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RoboForex Review [2023] – Are They A Reliable Forex Broker?

Table of Contents

Roboforex Trading Platform
Overall
4.7
  • Easy To Use?
  • Cost Of Trading
  • Tools & Support

Summary

Pro’s 

  • Excellent support
  • Cent account for smaller balances
  • Good deposit and withdrawal options
  • Plenty of bonuses available

  Cons

  • No major regulation
  • fees are slightly higher on some accounts than others


Summary of RoboForex

RoboForex Ltd was founded in 2009 and is an international broker that offers access to different financial markets, including Forex, CFDs, and stock trading. The company makes it easy for traders to conduct their business with a wide range of features and services offered.

Additionally, RoboForex provides reliable customer support through its 24/7 live chat and telephone services.

In this RoboForex review, we will do a deep dive into this forex broker, including the very best and very worst features it has to offer.

We have been using this broker for several years now and provide first-hand experience and expertise of what it’s like to use them for CFD and forex trading.

The Good

RoboForex offers a wide range of trading tools and services, including:

  • A variety of account types that can fit different traders’ needs.
  • A user-friendly interface suitable for any level of trader (absolute beginners to professional traders alike).
  • Professional charting with over 50 technical indicators and drawing tools.
  • Competitive spreads and fees.
  • Low minimum deposit requirements for personal accounts.
  • Leverage up to 1:500.
  • Negative balance protection prevents customers from being over-leveraged and incurring negative balance demands.
  • 24/7 customer support is available in multiple languages, including English, Chinese, Russian, German, Spanish, and more.
  • Islamic accounts available to traders who observe Sharia laws.
  • Free VPS hosting for Expert Advisor users.
  • Mobile trading applications for Android and iOS devices.
  • A wide selection of payment methods, including bank wire transfers, credit cards, e-wallets, and more.

The Bad

RoboForex is not regulated by a major financial authority, like the FCA or CySEC. They are currently regulated by the International Financial Services Commission Belize, license No. 000138/333.

However, they are in the process of obtaining a license in Europe and should be regulated soon.

Additionally, some users may find that there are fees associated with certain account types and certain payment methods.

Customer Base & Countries Served

RoboForex has a global reach and offers services to many countries around the world. However, they do not offer service to users from the following list of countries:
USA, Canada, Japan, Australia, Bonaire, Brazil, Curaçao, East Timor, Indonesia, Iran, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other restricted countries

As a global broker with support for multiple languages and payment methods around the world, they provide easy access to different markets for all types of traders.

Who Is RoboForex Recommended For?

RoboForex is recommended for both beginner and experienced traders. Beginners can take advantage of the demo account to practice their strategies before investing real money, while more experienced traders can leverage the CopyFx platform or R Stocktrader’s Strategy Builder to take their trading to the next level.

Regulation

An important part of this Roboforex review is understanding the regulation they operate under.

They are a fully regulated and licensed broker, which means that they are subject to strict regulatory standards. They are regulated by the International Financial Services Commission (IFSC), ensuring their clients’ funds and transactions are protected.

Range Of Markets

RoboForex offers a wide range of markets including Forex, stocks, indices, commodities, cryptocurrency, and more. This makes it easy to diversify your portfolio across different asset classes and take advantage of the different trading opportunities available.

  1. Forex – RoboForex offers a great selection of over 100 currency pairs with competitive spreads and leverage up to 1:500. This covers all major forex pairs such as EUR/USD, GBP/USD, CAD/USD, AUD/NZD and many more.
  2. Stocks – The broker also offers access to stocks from the US, Europe, Asia, and more. Although not a stock broker, stock CFDs are available on many blue chip stocks such as Apple, Microsoft, Google, Intel, Pfizer and many more. Indices are also available such as S&P500 and NASDAQ futures.
  3. Commodities – They offer a number of commodities including gold, silver, oil, and natural gas.
  4. Cryptocurrency – get access to a number of cryptocurrency pairs including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and more.

Free VPS Server for Expert Advisor Users

RoboForex provides free VPS hosting for Expert Advisor (EA) users. This allows traders to have their EAs running 24/7, even when they are not in front of the computer.

This is a great additional feature as some VPS services can cost $20 per month or more!

Spreads & Fees

Variable spreads are available, which means that the spreads can change depending on market conditions.

The average spreads for major currency pairs such as EUR/USD, GBP/USD, and USD/JPY are around 1-2 pips, which is competitive compared to other online brokers.

In addition to spreads, RoboForex also charges commissions for certain types of accounts.

For example, the Pro and Prime accounts charge commissions of $2 per lot for forex trading. This means that if you trade 1 lot of a currency pair, you will be charged $2 in commissions.

They also charge other fees, such as overnight swap rates, which are fees for holding a position overnight. The amount of the overnight swap depends on the currency pair, the size of the position, and the current interest rates in the market.

It’s important to note that fees can vary depending on the type of personal account you have with RoboForex.

For example, the ECN account has lower spreads but charges higher commissions compared to the Pro and Prime accounts.

Account Types

RoboForex offers several different types of online trading accounts, each with its own unique features and benefits. Decide which forex account is right for you with this handy comparison table:

Account Type Minimum Deposit Leverage Spreads Commission Number of Trading Instruments Trading Features Additional Benefits
Pro-Cent Account $10 Up to 1:2000 From 1.3 pips Commission-free 28 currency pairs, metals, and cryptocurrencies Automated trading and hedging allowed
Pro-Standard Account $10 Up to 1:2000 From 1.3 pips Commission-free 28 currency pairs, metals, and cryptocurrencies Automated trading and hedging allowed
ECN-Pro Account $1,000 Up to 1:300 Low variable spreads from 0 pips $2 per lot for forex pairs 36 currency pairs, metals, and cryptocurrencies Market execution and hedging allowed
Prime Account $5,000 Up to 1:300 Low variable spreads from 0 pips $1.5 per lot for forex pairs 28 currency pairs, metals, and cryptocurrencies Market execution and hedging allowed Access to exclusive analytics and research materials
R Trader Account $100 Up to 1:20 N/A (commission-based) $0.0045 per share for stocks More than 11,000 stocks and ETFs from 8 global exchanges Web-based trading platform Web-based trading platform with advanced features, such as customizable charts and analytical tools

Demo Accounts

Free demo accounts are also available and offer the following benefits:

  • Available for all account types
  • Allows traders to practice a strategy and techniques without risking real money
  • Includes access to all trading tools and features of the live account

Cent Account

RoboForex’s cent accounts are an ideal way for novice traders to enter the lucrative world of forex trading. This personal account allows traders to deposit money and trade with small amounts of money, as all positions are multiplied by 100. This means that a trade of 0.01 lots would only require $1 to open.

ECN Accounts

The ECN account is a great choice for those who want to trade with low commissions and high leverage.

This account gives you access to the ECN network, so you can take advantage of the tight spreads offered.

R Trader

RoboForex’s R Trader is designed for traders of all skill levels, offering an effortless experience with its straightforward and user-friendly interface.

Moreover, the platform offers features such as one-click trading and real-time market updates which make it incredibly reliable when making trades from your web browser.

Some features of R Trader include;

  • Compatibility with Windows, macOS, iOS, and Android
  • Access to more than 11,000 stocks and ETFs from 8 global exchanges
  • Advanced charting and analytical tools with a variety of indicators and drawing tools
  • Customizable watchlists and forex signals
  • Ability to create and test trading strategies with the use of the Strategy Builder tool

R WebTrader

R WebTrader is an online trading platform that allows traders to access their accounts from any web browser without the need for downloading or installing any software.

Some of the key features of R WebTrader include:

  • User-friendly interface with customizable layouts
  • Real-time quotes and charts with a variety of indicators and drawing tools
  • One-click trading with the ability to place and manage orders directly from the charts
  • News feed and economic calendar integration

Introducing CopyFx

RoboForex offers a service called CopyFx, its own social trading platform.

This allows users to follow professional traders and copy their trades, allowing them to benefit from the success of others without having to do any work themselves.

RoboForex’s CopyFx platform is a revolutionary way for investors to mirror the outcomes of professional traders without having to expend time or energy in doing so.

With this copy trading tool, you can easily attain financial success by simply emulating the strategies of proven professionals! This platform is ideal for beginner traders, as it allows them to learn from the strategies of more experienced traders while still making money in the process.

The platform provides all of the data needed for traders to make an informed decision about which traders to follow.

R StocksTrader Strategy Builder

R Stockstrader is a special trading platform that RoboForex offers. It lets you access over 12,000 different financial instruments from any web browser around the world.

You can customize your settings and use one-click trading to make quick trades.

Plus, there’s 24/7 online support service if you need help. Another great feature of R Stocktrader is its Strategy Builder. This lets you create your own automated strategies with simple drag-and-drop actions.

RoboForex Trading Platforms

An important part of this review of Roboforex is looking at the different trading platforms available.

RoboForex offers a range of retail investor accounts for traders, including the popular MetaTrader 4 and 5. They also have cTrader and the R Trader platform, as well as their own proprietary CopyFx platform which allows traders to follow expert traders without having to do any work themselves.

After opening an account, there are a number of ways to trade. Here are some of the trading platforms available.

MetaTrader 4

MetaTrader 4 (MT4), the globally renowned trading platform, is accessible at RoboForex. By using this user-friendly platform, traders are sure to have an enjoyable and successful experience as it grants them access to top-of-the-line charting tools and technical indicators.

Key features include:

  • Compatibility with Windows, macOS, iOS, and Android
  • Support for multiple order types and execution modes
  • Customizable charts with a variety of indicators and drawing tools
  • Automated trading solutions with the use of Expert Advisors (EAs)

MetaTrader 5 (MT5)

MT5 is an updated version of MT4 and offers several advanced features for traders. Some of the key features of MT5 include:

  • Compatibility with Windows, macOS, iOS, and Android
  • Support for multiple order types and execution modes
  • More than 80 built-in indicators and analytical objects
  • Economic calendar and news feed integration
  • Advanced strategy tester for backtesting strategies

cTrader

cTrader is the perfect platform for experienced traders who need advanced tools and features. This platform offers a wide range of analytical tools and customization options, so traders can tailor their trading experience to suit their needs.

Trading Conditions Users

RoboForex offers a wide range of trading conditions, making it suitable for all types of forex traders. They have tight spreads and low commission fees, fast execution speeds, multiple payment methods, and 24/5 customer support in different languages.

Traders can also access advanced charting tools and technical indicators to help them make the best market decisions.

Additional Tools & Resources

Roboforex provides a huge amount of additional resources to customers including;

Educational Materials

They provide customers with a wide range of educational resources, including video tutorials,

RoboForex provides a range of educational materials to help their platform users learn more about the financial markets and improve their investment skills. These materials include:

  • Video tutorials on a variety of topics, such as technical analysis, psychology, and risk management
  • Webinars hosted by experienced traders and market experts
  • Articles and eBooks covering a wide range of trading-related topics
  • Glossary of relevant terms and concepts

Trading Tools

RoboForex offers a range of trading tools to help customers make informed decisions and optimize their strategies. Some of these tools include:

  • Economic calendar, providing information on upcoming economic events and their potential impact on the markets
  • Trading calculators, including margin, pip, and profit calculators
  • Market analysis tools, such as trading signals, market sentiment indicators, and investment ideas
  • VPS hosting for traders who require fast and stable access to their forex accounts

Trading Leverage

Leveraged trading of up to 1:500 is available, which is higher than the industry standard. This allows traders to increase their positions and potentially earn more profits from their trades.

However, they should keep in mind that high leverage also increases their risk level, as any losses will be amplified.

Forex Trading Robots & EAs


What a lot of Roboforex broker reviews skip over is using EAs with the broker. I have first-hand experience in using this forex broker with EAs and can tell you that they are one are the best as far as this is concerned.

Trading robots are special programs that can help you make decisions about investing. They can do things like track the markets, choose investments and do other things to help you earn money.

EA bots are special programs that help you trade. They track the markets and choose investments to help you make money. You can customize your EA bot to fit your preferences.

RoboForex has made it easy for traders to access online trading robots and Expert Advisors (EAs), so that they can start taking advantage of the platform’s powerful automated solutions.

These allow users to automate their trading activities and can be especially useful for those who are less experienced or don’t have the time to trade manually.

We’ve used Roboforex with many trading strategy bots and EAs for several years now and found them to be very reliable and trustworthy.

RoboForex Deposit Bonuses

RoboForex offers a deposit bonus of up to $10,000 depending on the account type. This bonus is awarded when traders make a deposit into their trading accounts and can be used to trade without any restrictions.

Profit Share Bonus

RoboForex also offers a Profit Share bonus, which rewards traders for their successful trades. This bonus is awarded each time the trader’s account balance increases by more than 10%.

Classic bonus

Classic Bonus is a RoboForex program that allows traders to receive up to 115% bonus on each deposit. This bonus can be used to trade without any restrictions and can be withdrawn after meeting the required conditions.

Cashback

RoboForex offers a Cashback program that allows traders to earn cashback on their trading activity. This cashback is paid out each time the trader makes a trade and can be used to offset any losses or costs incurred while trading.

Get Bonus Cashback (Rebates) up to 15% Popular Receive Cashback for the trading volume of just 10 lots.

Loyalty program

RoboForex also offers a loyalty program that rewards traders for their long-term investing. This program has four levels, each with its own benefits and rewards.

Security & Protection Of Funds

RoboForex is committed to offering traders the best security and protection for their funds. All deposits are kept in segregated accounts with top-tier banks, and they are also covered by the Investor Compensation Fund (ICF).

They also offer traders a civil liability insurance program that provides financial compensation for up to €2,000,000 in case of any losses due to negligence or fraud.

Deposit & Withdrawals

RoboForex not only offers multiple deposit options like credit/debit cards and bank wire transfers, but they also provide free deposits for most payment methods!

The company provide a wide range of withdrawal options, including credit and debit cards, bank wire transfers, and e-wallets. This makes it incredibly easy to withdraw funds and the process is fast too!

They also accept payments in various currencies such as USD, GBP, EUR, RUB, CAD and AUD. Depending on the account type and payment method chosen, traders can expect to pay a withdrawal fee ranging from 0-3%.

RoboForex also offers an account protection service, which covers traders in case their accounts are hacked or compromised. This service is free of charge and can help to minimize any losses the trader may incur.

Minimum Deposit

RoboForex.com gives traders the ability to invest in their trading accounts for as little as $10.

This is great for those who are new to trading and don’t want to invest large amounts of money upfront. With such a small initial deposit, users can test the waters and get familiar with the platform, before committing larger sums of money.

Customer Support

RoboForex provides traders with 24/5 customer support via email, phone, and live chat.

They also offer tutorials, webinars, seminars, and a comprehensive FAQ section on their website. You will never feel alone in your forex trading with great customer support!

Mobile Trading App

With RoboForex, traders now have the unprecedented opportunity to stay mobile with their accounts.

Their mobile trading app offers full access to all web-based platform features and enables on-the-go account management.

The app is available for both Android and iOS devices, making it easy to stay updated on market movements.

Affiliate Program

RoboForex has an affiliate program for those who want to earn extra income by referring new clients to the broker.

Affiliates can earn up to $15 per lot traded by the clients they refer.

If you want to refer people to them, you can easily do so by sharing the link from your own trading account.

Comparing RoboForex With Other Forex Brokers

RoboForex stands out compared to other forex companies due to its low spreads and fees, excellent customer support team, and advanced trading tools.

Other brokers such as XM and FXCM offer similar features but often have higher spreads or require traders to pay more for premium services.

RoboForex is an excellent choice for forex traders of all levels. The broker offers competitive spreads and fees, fast execution speeds, advanced charting tools, and 24/5 customer support.

Plus, the CopyFx platform is a great way to automate trading and profit from the work of others.

RoboForex Vs FXChoice

FXChoice review

RoboForex and FXChoice are two of the top brokers in the industry. Both offer competitive trading conditions, but they differ in terms of spreads, commissions, and payment methods.

FXChoice has slightly tighter spreads than RoboForex, but their commission fees are higher. In addition, they offer more payment options such as credit/debit cards and e-wallets, while FXChoice only offers bank wire transfers.

To learn more about FXChoice check out our detailed FXChoice review.

RoboForex Vs FXPrimus

RoboForex and FXPrimus are among the most esteemed forex brokers in the industry, offering traders a seamless trading experience. Although they both supply appealing trading conditions, there are some vital distinctions between the two.

RoboForex has slightly tighter spreads than FXPrimus, but their commission fees are higher. In terms of payment methods, they offer more options such as credit/debit cards and e-wallets, while FXPrimus only offers a bank transfer.

Learn more about FXPrimus, including some amazing deposit bonuses on our FXPRIMUS review.

fxprimus sirix

Online Customer Reviews

RoboForex receives both positive and negative reviews from customers online. Those who are happy with the broker report that it provides reliable customer service and has a wide selection of trading tools and services.

Those who have had negative experiences cite issues such as slow withdrawal processing or high fees associated with certain account types or payment methods.

Trustpilot Reviews

Of the 1,218 Roboforex reviews on Trustpilot, RoboForex receives a “Great” rating, with an average of 4.4 out of 5 stars.

Most customers report that they are happy with the customer service and tools provided by the broker.

A few customers cite issues such as slow processing times or lack of customer service in certain languages.

ForexPeaceArmy reviews

Of the 1,921 reviews on ForexPeaceArmy, RoboForex receives an “Excellent” rating, with an average of 4.6 out of 5 stars.

The vast majority of customers are satisfied with their experience using the broker and report that they have no issues with RoboForex.com platform.

A few customers mention slow withdrawal processing times or withdrawal fees.

Conclusion

RoboForex is a well-established broker offering traders access to the world’s largest and most liquid markets. They offer their clients a wide range of tools, educational resources and account protection services to ensure that they can be successful in their money-making ventures.

With its variety of deposit options, low fees, and customer support, RoboForex is a great choice for both new and experienced traders.

This review has highlighted the key features of their platform, which makes it a top choice for many forex traders looking to maximize their profits in the forex market.

Their low fees, multiple deposit options, and account protection services ensure that customers have a safe and secure platform to trade on.

Furthermore, their variety of educational resources and customer support provides traders with the tools they need to be successful in their trading endeavours.

If you are looking for an experienced broker that offers a wide range of features and services, RoboForex is definitely worth considering!

Frequently Asked Questions

The final part of our review of Roboforex is the frequently asked questions. If you have any other questions then please feel free to leave a comment below.

Is RoboForex a trusted broker?

Yes, RoboForex is a trusted broker that is regulated and certified by various financial authorities. They are committed to providing traders with a safe and secure environment for trading.

What is the minimum deposit for RoboForex?

The minimum deposit for their cent account is $10.

What is the max leverage for RoboForex?

The max leverage available is 1:2000.

How do I withdraw from RoboForex?

You can withdraw from RoboForex by using one of their available withdrawal methods, such as credit/debit cards and bank wire transfers.

Is RoboForex available in Nigeria?

Yes, RoboForex is available in Nigeria. They offer their clients the ability to deposit and withdraw money in Nigerian Naira (NGN).

Can I use RoboForex in the UK?

Yes, RoboForex is available in the UK. They have thousands of customers in the United Kingdom.

What is the safest forex broker?

The safest forex broker depends on your individual trading needs and goals. There are a number of trusted brokers available, such as RoboForex, that offer traders a secure and regulated environment. It is recommended to research the different brokers available to find one that meets your individual needs.

Does RoboForex have withdrawal fees?

Yes, RoboForex does have withdrawal fees. The amount of the fee will depend on the method and amount of your withdrawal. Please refer to their website for more information on withdrawal fees.

How much should I invest in forex as a beginner?

As a beginner in forex trading, it is recommended to start with a small amount of capital.

It is important to be aware of the risks involved in forex trading and to only invest what you can afford to lose. It is also important to practice with a demo account before investing real money in forex markets.

Does RoboForex have a demo account?

Yes, it’s possible to get a free demo account. Their demo accounts allow traders to practice trading with virtual funds and familiarize themselves with the platform before investing real money.

Can I withdraw RoboForex bonus?

No, bonuses can not be withdrawn from RoboForex. Bonuses are only available and cannot be withdrawn as cash.

Is RoboForex regulated?

Yes, RoboForex is regulated by multiple financial authorities. They are committed to providing traders with a safe and secure trading environment.

Does RoboForex accept PayPal?

No, RoboForex does not accept PayPal as a payment method. However, they do offer other payment methods including credit/debit cards and bank wire transfers.

Can I withdraw all my money from Forex?

Yes, you can withdraw all your money from Forex at any time. However, it is important to be aware of the market conditions and any potential fees that may apply to your withdrawal. Please contact RoboForex for more information on their withdrawal policies.

How much is RoboForex commission fee?

RoboForex offers competitive commission rates that vary depending on the account type. Please refer to their website for more information on commission fees.

Does RoboForex have Cryptocurrency?

RoboForex offers a wide range of trading instruments including cryptocurrency assets. Crypto assets are somewhat limited, but the main tokens such as Bitcoin and Ethereum are available.

Also, they are not a crypto change so you are buying actual crypto but holding a derivative CFD contract.

Is RoboForex trustworthy?

Yes, RoboForex is a reputable and trustworthy broker. They are regulated by multiple financial authorities and offer their clients a safe and secure environment for trading.

What is the minimum deposit for RoboForex?

The minimum deposit for RoboForex is $10. They offer competitive commission rates and a secure environment for trading.

How long does RoboForex withdrawal take?

Withdrawals from RoboForex can take up to 3 business days. The amount of time it takes for your withdrawal to process will depend on the payment method you choose. Please refer to their website for more information on withdrawal times.

Is RoboForex good for scalping?

Yes, RoboForex is a good choice for scalping. They have very fast execution times and work very well with EAs for automating forex scalping.

Can a forex robot make money?

Yes, a forex robot can make money. Forex robots are automated trading systems that can place and manage trades for you. They can be useful tools for making money in the forex market, but it is important to be aware of the risks involved.

Who is the CEO of RoboForex?

The CEO of RoboForex is Oleg Barchuk. He has been with the company since its founding in 2009 and is committed to providing traders with excellent CFD trading tools and apps.

How can I trade forex in the UK?

To trade forex in the UK, you will need to open an account with a regulated broker. RoboForex is one of the top forex brokers in the UK and offers a secure trading platform, competitive commission rates, and 24/7 support.

How long does it take to deposit on RoboForex?

It usually takes up to 3 business days for deposits to be processed on RoboForex. The amount of time it takes will depend on the payment method you choose. Please refer to their website for more information on deposit times.

RoboForex Ltd and its affiliates do not target EU/EEA/UK clients and do not use marketing materials on this website to promote the services of the Company to UK residents, and do not work on the territory of the USA, Canada, Japan, Australia, Russia, Brazil.

Warning: CFDs are leveraged products. Trading leveraged products is very high risk and most traders lose money. Make sure you understand the risk involved and how these trading instruments work before placing trades as losses are permanent.

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