Building and Copyfx.
Regulation and Trust
RoboForex is regulated by the IFSC (International Financial Services Commission) in Belize. The broker is also part of IFC (International Financial Commission), an international organization that mediates between the broker and the client in the event of a dispute. RoboForex is also a member of the IFC compensation fund that protects clients’ funds up to €20,000.
Fees and Commissions
The trading cost plays an important role when you trade in the financial markets. Although there are many fees associated with online trading, you can determine the cost from the broker’s spread and commission structure. RoboForex’s spreads are very competitive and vary across its different account types.
The spread on Forex with Prime and ECN accounts starts from 0 and goes as high as 1.5 pips. On the R Trader, the spread starts from 0.01 pips. The spread on the Pro-Cent and Pro-Standard account start from 1.3 pips. RoboForex does not charge a commission of Forex trading.
The minimum spread on stocks and ETFs is 0.01 USD. The commission structure starts from 0.02 USD per stock and goes as high as 0.015. There is a minimum commission setup on stocks, which is 1.25 USD.
RoboForex charges a commission of 0.3% on cryptocurrencies with R Trader, while with other account types, it charges a commission of 2000/mio. The crypto spread on different accounts starts from 0.07 pip.
RoboForex does not charge any fee for depositing the funds; however, it does charge a fee on withdrawals that are 1.4% with the SEPA network and 4% with local bank transfers. With e-wallets, the withdrawal fee can go as high as 2.8%. The withdrawal fee using the credit cards is 2.6% and has an additional transaction cost of $.1.3
RoboForex deposit and withdrawal process is fairly easy and offers a wide range of options, including bank transfers, credit cards, e-wallets, cryptocurrencies, and cash vouchers.
The bank transfer gives you the option to deposit and withdraw using multiple currencies. Using the SEPA, you can make a minimum deposit of $500 and a maximum of $100,00. The maximum withdrawal amount using the SEPA network is $50,000. The processing time for SEPA transactions is 3 days. On the other hand, the local bank transfers provide a faster processing time of just 1 day.
You can also deposit and withdraw the funds using a credit or debit card. RoboForex accepts a wide variety of cards, including Visa, Master, and JCB. The minimum deposit restriction is $10, while the maximum withdrawal limit is $10,000. The deposits are processed instantly, while the withdrawal may take 1 to 10 days.
RoboForex also accepts a wide variety of e-wallets (Electronic Payments) for deposit and withdrawals. Some of the supported e-wallets are Skrill, Neteller, WebMoney, and Jeton. Many e-wallets also support transactions in different currencies other than the US dollar. The minimum deposit and withdrawal range is between $5 to $50.000 per transaction.
Finally, you can also use cash vouchers for your transactions. RoboForex supports over 30 cash vouchers, including Efecty and Carulla. There is no processing fee for a cash voucher but has a limit of $500.
The learning curve with RoboForex
RoboForex provides free educational resources on its website. There are video tutorials for beginners, and they can be accessed from the member area. Unfortunately, the education and research section is not as comprehensive as most traders would want. However, RoboForex does hold webinars where different experts and traders exchange views and analyze the markets.
Pros and Cons of RoboForex
RoboForex is a multi-asset broker and provides nearly 12000 financial instruments, which are its biggest advantage. You can trade Forex, stocks, commodities, cryptocurrencies, and ETF’s with just one broker and avoid the hassle of dealing with different brokers.
RoboForex provides several account types to meet the requirements of its client. For instance, if you are a professional trader and want to have direct market access RoboForex ECN account is there for you. Likewise, RoboForex other account types also facilities new and experienced traders.
The trading platform range is also exceptional. Seasonal traders can use MT4 and MT5, while the traders looking to build and test trading strategies can use CTrader and R Trader. Additional tools like copyfx and strategy are also available. The spread and commission structure is also competitive can help to reduce the overall trading cost.
However, the lack of a tier-1 regulator can be a serious concern for more experienced traders. Educational and research material is also limited. The withdrawal cost, especially for e-wallets and local transfers, is also on the slightly higher side.
|Multi Assets (Over 12000)||Limited Educational Resources|
|Low Spread||Lacks Teir-1 Regulator|
|Reasonable Commission Structure|
|Low Minimum Deposit Requirement|
|High-Quality Trading Platforms|
|24×7 Multi-Language Support|
|Bonus & Promotions|
Our Verdict! Is it worth opening an account here?
In our view, RoboForex is a very decent broker to open an online trading account. As a matter of fact, the RoboForex is around for over a decade; it is regulated and follows the walls of a true jurisdiction. Its product range is huge and meets the requirements of any trader. The trading platforms range is extensive, and account types are flexible as well. Finally, its spread and commission structure is ideal for keeping the trading cost low. In a nutshell, RoboForex has everything that one may require to become a successful trader.