Roboforex is a Forex brokerage that has been on the market for more than 10 years. Over time, it has grown to operate in 193 countries and covered thousands of markets. With this service, you can take advantage of globally recognized trading platforms, such as Roboforex MetaTrader 4, MT5, and more. Find out everything you need to know about this tried and tested broker.
Pros and Cons
Let’s start our Roboforex review with a brief look at the pros and cons.
| Pros | Cons |
|---|---|
| + Suitable for beginners and experienced traders + Supports more than 12,000 markets + Wide selection of payment methods + Top-grade trading platforms + Competitive fees + Multi-language interface + FSC regulated + Around-the-clock customer support | - No FCA licensing - Doesn’t accept US and Canadian residents - No fixed spread account - Amount of trading instruments is quite limited |
Key Features
Roboforex is known for the following features:
- Hedging, scalping
- One-click trading
- Algo-trading strategies
- Negative balance protection
- Advanced financial chart comparison instruments and analytics
- Different types of orders (Stop Loss, Trailing Stop, Take Profit)
- Demo account with virtual funds
- Educational programs, courses, and seminars
Additionally, you can use mobile trader Roboforex if you want to always keep in touch with the markets. It’s a full-fledged platform suitable for monitoring open positions, account balance, trading history, and many other actions.
Account Types
The Roboforex broker offers five account types. We’ll quickly go over each of them to help you figure out which one you find the most suitable.
| Prime | ECN | R Trader | Pro-Cent | Pro-Standard | |
|---|---|---|---|---|---|
| Description | Advanced, company-oriented | For professional individual traders | For those with some experience | Both for beginners and experienced | Most suitable for beginners |
| Trading assets | 25+ currency pairs, metals, CFDs | 35+ currency pairs, metals, CFDs | More than 12,000: indices, stocks, Forex and ETFs, CFDs | 35+ currency pairs, metals | 35+ currency pairs, metals, CFDs |
| Spread | From 0 pips | From 0 pips | From 0.01 EUR | From 1.3 pips | From 1.3 pips |
| Max leverage | 1:300 | 1:500 | 1:300 | 1:2000 | 1:2000 |
| Stop out | 100% | 40% | 20% | 10% | 20% |
| Deposit bonuses | No | No | No | Yes | Yes |
Fees
Roboforex has no deposit fees, and there are no charges associated with inactive accounts. As for withdrawals, there are a few things worth mentioning:
| Withdrawal method | Currency | Fee | Limit |
|---|---|---|---|
| Debit/credit cards | USD, EUR, GBP, CHF, PLN, CZK | 2.6% + 1 EUR | 10,000 USD |
| Bank transfers (SEPA) | EUR | 1,5% | 500 – 50,000 EUR |
| Local bank transfers | MYR, IDR, THB, VND | up to 4% | 70 - 49,000 MYR 300,000 - 90,000,000 IDR 650 - 490,000 THB 300,000 - 280,000,000 VND |
| Skrill | USD, EUR | 1% (learn more about Skrill) | 0.1 - 100,000 USD |
| Neteller | USD, EUR, MYR, IDR, AED, PLN | 1% (you can find a Neteller article) | 5 - 10,000 USD |
| Payz | USD, EUR | 2 EUR (read our Payz review) | 10 - 100 000 USD (also depends on Payz account level) |
Trading commissions are as follows:
- Forex — 15 USD /1 mil base currency
- Stocks, ETFs, commodities (0.0045-0.015 USD / share with 0.25-1.5 USD being the minimum)
Bonuses and Promotions
The platform offers a 30 USD welcome bonus that is very easy to get a hold of. Open cent and standard accounts, become verified and make an initial deposit of 10 USD or more. This helps you get started and gives you some assistance. If you head over to the Welcome Bonus page, you can learn more and probably even claim yours.
There are several other types of bonuses as well:
- Classic bonus up to 120% for the initial and further deposits as well;
- Profit Share Bonus up to 60% for drawdown protection;
- Up to 10% of the additional profit on account balance;
- Free withdrawal of funds on the first and the third Tuesday;
- Sponsored VPS MT5 for a 5600+ USD deposit.
Trading Platforms
| Platform | Suited for | Features |
|---|---|---|
| WebTrader Roboforex | Easiest way to get into trading | - All MT4 account types trading. - 13 technical indicators - One-Click Trading. - Displaying trading history and positions opened in MetaTrader 4. - Online monitoring of quotes without delays. - Convenient chart control panel. |
| Roboforex MetaTrader 5 | One of the superior tools for comprehensive price analysis | - Market depth - 4 types of order execution - 30 technical indicators - 6 types of pending orders - Multi-currency tester |
| Roboforex MT4 | Retail traders and professional fund managers | - The most popular platform for Forex traders - Basic tools for graphic analysis - 3 types of order execution - Programming your own trading robot - 50 ready-to-use indicators for technical analysis |
Reliability and Regulation
Roboforex exclusively uses Tier 1 banks, which is a measure of financial health and strength. This means that the funds are processed in a safe manner. Roboforex is licensed by FSC, license No. 000138/437, reg. number 128.572. Address: 2118 Guava Street, Belama Phase 1, Belize City, Belize. This type of supervision is a well-known standard. However, some people remain apprehensive about off-shore regulation. It’s up to you to decide but bear in mind that is FSC a recognized international authority. However, we should note that trading in financial assets can result in losses. Make sure you do thorough research on strategies and this activity in general beforehand.
FAQ
Finally, let’s get to the most common questions.
What Is the Minimum Deposit and Withdrawal on RoboForex?
For most payment systems (bank transfers, VISA/JCB/MasterCard, ecoPayz, Western Union, etc.), the Roboforex minimum withdrawal and deposit amounts sit at 10 EUR. However, there are many peculiarities, such as Bank Transfer (SEPA) limitations for deposits being 500-100,000 EUR and for withdrawals — 500-50,000 EUR. Check specifically for your preferred method.
How to Open an Account on Roboforex Website?
Go to the Roboforex starter page and click “Open an account”.
Fill in your basic personal information in the Members Area (name, email, phone) and follow further instructions. The whole process is straightforward and quick.
For information on opening accounts as legal entities and demo accounts, head over to the Opening account section.
How Is a Swap Calculated?
Roboforex swap rates are based on the difference between base and quote currencies’ interest rates provided by their market makers. It is applied when a trader holds a position overnight. Swap can turn out to bring profit or, on the contrary, be a negative value.
How Do I Contact Roboforex Customer Support?
There are multiple ways of contacting Roboforex, and you can access all of them on a dedicated page. The quickest way to get a response is through live chat. Other fairly responsive contact methods are messengers (Facebook, Telegram, Viber, Skype, Whatsapp, and Line) and regular email.
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Rohit
wonder why they dont have the FCA licensin. is that so difficults to gets? this a decent con for me. ok with them bein CySEC regulate but I dont gets why that FCA licensing is missings. any ideas?
Kate Baxity
Rohit, the number of brokerage companies licensed by the FCA is quite small, which is explained by the strict rules of the UK regulator in relation to such structures. To obtain a license, you need to pass a long and serious audit. The regulator applies various sanctions, ranging from large fines to the complete elimination of any activity on the territory of the EU. Therefore, only really large brokers have the appropriate licenses, since in order to work, broker needs to open a Bank account in the UK and hold at least 1 million EUR on it. However, the CySEC license is also good, but not so demanding in its regulation, so it is more popular among brokers.
Bruno M.
Been using Roboforex for a few months and they are indeed very welcoming towards beginners. Their demo account is what a beginner should focus on while they are learning. They do have courses and it's just a matter of making time to actually learn. I have already "graduated" to real money and the stakes are higher now but if I'd started with real money from the start, I would have lost it all.
Kate Baxity
Bruno, thank you for sharing your way in a trading world with us! We glad our article helped you in choosing your first broker.