RoboForex Broker Review
“This is a Forex Broker with fast execution, and they are NDD forex broker”
I have faith in this broker because it’s already been in the market for 12 years in a row and offers so many platforms to trade on. They also have a large variety of deposit and withdrawal options which many of the brokers don’t seem to have.
Is RoboForex good and reliable?
Being regulated by CySec and IFSC and having been in the market for more than 10 years the chances for them to run away are quite slim. And the license they hold is more valuable.
Which license does Roboforex hold?
RoboForex Ltd has a special brokerage license FSC Belize “Trading in financial and commodity-based derivative instruments and other securities” under the number 000138/333
What other regulation does Roboforex have?
At RoboForex, we understand that traders should focus all their efforts on trading and not worry about the appropriate level of safety of their capital. Therefore, the company took additional measures to ensure compliance with its obligations to the clients. They have implemented a Civil Liability insurance program for a limit of 5,000,000 EUR, which includes market-leading coverage against omissions, fraud, errors, negligence, and other risks that may lead to financial losses of clients.
RoboForex Ltd has received the execution quality certificate Verify My Trade (VMT), confirming its compliance with the strict requirements of the Financial Commission to its member brokers.
Pros and Cons of RoboForex
Pros
- Many options for deposit and withdrawal.
- Easy process to open an account
- Bonus options available at the time of depositing funds.
- Support availability is 24*7.
- Multilanguage support in 13 languages and a variety of channels of communication.
- Low minimum deposit.
Cons
- Withdrawal charges are there.
- Slow support
- Website takes a lot of time to load another page.
- Limited choice of trading instruments on the majority of accounts.
- Swap Long and Swap Short both are in negative.
What is the maximum leverage Roboforex offers?
The maximum leverage is 1:1000 which Roboforex offers.
Roboforex Headquarters is located at?
Roboforex headquarters is located at the Registered address: 2118 Guava Street, Belama Phase 1, Belize City, Belize. Business address: 9724 Ramiro Duran Street, Belize City.
What is the best thing about RoboForex?
The best thing about RoboForex brokers is that they have many options for deposit and withdrawal along with a bonus facility available at the time of deposit.
Which Account type you recommend and why?
In my point of view if we consider less cost then the go-to account is prime as the commission values are less as compared to other brokers as well and the spread is also less so you can definitely go with this account type.
Roboforex Account Type and their Comparison
They have four types of accounts named Standard Pro, Pro Cent, ECN, and prime. Each of the accounts has their specific features, let’s have a look at them:
| Account Type | Definition | Standard Pro | Pro Cent | ECN | Prime |
|---|---|---|---|---|---|
| Trading Platforms | The platforms which can be used to trade with Robo Forex Broker | MT4, MT5, C Trader, R trader, Mobile Trader | MT4, MT5, C Trader, Mobile trader | MT4, MT5, C Trader, Mobile trader | MT4, MT5, C Trader, Mobile trader |
| Account Currency | The currency with which you can deposit funds with this broker | USD, EUR, CNY, GOLD | USD, EUR, CNY, GOLD | USD, EUR, GOLD | USD, EUR, Gold |
| Trading Instruments | The instrument which you can trade with them | USD, EUR, CNY, GOLD | USD, EUR, CNY, GOLD | USD, EUR, GOLD | USD, EUR, GOLD |
| Minimum Deposit | The minimum amount required to open account with Roboforex | USD 10/ EUR 10 | USD 10/ EUR 10 | USD 10/ EUR 10 | USD 10/ EUR 10 |
| Commission | The fees which is charged by broker when orders are opened | No Commission | No Commission | Yes, differ per currency pair | Yes, differ per currency pair |
| Spread | The difference between bid and ask price | Differ per currency pair | Differ per currency pair | Differ per currency pair | Differ per currency pair |
| Maximum Leverage | The ratio of the amount which can be borrowed from the broker in order to trade larger lot with smaller deposit | 1:2000 | 1:2000 | 1:500 | 1:300 |
| Minimum Order Volume | The minimum size of the trade | 0.01 | 0.01 | 0.01 | 0.01 |
Comparison on the basis of Spread, Commissions and Swap:
Spread:
Spread is the way of broker earning, so this is the only factor that is must for every broker, we here have collected data for 1 week of spread values for different currency pairs and here is the average calculation spread below:
|
Currency |
Standard Pro |
Pro Cent |
ECN |
Prime |
|
XAUUSD |
38.8 |
38.3 |
21.7 |
14.8 |
|
EURUSD |
16.4 |
15.3 |
5.4 |
3.3 |
|
GBPUSD |
21.3 |
19.8 |
8 |
5.6 |
|
AUDUSD |
20.5 |
18.9 |
4.8 |
4.5 |
|
USDCAD |
21.5 |
20.8 |
6.8 |
6.8 |
|
USDCHF |
21.6 |
19.9 |
5.7 |
5.4 |
|
USDJPY |
19.9 |
18.2 |
4.6 |
3.6 |
|
GBPJPY |
32.2 |
30.8 |
10.7 |
13.2 |
|
EURJPY |
19.2 |
17.9 |
7.1 |
5.6 |
|
NZDUSD |
20.4 |
19.2 |
8.4 |
7.9 |
From the above table you can see that the spread values they differ as per account type.
Commission:
Now the next important factor which let us know about the cost of the broker is commission. Out of 4 accounts, 2 accounts have commission charges which are ECN and prime account.
ECN Account has the commission as follows;
|
XAUUSD |
USD 8/ 1 Lot |
|
EURUSD |
USD 5/1 Lot |
|
GBPUSD |
USD 5/1 Lot |
|
AUDUSD |
USD 3/1 Lot |
|
USDCAD |
USD 4/1 Lot |
|
USDCHF |
USD 4/1 Lot |
|
USDJPY |
USD 4/1 Lot |
|
GBPJPY |
USD 5/1 Lot |
|
EURJPY |
USD 5/1 Lot |
|
NZDUSD |
USD 3/1 Lot |
Prime account has the commission value as follows:
|
XAUUSD |
USD 4/1 Lot |
|
EURUSD |
USD 2/1 Lot |
|
GBPUSD |
USD 3/1 Lot |
|
AUDUSD |
USD 1/1 Lot |
|
USDCAD |
USD 2/1 Lot |
|
USDCHF |
USD 2/1 Lot |
|
USDJPY |
USD 2/1 Lot |
|
GBPJPY |
USD 3/1 Lot |
|
EURJPY |
USD 2/1 Lot |
|
NZDUSD |
USD 1/1 Lot |
In my point of view if we consider less cost then the go-to account is prime as the commission values are less as compared to other brokers as well and the spread is also less so you can definitely go with this account type. This account also has withdrawal charges of USD 1 dollar but the overall cost of the account is the lowest as compared to others.
Swap:
Swap is the overnight interest of the orders which remain open for more than 1 day.
There are two types of swap values one is swap long and one is swap short. The below table has the swap long values.
|
Currencies |
Standard Pro |
Pro Cent |
ECN |
Prime |
|
XAUUSD |
(-14.36) |
(-14.36) |
(-14.36) |
(-14.36) |
|
EURUSD |
(-6.2) |
(-6.2) |
(-6.2) |
(-6.2) |
|
GBPUSD |
(-4.1) |
(-4.1) |
(-4.1) |
(-4.1) |
|
AUDUSD |
(-2.7) |
(-2.7) |
(-2.7) |
(-2.7) |
|
USDCAD |
(-2.1) |
(-2.1) |
(-2.1) |
(-2.1) |
|
USDCHF |
0.3 |
0.3 |
0.3 |
0.3 |
|
USDJPY |
0.214 |
0.214 |
0.214 |
0.214 |
|
GBPJPY |
1.151 |
1.151 |
1.151 |
1.151 |
|
EURJPY |
(-.547) |
(-.547) |
(-.547) |
(-.547) |
|
NZDUSD |
-0.4 |
-0.4 |
-0.4 |
-0.4 |
The below table is of swap short values.
|
Currencies |
Standard Pro |
Pro Cent |
ECN |
Prime |
|
XAUUSD |
3.3037 |
3.3037 |
3.3037 |
3.3037 |
|
EURUSD |
0.5 |
0.5 |
0.5 |
0.5 |
|
GBPUSD |
(-1) |
(-1) |
(-1) |
(-1) |
|
AUDUSD |
(-1.8) |
(-1.8) |
(-1.8) |
(-1.8) |
|
USDCAD |
(-3.3) |
(-3.3) |
(-3.3) |
(-3.3) |
|
USDCHF |
(-5.8) |
(-5.8) |
(-5.8) |
(-5.8) |
|
USDJPY |
(-8.077) |
(-8.077) |
(-8.077) |
(-8.077) |
|
GBPJPY |
(-9.643) |
(-9.643) |
(-9.643) |
(-9.643) |
|
EURJPY |
(-6.933) |
(-6.933) |
(-6.933) |
(-6.933) |
|
NZDUSD |
(-3.1) |
(-3.1) |
(-3.1) |
(-3.1) |
The swap values are the same for every type of account. But yes, these are also added to the overall cost of a broker because there are times when your trade takes more than the required time to reach the target.
RoboForex Trading Platforms
Roboforex provides 5 types of platforms naming MT4, MT5, cTrader, RTrader, and Roboforex Terminal. This is the first broker in my knowledge who offers 5 platforms to trade. Every platform has its own features and benefits.
One can use any trading platform which seems perfect for their use but if you are a beginner don’t go on any other platform use MT4 my suggestion rest is up to you. To know which platform fulfills which type of purpose click here.
Roboforex Opening Account procedure
Opening an account with Roboforex is also easy, a few steps to follow and you are good to go. To get verified you are required to submit an ID proof and address proof. Once you get verified you can open your real account login into it and trade.
To know the detailed process, click here.
Deposit and Withdrawal Options
Roboforex offers a lot of methods to deposit and withdraw. I used Neteller to deposit my funds with them and it was easy to do so. They also don’t charge any fees on deposits but there is USD 1 charge on Withdrawals
To know more details about the same click here.
Roboforex Bonus
Roboforex provides a welcome bonus of $30 with the help of which you can trade and withdraw the profit gained by the same. For reference, here is an image attached below;
Chat support
As we know that when you are using a broker, the best way to reach the broker when you are facing an issue is to get in touch with live support. To get in touch with the support you have to click on the chat option available in the bottom right corner of every page. The chat screen will be as shown on the left side.
The issue which arises with me while using this broker was first when I tried to deposit my funds at first, they showed me some server error. Next, I was able to login 3 of my accounts but one account was showing invalid, for which they tell me to reset the password and login with the exact server, and when I did as per them, I was easily able to log in but one thing to note is that the live chat support is slow, it took 6 minutes first to get a reply from them after which in mid also I have to wait for approx. 15 minutes to get an answer from them where I messaged them again that are you there then only received a reply.
So overall, in my opinion, the chat support answer should be fast and the information should be correct, but with Robo Forex I had to wait for the response for quite a long time though the information was correct it should be faster to respond.
Conclusion
Robo Forex was launched in 2009, and its head office is located at 169-171 Arch. Makarios III Ave., floor 8, 3027, Limassol, Cyprus. The trading instruments they provide are forex currency pairs, CFD, Metals, Indices, and cryptocurrencies.
Robo Markets Ltd is a European broker which is licensed by FSC and Robo Forex Limited is considered to be an international broker which is licensed by Financial Services Commission (FSC). The broker is in the market for over 12 years and has won several awards in different years.
In the passage of time, the broker has grown continuously. The trading accounts they offer are Prime, ECN, Standard Cent, and Standard pro which can be opened on various platforms such as MT4, MT5, C trader, RTrader, and Rapid Trader. They provide a variety of deposit and withdrawal channels in which deposit has no fees at all but withdrawal contains some commission charges. Apart from that, the support availability is 24*7 but I found the support to be slow as compared to other brokers. They also provide a bonus facility which you have to select at the time of deposit.
One more thing to note is that I only deposited USD 20 dollars and USD 10 dollars and there was no issue at all in depositing much less money into the accounts but you have to be careful with trading if you are using less amount of money.
As compared to other brokers, I didn’t find this broker to be much attractive. There are much better brokers out there. From my personal experience if you can wait for a longer time to get assisted then you can trade with them otherwise don’t.
In my point of view if we consider less cost then the go-to account is prime as the commission values are less as compared to other brokers as well and the spread is also less so you can definitely go with this account type. This account also has withdrawal charges of USD 1 dollar but the overall cost of the account is the lowest as compared to others.