RoboForex Review: Reliable Broker or Scam?

The roboforex.com domain is owned by RoboMarkets Ltd. Its activities are regulated by the IFSC and CySEC. It has won more than 20 different titles and awards. Today, it claims more than 730,000 clients and offers several asset classes and more than 12,000 trading instruments. Overall, it is a trustworthy broker. Discover our RoboForex review in this article.

Who Is RoboForex?

The international broker RoboForex was founded in 2009. Its head office is at 2118 Guava Street, Belama Phase 1, Belize City, Belize. Since its launch, it has been committed to offering the best trading conditions through innovative technology. RoboForex aims to offer a variety of services to both its clients and its partners. According to the broker, it intends to stand out by providing the same quality of service regardless of its clients’ experience or investment size.

According to its official website, RoboForex does not target EU/EEA clients, even though its services are fully accessible there. RoboForex does not offer its services in the USA, Canada, Japan, Australia, Bonaire, Curaçao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, the Northern Mariana Islands, Svalbard and Jan Mayen, or South Sudan.

RoboForex Key Facts and Ratings

If this topic interests you, also check out “FBS Forex Review” and “Nextmarkets Review“.

Awards Received by RoboForex

Since its launch, RoboForex has received more than twenty awards, including 10 prestigious ones. Here are some of RoboForex’s recent awards:

In 2020, RoboForex received:

• Best Investment Products (Global),
• Best Partnership Program (LATAM),
• Most Trusted Broker,
• Most Transparent Asian Forex Broker,
• Best Global Mobile Trading App.

In 2019, RoboForex received:

• Best Broker of the CIS,
• Best Investment Platform,
• Best Educational Forex – Center in CIS,
• Best Stock Broker Asia,
• Best Investment Products, Global,
• Best Global Forex Affiliate Program.

Is RoboForex an ECN Broker or a Market Maker?

RoboForex Ltd is a hybrid forex broker. For all Cent accounts, RoboForex Ltd is a market maker. For all Standard and ECN accounts, however, RoboForex uses STP technology via a bridge connected to a liquidity provider. All trades above 0.01 lot (1,000 units) are sent to the bridge and then to the liquidity provider. RoboForex then receives part of the spread on each trade.

RoboForex Regulation

RoboForex is a regulated broker:

• RoboForex holds a brokerage license from the IFSC, Belize’s regulator, which authorizes it to provide trading services in financial derivatives, securities and commodities. Its license is registered under number 000138/107.
• RoboForex (CY) Ltd. also holds license 191/13 from the Cyprus Securities and Exchange Commission (CySEC), which allows it to offer brokerage services in European Union countries.
• RoboForex is a member of the international organization The Financial Commission, in category “A”.

RoboForex Scam Reports

RoboForex is a genuine regulated broker that offers its services legally. Based on our research, it is a reputable, globally known broker, and we found no evidence of trading scams by this broker.

The negative RoboForex reviews we found mostly concern losses resulting from the inherent risks of this type of investment.

Can You Trust RoboForex?

RoboForex is a trustworthy broker for several reasons:

• The broker is overseen by the IFSC in Belize and CySEC in Cyprus;
• It has won awards of all kinds;
• RoboForex Ltd is an official member of The Financial Commission, an international organization that resolves disputes between its members and their clients;
• RoboForex Ltd also participates in The Financial Commission’s Compensation Fund. This service is included in Financial Commission membership and offers protection of up to €20,000 if a member refuses to comply with a Financial Commission ruling. The Fund’s purpose is to provide insurance cover to traders who work with Financial Commission members and to pay them compensation;
• RoboForex strictly complies with the Financial Commission’s requirements. For several years, the broker has also been regularly audited by Verify My Trade on the quality of its order execution.

How Are Client Funds Protected at RoboForex?

RoboForex offers a degree of protection for client deposits:

• First, RoboForex is a regulated broker, licensed by Belize’s regulator, the IFSC, and by CySEC in Cyprus;
• RoboForex offers negative balance protection;
• RoboForex is a member of the Financial Commission’s Compensation Fund, which gives clients protection of up to €20,000;
• RoboForex strictly complies with the Financial Commission’s requirements and has received a certificate from Verify My Trade for the quality of its order execution;
• RoboForex has a civil liability insurance program of up to €5,000,000, covering omissions, fraud, errors, negligence and other risks that could cause financial losses for clients.

Is RoboForex AMF-Authorized?

RoboMarkets Ltd, the owner of RoboForex, has obtained authorization from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), so it can fully operate in France. See the AMF broker blacklist.

Is RoboForex Available in France?

RoboForex is based in Belize. It currently has no office in France, and its website isn’t available in French, though it is available in about ten other languages. However, its services are accessible to French traders.

What Trading Accounts Does RoboForex Offer?

RoboForex offers several account types. Some suit beginners, others experienced traders. However, not every account offers all financial products, so traders should compare the different accounts before choosing one.

RoboForex Demo Account

RoboForex offers a demo account so traders can test trading conditions and strategies without investing any money. The RoboForex demo account is identical to a live account and works on all available trading platforms. Traders can choose from the different asset types on offer.

With RoboForex, you can open an unlimited number of demo accounts. However, each account is valid for 90 days.

A RoboForex demo account already gives access to the Cashback program. Thanks to these virtual rebates, traders can assess the benefits they could receive when they switch to a live account.

RoboForex Live Account

Opening a RoboForex Live Account

To trade with RoboForex, you need to open a live account. Opening a RoboForex account involves a few steps:

• The trader must first register in the Members Area, a space designed for managing accounts, investments and funds;
• Next, go to the “Live account” page in the first section of the client area;
• Then choose the appropriate settings and the desired account type;
• Finally, click “Confirm”.

Before starting to trade with RoboForex, the trader must choose one of the available trading platforms and the account currency.

RoboForex Verification

To increase the level of protection for the account and the funds deposited, the account must go through a verification procedure. This is a mandatory condition for trading with RoboForex.

By confirming their personal details, traders benefit from several perks offered by RoboForex: a welcome bonus and monthly payments of up to 10% on their account balance. They can also access the cashback program and order a free VPS server for their Expert Advisors.

RoboForex Islamic Accounts

RoboForex offers Islamic accounts for Muslim traders looking for swap-free accounts. Instead of swaps, the broker charges a fixed fee calculated based on the number of lots open and the type of currency pair traded. This service is only available on Pro-Affiliate accounts and on Standard and Cent accounts based on MetaTrader 4.

To get a RoboForex swap-free account, the trader must:

• Open a trading account and use the MetaTrader 4 platform;
• Then contact RoboForex customer support.

RoboForex Trading Account Types

RoboForex offers several types of trading accounts:

• RoboForex Prime: an account offering the best trading conditions, aimed at advanced traders;
• RoboForex ECN: a zero-spread account for professionals looking for the best trading conditions, with fast execution;
• RoboForex RTrader: a single account accessible via RoboForex’s RTrader web platform, suited to experienced traders who want access to all the main financial markets from one account;
• RoboForex Pro-Cent: this account uses cents (EUR cents, US cents) as its base unit. It suits both experienced traders and beginners, notably to test their trading strategies. With this account, you can get a $30 welcome bonus. You can also increase your deposit by 60% with the profit share bonus, and RoboForex may also offer a classic bonus of up to 120% of the amount(s) deposited.
• RoboForex Pro-Standard: the most popular account among RoboForex clients, offering optimal trading conditions. It suits both experienced and novice traders. With this account, you can earn a $30 welcome bonus, a profit share bonus of up to 60% of your deposit and a classic bonus of up to 120% of the amount(s) deposited.

Deposits at RoboForex

Deposit Methods at RoboForex

Several payment methods are available to make a deposit with RoboForex:

• Bank transfer: SEPA, domestic, international, GiroPay, Sofort, iDEAL, Caixa, China UnionPay;
• Bank card: Mastercard, JCB, Visa;
• E-payments: Skrill, Neteller, FasaPay, Perfect Money, AdvCash, Mobile Money, WeChat Pay, AstroPay;
• Cash and vouchers: Western Union, OXXO, Efecty.

At present, PayPal is not among the accepted deposit methods at RoboForex.

Deposit Limits at RoboForex

Depending on the payment method used, RoboForex may set minimum and maximum deposit amounts:

• SEPA transfer: minimum deposit €500 – maximum deposit €100,000;
• Sofort: minimum deposit €10 – maximum deposit €5,000;
• Giropay: minimum deposit €10 – maximum deposit €5,000;
• Skrill: minimum deposit $10 – maximum deposit $25,000.
• RoboForex charges no deposit fees, whatever payment method you use.

Deposit Processing Times at RoboForex

Deposit processing times at RoboForex vary depending on the payment method:

• SEPA transfer: up to 3 business days;
• China UnionPay, bank cards and all e-payments: instant.

How to Deposit at RoboForex

To make a deposit with RoboForex, clients need to follow these steps:

• First, go to the “Deposit funds” page;
• Next, choose the account you want to fund from the drop-down list;
• Then choose your preferred payment method;
• Decide whether or not you want to receive bonuses with your deposit;
• Specify the deposit amount and currency;
• Then click “Deposit funds”.
• Depending on the payment method used, RoboForex may ask for additional information.

Withdrawals at RoboForex

Withdrawal Fees at RoboForex

Depending on the withdrawal method used, RoboForex may charge withdrawal fees:

• Bank transfer: SEPA: 1.5%;
• Domestic bank transfer: up to 4%;
• China UnionPay: 1.8%;
• Skrill: 1%;
• Neteller: 1.9%;
• FasaPay: 0.5%;
• Mastercard and Visa cards: 2.6% + $1.3 or €1.3.

Withdrawal Limits at RoboForex

For some withdrawal methods, the broker may set minimum and maximum amounts:

• SEPA bank transfer: minimum withdrawal €500 – maximum withdrawal €50,000;
• Skrill: minimum withdrawal $0.1 – maximum withdrawal $100,000;
• Neteller: minimum withdrawal $5 – maximum withdrawal $10,000;
• Visa and Mastercard: up to $10,000.

Withdrawal Processing Times at RoboForex

Withdrawal processing times vary depending on the method used:

• SEPA bank transfer: up to 3 days;
• Domestic transfer: 1 business day;
• E-payments: from 1 minute to 1 business day;
• Bank card: 1 to 10 business days.

RoboForex Fees

RoboForex’s fees break down as follows:

RoboForex Spreads

RoboForex spreads are variable.

RoboForex Forex Spreads

Here are some examples of RoboForex forex spreads:

RoboForex Spreads on Commodity ETFs

Here are some RoboForex spreads on commodities:

RoboForex Spreads on Stock CFDs

Here are some RoboForex fees on stock CFDs:

RoboForex Spreads on Energy CFDs

Here are some examples of RoboForex spreads on energy CFDs:

RoboForex Spreads on Index CFDs

Here are some RoboForex fees on index CFDs:

RoboForex Spreads on Metal CFDs

Here are some examples of RoboForex spreads on metal CFDs:

RoboForex Spreads on ETFs

Here are some examples of RoboForex spreads on ETFs:

RoboForex Swaps

RoboForex swap rates are set in line with liquidity providers’ swap rates. Here are some examples:

RoboForex Islamic Account Fees

When a Muslim trader uses a swap-free account, RoboForex charges no swaps. Instead, the broker charges a fixed fee for rolling a position over to the next calendar day.

Here are some examples of Islamic account fees charged by RoboForex:

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RoboForex Commissions

Depending on the accounts and instruments chosen by its clients, RoboForex charges a commission per USD 1 million of trading volume. For Prime, ECN and ECN-Pro Affiliate accounts, RoboForex charges commissions from $4.

Instruments Offered at RoboForex

With RoboForex, traders have access to several instruments:

• Forex: more than 40 currency pairs, including EURGBP, GBPUSD, USDJPY and EURUSD;
• Stocks: traders have access to more than 12,000 trading instruments, including CFDs on Siemens, Facebook, Amazon and Apple shares;
• More than 20 metal ETFs, including XAG/USD and XAU/USD, nickel, palladium, platinum and copper;
• Indices, including DE30Cash, US500Cash and the Nasdaq 100;
• More than 1,000 different ETFs;
• More than 100 commodity ETFs, including coffee, sugar and corn;
• Energies: CFDs and ETFs on energy commodities, including ethanol, natural gas and oil.

Leverage Offered by RoboForex

When using a RoboForex demo account, traders can choose the maximum leverage of 1:2000, so they can evaluate all the opportunities available with borrowed funds.

However, beginner traders are not advised to use leverage above 1:100 on a live account. RoboForex offers the following maximum leverage by account type:

• Prime and RTrader: 1:300;
• ECN: 1:500;
• Pro-Cent and Pro-Standard: 1:2000.

RoboForex Platforms

RoboForex offers its clients several types of platforms:

RoboForex MetaTrader 4

RoboForex offers traders one of the most popular platforms in the currency market. Its tools and features suit both beginner and more experienced traders. Some of the opportunities and features of RoboForex MT4 are typical of MQL platforms. Several things set the RoboForex MT4 platform apart:

• RoboForex MetaTrader 4 is available as a mobile version compatible with iOS/Android smartphones and tablets;
• It is also available as a web version supported by all browsers;
• It offers 3 order execution types;
• For technical analysis, the platform has 50 indicators;
• For chart analysis, RoboForex offers several basic tools;
• Traders can create and program their own trading robot;
• Traders can enter the market or close positions in a single click;
• Traders have access to the MetaTrader Market to buy Expert Advisors (EAs);
• You can easily download RoboForex MetaTrader 4 for Mac from the App Store, and the Android version from the Play Store.

RoboForex MetaTrader 5

RoboForex offers its clients the most advanced platform on the market: MetaTrader 5. It combines distributed computing and advanced order execution technology for traders who want to run the most ambitious strategies. It suits those who value reliability, speed and modern technology. RoboForex MT5 offers the following services and features:

• RoboForex MetaTrader 5 is available in web and mobile versions;
• It offers 4 order execution types;
• It includes a multi-currency tester;
• Traders have access to the MetaTrader Market, with more than 1,500 technical indicators and Expert Advisors;
• It allows 6 pending order types;
• Hedging and netting systems are available;
• Traders can create, program, test and optimize their own trading robots using the specialized MQL5 language;
• MT5 lets you rent a virtual private server. This RoboForex VPS keeps trading robots running at all times.

RoboForex cTrader

The RoboForex cTrader platform suits the most experienced traders. It offers fast order execution and access to unconventional instruments. It offers the following services and features:

• Pinpoint position management;
• 14 timeframes;
• 54 technical indicators;
• Level II pricing;
• Rare order types;
• 9 advanced interactive chart types;
• A customizable instrument list;
• STP access to the forex market;
• With cTrader Automate, traders can build their own trading robot in C#;
• The platform is available in mobile and web versions;
• It is available in 22 languages.

RoboForex RTrader

RoboForex’s RTrader platform gives access to all global markets from a single account. It stands out in several ways:

• The platform is easy to use;
• It offers “advanced” watchlists;
• More than 12,000 instruments are available;
• It lets you research and analyze market conditions in detail;
• It includes a free automated strategy builder;
• A trading robot builder is also available;
• RTrader allows trading from charts;
• It allows one-click trading;
• Traders can use strategy templates;
• Traders have access to historical data going back to 1970 to test their long-term strategies.

RoboForex Terminals

The RoboForex terminals are especially suited to mobile traders. The R WebTrader web terminal and the R MobileTrader mobile app belong to RoboForex. They offer many advantages, including advanced tools such as:

• 9 charting tools;
• 13 technical indicators;
• RoboForex expert analysis;
• Market news and analysis;
• Instant account funding;
• Convenient account management;
• Switching between accounts in seconds;
• Opening an account in 5 minutes.

RoboForex CopyFX Platform

Through the CopyFX platform, RoboForex also lets traders invest in the financial markets by copying successful traders’ trades.

• The RoboForex copy trading platform lets you discover the financial markets with investments from USD 100;
• It lets you control every step of your investments and how your funds are allocated;
• It also lets you join a huge community of investors and traders.

RoboForex Trading Platforms

Here is a summary table of the platforms offered by RoboForex.

Slippage and Order Execution at RoboForex

RoboForex says it makes the quality of client order execution its priority.

For Fix-Cent and Fix-Standard accounts, RoboForex uses “Instant Execution”. For Pro-Cent and Pro-Standard accounts, the broker uses “Market Execution”.

RoboForex processes client orders in 1 to 3 seconds. According to the broker, this may take longer when market conditions are abnormal.

RoboForex Analysis Tools

Traders with a RoboForex account have access to several analysis tools, including:

• An economic calendar;
• Forex forecasts and analysis;
• A RoboForex analysis center.

RoboForex Trading Tools

RoboForex clients have access to several trading tools, including:

• A trading calculator;
• Live forex charts and quotes;
• Live stock charts and quotes;
• A trading strategy builder;
• Live index charts and quotes.

RoboForex Trading Calculator

RoboForex provides traders with a forex trading calculator, a tool designed to show the likely parameters of their future trades and the costs of holding their positions.

With RoboForex’s trading calculator, traders can calculate trade parameters online, choose more effective trading strategies and make the best possible decisions before opening positions.

The following data is useful when using the RoboForex trading calculator:

• The instrument to trade;
• The number of lots;
• The leverage;
• The account currency.

RoboForex Education

RoboForex offers some basic training on its website:

• What you need to know before opening a trading account, and how to do it;
• How to get started trading;
• How to trade stocks;
• Educational videos are also available free of charge for clients;
• RoboForex’s FAQ section provides plenty of information, covering general trading questions as well as questions about the broker’s platforms in particular;
• The broker has a blog;
• RoboForex provides clients with useful information, including the market holiday calendar, trading tips, the forex trading session calendar and updates on changes to the trading schedule.

Customer Service Review

In the table below, we’ve gathered some traders’ RoboForex reviews of the broker’s customer service.

Source: Trustpilot

How to Contact RoboForex: All Contact Options

There are several ways to contact RoboForex:

• RoboForex offers clients 24/7 online support, with a professional team available in 11 languages;
• The broker can be reached by phone in English at +65 3158 8389. Other numbers are available for other languages;
• RoboForex and its team are also available via live chat, the Members Area ticket system, the online form and callback requests.

How to Become a RoboForex Affiliate

RoboForex has an affiliate program in which affiliates can instantly earn a 50% revenue share and up to 20% of the total partner commission through the loyalty program.

• Under the RoboForex CPA program, the broker sets no limit on monthly or per-client payouts;
• The broker transfers partner commissions daily;
• From the Members Area, partners can receive real-time information on all the clients they have referred;
• By joining the VIP or Expert program, you can earn multi-level commissions: one commission for direct clients and others for sub-partners.

To become an affiliate, simply sign up online, fill in a few details and open an affiliate account.

Positive Reviews

We found several positive RoboForex reviews, including:

• The broker is overseen by the IFSC;
• It offers a degree of protection for client funds;
• Spreads are tight and competitive;
• The minimum initial deposit is low;
• RoboForex charges no deposit fees;
• RoboForex charges fixed commissions on trades;
• The broker charges no inactivity fees;
• Traders can choose from several platforms;
• Several account types are available;
• RoboForex often offers clients promotions on the financial markets. As part of its bonus program, traders can benefit from a RoboForex no-deposit bonus.

Negative Reviews

We noted some negative reviews of RoboForex:

• RoboForex charges withdrawal fees on some payment methods;
• RoboForex’s training is limited to the basics, and its educational program isn’t comprehensive enough;
• The website and customer support aren’t available in French;
• RoboForex offers a limited choice of trading instruments on most accounts.

Is RoboForex the Best Forex Broker?

With more than a decade of experience, RoboForex has built a good reputation. It stands out for its wide range of platforms, accounts and trading instruments. However, given the many drawbacks we identified and based on our analysis, it is not the best forex broker. Vantage and Axi are the best forex brokers thanks to their offering and trading conditions.

Have you used RoboForex and want to share your experience? Leave us a comment!