Roboforex Review – All About Forex Broker

Roboforex is a fast growing broker that has been providing quality services for Forex and CFD trading for over 10 years. In the full RoboForex 2021 review, we reveal the whole truth about a forex broker. Most importantly, after the review, you will be able to draw your conclusion about this broker based on its advantages and disadvantages.

Review of trading conditions on Roboforex

The official site https://robomarkets.com is intended for registration of traders from the EEA, and the site https://roboforex.com is for traders from other countries.

Regulation and general information

RoboForex Group Holding provides online trading services in more than 169 countries of the world through various companies. It is developing rapidly, trying to offer the most attractive trading conditions and loyalty programs. And this is giving its results, in 2019 the broker opened more than 3.5 million trading accounts.

The broker RoboForex Ltd. provides services and accepts for registration of traders from most countries. Roboforex Ltd. is regulated by IFSC Belize (International Financial Services Commission of Belize) and is a member of the Financial Commission. The IFSC regulation does not provide high security for traders. However, this regulator can easily revoke the license of brokers that do not comply with their regulations. In 2019 alone, IFSC canceled licenses from 48 companies that violated the regulator’s rules. Thus, it increases the authority of the regulator and the level of trust in Roboforex.

As for membership in the Financial Commission, it’s more of a PR stunt. The Financial Commission has not been trusted by experienced traders for a long time. But it can have an effect on beginners – they will definitely like the possibility of large compensation in case of violation by the broker.

RoboMarkets Ltd  is a European broker regulated by the CySEC. RoboMarkets Ltd provides financial services only to the residents of the EU/EEA countries. CySEC regulation is a good indicator of reliability. It has a high degree of trust and effective supervision of the securities market.

Broker Roboforex (and RoboMarkets) is constantly improving trading conditions and the quality of the services provided (their detailed review will be below). In 2019-2020, he received more than 10 prestigious awards from influential experts in the financial industry.

Roboforex trading platforms

Each client will be able to find a suitable trading platform for trading or investing with the Roboforex broker. Surely, choosing the right platform is an important part of successful trading. Broker Robo Forex provides classic and proprietary trading platforms. Now let’s move on to a review of the Roboforex trading platforms.

MT4 and MT5

Roboforex MT4 and MT5 terminals are a classic choice for beginners and experienced traders. For beginners, mastering the MT4 and MT5 terminals will not take much time due to the clear and convenient interface. Experienced traders also often prefer these trading platforms for their versatility and the ability to trade with their own advisors or robots.

Their characteristic features are a large selection of trading indicators and the possibility of algorithmic trading. Trading on MT4 and MT5 is available through a web browser and an application for PC and mobile phones, the terminals are best downloaded from the official website roboforex.com.

cTrader

For experienced traders who value the speed of opening positions, the Roboforex broker offers the cTrader trading platform. The cTrader trading platform allows you to open positions at the most accurate quotes directly via liquidity providers. It is great for scalping and intraday trading.

In addition, the platform makes it possible to assess the depth of the market. The Roboforex cTrader trading platform can also be launched via a web browser or downloaded to any device (PC, Android, iOS).

As one of the most competitive Forex and CFD brokers, in addition to standard platforms, Roboforex provides its clients with several unique brokerage solutions for trading and investing.

R WebTrader trading platform

The R WebTrader trading platform is a proprietary development of the RoboForex broker. The own terminal Roboforex R WebTrader serves as an alternative to the usual MetaTrader 4. It is not innovative and is very similar to the MT4 terminal, but in terms of functionality it is even inferior to it.

The authoring platform is intuitive and convenient, trading on it is possible through a web browser and a mobile device (Android, iOS). The characteristic differences of R WebTrader are the ability to deposit the account via the terminal without going to your personal account and quick access to analytics from RoboForex.

R Trader trading platform

The R Trader web platform is another proprietary trading terminal from RoboForex that does not require installation or download of additional programs. The most important reason for trading on this terminal is access to 11,700+ trading instruments, including stocks, indices, cryptocurrencies, forex and ETFs.

The Roboforex R Trader trading platform allows you to open many tabs and screens with different charts. And the main feature of this block is the ability to combine up to 6 charts on one screen. This is great for analyzing assets on different timeframes and using different indicators. This function will be appreciated only by experienced traders.

About 38 popular trading indicators are available for technical analysis. Algorithmic trading is available on R Trader and there is a trading strategy builder that allows you to create your own trading strategies without programming skills. It combines hundreds of different indicators, statistics and other useful information.

In this terminal, as well as on cTrader, you can estimate the depth of the market (level II). Traders will be able to benefit greatly from the most complete analytical picture and find more profitable points to open positions.

The disadvantages of trading on the R Trader platform are some of the trading conditions of the Roboforex broker. For example, the commission is quite significant for small volumes (especially for cryptocurrencies) and is taken when opening and closing positions. With a leverage of more than 1: 1, an additional financing fee is charged when the positions are carried over to the next day, which can severely reduce your profit.

RoboForex account types

Depending on your trading preferences, RoboForex offers different types of accounts. Each of them is most suitable for specific purposes. In addition to the 5 main types of accounts, you can open a demo account and a CopyFX investment account with a broker.

Therefore, we can say that the broker has 7 types of trading accounts: Demo, Pro-Cent, Pro-Standart, Prime, ECN, R Trader, CopyFX. You can open any demo and real (live) account through your personal account.

Now let’s move on to a detailed review of Roboforex account types. Each of them is suitable for specific purposes.

Demo account

Like most Forex and CFD brokers, Roboforex offers clients to open a free demo account. The demo account allows beginners to practice trading, try out trading strategies, as well as advisors and robots. You can open it for any type of real account, which allows you to evaluate the trading conditions of any of them without a deposit. For example, you can visually see spreads, swaps, compare order execution speed, and more.

Novice traders are recommended to start trading with RoboForex on a demo account.

Pro-Cent

If you are tired of trading on a demo account, but still not completely confident in your abilities, a real trading account Roboforex Pro-Cent is for you. The main feature of this account is the use of cents as the main currency. Beginners on this account can trade without big losses (and, accordingly, without big profits). It can also be used to test trading strategies, advisors and robots.

Pro-Standart

The most popular and universal type of Roboforex live account is Pro-Standart. It is suitable for both beginners and experienced traders. You can trade on a Pro-Standart account through almost any trading platform (except for R Trader), the available leverage can be up to 1: 2000. Spreads are relatively average, amounting to 1.7-2.2 pips or more for major currency pairs without additional commission. Swaps are much lower than spreads and they can be positive, which allows you to open positions for a long time. This account allows you to use all bonus offers and loyalty programs.

Prime и ECN

Roboforex Prime and ECN accounts are very similar to each other. On these real accounts, the broker offers the lowest spreads (on average from 0.1 – 0.7 pips for major currency pairs), but there is a commission for every million USD of the traded turnover. The commission is taken both when opening and closing a deal.

On a Prime account, the commission is lower than on an ECN account (for forex assets and metals by 2 times). For a Prime account, the maximum leverage is 1: 300 and the Stop Out level is 100%, and for ECN 1: 500 and 40%. However, the main advantage of an ECN account over Prime, despite the increased commissions, is the ability to trade in the cTrader terminal. This provides the fastest opening of trades and STP access to the market, which is extremely important for scalping. That is why these trading accounts should be considered by experienced traders for both short-term and long-term trading.

Only bonuses from loyalty programs apply to these accounts.

R Trader

R Trader is a unique type of RoboForex real account that allows trading on the proprietary web platform of the same name (described above). On it you can trade a huge number of trading assets – over 11,700 (indices, cryptocurrencies, real stocks, CFDs on stocks, forex, ETFs, oil, metals). The R Trader account allows you to buy real shares and receive dividends.

The commissions on this account cannot be called high with sufficient trading volume. Buying / Selling a small amount of shares can be unprofitable due to the presence of a minimum commission. It is taken twice, for opening and closing a position. With a leverage of more than 1: 1 Roboforex takes an additional commission for financing when the positions are rolled over to the next day.

Therefore, a large enough deposit is required to trade on the R Trader account. The minimum deposit for this account is $ 100. There are no bonuses on this type of account.

CopyFX

Robo Forex does not have PAMM accounts, but there is an alternative. CopyFX is a RAMM investment account of Roboforex. To attract investors, traders must perform well. Each trader sets a commission that investors will pay him for copying trades. Investors will be able to view information about your CopyFX account and assess the risks before investing.

On the CopyFx platform, you can also invest in successful traders. To do this, you can open the rating of traders and view their CopyFX (RAMM) accounts. Many high yield accounts are the most risky and have large drawdowns.

Therefore, investing in CopyFX (RAMM) accounts should be done very carefully. It is best to choose accounts with a small drawdown and a large portfolio (for example, a viptradingclub trader)

Promotions

Promotions are the main feature of Roboforex broker for attracting new clients. To participate in most promotions and loyalty programs, you will need to verify and fund your account, and as a result, you are already a Roboforex client. This is the main reason for the broker’s generosity. There are many conditions in these promotions that are worth reading. Therefore, most promotions and loyalty programs, in this case, are more useful for the broker.

Now to a detailed review of the loyalty program, bonus and contest from Roboforex.

Loyalty program

Up to 10% to the account balance for trading at RoboForex. The funds received are not bonus, customers can withdraw them at any time. Only a few will be able to receive exactly 10% of deductions, because for this it is necessary to make large trading volumes every month (over 1000 lots). In addition, only the trading turnover for transactions with currency pairs and metals is taken into account. Needless to say, how much the broker will earn on spreads and commissions.

Cashback (Rebates) can be received by verified Roboforex clients with a trading turnover of 10 lots per month. The funds received are not bonus funds. With the help of this loyalty program, the broker also “stimulates” traders to make huge trading volumes. It turns out that Robo Forex will return you part of the commission you paid.

Or it may not return, because at any time the broker may refuse to accrue Cashback (Rebates).

A free VPS server can be provided to clients who have at least $ 300 in their account balance. The service is free if the client has a trading volume of at least 3 standard lots per month. If this condition is not met, the cost of the monthly subscription fee for the service is 5 USD.

Deposit and withdrawal of funds without commission – Roboforex compensates for the costs of depositing the account and allows you to withdraw funds without commission 2 times a month.

You can become a Roboforex VIP client when your account balance exceeds $ 3000. The VIP client receives an increased cashback, increased% on the account balance, access to the VPS server and a personal VIP manager.

A $ 1,000,000 promotion to celebrate the 10th anniversary of Roboforex. For 8 months, starting in October 2020, there will be a drawing of a specific prize fund between 30 participants every month. Traders, partners and CopyFX account holders can participate.

Bonus

Roboforex made sure that every client can receive bonuses. Every trader can get a Roboforex bonus when making a deposit to a trading account. These funds can both help and hinder your trading. It is best to read the rules of the bonus program before accepting them.

Welcome Bonus 30 USD from Roboforex can be received after registration and verification. In addition, you need to top up your Pro-Cent or Pro-Standart account with a bank card for at least 10 USD. The most unpleasant moment may be Roboforex’s refusal to charge the Welcome bonus without explaining the reasons, this is indicated in the rules and is actively used.

You can get a classic bonus up to 120% from RoboForex already at the first deposit. This bonus is available only for Pro-Cent and Pro-Standart accounts opened on the MT4 and MT5 platforms. Bonus funds cannot be used in case of a “drawdown”. They will be debited from the account when the funds (Equity) on the account become less than the amount of active bonuses. They can be worked out and withdrawn by making a trading turnover in standard lots (Bonus amount in USD / 2). RoboForex may deny a client a Bonus or cancel all client’s Bonus funds without giving reasons and / or prior notice.

Profit Share bonus up to 60% from Roboforex is almost an exact copy of classic bonuses. The main difference is the exposure of the “drawdown” by the Profit Share bonus. Actually, that’s why the bonus amount is 2 times less than that of the classic one. It can also be worked out and withdrawn.

RoboForex contest

The Roboforex broker has contests in which every verified client can take part by creating a special demo account. There are 4 contests in total. For winning them, bonus funds will be credited to your account.

The Week with CFD contest is held weekly on the MT4 Demo account type. The winner is the participant with the largest deposit on the account at the end of the competition. The prize fund of the tournament is $ 1500.

The KingSize MT5 contest is held weekly on the MT5 Demo Pro account type. The winner is the participant who opened the order with the highest volume. The prize fund of the tournament is $ 1000.

The Trade Day contest is held weekly on the MT4 Demo Pro account type. The winner is the participant with the largest deposit on the account at the end of the competition. The prize fund of the tournament is $ 1000.

The Demo Forex contest is held weekly on the MT4 Demo account type. The winner is the participant with the largest deposit on the account at the end of the competition. The prize fund of the tournament is $ 3000.

There are certain rules for tournaments that can easily leave you without a prize from Roboforex. The broker reserves the right to:

• Disqualify any participant with no advance notice or without giving any particular reason of disqualification, if the violation of the contest rules on the part of the participant is too obvious;
• To write off from the account the prize money given earlier and cancel all transactions made using these funds, without disclosing the reason.

Real reviews of RoboForex traders 2021

For quite a long time of work, you can find a huge number of reviews about the broker. The newest real feedback from traders about Roboforex for 2019-2020 is of great interest. Real reviews from traders of Roboforex 2020, as well as about many brokers, is both negative and positive. When analyzing the reviews, it seems that many of them (both good and bad) were bought.

In positive reviews, the broker’s clients write about the quick withdrawal of funds, a wide selection of trading instruments and account types, fast order execution without slippage (requotes) and acceptable spreads.

Negative real reviews of Roboforex traders for 2020 can also be found in large numbers. They talk about a strong widening of spreads at night (and, as a consequence, closing positions when a stop-out occurs), poor technical support, unreasonable write-off of funds and problems with withdrawing money.

Reviews of real traders do not go unnoticed by broker representatives on the most popular sites. RoboForex managers respond quickly to any problems and try to solve them if the author of the review indicated the account number. After feedback from managers, many authors of reviews like “the broker does not withdraw funds” or “wrote off funds just like that” disappear without a trace. This suggests that many reviews are fake from competitors and Roboforex maintains its image even outside the official website.

Deposit and withdrawal of funds

The Roboforex broker has a low threshold for starting trading – the minimum deposit is only $ 10. The broker does not take commissions for replenishment, or rather, he compensates them. If the deposit is made in another currency, then it will be converted into the currency of your account at the internal rate. These courses are not very beneficial for clients.

Roboforex actually did not set a limit on the minimum withdrawal of funds, it depends only on the chosen payment system. For example, for electronic wallets, the minimum withdrawal of funds is $ 0.1. The maximum withdrawal limit for credit cards and AdvCash is $ 10,000 at a time.

Broker Roboforex quickly withdraws money to electronic wallets (from 1 minute to 1 day). For bank transfers, the due date is up to 3 banking days, for credit cards from 1 to 10 days.

There are many methods to deposit and withdraw funds. Many of them are only available in certain countries. The most common methods/options to deposit and withdraw funds are:

• Bank Transfer
• Visa / Mastercard / JCB
• Skrill
• Neteller
• Perfect Money
• AdvCash
• Fasa Pay
• AstroPay

Traders can withdraw money twice a month without commission.

Pros and Cons

Based on the review, the Roboforex broker has pros and cons.

Conclusion

As a result of the review, RoboForex will be a good choice for forex and CFD trading. The broker offers attractive trading conditions and a large number of loyalty programs. Roboforex has a huge selection of trading instruments, platforms and account types for various purposes. This broker is suitable for both beginners and professionals.

It seems that it deservedly gets into the ratings of forex brokers. However, the RoboForex review shows that it also has certain disadvantages.

The broker has spreads that are too high for many types of assets, and they increase greatly during periods of low liquidity. To trade on the R Trader account, you will need a large deposit, since there are acceptable commissions on it only with a 1: 1 leverage.

Most unpleasant is broker policy regarding his bonuses, loyalty programs and contests, of which it has many to attract new clients. RoboForex may refuse to issue bonuses and cancel them later (as well as the profit received from some bonuses), or it may not interfere and issue everything in full. One way or another, both cases are known. The bonus rules of many brokers contain many pitfalls. Therefore, before starting trading, it is better to carefully read them and think about whether you need such bonuses.

In general, the RoboForex review shows that it is reliable and can be traded with. If you don’t want to take risks, then you can simply not participate in loyalty programs and not accept bonuses. Even without these offers, trading conditions are better than many forex brokers.

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