RoboForex Review [year]
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
How we rank DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
Ranked 42 out of 426 Trading List Check out our top brokers List.
DailyForex.com Team.
| Created on February 21, 2022 | Updated on August 11, 2022.
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
Forex Brokers We Recommend.
RoboForex Editor’s Verdict.
RoboForex is one of the fastest-growing multi-asset brokers globally. Founded in 2009 with its headquarters in Belize, it offers traders one of the best asset selections and trading costs in the industry. It is also home to one of the most competitive trading environments, and traders enjoy industry-leading protection. I reviewed RoboForex to determine if their fast order execution, tight spreads, and value-added services create a competitive edge for clients. Should you join the 5 million traders with RoboForex?
Deposit and withdrawal.
Asset selection.
Ease of account opening.
Regulation and security.
Excellent asset selection above 12,000 covering eight asset classes Competitive trading costs and high leverage Cutting-edge proprietary trading platform plus MT4/MT5 Generous bonus program, affiliate offers, and instant withdrawals.
Limited cryptocurrency selection.
Overview.
A fast-growing broker with industry-leading protection and trading conditions.
Retail Loss Rate.
Undisclosed.
Regulation.
Minimum Raw Spreads.
Minimum Standard Spreads.
Minimum Commission for Forex.
Commission for CFDs/DMA.
Commission Rebates.
Minimum Deposit.
Demo Account.
Managed Account.
Islamic Account.
Inactivity Fee.
Deposit Fee.
Withdrawal Fee.
Third-party.
Funding Methods.
Regulation and Security.
Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. RoboForex presents clients with one well-regulated entity.
Country of the Regulator.
Name of the Regulator.
Regulatory License Number.
Financial Services Commission.
License Number.
RoboForex Client Protection RoboForex is also a member of the Hong Kong-based Financial Commission. It is the most trusted independent self-regulatory organization and external dispute resolution (EDR) body globally. RoboForex received the Verify My Trade (VMT) certificate , confirming its compliance with the strict requirements of the Financial Commission. The compensation fund provides coverage up to €20,000 per claim. Additionally, RoboForex implemented a Civil Liability insurance program with a limit of €5,000,000. It makes RoboForex the only broker offering all three pillars of a well-regulated trading environment where most offer only one or two. I rank RoboForex among the most trustworthy brokers.
Fees.
The commission-free Pro account features an average spread of 1.4 pips or $14.00 per standard lot. RoboForex shines brighter in its commission-based options, where it ranks among the cheapest brokers. The ECN account shows an average spread of 0.1 pips for a commission of $2.00 per lot, bested in the Prime account, where the commission drops by 50% to $1.00. Equity traders pay $200 per $1,000,000 in volume in the ECN account and $150 in the Prime account, which is in the higher tier of the competitive range.
Here is a screenshot of live quotes during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads.
RoboForex Live Forex Quotes.
The average trading costs for the EUR/USD in the commission-free RoboForex Pro account:
Average Spread.
Commission per Round Lot.
Cost per 1.0 Standard Lot.
The average trading costs for the EUR/USD in the commission based RoboForex ECN account:
Average Spread.
Commission per Round Lot.
Cost per 1.0 Standard Lot.
The average trading costs for the EUR/USD in the commission based RoboForex Prime account:
Average Spread.
Commission per Round Lot.
Cost per 1.0 Standard Lot.
One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs. RoboForex offers a positive swap on EUR/USD short positions, meaning traders get paid money.
MT4/MT5 traders can access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Specification .
2. Scroll down until you see Swap Long and Swap Short .
Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based RoboForex Prime account.
Taking a 1 standard lot buy/sell position, in the EUR/USD at the average spread and holding it for one night will cost the following:
Minimum Spread.
Commission per Round Lot.
Swap Short.
Total Trading Costs.
Taking a 1 standard lot buy/sell position, in the EUR/USD at the average spread and holding it for seven nights will cost the following:
Minimum Spread.
Commission per Round Lot.
Swap Short.
Total Trading Costs.
I rank the commission-based pricing environment at RoboForex among the best industry-wide. The volume-based cash rebate program lowers the competitive costs further, and there is no inactivity fee at RoboForex.
The swap rates for leveraged traders are the cheapest I have seen anywhere, and the overall pricing environment for Forex traders is ideal for scalpers and high-frequency traders.
What Can I Trade.
RoboForex offer traders 36 currency pairs, four cryptocurrency pairs, 100+ commodities, 10+ index CFDs, 12,000+ equity CFDs, and 1,000+ ETFs. While RoboForex offers a relatively low selection of currency and cryptocurrency pairs, it maintains an excellent choice of all other trading instruments.
Asset List and Leverage Overview.
RoboForex Leverage.
Retail traders get maximum leverage of 1:2000 , lowered to 1:300 in the Prime account, which I find an excellent offer. Negative balance protection exists, and I always recommend leveraged traders to ensure their broker offers it.
RoboForex Trading Hours (GMT +1 Server Time)
Asset Class.
Cryptocurrencies.
Monday 00:00.
Sunday 24:00.
Monday 00:05.
Friday 23:55.
Commodities.
Monday 01:00.
Friday 23:55.
European CFDs.
Monday 10:01.
Friday 18:29.
Monday 16:31.
Friday 22:59.
Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies.
I recommend the following step for MT4/MT5 traders to access trading hours:
1. Right-click on the desired symbol in the Market Watch window and select Specification .
2. Scroll down until you see Sessions .
Account Types.
RoboForex offers two commission-free accounts, ProCent and Pro, ideal for testing new strategies and EAs. The minimum deposit is $10, and the maximum leverage 1:2000. These account types have certain strengths, but their trading costs are higher than the other account types offered.
The three most competitive account types to consider are Prime, ECN, and R StocksTrader. The minimum deposit remains the same, except for R StocksTrader, where it is $100, and Prime is also at $100. RoboForex lowers the maximum leverage to between 1:300 and 1:500, but all three are excellent choices .
RoboForex Account Types.
RoboForex Demo Account.
RoboForex offers unlimited demo accounts for MT4, MT5, cTrader, and its proprietary trading platform. They are ideal for testing expert advisors. The RoboForex demo accounts allow traders to recreate trading conditions close to but not the same as those experienced in a live account.
Trading Platforms.
RoboForex offers MT4 and MT5, cTrader, and its proprietary R Trader platforms. It is refreshing to see a huge effort being made to provide the proper trading environment for different trader mentalities and strategies. I highly recommend the proprietary R StocksTrader , which also supports algorithmic trading.
Overview of Trading Platforms.
Proprietary/Alternative Platform.
Automated Trading.
Social Trading / Copy Trading.
MT4/MT5 Add-Ons.
Guaranteed Stop Loss.
Negative Balance Protection.
Unique Feature One.
Proprietary trading platforms + VPS.
Unique Feature Two.
Excellent rebate programs and bonuses.
Unique Features.
The RoboForex CopyFX platform allows traders to copy trades from other traders as social trading has gained popularity and continues its expansion. The minimum investment required is $100, and there are thousands of participating traders.
Another significant feature offered by RoboForex is free VPS hosting . It is available to all verified accounts that maintain a monthly trading volume of just 3 lots. Otherwise, a relatively low $5 monthly fee applies.
Research and Education.
RoboForex provides traders with in-house analytics but has additionally partnered with independent analytical firm Claws & Horns. I highly recommend the RoboForex Analytics Center , where an analytical reviews feed, technical indicator signals, video analytics, an economic calendar, educational materials, and tools for traders await clients. RoboForex established itself with automated solutions at the core, but the partnership with Claws & Horns is solid.
The educational platform combines in-house content and videos from Claws & Horns. I recommend beginner traders take advantage of the RoboForex blog, where most of the content is available, engaging, and presented properly. It is updated daily, and traders can find plenty of high-quality material.
Customer Support.
Since RoboForex is an efficiently managed brokerage and stacked with plenty of outstanding services, customer support is unlikely to be utilized frequently by traders if it is necessary at all. The FAQ section answers most questions, and RoboForex describes its products and services well.
Traders who require assistance can access the support team via the green chat button, available, where seven messengers await. Support is available 24/7, and clients may also write an e-mail, use the webform, call directly or request a callback. RoboForex offers support in fifteen languages in another confirmation of the global reach this broker is building.
RoboForex Customer Support.
Bonuses and Promotions.
RoboForex offers four bonuses, a $30 no deposit bonus, a VIP program, and free trading contests. The 60% Profit Share, the 120% Classic, and the $30 Welcome offers apply only to the ProCent and Pro accounts.
A 15% cashback is available to all verified trading accounts with a minimum trading volume of 10 lots per month. This can lower trading costs significantly. RoboForex pays between 2.5% to 10% on the account balance if traders reach minimum volume requirements.
RoboForex Bonuses.
The three-tier VIP program, based on lifetime deposits, increases the value of bonuses and promotions. It makes RoboForex one of the best brokers for high-frequency traders.
RoboForex VIP Program.
RoboForex also hosts demo trading contests, but I advise against entering them, as they promote the wrong trading behavior in a risk-it-all to qualify for cash bonuses. Terms & conditions apply, and traders should consider them carefully.
Opening an Account.
I like the hassle-free account opening process at RoboForex. A quick online form asking for a name, e-mail, and valid mobile phone number grants access to the back office. Account verification is mandatory, per regulatory requirements, and RoboForex remains in full compliance. A copy of an ID and a proof of residency document generally satisfies this step.
Minimum Deposit.
The minimum deposit for all accounts is $10, except for the R StocksTrader, at $100, and Prime also at $100.
Payment Methods.
RoboForex offers bank wires, credit/debit cards, Ästropay, Skrill, Neteller, Perfect Money, AdvCash, NagnLuong Wallet, and several local cash and voucher payment options.
Accepted Countries.
RoboForex caters to most international traders, including clients from Latin American countries, middle Asia, and the Arab world. RoboForex does not accept traders who are US persons.
RoboForex Account Opening.
Deposits and Withdrawals.
The time until traders receive their funds depends on the payment processor, which can take ten business days. Most options remain instant once RoboForex processes a request, which can take 24 hours. The overall process is among the best I have come across.
RoboForex Withdrawal Processing Times.
RoboForex does not levy internal costs for deposits or withdrawals, and the secure Members Area handles all financial transactions.
RoboForex Withdrawals.
Summary.
I like the trading environment at RoboForex for all types of traders, but especially for active high-frequency traders, scalpers, and equity traders. Algorithmic trading remains at the core of RoboForex , where it offers a proprietary trading platform allowing traders to create automated trading strategies without the need to code.
RoboForex also deploys its proprietary copy trading platform, is home to the best pricing environment, and grants industry-leading traders protection. Beginner traders get high-quality research and education, and RoboForex maintains a generous bonus and reward program. I rank RoboForex among the top three brokers in the industry, with a product and services portfolio hard to match by most competitors.
FAQs.
Is RoboForex safe?
RoboForex offers traders industry-leading protection no other broker matches. Together with its history and excellent regulatory track record, RoboForex ranks among the safest brokers.