RoboForex Broker Review

“This is a Forex Broker with fast execution, and they are NDD forex broker”

Is RoboForex good and reliable?

Being regulated by CySec and IFSC and have been in market for more than 10 years the chances for them to run away is quite slim. And the license they hold are more valuable.

Pros

Cons

What is the best thing about RoboForex?

The best thing about RoboForex broker is that they have many options for deposit and withdrawal along with that bonus facility is available at the time of deposit.

Which Account type you recommend and why?

In my point of view if we consider about less cost than the go to account is prime as the commission values are less as compared to other brokers as well and spread is also less so you can definitely go with this account type.

What can be traded with RoboForex?

They offer over 9900 assets to trade in like currencies, CFD, metals, indices, oil and cryptocurrencies.

“Trading in a good platform, but one must know of the way of trading otherwise you may lose more then you ever gain”

MT4

If you are new then then this is the go-to platform for you. However, that doesn’t mean that professionals couldn’t use it. This platform is used by various people around the world.

It has all the features and analysis tools to learn and trade. Attend Webinars, read articles, see videos provide to learn about trading and the platform is very easy to use and understand.

Features of MT4

  1. Interface is reliable and user friendly. Above all can be used by both beginners and professionals.
  2. Access to various currency pairs, CFDs and cryptocurrencies.
  3. Customizable as per your requirement. Meaning you can select currencies in which you want to trade and analyses using any indicators as per your suitability and trade.
  4. Interference is minimum, you can observe movement at every second without being interrupted
  5. Compatible with windows, Linux, mac.
  6. Allows to trade 24*5 days

MT5

This platform provides everything needed for flexible trading operations. The platform offers powerful tools such as flexible trading system, technical and fundamental analysis, multi-currency tester, professional MQL5 development environment and alerts. The platform can be translated to 31 different language for the convenience of the people who only know one language. You can subscribe to signals, use technical indicators, run trading robots and rent a virtual server. Professional people prefer to use this platform for the better experience of the analysis and results.

C Trader

This platform is designed to fulfil two functions: firstly, execution of trades, and secondly, charting. The platform visuals are really attractive, its designed by keeping in mind that the platform is intuitive to use. The platform has visuals of web-based platforms. Even beginners can use this account for the better understanding of forex market but this platform is mostly used by professionals who prefer order execution speed and unconventional instrument to implement their trading strategies.

R Trader

It is a web trader, which is provided by Robo Forex to run your trades online without any requirement for downloading any other software into your Laptop or Mobile. You can get access to all global financial market over a web terminal in a familiar web browser.

Robo Forex Terminals

This terminal is designed for those who trade using their mobile phone. You can trade you all MT4 accounts with comfort from anywhere in the world on any mobile device using the most advance tools which include 13 technical Indicators, Convenient account management, 9 tools for graphic analysis, Analytics from Roboforex expert. Moreover, get this platform absolutely free.

Mobile Platforms to trade with RoboForex

Meta Trader 4 Mobile Application

This is a common application used by many traders to trade with different brokers, the application is quite easy to use and is best way to trade on mobile. This application looks like the below image:

RoboForex Application

RoboForex provide 3 applications one is for ctrader, one is for mt4 and mt5 trading and the last one is for analytics. Meaning that it has separate application for every trading pattern even analytics. The images of the application are shown below:

RoboForex Mobile Trader App

RoboForex cTrader App

Roboforex Analytics App

Account Type Comparison

They have four types of account named as Standard Pro, Pro Cent, ECN and prime. Each of the account has their specific features, let’s have a look at them:

Account TypeDefinitionStandard ProPro CentECNPrime
Trading PlatformsThe platforms which can be used to trade with Robo Forex BrokerMT4, MT5, C Trader, R trader, Mobile TraderMT4, MT5, C Trader, Mobile traderMT4, MT5, C Trader, Mobile traderMT4, MT5, C Trader, Mobile trader
Account CurrencyThe currency with which you can deposit funds with this brokerUSD, EUR, CNY, GOLDUSD, EUR, CNY, GOLDUSD, EUR, GOLDUSD, EUR, Gold
Trading InstrumentsThe instrument which you can trade with themUSD, EUR, CNY, GOLDUSD, EUR, CNY, GOLDUSD, EUR, GOLDUSD, EUR, GOLD
Minimum DepositThe minimum amount required to open account with RoboforexUSD 10/ EUR 10USD 10/ EUR 10USD 10/ EUR 10USD 10/ EUR 10
CommissionThe fees which is charged by broker when orders are openedNo CommissionNo CommissionYes, differ per currency pairYes, differ per currency pair
SpreadThe difference between bid and ask priceDiffer per currency pairDiffer per currency pairDiffer per currency pairDiffer per currency pair
Maximum LeverageThe ratio of the amount which can be borrowed from the broker in order to trade larger lot with smaller deposit1:20001:20001:5001:300
Minimum Order VolumeThe minimum size of the trade0.010.010.010.01

Opening Account Procedure

To create account with Robo Forex one is needed to follow the below steps:

  1. Visit to their website roboforex.com and the page will open like below:

To open new account click on the highlighted box area

2. Click on open an account option available on the top right corner of the page. You will be directed to a new page on which you have to fill the required details, the page shown will be as below.

3. After filling up the details you have to click on next step and then you will select which type of account you want and opt for leverage and other required details for opening account.

4. Your username will be your email id, you will receive credentials on your mail id. Use that credential to login into the members login page. The page will be as below:

5. Once you login the dashboard will look as below

6.Verify yourself by uploading the required documents.

7. Fund your account and start trading.

What are deposit and withdrawal channels?

Robo Forex offers several deposit channels, in which there is no deposit charges. The channel they provide are in the below image.

You just have to select the account in which you want to deposit your funds, then select the channel you want to use. I used Netellar to fund my account in which as soon as the transaction succeed the money starts reflecting in your account along with that they provide bonus facility at the time of deposit you can opt for the relevant option and get yourself bonus as well.

Now for withdrawing funds, there are less options as compared to deposit channels, the options available are as follows:

I used the same channel by which I have deposited my fund, I proceed my request of withdrawal through Netellar and within few hours the money was credited to my Netellar account.

One more thing which I came to know is that Robo Forex has charge for withdrawal, only pro cent account doesn’t charge any commission but other accounts take 1 USD as a commission for every withdrawal.

Deposit and withdrawal rate

They don’t charge any fees on depositing the funds but there is charge on withdrawal which is fix USD 1 is charged no matter how much of amount you are withdrawing, only pro cent account doesn’t have any charges on withdrawal.

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 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 about less cost than the go to account is prime as the commission values are less as compared to other brokers as well and spread is also less so you can definitely go with this account type. This account also has withdrawal charges of USD 1 dollar but overall cost of the account is 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. 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 same for every type of account. But yes, these are also added to overall cost of broker because there are times when your trade takes more than required time to reach the target.

Chat support

As we know that when you are using a broker, the best way to reach the broker when you are facing issue is to get in touch with live support. To get in touch with support you have to click on the chat option available on the bottom right corner on 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 password and login with the exact server and when I did as per them, I was easily able to login but one thing to note is that the live chat support is slow, it took 6 minutes first to get reply from them after which in mid also I have to wait for approx. 15 minutes to get an answer from them where I have messaged them again that are you there then only have received reply.4

So overall, in my opinion 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 but they should be faster to respond.

Research and Education

They provide variety of options to learn from, they have categories such analytics, education, trading tools etc, in which you can learn about forex analysis and much more. To look for any information just click on that option and a new page will open with all the desired information.

In forex analysis and forecast they offers the below things:

There is a lot of information on their platform, and you can learn a lot from their platform.

Trading Experience

Well, it is always suggested that you should learn all the concepts of trading before investing with real funds. So, it is on you how you want to do it. With RoboForex you can start trading without even having experience but you can lose your funds if you don’t learn the concepts of the forex. It is from my experience what I have analysed while being in this market that education is the most important key in this field.

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 license by Cyprus securities and exchange commission (CySEC) and Robo Forex limited is considered to be an international broker which is license by International Financial Services Commission (IFSC). The broker is in market for over 10 years and have 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, Standard pro which can be opened on various platform such as MT4, MT5, C trader, Mobile trader. They provide variety of deposit and withdrawal channels in which deposit has no fess 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 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 such less money into the accounts but you have to be careful for 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 longer time to get assisted then you can trade with them otherwise don’t.

In my point of view if we consider about less cost than the go to account is prime as the commission values are less as compared to other brokers as well and spread is also less so you can definitely go with this account type. This account also has withdrawal charges of USD 1 dollar but overall cost of the account is lowest as compared to others.