Roboforex – is it a reliable and safe broker in 2024? Your reviews

Roboforex is one of the more popular forex brokers out there.

Founded in 2009 and regulated by the IFSC, it has focused on providing THE best trading resources by using the most innovative software and technology accompanied with many years of experience.

Roboforex is an international broker, which offers traders 8 different asset types and more than 12,000 instruments for trading. Roboforex has come a long way from its inception back in 2009, with only 1724 accounts opened in the first year, and now there are over 3.5 million.

Winners of over 10 prestigious awards, Roboforex is proud to display their achievements to the financial industry. These awards have helped them become recognized by more than 800,000 clients from 169 different countries. 

How does the platform work?

Like many brokers, Roboforex gives you direct access to the world’s financial markets allowing you to trade your own capital. Once you have applied to open an account and gone through all the necessary checks, you can deposit your funds. After doing so, Roboforex will grant you access to trade forex, stocks, indices, and other assets. 

What can you buy here? Markets and Products

Roboforex offers traders the chance to interact and trade with more than 12,000 different instruments. These instruments include the likes of forex, stocks, indices and commodities. Below are some of the instruments you will be able to trade on the platform:

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDCNH, USDJPY, USDMXN, USDPLN, USDRUB, USDZAR

Commodities: Gold, Silver, Brent, WTI

Indices: US500 CASH, USTECH CASH, US30 CASH, DE30 CASH 

What are the account types?

On Roboforex, there isn’t just size fits all accounts. They have tailored accounts suitable for different types of traders at different levels. Some accounts will have more features than others, but as you grow and develop as a trader, more doors will open. Below we will outline the different types of accounts featured on Roboforex.

Prime:

A prime account has been designed specifically for more experienced traders, allowing them to trade on multiple assets.

• Trading platforms and terminals: MT4, MT5, WebTrader for iOS and Android
• Trading Instruments: 28 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil
• Minimum Deposit: $10/€10
• Spread: Floating from 0 pips
• Maximum leverage: 1:300
• Deposit bonuses: N/A
• Loyalty bonus: All offers

ECN:

An ECN account was designed for trading professionals who want the tightest spreads possible, with fast execution speeds on multiple assets.

• Trading platforms and terminals: MT4, MT5, cTrader, WebTrader for iOS and Android
• Trading Instruments: 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, 
• Minimum Deposit: $10/€10
• Spread: Floating from 0 pips
• Maximum leverage: 1:500
• Deposit bonus: N/A
• Loyalty bonus: All offers

R Trader:

This account has been designed for experienced stock traders who are looking to trade multi-assets classes.

• Trading platforms and terminals: WebTrader
• Trading instruments: More than 12,000 Indices, Real stocks, CFD on stocks, Forex and ETF, CFDs on Oil, CFDs on Metals
• Minimum deposit: $100
• Spread: from $0.01
• Maximum leverage: 1:300
• Deposit bonus: N/A
• Loyalty bonus: N/A

Pro-Cent: 

Tailored for the beginners who want to use cents as their base currency

• Trading platforms and terminals: MT4, MT5, WebTrader for iOS and Android
• Trading instruments: 36 currency pairs, Metals
• Minimum deposit: $10/€10
• Spread: Floating from 1.3 pips
• Maximum leverage: 1:2000
• Deposit bonus: All offers
• Loyalty bonus: All offers

Pro-Standard:

A pro-standard account has been built for optimum trading conditions, allowing professionals to trade on multiple assets at once.

• Trading platforms and terminals: MT4, MT5, cTrader, WebTrader for iOS and Android
• Trading instruments: 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil
• Minimum deposit: $10/€10
• Spread: Floating from 1.3 pips
• Maximum leverage: 1:2000
• Deposit bonus: All offers
• Loyalty bonus: All offers

How can you open an account?

To open an account on the Roboforex brokerage platform, you first need to click on the “Open an account” button in the top right-hand corner of the screen. Upon doing that, you will be taken to another page where you will need to fill in some details, such as E-mail address, First name, Last name, and mobile number.

Once you have done that, you will need to accept the license agreements. After that, you will then be asked what type of trading account you would like to open and the kind of platform you would like to use from the ones I have listed above.

The next question you have to ask yourself is what currency you will use to open an account with. You have two choices, which are USD or EUR.

Next, you will need to fund your account with the currency you have chosen. The minimum amount you can deposit is either $10 or €10. However, for those who are more experienced and want to up the ante a bit, the maximum recommended amount of funds to be deposited in trading in the first stage may be 20% of all your financial savings.

However, I must mention that Roboforex does not accept users from the United States, Canada, Japan, Indonesia, and Australia. 

What are the trading platforms available here?

Unlike other brokers, where they only have one trading platform, which can be very limiting as you can’t get the full experience. Roboforex has many different platforms suited to different types of traders, ranging from beginners to advanced traders. Below are the platforms that are featured on Roboforex.

 MetaTrader 4 – Arguably one of the most well-known trading platforms in the world, MetaTrader 4 is available to traders to download to their devices, as well as the web-based version.

Features:

• 3 types of order execution
• A plethora of technical analysis tools
• Includes trading robots
• One-click trading
• Allows algorithmic trading

 MetaTrader 5 – The newer version of MT4, this version includes slightly more features to boost your trading experience, such as:

Features:

• 4 types of order execution
• 6 types of pending orders
• Access to more timeframes
• More chart types
• More tools

RoboForex R Trader – This platform is available via a web browser and offers the following features

• Trade more than 12,000 different assets
• Track corporate actions
• Level 2 market depth analysis
• Trading bot builder

Safety. Can you trust this broker?

The Financial Commission

Roboforex has several licenses allowing them to offer the service that they provide. As well as that, they are also members of special programs that protect traders who use their platform. Below are some of the licenses and programs they are members of:

IFSC Belize

Roboforex has a unique type of brokerage license called the IFSC Belize. Their website mentions that this license allows the platform to trade in “financial and commodity-based derivative instruments and other securities, under the number 000138/107. IFSC Belize (International Financial Services Commission Belize) is a Belizean regulator of the international level’s financial services market.” On their website, it states, “The activity of this commission is highly regulated by the Ministry of Belize Securities and International Financial Services Commission Act. IFSC Belize also follows the international AML (Anti-money Laundering) policy.”

FSC Belize License No. 000138/7, reg. no. 000001272

The Financial Commission

Roboforex is an official member of The Financial Commission, which is an international organization that resolves disputes.

Compensation Fund

Roboforex is a participant in its Compensation fund. This fund is a service that comes included with the Financial Commission membership, and it protects up to €20,000 per case. The purpose of the fund is to provide insurance coverage for the traders who work with the participants of the Commission and pay them compensation.

Civil Liability Insurance Program

Roboforex took additional measures to ensure compliance with its obligations to the clients is met. This coverage is provided to their clients without any additional fees or costs. The program includes an insurance limit of €5,000,000, which features market-leading coverage against omissions, fraud, errors, negligence, and other risks that may lead to clients’ financial losses.

Verify My Trade (VMT)

Roboforex has received the execution quality certificate Verify My Trade (VMT), confirming its compliance with the Financial Commission’s strict requirements to its member brokers.

Negative Balance Protection

In case the market volatility doesn’t allow you to keep a positive balance on your account. Roboforex will automatically top-up the balance to £0/€0, and you don’t have to pay anything for this.

Fees & Commissions

Roboforex has some of the lowest fees and commissions when compared to other brokers and what they offer. Roboforex trading fees are based on what type of account you choose. Below are the fees and commissions for the different account types:

Account Type	Minimum Deposit	Spread	Commission	Leverage
Pro-Standard	$10/€10	1.3 pips	0	1:2000
ECN	$10/€10	0 pips	$20 per $1 million of trading volume	1:500
Prime	$10/€10	0 pips	$15 per $1 million of trading volume	1:300
Pro-Cent	$10/€10	1.3 pips	0	1:2000
R Trader	$100	0.01 pips	$1.5	1:300

It should be mentioned that Roboforex has 0 fees when it comes to depositing funds or withdrawing funds.

Available Research Signals

Roboforex provides traders with access to various research tools that include Forex Analysis & Forecasts, Roboforex Analytics Centre (which is free), and an economic calendar.

The Roboforex Analytics Centre has become very popular as it constantly collects, processes, and keeps up to date necessary information about market sentiment and tendencies.

Is there any training available for rookies? What about a Demo account?

Roboforex offers demo accounts for the new traders that are just starting on their journey. The sign-up process is the same as signing up for a real account, except you don’t need to deposit any funds. There are also educational videos to help the rookies learn the ropes.

Visit Roboforex.com

As well as educational videos, there is also an FAQ section, so if anyone has any questions that need answering, the FAQ section can be a great resource.

To sum up – What are the main pros and cons of this platform

Pros 

• Incredibly low spreads and fees
• You can deposit and withdraw free of charge
• Trusted platform as shown by their certificates and licenses
• Different accounts for different types of traders
• Different trading platforms
• A plethora of educational material
• The analytics tools

Cons

• Different account types can be confusing
• Expected more Indices to trade with

Our Verdict!

Overall, Roboforex is one of the best platforms that we’ve come across, mostly because of the user experience. The whole trading process on the platform has been thoroughly thought out, from the sign-up process to the actual trading of assets. I also took note of how informative the educational videos were. If I were a rookie trader looking to get into trading, I would definitely learn a lot from Roboforex.

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