RoboForex Review

RoboForex is a popular brokerage company that offers a wide range of trading options for both active traders and investors. They provide access to more than 12,000 financial instruments, such as currency pairs, stocks, indices, metals, energies, and futures. In this article, we’ll examine Roboforex’s pros and cons, regulation, fees, deposit and withdrawal processes, account types, trading platform, and more to determine whether this broker is reliable to choose or not. 

Fees

We reviewed this company’s trading and non-trading fees. For trading, we looked at the broker’s spread, and for non-trading, we noted an extra fee for withdrawing funds. RoboForex’s spreads are lower than the industry average for all major asset classes. It also offers some of the best conditions for trading gold and oil. Trading gold is particularly favorable, with a commission of $1 per lot, which is below average.

RoboForex does not charge a fee for dormant accounts, even if they have been inactive for a long time. Traders can withdraw funds from their accounts for free on the first and third Tuesdays of each month.

Pros and Cons

RoboForex Regulations and Safety

In our reviews, we look at the licenses and regulations of each broker’s entities. This helps us compare their levels of protection. We rank licenses by regulatory bodies on a three-tier system, with Tier-1 being the highest level of regulation. RoboForex is regulated by the International Financial Services Commission (FSC) in Belize. This means RoboForex follows their rules, giving traders clear rights and obligations and securing their money.

Additionally, since the broker has Civil Liability insurance, regular execution performance audits, and is a member of the Financial Commission, we rate RoboForex Ltd as qualifying for Tier-2 protection.

Deposit and Withdrawal

RoboForex processes withdrawals instantly without charging a commission. They also don’t charge a commission for their other services. You can withdraw funds using eight electronic payment systems at RoboForex: AstraPay, NganLuong Wallet, Skrill, Neteller, AdvCash, Perfect Money, VISA/Mastercard, and JCB bank cards.

RoboForex handles all withdrawal requests immediately. Funds typically arrive within one minute to one day for electronic payment systems and within one to ten days for bank cards. You can withdraw funds in different currencies, depending on the payment method you choose.

Withdrawals start from one cent and are available to verified clients. Withdrawals are usually processed on trading days, so check RoboForex’s schedule for details.

Account Types

RoboForex offers several types of accounts. You can choose from standard options like EUR and USD, or a non-standard option like gold. When you deposit gold, you earn not only from trading but also from changes in gold prices, which is a protective asset.

We have a very positive impression of RoboForex’s account offerings. The account types are diverse and suitable for all kinds of traders, from beginners to experienced professionals, and from cautious traders to risk-takers.

Opening an Account at RoboForex

Opening an account at RoboForex is easy and quick. Indian residents can open a trading account if they meet the minimum deposit of 10 USD. The entire process is digital and usually takes less than a day.

Steps to Open an Account at RoboForex:

1. 1. Go to the front page of the RoboForex website and click on the “Open an Account” button.

1. 1. Enter your personal details to register an account.

1. 1. Choose the type of account you want to open: demo, real, CopyFX Trader, Partner, or contest account.

1. 1. If you choose a real account, fill in the trading account details, such as the trading platform, account type, leverage level, trading account currency, and password. Also, provide your residential address details.

1. 1. As part of the Know Your Customer (KYC) process, submit proof of residence (like a utility bill dated within the last 6 months) and proof of identity (such as a passport or other official photo ID).

Completing the KYC process increases the security of your funds and Member’s Area. It is a mandatory step to start trading with RoboForex. Once your personal data is verified, you will receive a “Welcome bonus,” monthly payments up to 10% on your account balance, access to the “Cashback (Rebates)” program, and free VPS services.

Before you start trading, we recommend reading RoboForex’s risk disclosure, customer agreement, and terms of business.

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

Trading Platform

RoboForex offers its own trading platform called R StocksTrader, which focuses on stock trading and impressed me with its versatility. In contrast, MetaTrader 5, though popular, lacks the same level of flexibility but supports automated trading, copy trading, and order placement.

Customer Support

RoboForex provides excellent customer support compared to other brokers like it. They offer help in more than 12 languages, including English, Malay, Indonesian, Arabic, and Spanish. You can reach them 24/7 through email, telephone, live chat, Telegram, WhatsApp, Facebook Messenger, Skype, and Viber. They also offer a call-back service. In our review, we found their customer support responsive, polite, and able to answer our questions promptly.

Conclusion

In conclusion, RoboForex stands out as a leading broker in the financial market. It offers trading solutions in derivatives to both retail and professional traders, supporting a wide range of trading strategies. After reviewing the trading opportunities and client feedback, we recommend RoboForex. Client reviews overwhelmingly show satisfaction with the company’s reliability, favorable trading conditions, low spreads, and commission fees. Overall, RoboForex is recommended for both beginners and experienced investors.

FAQs

Where is RoboForex based?

RoboForex operates from Belize City, Belize.

Is RoboForex safe?

RoboForex is regulated by the FSC of Belize and is a member of the Financial Commission. They also have private indemnity insurance. Their website is transparent and meets all safety standards. Overall, RoboForex is very safe for trading.

How long does it take to withdraw money from RoboForex?

Withdrawals via wire transfer usually take 3 to 5 business days. Other payment methods have varying processing times.

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