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RoboForex Review 2024

Written By

Christian Harris

Written By

Christian Harris

Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.

» Christian Harris Profile Page

Edited By

Jemma Grist

Edited By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Fact Checked By

James Barra

Fact Checked By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Updated

Jul 6, 2024

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Overall Rating

4.5 / 5

RoboForex is #10 in our CFD broker rankings.

Customer Reviews (2)

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Customer Reviews

Regulation & Trust

3 / 5

Accounts & Banking

4 / 5

Assets & Markets

4 / 5

Fees & Costs

3.5 / 5

Platforms & Tools

4.1 / 5

Customer Support

4.3 / 5

Minimum Deposit $10

Trading Platforms R StocksTrader, MT4, MT5, TradingView

Instruments CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures

Regulators IFSC

Account Currencies USD, EUR

Payment Options Visa, iDeal, Trustly, Neteller, Skrill, Giropay, Sofort, Wire Transfer, Rapid Transfer, Alipay, POLi, Perfect Money, MoneyGram, Cashu, SafeCharge, WeChat Pay, Vietcombank Transfer, Volet, ecoPayz, AstroPay

Awards

• Best Multi Asset Trading Platform 2023 - Global Brands Magazine Awards
• Best Trading Conditions 2023 - International Business Magazine Awards
• Best Mobile Trading App 2022 - GF Awards B2B
• Most Trusted Broker 2022 - International Business Magazine Awards
• Best Investment Products 2021 - Global Brands Magazine Awards
• Best Global Mobile Trading App 2020 - Global Forex Awards B2B
• Best Broker of the CIS 2019 - IAFT Awards
• Best Investment Products 2019 - Global Brands Magazine

Pros

• RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
• The R Stocks Trader platform rivals leading solutions like MT4, with netting and hedging capabilities, comprehensive backtesting, Level II pricing, and a flexible workspace.
• The broker offers leverage up to 1:2000 for certain account types, which is among the highest in the industry. This high leverage allows day traders to maximize their trading potential, albeit with a corresponding increase in risk.

Cons

• While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
• Despite 15+ years in the industry and registering with the Financial Commission, RoboForex is authorized by one ‘Red-Tier’ regulator – the IFSC in Belize, lowering the level of regulatory protections for traders.
• RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.

This RoboForex review examines the broker’s offering for short-term traders, informed by our direct experience testing its platforms and services over many years.

Regulation & Trust

RoboForex is an established broker, with 15+ years in the industry and 40+ industry awards. It also maintains segregated accounts, distinct from the company’s own funds, adding a layer of protection for clients’ investments.

Additionally, the broker implements negative balance protection, mitigating the risk of day traders losing more than their account balance during volatile market conditions.

Furthermore, robust SSL encryption technologies are employed to safeguard sensitive data and financial transactions from unauthorized access.

On the downside, RoboForex is authorized by the International Financial Services Commission (IFSC) in Belize. This is a ‘Red Tier’ regulator with low levels of investor protection, especially compared to ‘Green Tier’ regulators, such as the FCA in the UK or the ASIC in Australia.

As a result, RoboForex does not rival our most trusted brokers for 2024, which all boast excellent regulatory credentials.

Accounts & Banking

Accounts

RoboForex offers five accounts: Prime, ECN, R StocksTrader, ProCent and Pro.

With a minimum deposit requirement as low as 10 USD/EUR for most accounts, RoboForex ensures accessibility to traders of all levels. The R StocksTrader account stands out, requiring a slightly higher initial deposit of 100 USD/EUR but still maintaining a competitive edge.

For seasoned traders, the allure of zero-pip spreads in the ECN and Prime accounts will be appealing, while the R StocksTrader account caters specifically to those interested in stock trading.

On the other hand, casual traders may find the ProCent and Pro-Standard accounts more suitable, with no commissions but larger spreads starting from 1.3 pips.

The key differences among these accounts extend beyond their fee structures to include minimum margin requirements, leverage options, and specific conditions like margin call/stop-out levels.

For instance, the Prime account’s 100% stop-out level may not be suitable for novice traders lacking stringent risk management practices, whereas the R StocksTrader account offers a more conservative stop-out level at 20%.

Additionally, RoboForex caters to diverse trading beliefs by offering Islamic swap-free accounts and innovative investment opportunities through platforms like CopyFX and Risk Allocation Management Model (RAMM), suitable for both short and long-term trading ambitions.

Setting up a real-money account via the RoboForex homepage is a straightforward process that I completed in a few minutes. Verification then took an additional few hours.

Christian Harris

Author

One notable drawback is that while the demo account offers a realistic simulation of standard account trading environments, it’s frustratingly limited to 90 days, which may not be sufficient for thoroughly testing day trading strategies.

Also, bonuses are exclusively available for Pro account holders, with no promotions for users of the R StocksTrader account.

Deposits & Withdrawals

RoboForex discontinued the majority of its base currencies in March 2024, so the platform now allows deposits in just two currencies – USD and EUR.

RoboForex supports a variety of payment methods, including international and local bank transfers, card payments, and numerous e-wallets. However, it’s worth noting that popular options like PayPal and Bitcoin deposits are notably absent from the list.

Despite this, all deposit channels are provided at no additional cost, ensuring quick processing, with most requiring a minimum deposit of just 10 USD/EUR for standard accounts.

When it comes to withdrawals, RoboForex offers equally numerous methods, although the availability may vary depending on your location.

I’ve observed that withdrawal processing times at this brokerage tend to be longer compared to other brokers. For instance, withdrawals via wire transfer may take up to 5 business days to reach your account, while withdrawals through Visa or Mastercard can extend up to 10 days.

Having said that, withdrawals executed through electronic payment options are typically much faster, often processed within minutes to a maximum of one day.

While RoboForex doesn’t impose fees for deposits into its wallet, I’ve encountered various withdrawal methods that incur charges. For example, withdrawals via SEPA bank transfers carry a 1.5% commission, while Visa withdrawals are subject to a 2.6% fee along with a flat charge of $1.30. Additionally, withdrawals through Skrill and Neteller are associated with fees of 1% and 1.9%, respectively.

Assets & Markets

RoboForex has a strong investment offering relative to the industry standard, although its 12,000+ instruments appear modest when compared to giants like Blackbull (26,000+) and IG (17,000+).

Among its offerings, RoboForex presents over 8,400 stock and ETF CFDs sourced from leading global exchanges like Nasdaq, Dow Jones, LSE, Deutsche Boerse, and SIX Swiss Exchange. These ETFs cover a wide spectrum of industries and market characteristics, providing traders with ample opportunities for investment diversification.

Additionally, the platform features more than 3,000 real stocks of US companies, catering to traditional investors seeking direct equity investments.

Indices are moderately represented with 10 markets available for CFDs. These include prominent indices such as the S&P 500, Dow Jones, German DAX 40, and UK FTSE 100, offering traders the chance to speculate on the economic performance of various countries or industries.

In terms of commodities, RoboForex provides a limited selection of just 4 assets, primarily metals and energy. While gold trading presents opportunities, particularly with its competitive pricing in certain account types, other popular commodities like wheat and coffee are notably absent from the platform.

One notable drawback is that I can’t trade cryptos, bonds or options at RoboForex, a downside compared to alternatives like IG.

Christian Harris

Author

Fees & Costs

The cost structure associated with different account types positions the broker competitively against counterparts like FXTM, but trails the cheapest brokers.

One aspect that sets RoboForex apart is its offering of accounts with either ECN or STP execution styles, providing the flexibility to prioritize lower spreads or zero commission trading based on trader preferences.

In accounts like Pro-Cent and Pro, fees are integrated into spreads, averaging at approximately 1.4 for EUR/USD and 1.75 for US indices. In the ECN accounts, spreads on major pairs like EUR/USD are as low as 0.1 pips, comparing well with firms like Pepperstone.

I encountered varying commission rates for ECN accounts, ranging from $10 per round lot in the Prime account to $20 per round lot in the pure ECN account. Despite these relatively high commissions, RoboForex offsets the impact to an extent through rebates on commissions and earnings from STP trade spreads.

Helpfully, investments in stocks and ETFs are exempt from commission charges, enhancing cost-effectiveness.

I’ve also appreciated that RoboForex refrains from imposing inactivity fees, ensuring that accounts remain unpenalized during periods of dormancy.

Notably, gold day trading on the platform presents an advantage, as the associated commission ($1 single turn, per lot) falls below the industry average, providing favorable conditions for trading precious metals.

Platforms & Tools

RoboForex offers an excellent selection of platforms tailored to the diverse needs of its users, surpassing the offerings of most brokers in the industry.

Seasoned day traders are likely familiar with MT4 and MT5 platforms, renowned for their extensive customization options and seamless integration with Expert Advisors (EAs). These platforms are accessible through downloadable versions for Mac, PC, and Linux, as well as via the browser-based WebTrader and mobile apps for iOS and Android.

RoboForex’s proprietary platform, R StocksTrader, is designed specifically for stock trading. While it may not offer the same level of flexibility as MetaTrader platforms, it stands out with its integration of TradingView charts.

In my view, the TradingView charting package that’s integrated into RoboForex’s custom platform represents the industry’s pinnacle in terms of adaptability and functionality.

Christian Harris

Author

TradingView-powered charts provide an extensive array of analytical tools, various timeframes, and effortless zooming capabilities for analyzing price movements. In comparison, the charts on MetaTrader platforms can feel cumbersome and less intuitive to navigate, making the trading experience less seamless.

There’s also the CopyFX platform where traders can promote their own day trading strategies or follow the strategies of others.

The platform allows you to view participants by key metrics like profit/loss, yield and maximum drawdown. Each participant has the flexibility to choose their own commission structure, investment period and minimum deposit, giving them full control over their account.

Research

I’ve been impressed with the range of research tools available at RoboForex, which help me to formulate strategies and make informed trading decisions.

One standout tool is the economic calendar, which provides insights into key global economic events and indicators, aiding in predicting market movements based on forthcoming economic data.

Additionally, the trading calculator has proven invaluable, allowing me to estimate potential profits, losses, and costs across various instruments.

RoboForex’s provision of daily market news and analysis are particularly beneficial, enabling users to identify new trading setups. Each piece of analysis includes several charts accompanied by concise technical analyses, offering valuable insights into market trends.

Furthermore, the heatmap tool is highly useful. It facilitates the identification of cross-market correlations and technical signals based on multiple indicators such as moving averages, oscillators, and volume indicators. This comprehensive overview of market sentiment can greatly influence your understanding of specific instrument price movements.

Lastly, staying updated on the latest market developments is intuitive through the news feed provided by RoboForex. Each article presented a blend of technical and fundamental analysis, shedding light on the initial market response and the current trading configuration.

Education

The platform’s organization of trading subjects into distinct categories, coupled with a mix of written articles and videos, provides a practical and immersive learning environment.

One aspect that stands out is RoboForex’s ‘Trading Strategies’. Delving into techniques ranging from ‘Scalping with use of Parabolic SAR + CCI’ to ‘Trading based on gaps’, these strategies are thoughtfully categorized by various timeframes, notably for short-term traders.

They offer beginner traders valuable insights and serve as catalysts for developing their own trading methodologies. Moreover, RoboForex’s glossary serves as a helpful companion, aiding newcomers in grasping the technical terms integral to trading.

However, the educational content on investing is somewhat limited, lacking comprehensive coverage of essential topics such as technical analysis crucial for effective CFD trading.

I’ve also found myself yearning for regular webinars or seminars to help me stay abreast of important market events.

While these resources are readily available from other brokers like eToro and IG, their absence on RoboForex’s platform leaves room for improvement.

Christian Harris

Author

Customer Support

RoboForex offers multilingual support, providing assistance in over 12 languages, including English, Malaysian, Indonesian, Arabic, and Spanish. Impressively, this support is available round the clock, 24/7.

Whether I’ve had general inquiries like registering for a real account or urgent issues such as login problems, I’ve found various support channels readily accessible for prompt and efficient assistance.

Instead of directly contacting the broker’s headquarters in Belize, I’ve been able to seek help through multiple avenues, including a 24/7 phone line, messaging apps like Telegram and WhatsApp, an email contact form, and live chat.

For simpler queries, I also find the website’s forum and FAQ section to be valuable resources. These sections provide answers to common questions, covering a wide range of topics such as account deletion, details on upcoming trading contests, and guides for navigating trading platforms.

Should You Trade With RoboForex?

RoboForex is an established brokerage with over 15 years of experience and access to thousands of instruments. Its diverse range of offerings caters to a wide clientele, including STP and ECN accounts, derivatives, investment products, copy trading, and multiple platforms.

However, the brokerage has weak regulatory credentials, a narrow range of currency pairs and an increasingly slim selection of account currencies, reducing its appeal for some traders.

FAQ

Is RoboForex Legit Or A Scam?

RoboForex is a credible online broker offering a range of assets on secure platforms. It employs various security measures, including SSL encryption and negative balance protection, to safeguard client funds​​​​. Its long operational history adds to its legitimacy​​.

Is RoboForex A Regulated Broker?

RoboForex is regulated by the International Financial Services Commission (IFSC) of Belize, which is an offshore authority and not well respected compared to the likes of the UK’s FCA or Australia’s ASIC.

Is RoboForex Suitable For Beginners?

RoboForex is suitable for beginners thanks to its offering of a wide range of trading assets, user-friendly platforms, and low minimum deposits.

Additionally, RoboForex offers educational resources and a demo account option, allowing new traders to practice and learn the ropes of trading without risking real money.

Does RoboForex Offer Low Fees?

While specific fees can depend on the account type, trading platform, and market traded, RoboForex’s structure is designed to cater to a wide range of traders, emphasizing transparency. Some accounts include zero spreads, which can be particularly attractive for traders looking to minimize costs​​.

That said, RoboForex does trail the industry’s cheapest brokers with relatively high commissions in some accounts and rebates that require significant trading volumes to offset costs.

Is RoboForex A Good Broker For Day Trading?

RoboForex is suitable for day trading as it offers a wide array of instruments, competitive fees, and low minimum deposits. It supports excellent charting platforms including MetaTrader 5 and offers zero-spread ECN accounts, making it attractive to both novice and professional traders. High leverage options further enhance its appeal, though they also increase risk.

On the downside, execution speeds of 1-3 seconds may impede intraday strategies, especially compared to the fastest brokers with speeds of <0.1 seconds.

Does RoboForex Have A Mobile App?

RoboForex provides a comprehensive mobile trading experience with four apps available for iOS and Android: MT4, MT5, R MobileTrader and R StocksTrader. These apps allow users to engage with financial markets, manage trades, and utilize various trading tools on the go.

Top 3 Alternatives to RoboForex

Compare RoboForex with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
   Go to FOREX.com

RoboForex Comparison Table

Compare Trading Instruments

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