RoboForex Broker Review

Founded in 2009, RoboForex is headquartered in Belize and regulated by the International Financial Services Commission (IFSC). Although the IFSC has gained a reputation for being less stringent with regard to the regulation of financial services providers, it does require that Roboforex segregates its client funds from company funds and that brokers issue monthly statements to the IFSC. In a show of good faith, Roboforex also provides all clients with negative balance protection and is a member of the Financial Commission, which provides protection of up to 20,000 EUR per trader.

RoboForex’s account-opening process is seamless and hassle-free compared to other ECN/market makers, and accounts are available for trading immediately.

All Malaysian residents are eligible to open a trading account at RoboForex but will have to meet the minimum deposit requirement of 10 USD. 

The account opening process is fully digital and fast – most traders will have an account open within one day. 

How to open an account at RoboForex:

1. On the front page of the website, traders can click on a button marked “Open an Account.”

2. Traders will be directed to a page that requires them to enter their personal data and register an account.

3. Traders can choose to open a demo, real, CopyFX Trader, Partner, or contest Account. On choosing a real account, traders will be required to complete their trading account details, including trading platform, account type, level of leverage, trading account currency, and they will have to choose a password. They will also have to complete their residential address details.

4. As part of the Know Your Customer (KYC) process, newly registered users are required to provide confirmation of residence (e.g. a valid utility bill dated within the last 6 months), as well as proof of identity such as a valid passport, or another form of officially issued photo ID. The verification procedure is intended for increasing the protection level of your funds and your Member’s Area. This procedure is a compulsory condition to start working with RoboForex. In addition, clients who confirm their personal data will receive a “Welcome bonus” and monthly payments up to 10% on their account balances, may join the “Cashback (Rebates)” program, and enjoy free VPS services. 

5. We advise you to read RoboForex’s risk disclosure, customer agreement, and terms of business before you start trading. 

Compared to other brokers, eToro’s account opening process is fast, fully digital, and hassle-free and accounts are ready for trading immediately. 

Trading costs on the Prime and ECN accounts are lower than those of the commission-free accounts, and lower than those of other brokers. In fact, the Prime Account has some of the lowest trading fees in the industry, including the lowest commissions – most other brokers have an average trading cost of 9 USD per lot of EUR/USD traded. 

However, traders should be aware that spreads are variable at RoboForex, which means that they will get wider or tighter depending on trade volume and market volatility.

Swap Fees

If you hold a position overnight with Roboforex, a swap fee will also be charged, which is the interest paid on a leveraged position.  A leveraged position is the money borrowed from the broker to trade.  In a welcome show of transparency, RoboForex publishes all its swap fees alongside each instrument for each account type. Unlike other brokers, this value is shown in pips. For example, on the EUR/USD, the swap fees are -0.679 pips on a short position and -0.08 pips on a long position.  

Account Trading Costs:

We opened and tested several of RoboForex’s accounts:

RoboForex Pro-Cent Account

According to Roboforex, the Cent Account is an account type for testing strategies and EAs, as well as smooth transitioning from a demo account to real trading. The Pro-Cent Account is a commission-free trading account with variable spreads starting at 1.3 pips, which is wider than other brokers’ entry-level accounts, and leverage up to 2000:1.  With a low minimum deposit of 10 USD, the Pro-Cent Account boasts favorable trading conditions for beginner traders. This account only offers support for the MT4 and MT5 trading platforms, and trading instruments include 36 currency pairs and Metals.  Accounts are denominated in USD, EUR, GOLD, and CNY. 

RoboForex Pro-Standard Account

Pro-Standard is the most popular account type with optimal trading conditions, suitable for more serious beginners.  The minimum deposit is 10 USD, it is commission-free, spreads start at 1.3 pips, which is wider than other similar brokers, and leverage is up to 2000:1.  RoboForex offers support for the MT4, MT5, c-Trader, and R-Trader platforms on the Pro-Standard Account. Note that if traders choose cTrader, the leverage is limited to 1:500.  

ECN Account

The ECN Account is intended for professional traders.  Commissions are charged at 2 USD/lot per side.  The minimum deposit is 10 USD, and spreads are tight, starting at 0.00 pips.  It also boasts high execution speeds (0.1 of a second) through the MT4/MT5, R-trader, and cTrader platforms.  Leverage is up to 1:500 on this account but is limited to 1:300 through the c-Trader platform.  The Stop Out level is at 40%, but note that this account does not have a Swap-Free option. 

Prime Account

The Prime Account is an ECN account with a commission of 1 USD/lot per side, possibly the lowest in the retail industry.  Trading starts at 10 USD, leverage is 1:300 and spreads start at 0.00 pips.  Stop Out level is at 100% on this account, distinguishing it from the ECN account (with a Stop Out level of 40%).  The Prime Account offers support for the MT4/MT5 and R-Trader platforms, and on this account, there are also no Swap-Free options. 

R-Trader Account

The R-Trader Account is an account specifically designed for the R-Trader platform. Accounts are only denominated in EUR and USD, and the minimum deposit is higher, at 100 USD. Unlike the Prime and ECN Accounts, the R-Trader Account supports multi-asset stock trading.  Commissions are charged at 1.50 USD/lot per side.  Spreads are tight at 0 pips, and leverage is up to 1:300 on FX pairs. 

Demo Account

RoboForex offers a choice of three demo accounts: Demo Pro, Demo, and Demo R Trader.

The Demo Pro account is the most popular choice as it replicates the trading conditions of the standard account packages, with 2000:1 maximum leverage and variable spreads from 0.00 pips. Demo accounts allow users to practice trading strategies using all the platforms without risking real money. The demo account is free but expires after 90 days.

IFSC Belize follows the international AML (Anti-money laundering) policy, where all withdrawals must be made via the same method and for the same amount as the original deposit. 

RoboForex offers dozens of deposit and withdrawal methods available in 9 different currencies, including USD, EUR, and GBP.   RoboForex does not charge a fee for deposits, but withdrawals are subject to fees ranging between 0.5% to 4% dependent on the method.

See below for a list of funding methods, charges, and processing times:

RoboForex offers an average range of base currencies compared to other similar brokers.  

RoboForex clients can choose between 6 base currencies, including USD, EUR, CNY, BTC, Gold, and ETH.  

However, for Malaysians with bank accounts denominated in MYR, a currency conversion fee will be charged for deposits and withdrawals. Currency conversion fees can make trading expensive and can affect profitability.

For traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.

All four of RoboForex’s trading platforms are available on both Android and iOS mobile devices and tablets. Beginner traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced timeframes and fewer charting options.  

MetaTrader – MT4 and MT5 users enjoy the same technical features as desktop apps, including customisable charting tools, full trading history, and access to trading robots.

cTrader – cTrader offers handy features including pinch-to-zoom, fling scrolling, and double-tap action to recentre charts, as well as in-app notifications on mobile and tablet formats.

R Trader – R Trader is also fully-featured and offers an all-in-one solution with secure in-app account deposits and bonus management. The app offers 14 trading indicators, plus live charts and quotes and other mobile-friendly features.

Trading Platform Comparison:

RoboForex offers support for an impressive array of trading platforms, including MetaTrader4 (MT4), MetaTrader 5 (MT5), c-Trader, and its proprietary platform, R-Trader.  Different platforms are available for different accounts depending on the trading requirements of the account.  These platforms allow for a smooth trading experience with all the necessary trading tools and resources on hand to conduct research and analysis, enter and exit trades, and use third-party automated trading software.  

All platform choices are free to use and can be downloaded to your PC and all have web versions of the platform. They are also available on mobile Android and iOS devices.  

Metatrader 4

MetaTrader 4 (MT4) is still undoubtedly the world’s most popular trading platform for forex traders due to its ease of use, feature-rich environment, and automated trading ability.   Features of RoboForex’s MT4 platform include:

• 50+ preinstalled technical indicators
• 24 analytical charting tools
• Three chart types
• Nine timeframes
• One-click trading.  
• Traders can also add custom EAs and indicators.

While MT4 has great customizability, the platform feels outdated, and some of the features may be hard to find.  In addition, only the basic orders are available, including Market, Limit, Stop, and Trailing Stop.

MetaTrader 5

The newer version of the MetaTrader platform suite, MT5 is being adopted by more traders all the time.  MT5 incorporates all of the key features of MT4 and an optimised environment for EA trading. 

Features of RoboForex’s MT5 include:

• 38+ preinstalled technical indicators
• 44 analytical charting tools
• Three chart types
• 21 timeframes
• Additional pending order types
• Detachable charts
• Depth of Market
• An integrated Economic Calendar.

cTrader

c-Trader is designed for experienced clients looking for an alternative to MT4/5 and is only available for the ECN and Pro-Standard Accounts.  cTrader provides an added level of market analysis and access to full market depth on a fully customisable user interface.  Alongside superior order execution with no dealing desk intervention, it provides one of the industry’s most innovative trading experiences.  

Features of RoboForex’s cTrader include:

• 55+ preinstalled technical indicators
• Six chart types
• 28 timeframes
• Level 2 Depth of Market
• No restrictions on stop/limit levels
• Detachable charts and linked charts
• Advanced order protection
• Market sentiment
• An integrated Economic Calendar
• The ability to add custom cBots and indicators.

cTrader is one of the most beginner-friendly third-party trading platforms available.  It has a modern interface, integrated educational content, and innovative risk-management features. 

R Stocks Trader

The easy-to-use proprietary platform, R Stocks Trader won ‘Best Global Mobile Trading App 2020’ from Global Forex Awards B2B. It allows the trading of over 12,000 multiple financial asset types on live markets from all over the world. It offers many trading options and features, including unique watchlists, numerous windows, and countless viewing methods.  It also provides a unique tool: allowing traders to build, run, and test trading strategies.

The benefit of RoboForex offering third-party platforms such as MT4, MT5, and cTrader is that traders can take their customised versions of these platforms with them should they choose to migrate to another broker. However, it also offers its own proprietary platform, which is easier to use and set up. Overall, RoboForex ticks all the boxes in its trading platform offering.

Roboforex offers a number of useful trading tools, including VPS hosting, a historical volatility indicator, pivot points, a Fibonacci calculator, a Deal Size Calculator, a Correlation Calculator, a currency converter, a currency heatmap, and various Forex calculators. It also offers a copy trading service.

VPS: VPS hosting is provided for free as long as traders’ trading volume is at least 3 standard lots. If this condition is not fulfilled, the monthly fee for using the service is 5 USD. VPS hosting allows traders to run automated algorithmic strategies, including expert advisors 24 hours a day 7 days a week on a virtual machine. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges. 

Historical volatility indicator: Historical volatility is an indicator that shows price volatility. It graphically shows the price changes of various instruments expressed as percentages. The ratio is derived using the closing price of the previous trading period. The higher the ratio, the higher the volatility of a trading instrument. 

Pivot Points: Pivot points (reverse points) are automatically calculated for the chosen pair. If the current price remains above the Pivot level, it shows that the Bullish sentiment prevails. If the price remains below the Pivot level, the Bearish sentiment prevails on the market. 

Fibonacci Calculator: Fibonacci levels help to determine possible levels of correction in the price of a trading pair. Key levels are thought to be 38.2%, 50%, and 61.8% as they represent the strongest support/resistance levels. Levels for a corresponding direction in the price movement will appear in the “Uptrend” and “Downtrend” fields. 

Deal Size Calculator: The deal size calculator helps traders to choose an optimum size of the opening lot depending on the accepted level of risk.

Correlation Calculator: This calculator visually (using charts) represents the existence of interconnections between movements in the price of different trading pairs and calculates a correlation coefficient. The correlation coefficient is an indicator that shows the degree of interconnectedness between chosen pairs.

Currency Heatmap: This map indicates how various Forex pairs are moving over 6 time frames – from one minute to one day.

Forex Calculators: RoboForex offers various calculators, including a Margin Calculator, Stop Loss Calculator, Profit/Loss Calculator, and a Pip Calculator.

CopyFX: RoboForex offers an excellent proprietary copy trading service, which is helpful for beginner traders who lack the expertise and skills in CFD trading.  CopyFX allows investors to choose a strategy manager from a list of top-rated traders.  Once an investor makes a minimum deposit of 100 USD, the Investor account will be activated, and clients can then copy the trades of the strategy managers.  With this system, investors can follow suitable strategies and receive a portion of the profits, and Strategy Managers can earn extra money by generating profits for their investors.

Trading Tool Comparison:

Roboforex’s market analysis materials are comprehensive, detailed, and frequently updated.

In partnership with Claws and Horns, a respected market news aggregator and publisher, RoboForex provides a constant stream of news that impacts the markets. While the main focus is on geopolitical events and macroeconomic movements, there is some reporting on technical analysis – mainly from large banks and other financial institutions. With new stories every few minutes, 24/5, this is an excellent resource for traders using all types of strategies.

Other market analysis materials include an up-to-date ‘Forex Analysis and Forecasts’ section, a proprietary RoboForex Analytics Centre available only for RoboForex clients, an Economic Calendar, and a robust blog.  These features are available in 13 languages.

RoboForex’s educational suite includes a few how-to guides and video tutorials dedicated to the basics of trading on the Forex market, different aspects of technical and fundamental analysis, the psychology of trading, and risk management.  It also comprises materials curated by third-party provider, Claws and Horns.  However, one has to register an account to view this material. 

Education Material Comparison:

RoboForex offers multilingual support in over 12 languages, including English, Malay, Indonesian, Arabic, and Spanish. Help is available 24/7 via email, telephone, live chat, Telegram, WhatsApp, Facebook Messenger, Skype, and Viber.  They also offer a call-back service.

For the purposes of this review, we found the customer support responsive and polite. They were also able to answer our questions without hesitation.