RoboForex 2023 Review: Are They Trusted?

RoboForex Overviews

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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 allowing clients to trade CFDs and shares. This 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.

Facts About RoboForex

Pros and Cons

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Is RoboForex Safe? Broker Regulations

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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. However, the FSC does oversee brokers that do business in many regions across the globe.

So even though the FSC only 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.

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 accounts with this broker, we find that the reputation of this broker is not so great. 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 3^rd-party review website such as TrustPilot.

What Can I Trade with RoboForex?

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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. Most regulated international brokers (with the FSC) usually have commodities on their asset class list, even if it is only energies and 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 the proprietary trading software (and clarifying with support) that they offer, StocksTrader (which we will look at later).

 

 

Forex

RoboForex offers more than 40 currency 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), spreads can be pretty low (from zero) depending. Then the leverage for forex that clients can take advantage of goes up to 1:2000.

Stocks

Looking at their stock assets list, 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 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 this is CFD trading, and you will not actually be purchasing any coins when trading with this broker but rather speculating in 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.

How to Trade with RoboForex?

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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 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 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.

 

 

How Can I Open RoboForex Account? A Simple Tutorial

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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 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 verification steps. You will need to do this step if you wish to withdraw any money 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.

RoboForex Charts and Analysis

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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 worthwhile.

 

 

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.

 

 

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 especially key for new traders to be aware of. 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 like 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.

RoboForex Account Types

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There are five account types 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 CFD trading on all the instruments this broker has to offer. Leverage is set to a maximum of 1:500 with spreads as low 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 type, 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 will garner you a much higher risk. As such, we don’t see how this broker can say it is great for beginners. Beginners 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 account. This 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 type with a maximum leverage set to 1:300. Also, you will need to deposit a minimum of 100 USD for this account, while all others will only have a 10 USD minimum.

Do I Have Negative Balance Protection with This Broker?

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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. Most reputable international brokers nowadays offer 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 broker.

 

 

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

RoboForex Deposits and Withdrawals

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To get a clear indication of the options available to clients when it comes to 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.

 

 

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.

 

 

Support Service for Customer

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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.

 

 

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

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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.

 

 

Special Offers for Customers

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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.

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

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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 clients 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.

Summary and Key Takeaways

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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 trading account types, 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 trading 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.

FAQs

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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