RoboForex Review 2024

Trust

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.

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

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.

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

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:

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.

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.

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

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

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.

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 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

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.

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.

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

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

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

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.

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

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.

Deposit and Withdrawal

RoboForex Deposit Methods

RoboForex Withdrawal Methods

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

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:

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

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.

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

Research Tools

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

Market Analysis & Research

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.

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.

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.

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.

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

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.

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

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

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

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.

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.

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.

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