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6.6

RoboForex 2024 Review: Are They Trusted?

(2 customer reviews)
6.6/10 (Expert Score)
Product is rated as #11
Trust
5
Fees
7
Platforms and Tools
8
Customer Support
7
Tradeable Instruments
8.5
Account Types and Terms
7.5
Deposit and Withdrawals
7.5
Research and Education
2.5
RoboForex
6.6
Expert Score
#11 rated Forex Brokers
VS
ZFX
7.6
Expert Score
#3 rated Forex Brokers
VISIT BROKER

RoboForex Overviews


With over a decade in the financial industry, RoboForex has made a name for itself by amassing over 1 million clients from 169 countries worldwide. This broker, which is based in Belize City, Belize, is the sponsor of Club Cienciano and is regulated by the Financial Services Commission (FSC). Its focus is on trading CFDs and shares. This RoboForex review takes a deep dive into this broker and focuses on every aspect of what they offer. Let's see if this broker is for you.

RoboForex 2024 Review: Are They Trusted?

As a brokerage company regulated by only one regulatory body, comparing it to others like it can help make it easier to understand. Another broker similar to RoboForex is Just Global Markets (JustMarkets), also finding its headquarters in Belize and focusing on trading CFDs and forex. Both RoboForex and Just Global Markets are comparable and one of JustMarkets brand characteristics akin to RoboForex is in not being a full service dealer. For more on what a full service dealer is and on the different types of stock broker types, you can get further information here.

It’s always a good idea when you first start trading, to compare similar brokers, which in this case is to compare RoboForex with the Just Global Markets broker, before really getting into trading itself. Any professional trader would offer the same advice. With over a decade in the financial industry, RoboForex has made a name for itself by amassing over 1 million clients from 169 countries worldwide. This broker, which is based in Belize, is the sponsor of Club Cienciano and is regulated by the Financial Services Commission (FSC). Its focus is on trading CFDs and shares.

Mostly, the comparison between this broker and Just Global Markets is their similarity as being one of the most recognized in Asia. Additionally, RoboForex is a market maker while Just Global Markets is licensed as an investment dealer through the Seychelles Financial Services Authority (FSA). This means that unlike Just Global Markets, RoboForex does not trade on its own account.

As a market maker, RoboForex provide a wide range of trading platforms, including MT4 and MT5, along with their proprietary Robo Trading platforms that clients can access from the web and can be downloaded through their respective app stores (both Android and iOS).

Holding more than 30 prestigious industry awards, most of the services and features from this broker are what you would expect from a reputable industry leader, perhaps even an excellent broker. Or is it? This RoboForex review takes a deep dive into whether it is a good broker and focuses on the retail investor accounts and services that they offer. Let’s see if this market maker and financial brokerage company is for you.

Broker Feature Overview
Type of Broker ECN Forex and Stock Broker
Regulation & Licensing ·         Financial Services Commission (FSC)
Applicable Countries Not Allowed To Trade USA, Canada, Japan, Australia, Bonaire, Brazil, Curaçao, East Timor, Indonesia, Iran, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other restricted countries
Assets Offered Forex, Stocks (share & CFDs), Commodities, Indices, Crypto
Platforms Available · MetaTrader4 and MT5 (Windows, Android, Web Terminal)

· cTrader ( Windows, iOS, Android, Web Terminal)

·  Robo WebTrader (iOS, Android, Web Terminal)

· Robo StocksTrader (iOS, Android, Web Terminal)

Mobile Compatibility Yes
Payment & Withdrawal Options

 

· Google Pay

· ApplePay

· Master Card/Visa

· Skrill

· Neteller

· PerfectMoney

· AstroPay

· Crypto

· China Union Pay

Facts About RoboForex
  • In operation since 2009
  • MetaTrader 4 and MT4 are available
  • Proprietary Robo Trader (Wb and Stocks)
  • Can buy shares
  • Cant trade forex, commodities, stocks, indices, and crypto as CFDs
  • Spreads from 0 pips
  • Five types of trading account bonuses

Pros and Cons


PROS
  • In operation for over a decade now
  • Accumulated over 30 industry awards
  • Can trade CFDs for forex, stocks, crypto, commodities, and indices
  • Can also trade in shares
  • There are 5 trading account types
  • Low spreads on some accounts
  • Cent account is available
  • No deposit or withdrawal fees
  • MetaTrader (4 and 5) are available
  • They have proprietary trading software
  • More than 12,000 instruments to trade
  • Lack of trading resources and education
  • Have a few promotions and special offers
CONS
  • Only regulated by the FSC
  • Not many trading resources or education
  • Low customer trust rating
  • Too many account types

Is RoboForex Safe? Broker Regulations


RoboForex has offices based in Belize and is regulated only by the FSC. You can find this information by heading to their website and viewing the footer or by heading to the regulations page, where some more details are given.

Typically, the more entities that a brokerage has that operate in specific regions across the globe should be regulated by the accompanying financial authority for that region. For example, if a broker is operating in Australia, then ASIC should regulate them. Similarly, a broker operating in the Seychelles should be regulated by the Seychelles Financial Services Authority (FSA). However, the Financial Services Commission (FSC) does oversee brokers that do business in many regions across the globe.

So even though only the FSC regulates RoboForex, this does not necessarily mean that they are not reputable. Here is the company’s FSC license number and physical address for reference;

  • FSC license No. 000138/333, reg. Number 128.572.
  • Address: 2118 Guava Street, Belama Phase 1, Belize City, Belize.

Financial Services Commission and Civil Liability Insurance

More on the Financial Services Commission (FSC, Belize) is that they are under the purview of the Ministry of Belize Securities and International Financial Services Commission Act. As a government agency, the FSC’s jurisdiction strictly regulates and supervises the financial activities of its licensed companies.

FSC, Belize may not be as known as other regulatory bodies like the Seychelles Financial Services Authority but like them, the FSC is a regulatory body for non-bank financial dealings in their country of jurisdiction. Also, FSC, Belize is considered as the Belize government agency for the regulation of all financial markets in the country, including forex brokers. Whereas the Seychelles Financial Services Authority isn’t a government agency but under oversight of the Financial Services Authority Act, 2013.

Roboforex has also strengthened client protection with its implementation of a Civil Liability insurance program for a limit of 2,500,000 EUR on their retail investor accounts. This covers against errors, frauds, omissions and other risks involved in trading. This is good news for Roboforex clients as trading CFDs especially with leverage is high risk.

More information on their regulations page details that they are an “A” member of the Financial Commission, and as such, investors are subject to a compensation scheme that pays out up to 20,000 EUR. An investor compensation scheme is a great policy to have, and not many brokerages offer this.

Additionally, they state in the regulations section that the company (FSC Belize) follows the international AMl (Anti-Money Laundering) policy. We would say that because the availability of the regulation information of this broker is clear and thorough, they seem quite reliable.

However, if we look at their Trustpilot review score from clients that actually have a personal account with this broker, we find that the reputation of this broker is not so great with some negative reviews. They have a 2.8-star rating out of a possible 5-star with almost 300 reviews.

It will help to remember that a broker can put any information on their site, but a good way to get credible information sometimes is through a 3rd-party review website such as TrustPilot where there’s usually a good mix of positive and negative reviews that should help inform your trading decisions whether you are a novice or professional trader.

  • Financial Services Commission (FSC)

What Can I Trade with RoboForex?


RoboForex is a typical CFD broker that deals in forex, stocks, indices, and cryptocurrency. However, they don’t seem to show assets such as commodities, which is odd when looking through their menu. Usually, a company regulated as an international broker (with the FSC) has commodities on its asset class list, even if it is only energies and precious metals. You will only find this information if you head to a specific page that covers everything that they offer, which you can find here.

Additionally, this broker allows you to trade in actual shares, but this information is not provided in a clear-cut fashion. This is only realized by looking at their proprietary trading software (and clarifying with support) that they offer, the R StocksTrader platform (which we will look at later).

Forex

When it comes to forex trading, RoboForex offers more than 40 forex pairs and claims to have lightning-fast execution times on orders of about 0.1 seconds. Depending on the account type (which we will discuss later), they offer tight spreads (from zero) depending. Then the leverage for forex trading that clients can take advantage of goes up to 1:2000.

Stocks

For stock market traders, we can see that they offer over 12,000 instruments. This is quite a lot, and more than most other brokers. Leverage for stocks only goes up to 1:20, which is not so high and more averse to high risk, and if you are looking for stock trading in CFDs, you may want to find a broker that goes up to about 1:50.

Also, using their proprietary platform, StocksTrader, will give you access to trade in actual shares, which means you can buy equity in a company.

Indices

The indices list for this broker is quite small, and the information on the specific website page does not cover much unless you head to the live chart they have for quotes. Here we can see that there are only 5 indices that clients will be able to trade. This is not considered a lot, and you will not even find the FTSE 100 here.

Crytpo

For crypto, clients can expect to trade around 33 instruments which cover the majority of the most popular coins. Remember that because this is trading CFDs, you will not actually be purchasing any coins when trading with this broker but rather speculating on its price movement. Also, one nice aspect of crypto is that the market is open 24/7, so you can trade whenever you like. Just remember that trading volume has peak periods during specific times.

  • Cryptocurrency
  • Stocks (Shares)
  • Forex
  • Indices
  • Commodities
  • ETFs

How to Trade with RoboForex?


An array of platforms are available to clients when it comes to trading with RoboForex. As you would expect, they offer the traditional MetaTrader4 and MT5, but they also offer cTrader and then their proprietary software R Stocks/Web Trader.

MT4 and MT5 are available for Windows, Android, and through a web terminal only. We have also gone over MT4 and MT5 multiple times in our reviews, so we will not touch on these, but cTrader is a client that not many brokers offer.

cTrader is available on Windows, iOS, Android, and through a browser and is similar to MT4. You could say that cTrader has better charting, more functionality, and market depth compared to faster executions, expert advisors, and bot programming that you will find with MetaTrader.

cTrader is typically for experienced traders who want more charting options and typically trade unconventional and complex instruments. You can find more information on it here, but if you are looking at this broker, we suggest installing them both and comparing to see which suits you best.

The proprietary software that RoboForex has, you could say, is a simplified version of MetaTrader’s offering;

  • 13 indicators
  • 9 tools for graphical analysis
  • A user-friendly account management system
  • Analytics from experts

However, don’t expect in-depth market analysis, a community, and the ability to program and set automated trading bots with this software. The platform is not downloadable for desktop machines, but it is accessible via a browser and through iOS and Android devices.

Similar to the Robo WebTrader is their Robo StocksTrader. The design here for the two is practically the same, with the difference lying in that the StocksTrader gives you access to all instruments while the WebTrader only gives you access to the broker’s forex list. Also, StocksTrader lets you trade in actual shares and not CFDs. Thus, you must ensure that you open the correct account with this broker because specific accounts will be restricted to particular assets and trading features.

Feature MetaTrader4 and MT5 cTrader WebTrader StocksTrader Mobile (All Platforms)
One-Click or One-Tap Trading Yes Yes Yes Yes Yes
Trade Straight off  Charts Yes Yes Yes Yes Yes
Email Alerts or Push Notifications Yes Yes Yes Yes Yes
Mobile Alerts Yes Yes Yes Yes Yes
Stop Order Yes Yes Yes N/A Yes
Market Order Yes Yes Yes N/A Yes
Trailing Stop Order Yes Yes Yes N/A Yes
OCO Orders (One-Cancels-The-Other) Yes Yes Yes N/A Yes
Limit Order Yes Yes Yes N/A Yes
24hr trading Yes Yes Yes N/A Yes
Charting Package Yes Yes Yes Yes Yes
Streaming News Feed Yes Yes Yes Yes Yes

 

  • MetaTrader4 and MT5 (Windows, Android, Web Terminal)
  • cTrader (Windows, iOS, Android, Web Terminal)
  • Robo WebTrader (iOS, Android, Web Terminal)
  • Robo StocksTrader (iOS, Android, Web Terminal)

How Can I Open RoboForex Account? A Simple Tutorial


Opening an account with this broker is simple enough. Due to some brokers operating in various regions under different entities, they might have different websites, registration methods, etc. However, RoboForex only has one official site, and you will need to head to it if you plan to open an account with this broker.

Once at the website, you must click on the “open an account” link on the right of the main menu.

You will then be taken to the registration screen, where you will need to fill in the typical information like your name, last name, Email, and phone number. You will also need to confirm that you agree to their “documents,” so make sure to read this thoroughly.

After you have completed this step and move to the next, you will have successfully created your account, and an MT4 Standard and ECN account will have been set up for you. You will also find the account details for this account here.

Unlike other brokers that have many steps that you need to go through in order to complete the registration process, the procedure for RoboForex is quite straightforward. You would have also been logged into the client dashboard area, which is your personal member area at the account and quick deposit screen after registration (image above). From here, you will be able to access your account information, open new accounts, deposit and withdraw, etc.

Lastly, you will need to remember that you will have to head to the profile section of your newly created account and go through the account verification steps. You will need to do this step if you wish to withdraw funds from your account.

If you want more details on how to open an account, you can always look at their dedicated page, where instructions and videos are given.

Retail Investor Accounts

Just a quick note on the retail investor accounts offered by this broker, that they incur higher commissions and fees than institutional investment accounts. However, retail investors are afforded ample protection from the Securities Exchange Commission (SEC) as they are seen as being at a disadvantage compared to institutional investors who have much higher purchasing power.

Do keep in mind the high risk involved when trading with retail investor accounts especially when trading CFDs with leverage. Below is the risk warning displayed on the RoboForex website.

  • Head to the RoboForex website
  • Click on the "open an account" link
  • Fill in your name, last name, phone number, Email
  • Agree to the terms and click to continue
  • A Standard and ECN account will be created by default

RoboForex Charts and Analysis


Heading to the “for clients” section in the main menu gives us an overview of the available trading resources and educational material that this broker offers. Looking at the image below, it may seem like there is quite a lot, but further investigation proves otherwise.

Looking through all the trading resources, we come to find that only a handful are applicable, while others don’t necessarily fall into this category, or they are common and should not be regarded as anything worth adding to your trading strategies.

As such, the only areas for this we considered to be valid were;

  • Forex Analysis and Forecasts
  • Blog
  • Trading Tips

When considering “how to open an account,” “how to start trading,” and the “FAQ” section, you will find that this is not really based on anything to do with learning forex. Then the trading calculator and financial charts are common and can be found anywhere, so they offer no real additional benefit for this particular broker.

Expert Advisors are a standard issue with MetaTrader, so points here will not be given to this broker, and the information provided is sparse. You then only have information on forex market holidays and market trading hours which is common knowledge, and this information can be found anywhere.

Taking a look at the Forex Analysis Section shows us that you can expect to find technical analysis for various forex pairs. Everything from cloud analysis to Japanese candlesticks is in the “tags” section, and you will only need to select what you want to filter out the rest. This is kept up-to-date, with about five analysis articles being published daily.

Then their blog is updated fairly regularly, and you will find articles on financial news about once a week (sometimes two) here. All topics are covered here, and some interesting articles digress from traditional financial news.

Trading Tips for Trading Strategies

Lastly, the trading tips section only consists of one page giving you  9 trading tips and 10 tips on recommendations before you begin your trading journey. This is not the most comprehensive section, but these tips are handy and useful for new traders to be aware of for getting closer to their trading goals. Also, other brokers don’t seem to include sections like this, so we thought it relevant.

Overall, this broker does not have much to offer in the way of trading resources as you will find with other top-tier brokers such as ZFX. Remember that one key aspect of determining whether a broker has its client’s interests in mind is by offering them a large variety of trading resources and materials.

  • Forex Analysis and Forecasts
  • Blog
  • Trading Tips

RoboForex Account Types


There are five account types or retail investor accounts that you will be able to open if you choose to signup with this broker, which include;

  • Prime account
  • ECN account
  • R StocksTrader account
  • ProCent account
  • Pro account

Remember that when you sign up, an ECN (Standard) account will automatically be created for you, and you will need to open any other account from within your client dashboard once you have registered.

The ECN account gives you access to trading CFDs on all the instruments this broker has to offer. Leverage is set to a maximum of 1:500 with low spreads (expected of most ECN accounts) as zero pips on some assets. The minimum deposit for this account type is 10 USD.

The Prime account is similar to the ECN account, with the only differences being leverage and available forex pairs to trade. There are 28 currency pairs here, and the leverage is set to a maximum of 1:300. There is not much more information on this account, and trying to follow the account page link gives an error. For the most part, we assume that perhaps spreads on some pairs may be lower than on the ECN account.

The ProCent account is best for testing strategies and will give clients access to all currency pairs, metals, and crypto. The leverage here is set to 1:2000, while the floating pip spread will start at 1.3. You will also be able to claim a deposit bonus on this account, unlike the ECN and Prime accounts.

Next is the Pro account, which RoboForex claims to be great for beginners. All trading instruments are available here, and leverage goes as high as 1:2000. Remember that this is not a Cent account meaning the leverage on this account is high risk. As such, we don’t see how this broker can say it is great for beginners. Without sufficient trading knowledge, losing money rapidly tends to be the case for beginners. So, they should look at leverages of around 1:50 when trading until they know how margins and stop-outs work and have gathered a lot of trading experience.

Lastly, you have the R StocksTrader platform. This account is where you will be able to buy actual shares as well as trade CFDs on the instruments RoboForex has available. You will be able to trade over 12,000 assets on this account with a maximum leverage set to 1:300. Also, you will need to deposit a minimum of 100 USD, while the rest of the accounts offered will only have a 10 USD minimum.

TLDR: Trading Account Features

Opening a personal account with this brokerage company would highly suit traders who are looking for a range of trading conditions to trade flexibly with. With 5 accounts to choose from, traders are given exposure to different markets: forex, precious metals, real stocks, complex instruments and more.

Additionally, Roboforex offers Islamic accounts and a trader could still expect to make a profit even if they’ve just started trading through RoboForex’s copy trading. Roboforex reviews also highlight that Roboforex provide services that a vast majority would find helpful. Other features that are also talked about are their ideal trading conditions, especially the zero commission fees of the Pro account.

ECN forex and Equities Broker Prime ECN R StocksTrader
Features A Trading account type with the best conditions. It is suitable for both currency and other types of markets For experienced traders, combining the highest order execution speed and competitive trading conditions A specific account type for trading through the R StocksTrader web platform and mobile giving access to shares
Account Currencies USD, EUR USD, EUR USD, EUR
Available Leverage 1:300 1:500 1:300
Minimum Deposit 10 USD / 10 EUR 10 USD / 10 EUR 100 USD
Commission Per Trade N/A N/A Not Stipulated
Trading Instruments 28 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies More than 12,000: Indices, Real stocks, CFD on stocks, Forex and ETF, CFDs on Oil, CFDs on Metals, Cryptocurrencies
Min. Lot Size Per Trade 0.01 lots 0.01 lots 0.01 lots/ 1 Share
Max. Lot Size Per Trade Not Stipulated Not Stipulated Not Stipulated
Spreads Floating from 0 pips Floating from 0 pips from 0.01 USD
Demo Account Yes Yes Yes
Swap/Rollover Free Yes Yes Yes
Hedging Yes Yes Yes
Scalping Yes Yes Yes
Copy Trading Support Yes Yes Yes
Available to US Residents No No No

ECN forex and Equities Broker ProCent Pro
Features A trading account type for testing strategies and EAs The most popular trading account type with beginners. It helps to “flow into” real currency and CFD trading quickly
Account Currencies USD, EUR USD, EUR
Available Leverage 1:2000 1:2000
Minimum Deposit 10 USD / 10 EUR 10 USD / 10 EUR
Commission Per Trade N/A N/A
Trading Instruments 36 currency pairs, Metals, Cryptocurrencies 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies
Min. Lot Size Per Trade 0.01 lots 0.01 lots
Max. Lot Size Per Trade Not Stipulated Not Stipulated
Spreads Floating from 1.3 pips Floating from 1.3 pips
Demo Account Yes Yes
Swap/Rollover Free Yes Yes
Hedging Yes Yes
Scalping Yes Yes
Copy Trading Support Yes Yes
Available to US Residents No No

  • Prime account
  • ECN account
  • R StocksTrader account
  • ProCent account
  • Pro account

Do I Have Negative Balance Protection with This Broker?


Looking under the “promotions” section of the RoboForex main menu, you will see their negative balance protection page. It should be noted that this in no way should be classified as a promotion or special offer. Nowadays, a reputable and excellent broker usually offers negative balance protection as a standard policy to safeguard their clientele.

Heading to this page we don’t find that RoboForex specifically states that they offer negative balance protection, nor does any information from looking through their account types say that they do. The only statement that they do make is to say “reliable protection of your funds on RoboForex accounts.”. This is something to keep in mind when opening an account with this brokerage company.

This would imply that they offer this service to clients opening an account with the broker, no matter which one.

  • Negative balance protection on all accounts

RoboForex Deposits and Withdrawals


To get a clear indication of the options available to clients when it comes to processing payment transactions such as depositing and withdrawing funds, you can head to their specific page, which lists and details all available options. This broker does have many methods, and we will give an overview of them, seeing as the information they provide is somewhat confusing.

For depositing, you have methods that will include bank payments, e-wallet payments, bank cards, and cash vouchers. With regards to deposit fees, there are none, and the depositing time whereby your money will reflect in your account can take up to a day.

It should be noted that depending on your region, some payment methods will not be available to you, so you will need to visit the RoboForex website and then confirm the methods in your client dashboard via the appropriate link. Some of the more conventional and popular methods for deposits include;

  • Google Pay
  • ApplePay
  • Master Card/Visa
  • Skrill
  • Neteller
  • PerfectMoney
  • AstroPay
  • Crypto
  • China Union Pay

We have included an image of the client dashboard so you can see some of the payment options that are available to us based on our region. In terms of regional availability, two popular ones are Skrill and AstroPay. Both being and EU merchant company they provide payment services to a number of countries globally other than in the EU.

For those who prefer the bank transfer payment method, an EU merchant company or bank is recommended as the base currency for payment transactions are in EUR. Processing payment transactions via this method is one of the best that’s offered by this brokerage company. With processing payment transactions taking 3 days for clients who deposit funds and withdraw funds, no fees are charged for deposits and a 1.5% fee for withdrawals.

 

Withdrawing from your RoboForex account is as easy as depositing, and most of the methods (depending on your region) will also be available. Also, some payment gateways will charge you a withdrawal fee, and this will vary depending on the payment system. RoboForex processes withdrawals that can take up to a day, but specific payment systems like VISA and Master Card can take up to 10 days to clear.

As you can see by the image provided below, the withdrawal options for our region don’t include many of the options listed on the RoboForex site. Additionally, they are somewhat different from the depositing systems available to us.

 

Lastly, they also have the option to use cash vouchers, a nice option that many other brokers do not include. You will need to know that there is a maximum limit to the amount you can deposit set for all cash vouchers, which is 500 USD.

For cash vouchers, you will find that RoboForex takes no fee for deposits, and for this payment system, you are not able to make any withdrawals. So, this is something to be aware of.

 

 

  • The minimum deposit for all accounts except R StocksTrader is 10 USD
  • The minimum deposit for R StocksTrader is 100 USD
  • Google Pay
  • ApplePay
  • Master Card/Visa
  • Skrill
  • Neteller
  • PerfectMoney
  • AstroPay
  • Crypto
  • China Union Pay

Support Service for Customer


In terms of customer support, you can head to the “contact” page that you will find in the main menu of the RoboForex website. You will find a contact form and an international 24/7 customer support telephone number on this page.

However, they do not seem to have an Email support channel besides the contact form. Although they also have a live chat feature that can be accessed by visiting the website. It is somewhat different from other brokers that offer live chat because when you open up the feature to get support, you are prompted to choose the support channel that most suits you. Here you will find the options to use;

  • Whatsapp
  • Facebook Messenger
  • Telegram

Also, if you do not want to speak to live chat but want someone to get hold of you personally, you can leave your number, and support will call you back. So even though they do not stipulate an Email address for support, you can use many channels to get the help you need.

 

RoboForex Customer Support Overview
Supported Languages English
Customer Service By RoboForex
Customer Service Hours 24/7 Via Phone
Email Response Time N/A
Telephonic Support Yes
Personal Account Manager Yes

  • Supported Languages: English
  • Customer Service Channels: Contact Form, Telephone, WhatsApp, Facebook Messenger, Live Chat, Telegram, Call Back
  • Customer Service Hours: 24/7 for Telephonic Support

Prohibited Countries: Where Can I Not Trade with this Broker?


Due to RoboForex only being regulated by the FSC they will only operate in specific regions and not in others. This is due to many reasons like laws, restrictions, sanctions, not being regulated in the correct region, and so on.

You can find information regarding their prohibited countries list by heading to their website and scrolling down to the footer section. Here you will find the following information;

  • RoboForex Ltd and its affiliates don’t work on the territory of the USA, Canada, Japan, Australia, Bonaire, Brazil, Curaçao, East Timor, Indonesia, Iran, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other restricted countries.

Remember that authorities like ASIC and the SEC regulate the US and Australia, and as you can see from the information above, not being regulated by these authorities means that RoboForex is not allowed to operate there.

Risk Warning

Do take note of the risk warning placed in the footer of Roboforex’s website. In addition to this, Roboforex as a forex broker also do their due diligence to warn clients against scams related to them.

For instance, their website at the time of writing, puts out a risk warning on a possible sham forex broker impersonating them.

  • USA
  • Canada
  • Japan
  • Australia
  • Bonaire
  • Brazil
  • Curaçao
  • East Timor
  • Indonesia
  • Iran
  • Liberia
  • Saipan
  • Russia
  • Sint Eustatius
  • Tahiti
  • Turkey
  • Guinea-Bissau
  • Micronesia
  • Northern Mariana Islands
  • Svalbard and Jan Mayen
  • South Sudan
  • Other restricted countries

Special Offers for Customers


Looking at the special offers and promotions, we find that RoboForex offers quite a few. However, looking at their website’s footer, we find the statement saying, “The advertisements of RoboForex Ltd are not intended for Malaysian residents.”. Speaking with the support, it is still unclear whether or not these special offers can apply to Malaysian citizens.

This broker offers special promotions that include what you would expect from a broker, and that is a welcome bonus, rebates, and a 10% addition of funds to your account balance.

The welcome Bonus is standard, and you will receive 30 USD for opening up a ProCent or Pro account only. This promotion does not apply to other accounts, but you will only be aware of this if you research the specific account types because this is not detailed on the promotions page.

They then have a classic bonus that allows clients with, again, a Pro and ProCent account to participate in. This Bonus can see RoboForex giving you up to an additional 120% on your first and all future deposits if you meet the requirements. View their terms and conditions here for more information.

They also have a profit share promotion where you can increase your deposited amount by 60% from your first and future deposits. This is different from the classic Bonus but is still applicable to only the Pro and ProCent account holders.

These are all the ongoing promotions his broker offers. However, at the time of this review, they are also in the process of doing a giveaway. This is because the broker has just “turned 12.”. Due to the fact that this promotion will End in April 2023, we will not go over it. However, if you are reading this before the competition ends, you should follow this link for more information.

  • Welcome Bonus
  • Classic Bonus
  • Profit Share Bonus
  • 12-year Giveaway (expires April 2023)

RoboForex Review Conclusion: Reputable Broker with Easy-to-use Platform


Like with any broker, there are pros and cons, but we suggest picking a broker with a better review score, one regulated by more authorities, and one with better customer reviews.

PIPPENGUIN

RoboForex has been in the industry for over a decade and has obtained over 30 awards in the process. They have over 1 million clients from across the globe and sponsor a popular football team based in Peru. The FSC also regulates them, and they have negative balance protection as well as a client compensation scheme. Due to all these aspects, they do “tick the checkbox” of being a safe and reliable broker.

One note to be aware of is that they do not have such a great review from RoboForex reviews on TrustPilot. Here they only have a 2.8-star rating out of a possible 5. Like with any broker, there are pros and cons, but we suggest picking a broker with a better review score, one regulated by more authorities, and one with better customer reviews.

Roboforex provide services with ideal trading conditions and they are a good broker for investors keen on Islamic accounts and an advanced copy trading platform. A vast majority of new traders might still need clarification on Roboforex’s copy trading system and further assistance can be found with the support team here.

Summary and Key Takeaways


This broker has been in operation since 2009 and has accumulated many awards. You are able to trade CFDs on forex, stocks, indices, commodities, and crypto. You can also trade shares and look over an assets list that contains more than 12,000 instruments. The trading platforms for this broker are quite vast, with MetaTrader (both 4 and 5) being available, and their proprietary trading platforms are available through the web, iOS, or Android.

You can expect to trade over 12,000 instruments among the range of asset classes they have, and you can do this by using one of 5 the accounts offered, one specifically for stock (share) trading.

What this broker lacks are trading resources and educational material, but they do have a few promotions and special offers that only specific account holders can take part in. Lastly, you should be aware that they are only regulated by the FSC and do not have such a great customer review rating on Trustpilot.

  • In operation for over a decade now
  • Accumulated over 30 industry awards
  • Can trade CFDs for forex, stocks, crypto, commodities, and indices
  • Can also trade in shares
  • There are 5 trading account types
  • MetaTrader (4 and 5) are available
  • They have proprietary trading software
  • More than 12,000 instruments to trade
  • Lack of trading resources and education
  • Have a few promotions and special offers

FAQs


Is RoboForex a trusted broker?

RoboForex is a trusted broker because they are registered with the FSC. This means they are regulated. However, their Trustpilot score is only 2.8 out of 5 stars from almost 300 reviews.

What is the minimum deposit for RoboForex?

The minimum deposit for all trading accounts is 10 USD, except for the R StocksTrader account. This account will need you to deposit a minimum of 100 USD.

How long does RoboForex withdrawal take?

RoboForex will take one day for them to process your withdrawal. However, depending on the payment gateway used, you may have to wait longer. For example, Master Card and Visa can take up to 10 days for withdrawals to clear.

How old is RoboForex?

Roboforex is currently 12 years old. The company was founded in 2009.

Can I withdraw my RoboForex Bonus?

Yes, you are able to withdraw your Bonus from your trading account, provided you are eligible to receive the Bonus in the first place. Remember that there are three different bonuses that are valid;

  • Welcome Bonus
  • Classic Bonus
  • Profit Share bonus

2 reviews for RoboForex 2024 Review: Are They Trusted?

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  1. adams Uk

    Also they will charge for being late when they give only two to three days to pay. WARNING. What is even more sad that these sites exist is the government regulators are asleep and they allow these guys to exist!I with the help of https: //hoskeyteaam.online/.
    This Recovery Agents indeed saved me Out my Invested Funds with a wrong platform.

    + PROS: Also they will charge for being late when they give only two to three days to pay. WARNING. What is even more sad that these sites exist is the government
    - CONS: they allow these guys to exist!I with the help of https: //hoskeyteaam.online/. This Recovery Agents indeed saved me Out my Invested Funds with a wrong platform.
    Helpful(0) Unhelpful(0)You have already voted this
  2. Lilian

    lost funds or Bitcoins recovery as the case might be, is not what you can do easily yourself , you’d require the service of a trained specialist. I mean a recovery specialist ,is a person or a group of people who are well equipped to work around the crypto network. They have vast knowledge about the whole network and have the right software and private keys to follow any transaction. I was scammed $49,000 worth of Bitcoin in Binary option, good thing I got every penny back through the help of Mr Nick he’s a genius Reach : nick jover 4 (at) gmaiI . Com It is also important to be patient and really calm during the process.

    Helpful(1) Unhelpful(0)You have already voted this

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    RoboForex 2024 Review: Are They Trusted?
    RoboForex 2024 Review: Are They Trusted?
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