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RoboForex Review 2024

By:
Plamen Stoyanov
Updated: Apr 18, 2024
Overall Rating
4.4
  • Trust
    3.8
  • Fees
    4.7
  • Platforms and Tools
    4.4
  • Tradable Instruments
    4.1
  • Customer Support
    4.8
  • Research
    4.7
  • Deposit and Withdrawal
    4.9
  • Account Types and Terms
    4.9
  • Education
    3.8
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on RoboForex

    Established in 2009 and based in Belize, RoboForex boasts an expansive selection of over 12,000 tradable assets across various classes. In terms of delivering a well-rounded service portfolio and effectively serving both retail and professional traders, RoboForex is among the top brokers I’ve reviewed.

    In my assessment, despite its offshore regulator’s oversight, RoboForex goes the extra mile in implementing a comprehensive system of safety measures to safeguard its clients’ funds.

    Recommended in 5 best broker guides: 
    Zero Spread | Social Trading | Cent Accounts | High Leverage | Micro Accounts

    RoboForex Pros and Cons

    Pros Cons
    • Extremely low trading fees
    • Very high security of funds 
    • Good choice of trading platforms 
    • Robust educational and research materials
    • Slow execution speeds 
    • No webinars

    RoboForex Highlights of 2023

    • Extra Protection. Nevertheless, RoboForex operates under one entity overseen by an offshore regulator the FSC of Belize, it has issued civil liabilities insurance, participates in the Financial Commission, and its execution performance is periodically audited.
    • Low Fees. RoboForex’s spreads and commissions across instruments from different asset classes are among the lowest in the industry.
    • Selection of Platforms. The broker has developed the user-friendly R StocksTrader desktop platform and its R MobileTrader app. It also incorporates the renowned MetaTrader 4&5 platforms.
    • Additional Tools. RoboForex provides the CopyFX option for copy trading and affords VPS hosting.
    • Wide Array of Instruments. The broker offers over 12,000 trading instruments from different asset classes, including FX pairs, commodities, shares, indices, ETFs, and futures.

    Who is RoboForex For?

    RoboForex truly caters to the needs of most types of traders with minor exceptions. Beginners can benefit from its vast supporting content to become better traders, whereas seasoned pros can make the most out of their systems with RoboForex’s extremely low spreads, commissions, and swaps. In my opinion, RoboForex is ideal for algorithmic trading, as well as for longer-term trading such as the case with day and position trading strategies.

    RoboForex’s extremely low trading fees on its Prime account combined with extensive research materials and versatile platforms suit the needs of retail traders with varying experience levels. This combination is well-calibrated for implementing high-volume (and longer-term) day and position trading strategies.

    What Sets RoboForex Apart From?

    RoboForex has developed an excellent strategy tester tool for developing algo trading strategies, called ‘R StocksTrader Strategy Builder’ which is very practical. Traders can use price action data spanning all the way back to 1970 to backtest their longer-term strategies. I find this highly practical because it allows you to develop comprehensive systems for all sorts of market conditions.

    We performed our tests on a RoboForex Prime account using the desktop version of the MetaTrader 5 platform and the R MobileTrader app. The account was opened with the RoboForex Ltd entity of the broker. Some features and services may vary depending on where you reside and which entity you open an account with.

    RoboForex Main Features

    ☑️ RegulationsIFSC (Belize)
    🗺 Supported Languages
    English
    💰 ProductsCurrencies, Stocks, Indices, Commodities, Futures
    💵 Min Deposit$10
    💹 Max Leverage1:2000 (IFSC)
    🖥 Trading Desk TypeECN, No dealing desk, STP
    📊 Trading PlatformsR Mobile Trader, R StocksTrader, MT5, R WebTrader, MT4, MT4 Multiterminal
    💳 Deposit OptionsWestern Union, Local Transfer, PerfectMoney, Wire Transfer, Skrill, Neteller, Credit Card, International Bank Transfer, AstroPay, Visa, Mastercard, SticPay
    💳 Withdrawal OptionsWire Transfer, Local Transfer, Neteller, International Bank Transfer, Skrill, Credit Card, AstroPay, PerfectMoney, Giropay, Visa, Mastercard, SticPay
    🤴 Demo AccountYes
    🗓 Foundation Year2009
    🌎 Headquarters CountryBelize
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    RoboForex Full Review

    Trust

    3.8
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    RoboForex is licensed and regulated by an offshore regulatory body (the FSC of Belize). It has issued private indemnity insurance and participates in the Financial Commission. The broker’s operations are audited internally and externally, and its execution performance is monitored by ‘VerifyMyTrade’.

    RoboForex Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about RoboForex:

    • RoboForex Ltd is authorized and regulated by the Financial Services Commission (FSC) of Belize under licensing number 000138/7. We rank the FSC as a Tier-3 regulator.

    However, since the broker has also issued Civil Liability insurance, has regular execution performance audits, and is a member of the Financial Commission, we decided to consider the RoboForex Ltd entity as qualifying for a Tier-2 level of protection.

    RoboForex Ltd’s licensing info on the Financial Commission’s website
    RoboForex Ltd’s licensing info on the Financial Commission’s website

    We have summarized the most essential aspects of RoboForex in terms of regulation and safety in the table below:

    Entity Features RoboForex Ltd
    Country/Region Belize, Belize City
    Regulation FSC
    Tier 2*
    Segregated Funds Yes
    Negative Balance Protection Yes
    Compensation Scheme Up to EUR 20,000 under the Financial Commission + up to EUR 2,500,000 under a Civil Liabilities Insurance 
    Maximum Leverage 1:2000

    *Please note that usually, we rank the FSC as a Tier-3 regulator. However, we made an exception for RoboForex in this case due to its multilayered protections.

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

    Here is what you need to be looking for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. RoboForex ensures the segregation of client funds.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. RoboForex also guarantees negative balance protection.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. Since RoboForex is a member of the Financial Commission, its clients are insured by up to 20,000 EUR under its compensation scheme. Additionally, RoboForex has implemented Civil Liability insurance for a limit of 2,500,000 EUR.
    • Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. RoboForex offers maximum retail leverage of 1:2000 with its Pro and ProCent accounts.

    Is RoboForex Safe to Trade With?

    Even though RoboForex is regulated overseas by a third-tier financial regulator, it has developed multilayered safety mechanisms ensuring its clients’ funds protection. First, unlike most offshore brokers, RoboForex provides negative balance protection. Secondly, where almost all offshore brokers do not have a method for resolving complaints externally, RoboForex participates in the Financial Commission and its compensation scheme. Additionally, RoboForex has issued civil liabilities insurance.

    RoboForex is also audited periodically, both internally and externally. It also adheres to certain execution standards as assessed by VerifyMyTrade. The broker sends 5,000 depersonalized client trades for analysis each month so that they can be compared to the results of other companies and contrasted against the industry average.

    Thus, I concluded that RoboForex can be considered very safe to trade with. Indeed, the protections it entails can be considered on par with the protections guaranteed by brokers that are authorized and regulated in Europe.

    RoboForexs VerifyMyTrade certificate
    RoboForexs VerifyMyTrade certificate

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

    RoboForex has stated that it has access to a liquidity pool comprised of 8 providers. This is quite a lot and should lead to better and more stable execution standards.

    I checked RoboForex’s legal documents, website info, and other general features and determined that the broker is fairly transparent without any glaring issues. I appreciated the availability of crucial business information from the website, such as where the company is registered, how many liquidity providers it has, and who audits it.

    In summary, my research indicates that RoboForex can be regarded as having a very good level of trust and stability due to the following factors:

    • Regulated and authorized by the FSC
    • Has issued civil liabilities insurance
    • Member of the Financial Commission
    • Very transparent as a whole
    • Periodically audited

    Fees

    4.7
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    I measured RoboForex’s various trading fees and assessed them to be among the lowest in the industry. Its Prime account features raw spreads around 0.0 pips, and commissions and swaps that are below the industry average. The broker does not charge dormant accounts with an inactivity fee and affords charge-free deposits and withdrawals twice a month.

    RoboForex’s Trading Fees

    RoboForex’s Spreads

    I tested RoboForex’s spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on 10 October 2023. The results are shown in the table below:

    Instrument Live Spread AM Live Spread PM
    EURUSD 0.0 pips 0.2 pips
    GBPJPY 0.9 pips 1.0 pips
    Gold (XAUUSD) 0.2 pips 0.0 pips
    Crude Oil 0.02 pips 0.02 pips
    Apple NA 0.03 points
    Tesla NA 0.06 points
    Dow Jones 30 1.6 basis points 1.6 basis points
    Germany 40 1.1 basis points 0.5 basis points

    I discovered that RoboForex’s spreads are lower than the industry average across all major asset classes. I also determined that RoboForex offers some of the best conditions for trading gold and oil. Gold, in particular, can be traded with extremely favorable conditions given that the corresponding commission ($1 single turn, per lot) is also below average.

    RoboForex’s Swaps

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full contract (100,000 units) of the base currency.

    Instrument Swap Long Swap Short
    EURUSD Charge of $12 0
    GBPJPY  Credit of $3.18 Charge of $20.48

    The recorded swaps are also below the industry average.

    RoboForex’s Commissions

    RoboForex charges volume-based commissions that vary across its account types. Concerning the Prime account type, I found out that the commission rate for trading FX Majors is $1.0 single turn ($2 round-turn). This is trice lower than the industry average of $6 per lot.

    Overall, I evaluated that RoboForex’s commissions on instruments from other asset classes are low to average compared to the industry average.

    RoboForex’s Non-Trading Fees

    RoboForex does not charge a handling fee for dormant accounts that have been inactive for a prolonged period of time.

    Traders can also withdraw funds from their accounts cost-free on the first and third Tuesdays of each month.

    RoboForex’s deposit and withdrawal policy
    RoboForex’s deposit and withdrawal policy

    Are RoboForex’s Fees Competitive?

    My overall impression of RoboForex’s trading and non-trading fees is that they are among the lowest in the industry. The combination of raw spreads around 0.0 pips and below-average commissions and swaps is suitable for high-frequency trading (however, this is not the case with respect to RoboForex’s execution speeds) and high-volume trading. Indeed, RoboForex’s fees accommodate all trading strategies – intraday, day, and position trading.

    Accounts Comparison

    I have compiled the table below to help you better understand the different costs associated with each of RoboForex’s main retail account types.

    The table illustrates the spreads and commissions I have recorded on the EUR/USD pair across the several account types. It shows how much you have to pay to trade 1 full lot (100,000 units) on the EUR/USD with a pip value of $10.

    To calculate the cost of such a full-sized trade, I used this formula:

    spread x pip value+commission

    Account Type* Spread Commission** Net Cost
    Prime 0.1 pips $2 $3
    ECN 0.2 pips $2 $4
    R StocksTrader 0.2 pips $3 $5
    Pro $1.5 $0 $15

    *The numbers in this chart are only illustrative and subject to change over time

    **Round-turn commission

    My tests indicate that executing such a position across most of RoboForex’s accounts costs between $3 – $5, which is several times lower than the industry average of $10. The only account type that exceeds this benchmark is the Pro account.

    Platforms and Tools

    4.4
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    RoboForex has developed a feature-rich R StocksTrader platform with an intuitive app version in R MobileTrader. The broker also incorporates MetaTrader 4&5 and charts from the seamless TradingView. RoboForex offers multiple features and tools, that accommodate the execution of comprehensive technical analysis, and supports automated and copy trading.

    RoboForex’s proprietary platform, R StocksTrader, is geared toward stock trading and I found it to be quite versatile. In contrast, the popular MetaTrader 5 is not nearly as flexible, however, it can be used for automated trading, copy trading, and placing orders.

    A TradingView chart
    A TradingView chart

    While MT5’s charts feel rather cumbersome and not particularly suited to accommodate the execution of comprehensive technical analysis, RoboForex also incorporates charts from TradingView on its website. What I like about this tool is that it caters to the needs of chart artists by affording them the possibility to examine price action behavior in great detail. In my opinion, TradingView has the best and most flexible charts in the industry. They feature hundreds of analytical tools, multiple timeframes, and the possibility to easily scale price action up and down.

    RoboForex’s CopyFX
    RoboForex’s CopyFX

    RoboForex also offers multiple solutions for copy trading. Signal followers can search for a trading strategy to fit their criteria based on the underlying commission rate, past performance, average yield, maximum dropdown, executed positions, etc.

    Additionally, the broker has developed a great tool for creating trading strategies for automated trading, aptly named ‘R StocksTrader Strategy Builder’. It comprises past price action data spanning back to 1970, which can be used by traders to build strategies for all kinds of market conditions. The broker also provides free VPS hosting available to accounts with at least a $300 balance and monthly turnover (traded volume) of at least 3 lots.

    I also found the R MobileTrader to be a very light app that is easy to navigate. It can be used for simplified order execution. I also liked that it is fully integrated with RoboForex’s research features so that users can stay informed about current market developments even on the go.

    RoboForex’s Desktop MetaTrader 5 Platform

    MetaTrader 5’s general outlook
    MetaTrader 5’s general outlook

    General Ease of Use

    MetaTrader has a very intuitive layout. In fact, it could be argued that MetaTrader set the standard for how retail platforms should be organized. Account info is displayed at the bottom of the screen; charts are at the right-hand side; a watchlist of selected instruments and tools screen is positioned on the left side of the window; and a panel with various settings and configurations can be found at the top of the window.

    The platform has a very practical ‘depth of market’ feature, helping traders enter the market at the most favorable price. It also includes an alert setting option and a one-click trading configuration.

    MetaTrader 5’s depth of market feature
    MetaTrader 5’s depth of market feature

    One of my biggest gripes with the platform is that it does not have an instrument search bar. Instead, you have to scroll manually through the entire list of available instruments.

    Charts

    I consider the chart screen a platform’s most important feature. It aids technical analysis by providing an overview of price action behavior and allows traders access to a number of analytical tools and chart configuration possibilities. A good chart should afford easy scaling up and down of price action.

    MetaTrader 5’s chart screen
    MetaTrader 5’s chart screen

    I have broken down the available analytical tools and chart configurations below:

    • 38 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and more. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next. The problem with MetaTrader 5, in my opinion, is that applying 2 or more indicators to the chart actually obscures price action rather than contextualizing it. This is due to the ruggedness of MT5.
    • 24 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels. Despite the rather big collection of drawing tools, the ruggedness of MT5 once again makes it difficult to discern price action behavior.
    • 21 timeframes. MT5 allows multi-timeframe analysis of price action behavior. The greater the number of timeframes, the more intricate examinations that can be carried out across the short-term and long-term. However, the lowest timeframe available is 1-minute, which is too high for carrying out penetrating analysis of trading setups for scalping.
    • 3 chart types. Price action can be represented as a line, bars, or candlesticks. This diversity makes it possible to examine potential trading opportunities from different angles.

    Orders

    Order placing window
    Order placing window

    I have broken down the available order types on the MetaTrader 5 platform below:

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order actually gets filled.
    • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

    My Key Takeaways After Testing the MetaTrader 5 Platform

    In evaluating MetaTrader 5, I found some aspects lacking despite its robust set of 21 timeframes suitable for various trading strategies. The platform’s design can be restrictive, complicating technical analysis. However, it does cater well to algorithmic traders with its Expert Advisors (EAs) feature, which can be optimized using RoboForex’s VPS service.

    RoboForex’s R MobileTrader App

    A watchlist of selected instruments, a chart window, an order placing window, a stocks info window
    A watchlist of selected instruments, a chart window, an order placing window, a stocks info window

    RoboForex’s mobile app affords traders quick and easy access to the market on the go. It is very useful for making snap adjustments to any open trades. The market is volatile and ever-changing, and staying on top of the latest developments is made easy with the R MobileTrader. You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.

    My Key Takeaways After Testing RoboForex on the R MobileTrader App

    I enjoyed exploring RoboForex’s app due to its user-friendly design. I also appreciated how easy it is to open and close trades through the app and make adjustments, such as implementing a trailing stop to an existing position.

    Tradable Instruments

    4.1
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    RoboForex offers over 12,000 instruments from different asset classes on its R StocksTrader account. These include FX pairs, commodities, indices, share CFDs, ETFs, and futures. The available instruments on its other account types vary around 100. There are higher-risk/yield assets and lower-risk securities.

    What Are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying asset without physical delivery. For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

    What Can You Trade With RoboForex?

    I have broken down the available instruments on an R StocksTrader account below:

    • 33 Currency Pairs
      Major, Minor, and Exotic
    • 4 Commodities
      Metals and Energy
    • 53 Share CFDs
      Retail, Tech, Communication, Other
    • 5 Indices
      U.S., Europe, Asia
    • 19 Futures CFDs
      Indices and Stocks

    Compared to the broader industry, RoboForex offers a low amount of commodities and an average amount of FX pairs, indices, and share CFDs.

    Forex Commodities 
    EURUSD | GBPJPY | USDCHF | EURAUD | GBPCAD | USDPLN Gold | Silver | Crude Oil | Brent Oil
    Share CFDs Indices
    Apple | Tesla | General Electric | Ebay | McDonald’s | General Motors | Alphabet Germany 40 | Dow Jones 30 | Nasdaq 100 | Japan 225 | S&P 500
    Futures CFDs
    Dow Futures Mini September 2023 | Nasdaq 100 E-Mini December 2023 | SP 500 E-Mini September 2023

    My Key Takeaways After Exploring RoboForex’s Tradable Instruments

    RoboForex offers access to different markets and instruments that can be used for the implementation of various trading strategies. I appreciated the availability of futures CFDs, which can be used by more experienced traders to hedge volatility uncertainty in the medium and longer terms. Additionally, there are plenty of higher-risk/yield assets like share CFDs catering to the needs of more speculative traders.

    Speaking of share CFDs, the R StocksTrader account offers access to over 12,000 stocks of global companies, which is more than enough to satisfy the needs of even the pickiest stock traders. Overall, I estimate RoboForex’s instruments offering as wide and diverse. However, I would like to see the inclusion of more lower-risk securities, such as bonds, to accommodate the needs of more risk-averse traders.

    Customer Support

    4.8
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    RoboForex offers multilingual support 24/7 over multiple channels. The support team can be reached via email, live chat, or over the phone. The website also has a dedicated FAQ section for more general queries.

    You can chat with the support team on the website via its in-built messaging screen, available at the bottom-right corner of the main page, or via RoboForex’s social media accounts (Facebook and Instagram). Alternatively, you can contact support via phone: +593 964 256 286.

    Customer Support Test

    When we test a broker’s customer support team, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

    I conducted my test on 11 October around 12:17 p.m. CET via live chat. I inquired into their average execution speed. An agent responded within a couple of minutes after my question was submitted. Their answer was prompt, straight to the point, and generally helpful.

    My one minor gripe is that the live chat with RoboForex does not display the name and position within the company of the person you are talking to. And the agent I spoke to did not introduce themself either.

    My conversation with RoboForex’s customer support
    My conversation with RoboForex’s customer support

    Deposit and Withdrawal

    4.9
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    The broker provides multiple payment methods most of which are commission-free. Processing times are generally low. On the first and third Tuesdays of the month, traders can deposit and withdraw funds from their accounts charge-free.

    RoboForex Deposit Methods

    Payment Method Currency Fee Processing Time Limitations
    Credit/Debit Card Not Specified $0 Up to 1 day From 10 USD
    Bank Transfer (SEPA) EUR $0 Up to 3 days 500 – 100,000 EUR
    Local Bank Transfer Not Specified $0 Up to 1 day Up to 15,000 USD
    AstroPay Not Specified $0 Up to 1 day 10 – 10,000 USD
    Skrill Not Specified $0 Up to 1 day 10 – 25,000 USD
    Neteller Not Specified $0 Up to 1 day Up to 50,000 USD
    Perfect Money Not Specified 0.5% Up to 1 day 5 – 25,000 USD
    STICPAY Not Specified $0 Up to 1 day 10 – 49,999 USD
    QR & Vouchers USD $0 Up to 1 day 10 – 500 USD
    Western Union USD $0 Up to 1 day 10 – 500 USD

    RoboForex Withdrawal Methods

    Payment Method Currency Fee Processing Time Limitations
    Credit/Debit Card Not Specified Up to 2.6% + 1.3$ Up to 10 days 10 – 10,000 USD
    Bank Transfer (SEPA) EUR 1.5% Up to 3 days 500 – 49,990 EUR
    Local Bank Transfer Not Specified Up to 4% Up to 1 day Up to 20,000 USD
    AstroPay Not Specified 0.5% Up to 1 day 10 – 10,000 USD
    Skrill Not Specified 1% Up to 1 day 1 – 100,000 USD
    Neteller Not Specified 1.9% Up to 1 day 5 – 100,000 USD
    Perfect Money Not Specified 0.5% Up to 1 day From 0.1 USD
    STICPAY Not Specified 2.5% + 0.3$ Up to 1 day 10 – 49,999 USD

    Deposits and withdrawals can be completed using bank wires, credit or debit cards, e-wallets, or prepaid cards and vouchers (only for depositing). The broker never charges deposits, though using the PerfectMoney option entails a service fee. All withdrawals are charged a processing fee of up to 2.6%, though this does not apply on the first and third Tuesdays of each month.

    Account Types and Terms

    4.9
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    RoboForex provides several retail trading accounts. Some are commission-free, while others afford raw spreads starting from 0.0 pips. The R StocksTrader account is geared towards stock traders with more than 12,000 share CFDs. The CopyFX account type is tailored for those interested in copy trading. Swap-free trading is also available on several of the account types. Traders can choose between 4 base currencies – EUR, USD, Gold, and CNY.

    Why is Choosing the Right Account Type Important?

    Your account should reflect your goals, needs, and ambitions on the market. You should take into consideration several factors, such as whether the account type has a minimum deposit requirement, its spreads and commissions, the execution method, and more.

    What Account Types Does RoboForex Offer?

    I have broken down RoboForex’s account types below:

    Account Type Prime ECN R StocksTrader ProCent Pro
    Spread Raw from 0.0 pips Raw from 0.0 pips Raw from 0.0 pips Floating from 1.3 pips Floating from 1.3 pips
    Commission* $1 $2 $1.5 $0 $0
    Account Currency EUR, USD, Gold EUR, USD, Gold USD, EUR EUR, USD, Gold EUR, USD, Gold
    Platforms MetaTrader 4&5, R StocksTrader MetaTrader 4&5, R StocksTrader R StocksTrader MetaTrader 4&5, R StocksTrader MetaTrader 4&5, R StocksTrader
    Max. Leverage 1:300 1:500 1:500 1:2000 1:2000
    Min. Deposit $10 $10 $100 $10 $10
    Execution Type Market Market Not Specified Market Market
    Stop Out 100% 50% 20% 30% 40%
    Swap-free Accounts No No Yes Yes Yes
    Demo Accounts Yes Yes Yes Yes Yes

    *Commission of FX Majors, single-turn

    The Prime account has the lowest trading fees (commissions+spreads) of the bunch. It is also quite affordable, given that the minimum deposit requirement sits at $10. I also assessed that it is better suited for more experienced speculative traders because its stop-out is set at 100% (not ideal for inexperienced traders who do not implement tight risk management).

    The R StocksTrader account is thus more suitable for more risk-averse traders (stop out at 20%) as well as those interested in stock trading (because of the availability of over 12,000 share CFDs). And the ECN account type occupies the middle ground with respect to fee competitiveness and in-built safety nets.

    With their much higher maximum leverage rates (at 1:2000) and tighter stop-out levels (ProCent and Pro) accounts are suitable for highly speculative trading and for testing algorithmic strategies (only on the ProCent account). However, these two accounts also have much higher trading fees.

    My overall impression of RoboForex with respect to its accounts offering is a very positive one. The available account types are diverse and suitable for all kinds of traders: from inexperienced rookies to seasoned vets, and from highly pragmatic and risk-averse traders to extremely speculative risk-takers.

    RoboForex’s Execution Model

    RoboForex utilizes market execution. The broker operates without a dealing desk, and order requests are transmitted to the interbank level, where RoboForex’s three liquidity providers fill them. As long as there is enough liquidity in the market, all order requests will be filled, though at varying speeds.

    In my experience, market execution is better suited for day trading and position trading strategies where volume is important. But it is less so for intraday trading strategies, such as scalping, where precise order filling is more important.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    RoboForex Account Opening Process

    RoboForex’s account registration form
    RoboForex’s account registration form

    I have summarized the account creation process with RoboForex below. The process is straightforward and quick. You can go at your own pace, though realistically, you can be done with everything within an hour. Just follow these easy steps:

    • Step 1. Click the ‘Open an Account’ button at the top-right corner of the main page.
    • Step 2. Fill in your name, email, and phone number.
    • Step 3. Click the confirmational link sent to the email you’ve provided.
    • Step 4. Log in to the Client Area and set up your trading account by choosing an account type, trading platform, base currency, leverage, and password.
    • Step 5. Upload proof of address and ID to verify your account.
    • Step 6. Deposit funds to your account to start trading.
    Configuring an account with RoboForex
    Configuring an account with RoboForex

    Why is a Demo Account Important?

    RoboForex offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

    RoboForex’s Restricted Countries

    RoboForex Ltd and its affiliates don’t work on the territory of the USA, Canada, Japan, Australia, Bonaire, Brazil, Curaçao, East Timor, Indonesia, Iran, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan.

    RoboForex Ltd and its affiliates do not target EU/EEA/UK clients. Clients residing in these countries can receive investment services from a third-country firm at their own exclusive initiative only, studying and taking all the risks involved.

    Research

    4.7
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    RoboForex provides excellent research content. Its materials are diverse and very informative. Current trading opportunities are examined from multiple angles, providing traders with a multilayered understanding of what, how, and when can be traded. I appreciated that market research is available in different formats, including in written form and videos. RoboForex utilizes technical and fundamental analysis.

    RoboForex’s blog
    RoboForex’s blog

    Research Tools

    I have broken down RoboForex’s different types of research content below:

    Market Analysis & Research

    A market analysis utilizing fundamental analysis
    A market analysis utilizing fundamental analysis

    These are available from the blog section of the website. You can search for different kinds of research content by category: fundamental analyses, technical analyses, Japanese candlesticks, Fibonacci retracements, and more. Most materials rely very heavily on technical analysis and I quite like that there are multiple supporting charts. Thus, each trading setup is presented from multiple angles. I found this type of content ideal for examining setups like reversals and rebounds, using support and resistance levels, channel boundaries, specific patterns, and more.

    A market analysis utilizing technical analysis
    A market analysis utilizing technical analysis

    Economic Calendar

    The economic calendar serves as the most basic research tool. It informs traders of upcoming economic releases that are likely to cause upsurges in market volatility. This creates potential trading opportunities. The economic calendar shows how the market is likely to react to specific events.

    RoboForex’s economic calendar
    RoboForex’s economic calendar

    Market News & Analysis

    Articles in this category, located in the blog section, focus on emerging trading setups. These pieces feature multiple charts accompanied by concise, 3-4 sentence technical analyses that predict market directions. Additionally, you’ll find articles within this category that delve deeper and predominantly utilize fundamental analysis.

    Market news and analysis
    Market news and analysis

    Currency Heatmap

    Available from the ‘Tools’ subsection of the analytics center (from the client area), the heatmap tool can help you find cross-market correlations. It underscores the prevailing market bias across multiple Major currency pairs with respect to different timeframes. In practical terms, traders who, for instance, believe the EUR will appreciate can use the currency heatmap to see where this bullish bias is most strongly pronounced.

    RoboForex’s proprietary ‘currency heatmap’ tool
    RoboForex’s proprietary ‘currency heatmap’ tool

    Technical Signals

    Also available from the client area, the technical signals utilize multiple indicators (Moving Averages, oscillators, volume indicators, etc) to paint a comprehensive picture of the underlying market sentiment driving the price action of a given instrument.

    News Feed

    Traders can inform themselves about the latest developments from the news feed of the client portal. Each article contains a technical and fundamental portion that underscores the initial market reaction and current trading setup.

    RoboForex’s news feed

    Videos

    RoboForex also publishes video breakdowns of important weekly trading events. These also can be accessed from the client portal.

    My Key Takeaways from Exploring RoboForex’s Research Materials

    RoboForex’s research content is well-researched and delving deep into the subject matter. I found its market analyses and trading ideas highly practical and appreciated RoboForex for taking the time and energy to develop them. I quite liked that its research content is multilayered, containing both technical and fundamental breakdowns. The broker can improve it even more by incorporating some third-party providers like TradingCentral and AutoChartist.

    Education

    3.8
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    RoboForex has a rich collection of educational materials of different types that cater to the needs of first-time traders and those with little experience. Trading topics are broken down into various categories and essential trading concepts are explained in an easy-to-grasp language. I appreciated RoboForex for its practical approach to learning.

    General Questions

    RoboForex has provided brief explanations to the most pressing questions that first-time traders are likely to ask, available from the ‘Education’ section of the website. While I appreciate the eagerness to address such questions, I did not feel the same way about RoboForex’s answer to the ‘How much money do I need to start trading’ question.

    RoboForex’s educational segment of the website
    RoboForex’s educational segment of the website

    The text seems to suggest that $100 is enough to start trading. While $100 is enough to cover the minimum deposit requirement, this is an extremely low amount that is simply not enough to allow traders to comfortably implement most trading strategies or even tighter risk management. Hence, the text might give inexperienced traders a false impression about what the general trading experience really is like.

    Educational Quizzes

    RoboForex’s educational quizzes
    RoboForex’s educational quizzes

    When it comes to educational content, I have to commend RoboForex for offering a standout learning tool that few brokers have matched. Located in the blog section of their website, the educational quizzes caught my attention. I found them particularly beneficial for anyone keen on mastering chart patterns, whether you’re a seasoned chartist or just starting to learn.

    Glossary

    RoboForex’s glossary
    RoboForex’s glossary

    What I found very useful about RoboForex’s glossary is that each entry is highly detailed. Most such glossaries usually provide only rudimentary explanations of basic trading concepts but RoboForex goes into detail, explaining not only what each concept means but also providing practical insights.

    Knowledge Base

    RoboForex’s educational articles
    RoboForex’s educational articles

    There are two more very useful sub-sections of the blog – ‘Education’ and ‘Trading Strategies’ – where beginners can gain some crucial insights. I liked that the content is multifaceted and covers a wide spectrum of trading topics, such as how to use Dow theory and what to know about trading psychology. I appreciate when brokers pay close attention to the three major pillars of trading: technical analysis, fundamental analysis, and trading psychology.

    Educational articles on trading strategies
    Educational articles on trading strategies

    Trading Strategies (Client Portal)

    In this section, available from the ‘Education’ section in the client area, traders can read more about various trading strategies and how to implement them in practice. Materials are written in a much more technical manner.

    Trading Strategies from the client portal
    Trading Strategies from the client portal

    E-book

    Beginners can make use of RoboForex’s detailed and highly informative e-book, which is also available from the client portal. Most attention is paid to studying the basics of technical analysis, though traders can also read about fundamental analysis and trading psychology. The book contains multiple supporting images and charts.

    RoboForex’s educational e-book
    RoboForex’s educational e-book

    The Bottom Line

    RoboForex is one of the most well-rounded and sophisticated brokers regulated offshore. It provides derivatives trading solutions to retail and professional traders and supports the implementation of most types of trading strategies. RoboForex was founded in 2009 and is headquartered in Belize.

    Two things stand out about RoboForex. Even though it is authorized and regulated offshore by the FSC of Belize, the broker has issued private indemnity insurance and is also a member of the Financial Commission. Additionally, RoboForex is audited internally and externally, and its execution standards are periodically assessed by an independent entity. All of this makes it a very safe and trustworthy broker. The other thing worth mentioning is that RoboForex affords very low trading fees.

    The broker has developed a very practical trading platform – R StocksTrader – and incorporates the popular MetaTrader 4$5. Its account types are diverse and accommodate most kinds of trading systems. Automated and copy trading is also available. Moreover, RoboForex has developed sophisticated research and educational content.

    There is only one drawback to RobForex and that is its slow execution speeds of above 150 milliseconds on average. I consider such speeds inadequate for practicing high-frequency trading strategies such as scalping. But even so, RoboForex offers free VPS hosting, which can improve, to a degree, the broker’s execution performance.

    FAQ

    RoboForex is headquartered in Belize City, Belize.
    RoboForex is authorized and regulated offshore by the FSC of Belize. It is a member of the Financial Commission and has issued private indemnity insurance. The broker has a fairly transparent website and adheres to all essential safety requirements. Overall, RoboForex can be considered very safe to trade with.
    Yes, RoboForex is good for beginners because it offers low trading costs and a choice of versatile platforms. It also has probing educational and research materials.
    The minimum deposit requirement with RoboForex is $100.
    Clients of RoboForex can withdraw funds via bank transfer, bank card, or e-wallet.
    Wire transfers typically take between 3–5 business days. Other payment methods vary.
    The maximum leverage for retail traders with RoboForex is 1:2000.
    Accounts can be opened from the main page of the website.
    Traders can choose between trading on RoboForex’s proprietary ‘R StocksTrader’ platform or either MetaTrader 4 or 5.
    Yes, it does.
    RoboForex offers low trading fees and access to deep liquidity from its 8 providers. However, its execution speeds are quite slow and not suitable for scalping.
    Yes, RoboForex is especially well-suited for auto-trading. It has developed an excellent strategy tester tool and provides VPS hosting.
    Yes, hedging is available with RoboForex.
    No. Spread betting is not available with RoboForex.
    Yes, it does.
    Depends on the particular asset class. For instance, the Forex market is open 24/5, whereas shares of U.S. companies can be traded during the New York Stock Exchange (NYSE) open – Monday to Friday from 09:30 a.m. to 4:00 p.m. EST. Is RoboForex a market maker? No, RoboForex operates without a dealing desk and provides market execution.
    No, RoboForex does not operate a bank.

    See RoboForex Full Information

    Headquarters CountryBelize
    Foundation Year2009
    RegulationsIFSC (Belize)
    Publicly TradedNo
    Number Of Employees232
    Trading Desk TypeECN, No dealing desk, STP
    Trading PlatformsR Mobile Trader, R StocksTrader, MT5, R WebTrader, MT4, MT4 Multiterminal
    Restricted Countries
    Canada, Guinea-Bissau, Liberia, Micronesia, Indonesia, Iran, Curacao, United States, Turkey, Timor-Leste, Australia, Russian Federation, Brazil, Japan, South Sudan, Bonaire, East Timor, Saipan, Tahiti, Svalbard and Jan Mayen, San Marino, Austria, Bulgaria, Croatia, Cyprus, Czech Republic, Finland, France, Germany, Italy, Latvia, Montenegro, Liechtenstein, Moldova, Luxembourg, Macedonia, Monaco, Hungary, Norway, Iceland, Poland, Romania, Greece, Albania, Slovakia, United Kingdom, Andorra, Sweden, Slovenia, Belgium, Switzerland, Ukraine, Denmark, Serbia, Malta, Netherlands, Portugal, Ireland, Spain, Wallis and Futuna, Afghanistan, Anguilla, Bahamas, Barbados, Belarus, Bermuda, Botswana, Brunei, Burkina Faso, Cambodia, Cayman Islands, Central African Republic, Cote dIvoire, Cuba, Dominica, Dominican Republic, Estonia, Ethiopia, Falkland Islands, Fiji, French Polynesia, Ghana, Gibraltar, Guam, Guernsey, Guinea, Haiti, Hong Kong, Iraq, Israel, Jamaica, Jordan, Laos, Libya, Malaysia, Mali, Mayotte, Mozambique, Myanmar, Nauru, New Caledonia, New Zealand, Pakistan, Palau, Philippines, Puerto Rico, Saint Barthelemy, Saint Martin, Samoa, Senegal, Seychelles, Singapore, Somalia, Sri Lanka, Saint Vincent and the Grenadines, Suriname, Swaziland, Syria, Tanzania, Thailand, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Vatican City, Vietnam, Virgin Islands, British, Guadeloupe, Jersey
    Supported Languages
    English
    Min Deposit$10
    Max Leverage1:2000 (IFSC)
    Deposit OptionsWestern Union, Local Transfer, PerfectMoney, Wire Transfer, Skrill, Neteller, Credit Card, International Bank Transfer, AstroPay, Visa, Mastercard, SticPay
    Withdrawal OptionsWire Transfer, Local Transfer, Neteller, International Bank Transfer, Skrill, Credit Card, AstroPay, PerfectMoney, Giropay, Visa, Mastercard, SticPay
    Time to Withdrawal3
    Time to Open an Account9
    Products
    Currencies, Stocks, Indices, Commodities, Futures
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossNo
    Guaranteed Limit OrdersNo
    Guaranteed Fills / LiquidityNo
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistNo
    Trading SignalsYes
    Platform Languages
    Turkish, Korean, Hebrew, English, Danish, Russian, French, Indonesian, Dutch, Portuguese, Latvian, Thai, Slovak, Taiwanese, Polish, Czech, Arabic, Estonian, Hungarian, Bulgarian, Italian, Slovenian, Spanish, Chinese, Croatian, Lithuanian, Farsi, Japanese, Swedish, Greek, Serbian, Vietnamese, Malaysian, German, Romanian
    24 Hours SupportYes
    Support During WeekendsYes
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    WebinarsNo
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeNo

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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