RoboForex Review 2024: Pros and Cons

RoboForex is often praised for its user-friendly platform and diverse trading instruments, making it a hit among both newbies and seasoned traders. Clients appreciate the low spreads and commission rates which enhance profitability. The broker's customer support also receives thumbs up for being responsive and helpful, addressing issues promptly. However, some users have expressed concerns over withdrawal processes, mentioning delays or complications, though these experiences seem to be in the minority. On the whole, RoboForex stands out for its educational resources and bonuses, with many feeling confident in recommending it as a reliable broker for navigating the forex market.

Headquartered in Belize City, RoboForex is a brokerage firm that has risen to be one of the biggest within the trading industry. RoboForex is also registered to FSC (Financial Services Commission) Belizean regulatory.

In this review, I’ll explain all I found while using RoboForex and why you might want to consider them when choosing your next broker.

A Bit of History About The Broker

The high quality services of RoboForex can be chalked up to their years of experience as a broker — they’ve been around since 2009. The team is active in bringing in new features, fixing bugs, and providing an efficient trading platform.

I absolutely like the creative design, the modern and cutting-edge technology used, the eye-catching advertisement by the company, and the wide selection of bonus programs and promotion options.

Based on some of RoboForex clients, I found one thing common among them which is the positive look they have of RoboForex and they have all satisfied customers.

Trading conditions

One thing you should look out for before using any broker are the trading conditions. These can separate an “okay” broker from a great broker. I made sure I noticed every single detail from signing up to the commission charged so I can summarize them for you.

But first off, I’ll go over the main points of opening a RoboForex account:

• Low minimum account.
• Copying signals.
• Ability to set auto output
• Account currencies: USD, Euro, Gold. The minimum lot is 0.01.
• PAMM-brokers.
• Offshore brokers.
• Availability of contests, promotions, and bonuses.

Overall, these features are as simple as you’ll want them. Now let’s go beyond the surface into some information you’ll find helpful.

• Minimum deposit: starting from $10, depending on the account type.
• Assets: forex (currency pairs), precious metals, indices, new securities, etc.
• Minimum Lot: starting from 0.01, depending on the account type.
• Copy Trading: available for certain account types and absent in some.
• Account Currencies: USD, EUR, Gold, etc.

One great element of RoboForex is the multiple account types you’ll find there. Aside from the demo account, the five available account types are Prime, ECN, R Stocks Trader, Pro Cent, and Pro. The details of each account type will be discussed later.

The minimum deposit isn’t the same for all accounts, but it starts from $10. This is the same for leverage which varies across the different account types, usually from 1:1-1:2000.

RoboForex Security

If you’re like me, then I’m sure you’ve asked yourself about how secure RoboForex is. Well, you have nothing to worry about, I made sure to thoroughly check.

RoboForex is registered and is licensed under certain authorities who ensure they don’t involve themselves in any dubious activity that would lead to you losing your money or getting duped. Some of the licenses held by the company include the following:

• The Financial Commission (an authoritative company that resolves disputes between a broker and traders);
• FSC (Financial Services Commission) Belizean regulatory
• The Regulatory Compensation Fund;
• Civil Liability insurance program;
• Verify My Trade (VMT)

If you’re still in doubt, then you should know that there is a compensation fund which allows you to receive payments in case the broker becomes insolvent — a good sign for security-conscious users.

For the convenience of clients, MetaTrader 4/5, R Trader, and the application for RoboForex allow you to work almost anywhere in the world with an internet connection. All operations are carried out quickly and accurately, which is a huge plus when working with a trading platform of this size.

To add to all of these, all investments are stored on specially-generated accounts in well-known banks with excellent reputations.

This means that you can demand the withdrawal of funds from your deposit almost at any time as long as it is in accordance with the RoboForex user agreement. Although all platforms have risks, there’s a low level of risk involved in trading with Roboforex.

Account Types on RoboForex

There are five different account types on RoboForex excluding the Demo account option. Each of them has its uniqueness, all that’s needed is for you to identify the one that fits your style. However, they each have similarities in their execution style, in essence, they rely on market execution.

• Prime account: it is considered to be the best type for all types of traders. Its features include an initial deposit of $10, spreads floating from 0 points, over 100 instruments, and compatibility with the MT4 and MT5 trading platforms. The downside is the limited bonus option.
• ECN account: it shares the same feature as the prime account, except that it supports a variety of trading platforms MT4, MT5 and Web Trader.
• R StocksTrader account: it requires a first deposit of $100, spreads floating from 0 points, and it has over 12,000 instruments. There are no bonuses on this account and it’s restricted to just a trading platform, the R StocksTrader Web Platform, which is also available for Android and iOs devices.
• ProCent: this account type is mainly used for testing strategies. The first deposit is $10, has a spread floating from 1.3 points, and has access to complete bonus packages from RoboForex. It has a limited tradable instrument of just above 50 and relies on MT4, MT5, and Web Trader.
• The Pro account: this account is popular among beginner traders on RoboForex. The first deposit is $10, has an instrument just above 100, spreads floating from 1.3, access to all offers, and supports trading platforms, MT4, MT5 and WebTrader, which are available on Android, iOS, and desktops.

Regardless of the spread type, you should be certain of a tight or average spread which saves you real money.

Trading Assets And Instruments

There are nine asset types available on RoboForex, which is a wide range. You’ll find stocks, indices, CFDs on futures, ETFs, soft commodities, energies, metals, currencies.

The range of assets under RoboForex’s provision differs from other brokers; most provide limited assets. The trading costs for each of these assets varies too. Each of these assets have multiple instruments for trading.

Stock Asset

You’re required to pay a minimum deposit of $100; you’ll get free stock exchange market data online; there’s leverage: up to 1:2, and you can trade on MetaTrader 4 (MT4), MetaTrader 5 (MT5), and R StocksTrader platforms.

Indices asset

This opens you to over ten (10) instruments, you’ll receive leverage of up to 1:100, you’ll get tight spreads with no markup, and it’s available on MetaTrader 4 (MT4), MetaTrader 5 (MT5), and R StocksTrader platforms.

CFDs on Futures

This trading feature on RoboForex has similarities with Indices; they use the same leverage and trading terminals. However, there are just three trading instruments in this category, with quick charts available to track positions.

ETFs

These are some of the most significant financial assets traded globally. The benefit of trading ETFs on RoboForex includes a minimum deposit of $100, leverage up to 1:20, and corporate events that are supported and handled by the system automatically. You’ll be able to trade ETFs only on the R StocksTrader terminal.

Soft Commodities Trading

This comes with the following benefits: a minimum deposit of 100 USD, leverage is up to 1:20, and more than 100 ETFs to trade, including CAFE, CORN, SGAR, and SOYB. You can only trade these on the R StocksTrader platform.

Energy Trading

Robo Forex has a lot of flexibility to it. You’ll benefit from the tight spread, the suite of trading terminals including MetaTrader 4 (MT4) and R StocksTrader, a minimum deposit of just $10, and leverage up to 1:100.

Metals Trading

With RoboForex’s metal trading options, you can hedge against political instability and dollar weakness and trade on four different terminals, including MetaTrader 4, MetaTrader 5 and R StocksTrader platforms; you’ll get leverage of up to 1:1000 and a minimum deposit of $10.

Currency Trading

This gives the following benefits: Institutional spreads from 0 points, 1:2000 leverage, several trading terminals, which are MetaTrader 4, MetaTrader 5 and R Stock Trader platform — and, perhaps the most intriguing advantage, the fastest execution possible. There are several base currencies to trade here.

The combined assets together have a wide range of trading instruments you can select from: over 12,000. Whether on a mobile device or from the mobile platform, the instruments don’t reduce nor do the leveraged position you can take decrease.

Bonuses on RoboForex

As a user of RoboForex, you’re entitled to certain bonuses depending on the account you use.

• There’s a welcome bonus of $30 if you’re a new user on the Pro and ProCent accounts. You’ll receive the bonus after signing up, registering your info and making a minimum deposit of $10.
• The profit share bonus increases your deposit by 60% and it’s available to Standard and Cent accounts.
• The classic bonus gives you up to 120% bonus on first deposit. To get started, you’ll need an MT5 trading terminal.

The bonuses available on RoboForex appear to be endless. This is one attractive feature that compensates you for being an active participant in the financial markets by using RoboForex. To discover more opportunities available for you as a trader and to earn real money, visit the services section, under “Promotions.”

Training And Education

There is a training segment on the Robo Forex that educates users on how to be successful in trading. It’s a combination of video and text content; I think of this as having something for everyone and it’s in-depth.

The training segment is well spelled out on the website. It’s provided as a guide to forex trading and more. You’ll find it under the “for clients” section when you click the three vertical lines at the top left corner of the site. There are four categories: Analytics, Education, Trading Tools, and Info.

For the most resources on learning, the part tagged “Analytics” is the go-to place for you.

After that, make your way over to the “blog,” you’ll be floored at all the information you can find there.

• The Market news and analysis is divided into two parts: forex and stocks. Forex has 181 posts and Stocks has 401 posts.
• The knowledge base is segmented into six different parts, investing, trading, education, strategies, expert advisor, and indicators. There’s a combined post count of 406.

• Robo Forex news has 22 posts regarding important updates for you to know as a client. Examples of news like this include “R StocksTrader Launches Copy Trading in Its Mobile App” and “Promotion with Prize Pool of $1,200,000 by RoboForex. Take Part and Win!”

There is a main feed where you’ll find all posts, arranged according to the release date to help you stay on top of the latest news. RoboForex also has a trading calculator which is a free money management and position calculating tool. You can combine this with the economic calendar and other advanced trading tools to improve your win rate.

I prefer going through each category so I can streamline what I need for myself according to my trading activities. Another important feature here is the search icon, which helps me navigate the broker’s blog section easily and quickly discover the articles I need.

Trading Terminal & Affiliate scheme

The wide range of services available on RoboForex defines its competitive edge and is what sets it apart from competitors.

The trading platforms available on RoboForex include MetaTrader 4 and 5, R StocksTrader, and RoboForex proprietary trading Terminals. Each has its own uniqueness depending on the user’s choice and style of trading. This terminal works for trades Demos and Live accounts. You can use this in developing your trading strategies.

A lucrative part of RoboForex is its affiliate scheme that’s open to traders and non-traders, allowing them to maximize their earning potential. With this, you as a trader can make up to 50% of the income of every new user.

A series of stages exist before becoming an affiliate; first, you’ll register as a partner and receive a referral link. For every new user who signs up using a partner referral link — your unique link — you’ll get a percentage of RoboForex income made through the spreads and credits made from trades of the new user.

An existing loyalty program is available for partners and can earn them up to 20% more in reward. You have nothing to lose as a partner.

Depending on your account type and partnership programs, you can make as high as 70% of income through referral trades on the RoboForex affiliate program.

To maintain an edge regardless of the market conditions, keep track of your trading history. you can access this through your trading terminals.

What RoboForex Offers to Its Customers

At this point, it’s normal to inquire about what RoboForex offers its clients and customers. There are a significant number of benefits to being a RoboForex trader, and there’s no discrimination between beginners and professional traders.

Some of the features and benefits of signing up and using the brokerage firm include the low cost of trading, high leverage, the numerous asset classes available, a host of trading platforms;

MT4 and MT5, the bonus program, an affiliate scheme, a Demo trading account for the interested participant, 24/7 customer/client support, Islamic account, and signals.

In addition to these, an excellent level of security has been provided to secure users’ funds, so they don’t have to bother about the risk of losing.

This is possible through regulatory compliance with recognized bodies responsible for handling such matters. One thing to pick up on here is there are zero trading restrictions. Customer care is here to help navigate the trading features also.

How to Replenish a Trading Account or Withdraw Money

RoboForex Ltd customers cite a wide variety of payment methods users can deposit/withdraw almost any currency: debit or credit bank cards, transfer of a financial institution (bank transfer), Webmoney, RBK Money, Handy Bank, Skrill, Neteller, QIWI, Assist, or CashU.

More deposit and withdrawal methods may be forthcoming, so we will keep you updated as changes emerge. If you want a highly-regulated and long-standing broker, check out our CMC Markets Review. Note that withdrawal and deposit fees are attached to most transactions that are successfully executed.

Skrill:

The basic conditions for Depositing via Skrill include:

• Currency: USD / EUR / MYR / INR / AED / PLN
• Fee for deposit: 0%
• Processing time: up to 1 day
• Deposit amount: 10 – 25,000 USD

For withdrawal, the conditions include:

• Currency: USD / EUR / MYR / INR / AED / PLN
• Fee for withdrawal: 1% (2% for Taiwan)
• Processing time: up to 1 day
• Withdrawal amount: 0.10 – 50,000 USD

VISA/MasterCard/JCB

The conditions here are quite different. For withdrawal:

• Currency: USD/ EUR/ CHF/ GBP/ PLN/ CZK/ UAH/ KZT
• FEE FOR WITHDRAWAL: 2.6% + 1.3 USD, 2.6% + 1 EUR
• Maximum Amount: 10,000 USD
• Processing Time: Up to 1o days.

For Deposit:

• Currency: USD/ EUR/ CHF/ GBP/ PLN/ CZK/ UAH/ KZT
• Minimum deposit amount: 10 USD
• Maximum deposit amount: Up to 20,000 USD

You can find more details about bank transfers and other options using the search icon on the website’s landing page. Unlike some brokers, RoboForex doesn’t charge inactivity fees or extra funds over inactive accounts.

Customer Support

RoboForex has a fully-fledged client system for anyone with questions or complaints about the offered trading services.

RoboForex’s customer support is available 24/7 and can be reached via the official number present on the site during business days and weekends. There’s also a form to fill out for anyone to make a request. The details include your name, email, and request. After sending, a conversation will be started by the team support via client mail.

On the website, when you click the message icon, you’re requested to select the best method to contact the team based on your choice or drop your contact for the team to message you. This is very uncommon among other brokers.

You can start an in-chat conversation on the website, or redirect the chat to either Telegram, WhatsApp, or Facebook depending on your choice. You can also reach out to the RoboForex at their Headquarters in 2118 Guava Street, Belama Phase 1, Belize City, Belize.

More Details About RoboForex

XTB has a wide range of resources on its website, which is well-detailed and full of the necessary information to catch up on. Details such as how to get started as a trader and a total walk-through for novice traders and a demo trading account where users can test the features of the site risk-free before depositing.

There’s the inclusion of MetaTrader trading platforms, the MT4 and MT5. RoboForex is a robust option for any trader looking for quality client services and reliability.

Pros and Cons

Before diving into the gritty details, let’s first outline some general pros and cons of using RoboForex:

Pros

• RoboForex has a great bonus scheme for you as a user, giving you the opportunity to earn more.
• It supports multiple trading terminals, including MT4, MT5 and RstocksTrader.
• Easy accessibility and 24/7 availability of customer support.

Cons

• There are limited currency pairs available on the prime, ECN, pro, and pro cent accounts.
• The user experience isn’t top notch. The UI has some glitches that need to be addressed, such as an inoperable “change language” button.

Final Thoughts

RoboForex emerges as one of the largest brokerage platforms, easy to use and replete with features both for website and mobile trading that are sure to pique the interest of both novice and experienced traders. The site and app are very user-friendly.

Comparing RoboForex with other notables like IC Market reflects the company’s trustworthiness. Like every other broker out there, it’s certain you’ll see both positive reviews as well as negative reviews; hence, make sure to carefully scrutinize when doing your research.