RoboForex Review 2023: Is This the Right Broker for You?

They also compensate clients commission for funds withdrawal twice a month. VPS’s can be accessed via desktop, laptop or mobile devices at the same time. To qualify for a free VPS, clients need to maintain an account balance of at least https://traderoom.info/fortfs-overview/ $300 and produce a monthly trading volume of at least 3 standard lots. Roboforex stock traders look to profit from the short-term market developments by selling stocks for a profit or buying stocks at a cheap price on Roboforex.

• Overall, RoboForex offers a wider variety of payment methods than other similar brokers and while deposits are generally free, fees are charged on most withdrawals.
• A sell stop order is entered at a stop price below the current market price.
• RoboForex also stands out for the number of financial instruments on offer, including over 12,000 stocks, 1,000 ETFs, 100 commodities, 40 Forex pairs, 26 cryptocurrencies, and indices.
• The in-house RoboForex WebTrader is actually the MT4 platform, just in the form of a browser-adapted platform.
• You can choose an account depending on if you need tight spreads or would prefer to pay no commission.

Cryptocurrency trading is not offered by Roboforex, so you will need to find a Roboforex alternative that allows you to buy and sell the underlying cryptocurrency assets. Check to see if CFD cryptocurrency trading is allowed in your region with a Roboforex alternative and make sure you undertand the risks fully before trading. Among many other things, the Forex broker offers as much as 12,000 trading assets. The broker also offers phenomenal educational material, which you can use to grow as a Forex trader. After reviewing RoboForex and its services, we were able to find out that this Forex broker is a reliable and safe company. Thanks to the regulatory frameworks that RoboForex follows, it is able to offer clients a safe environment.

Deposit and Withdrawals

The site also has videos and guides to assist you in opening an account, how to start trading, and access to the Forex community forum. The banking section at RoboForex is smooth, reliable, trustworthy, and truly comprehensive when you look at the phenomenal line-up of payment methods for both deposits and withdrawals. RoboForex has also partnered with investment platforms like CopyFX and developed unique RAMM accounts so that traders can automate their trading. RoboForex operates as a true ECN Forex broker, but it also offers standard accounts for beginner traders who do not want to deal with paying commissions on each transaction. Currently, they list a total of 5 different types of accounts that you can open with RoboForex.

I would say the platform can be a good start for those who wants to get Prime and ECN-Pro because these have floating start points from 0 points. Not just that, the company already gained interest and reliability from over 800,000 clients all over the world. Furthermore, RoboForex has launched a Civil Liability Insurance program with a limit of €5,000,000. This insurance covers the losses of clients caused by fraud, errors, omissions, negligence, and other disputes.

Broker Details

As our review of RoboForex shows, the company is based in Belize, which means that it is regulated by the Internationa Financial Services Commission of Belize. It also is part of the Financial Commission and Compensation Fund, which means that your funds will be safe with this Forex broker. The Forex broker offers more than 12,000 trading instruments, across 8 different asset types. Over the years, the company has earned a very good reputation with more than 3 million live accounts since its establishment. Payment remains commission-free, but the broker provides commission-free withdrawals twice per month; on the first and third Tuesday, all withdrawals are automatically free of charge. Plenty of payment methods are available offering prompt processing.

• On RoboForex, the payment methods available to forex investors have a minimum compensation cost.
• Markets change quickly, and you need to be able to execute an order instantly.
• This includes regular trading account, Cent account, ECN account, Prime account, Demo account, and Islamic account.
• The website is slow, cluttered, and clunky, with information being difficult to find.

Help is available 24/7 via email, telephone, live chat, Telegram, WhatsApp, Facebook Messenger, Skype, and Viber. Roboforex’s customer support is excellent compared to other similar brokers. Additionally, its customer service team is available 24/7 for all client account and technical questions. RoboForex also offers an Islamic Swap-Free account on which it charges a fixed commission.

Is RoboForex a market maker?

Because they limit each account in that way, the entire experience ends up being underwhelming. But while some regulation definitely is better than none, Belize’s financial commission isn’t quite stringent when it comes to enforcing rules. As an offshore regulator, it provides much less security than, for example, something like the UK’s FCA.

One of the main reasons for it is that it offers traders the ability to access the market at any moment, no matter where they are. However, traders should keep in mind that according to the local laws in Europe, brokers are not able to offer their clients any type of promotion. Because of this, if you are a European retail trader, you will not be able to use any of the promotions.

Funding Options

As we already mentioned in our RoboForex review, there are multiple platforms you can pick from. There are standard options, such as MetaTrader4 and MetaTrader5, but also the proprietary cTrader and R Trader. There are also web and mobile options, but they are based on R Trader rather than the more standard platforms. RoboForex’s deposit and withdrawal options are not only numerous but also quite speedy. Fees are absent from most of the cards, e-wallet, and online payment methods as well.

However, in the considerable time the firm has been operating, it’s had quite a bit of ups and downs. From the outside, the service looks quite astounding, with strong technical qualities. However, things hold up much worse when you look at the realistic situation. The website is slow, cluttered, and clunky, with information being difficult to find.

Besides lots of currency pair,
RoboForex also offers some instruments you would like to trade on, such as
Forex and Gold & silver for your best choice. The time until traders receive their funds depends on the payment processor, which can take ten business days. Most options remain instant once RoboForex processes a request, which can take 24 hours. RoboForex offers four bonuses, a $30 no deposit bonus, a VIP program, and free trading contests. The 60% Profit Share, the 120% Classic, and the $30 Welcome offers apply only to the ProCent and Pro accounts. As for the R Trader mobile application, the app has 14 trading indicators.