RoboForex Review

RoboForex is a licensed and regulated broker that has been operating since 2009 operating out of Limassol in Cyprus. It is under the jurisdiction of Cyprus Securities and Exchange Commission (CySEC). RoboForex is also registered as a legal investment company in some countries such as France, Spain, German, and the UK. RoboForex is owned and managed by RoboForex Group headquartered in Cyprus Sobo House 377.

RoboForex is regulated by both Cyprus Securities and Exchange Commission (CySEC) (license 191/13) and International Financial Services Commission (IFSC). RoboForex has a special brokerage license IFSC BELIZE giving the broker rights to trade in financial, securities and commodity-based derivative instruments under license number IFSC/60/271/TS/17. The regulator ensures that only socially responsible and most reliable companies receive the license.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Before signing or trading in any online brokerage company its good to do some research and understand all the risk involved, types of a platform they offer as well as the leverage. It is also good to know if their trading account, average spreads provided and if they are regulated and licensed in order not to-trader with scammers.

With RoboForex you rather open an account in Cyprus where the regulator has strict control with all the brokers registered with it than use the brokers in Belize where their regulations are less stringent. Forex brokers regulated by Cyprus Securities and Exchange Commission (CySEC) are legally allowed to operate in any European Union (EU) member state.

RobForex keeps all traders funds in a segregated trust bank account and uses Tier -1 for this. The Investor Compensation Scheme Directive (ICSD) guarantee all trader investments up to EUR 20,000.

Trading platforms

RoboForex supports the popular Meta Trader 4 platform, Meta Trader 5 platform and cTrader. It also offers its traders with other platforms like MultiTerminal, WebTrader RoboMarkets, Currenex Viking Trader and Mobile versions of Android and iOS. MT4 and MT5 offer access to CFDs, future markets, and Forex. The two platform uses MQL programming which allows Automated trading via Expert Advisors, signals, analysis tool, alerts, advanced charting, one-click trading and ability to customize to ones need.

MT4 is the world most popular trading platform because it is user-friendly. Traders can customize it the way want it. MT4 is available as a desktop download and mobile version for Android and iOS. MT4 main features include Real-time quotes, News streaming, supports three types of order execution, 50 types of technical indicators and many more.

MT5 is a newer version of MT4, but still, many traders prefer to use MT4 because the majority of MT4 EAs and indicators are not supported in the MT5 platform. MT5 is slowly gaining popularity since hedging option was added and some enhancement made. Meta Trader 5 is available for PC and mobile apps. Its main features include six types of order, market depth, Multi-currency tester, supports four types of order execution, virtual Hosting, etc.

cTrader is an Electronic Communication Network (ECN) platform for direct access to interbank quotes. cTrade is available on desktop, in web and mobile version. The platform comes with mirror trading (cMirror) and auto-trading (cAlgo) modules. The platform is easy to use, fast and provides tight spreads and pricing transparency. Its main features include 54 types of Technical Indicators, supports 14 timeframes, supports trading straight from the charts, Ultra-fast execution supports rare market order types and many more.

 

Trading accounts

RoboForex offers three trading accounts namely, Standard, Cents and ECN accounts. Standard accounts come in two formats, Fix-Standard and Pro-Standard. The main difference between the two is that Fix Standard has fixed spreads while Pro Standard has floating spreads.

Cents accounts also come in two types, Fix-Cent and Pro-Cent. They have the same benefits as standard account except for the lower minimum margin requirement.

ECN accounts are also subcategorized into two types, ECN-PRO NDD and ECN-FIXSPREAD NDD. The main difference the two is that ECN PRO NDD has floating spreads and commission is charged while ECN FIXSPREAD NDD has fixed spreads and is commission free.

Swap-free services are available to Islamic investors on Pro-Cent and Pro-Standard accounts.

Traders who want to trade on the stock will be required to open a stock trading account. There is also a demo account for traders who wish to know how it works before signing.

Deposits and Withdraws

The brokers offer its traders with automatic withdraw system open 24/7. RoboForex provides the traditional payment choices like Visa and Master Card, FasaPay, Skill, Neteller, etc. There are also other less popular methods available like Todito cash, Alipay, Sofort, Multibanco, and boleto.

Spreads Leverage and Commission

RoboForex offers a maximum leverage of 1000:1 this allows investors to transact with sums higher than their balance.

The broker offers both Fixed and floating spreads. They start from 0-2 points. A fixed rate is more predictable but floating spreads can provide the best market at given time which might be lower than the fixed rate.

Advantages of RoboForex

  • Good choice of trading platform.
  • The broker has a wide variety of deposit and withdraws methods.
  • Negative balance protection.
  • RoboForex has unlimited demo accounts.
  • Swap-free accounts

Disadvantages of RoboForex

  • Regulated by a weak regulator.

Conclusion

RoboForex provides its clients with a wide variety of payment options available 24/7. It also offers its clients with a range of products, variety of trade accounts and trading platforms.

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