RoboForex has been providing Forex and CFD trading services since 2009. Known for its innovative approach and flexible trading conditions, RoboForex has attracted a large number of traders worldwide. With an extensive range of financial instruments, competitive spreads, and multiple account types, the broker claims to cater to the needs of all traders, from beginners to experienced professionals. But the question remains: is RoboForex worth trading with in the long run? In this review, we’ll dive into its key features, trading conditions, account types, customer service, and other essential factors to assess whether RoboForex is a good choice for long-term traders.
Company Overview and Regulation
RoboForex operates under the brand name RoboForex Ltd, and its parent company, RoboMarkets, is registered in Belize. RoboForex provides trading services across various asset classes, including Forex, stocks, indices, commodities, and cryptocurrencies. It is regulated by the International Financial Services Commission (IFSC), a regulatory body in Belize, which offers some degree of protection to clients. However, compared to regulators like the UK’s FCA or the ASIC in Australia, the IFSC does not hold the same level of oversight.
Although RoboForex’s regulation may raise concerns for some traders, the broker emphasizes transparency and fair trading practices. The regulatory status might not inspire the same level of confidence as some brokers operating in more strictly regulated regions, but the company does have measures in place to ensure client security.
Trading Platforms and Tools
RoboForex offers several trading platforms to cater to different types of traders. These include:
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MetaTrader 4 (MT4): This is the most popular trading platform globally, known for its user-friendly interface, advanced charting tools, and automated trading capabilities through Expert Advisors (EAs). MT4 is favored by beginners and advanced traders alike due to its reliability and range of features.
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MetaTrader 5 (MT5): The successor to MT4, MT5 offers additional features such as more timeframes, improved charting tools, and support for additional asset classes like stocks, futures, and options. MT5 is an excellent choice for traders looking for a more comprehensive platform.
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cTrader: RoboForex also offers cTrader, which is another popular platform among professional traders. cTrader is known for its fast execution speeds, advanced charting tools, and a clean, intuitive interface.
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RoboForex’s WebTrader: For traders who prefer to trade directly from a browser, RoboForex’s proprietary WebTrader platform is available. It provides a simple and effective trading experience, especially for beginners who don’t want to install additional software.
In addition to these platforms, RoboForex provides mobile apps for both iOS and Android, ensuring that traders can access their accounts and execute trades while on the move. The availability of multiple platforms ensures that traders can select the one that best suits their trading preferences.
Account Types and Trading Conditions
RoboForex offers a variety of account types tailored to different levels of experience and trading styles. Let’s explore some of the most common account types available:
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Pro-Standard Account: The Pro-Standard account is RoboForex’s most popular option. It offers spreads starting from 1.3 pips and does not charge a commission. This account is suitable for traders who prefer a simple pricing model and want to trade Forex and CFDs with competitive spreads.
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Pro-Cent Account: The Pro-Cent account is similar to the Pro-Standard account but with much smaller trade sizes, allowing traders to manage their risk with greater precision. The minimum deposit is lower than that of the Pro-Standard account, making it ideal for beginner traders.
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ECN Account: RoboForex’s ECN account is perfect for traders who require tighter spreads and faster execution. This account type offers raw spreads from 0.0 pips, but traders are charged a commission on each trade. The ECN account is well-suited for scalpers and day traders who rely on quick executions and low spreads.
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R Trader Account: This account is aimed at traders who prefer to trade stocks and other instruments beyond Forex. The R Trader account offers access to over 12,000 financial instruments with competitive spreads and commissions.
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Islamic Account: For Muslim traders, RoboForex provides an Islamic account that adheres to Sharia law. These accounts do not have swap rates, ensuring that traders do not incur interest charges, which are prohibited in Islamic finance.
RoboForex’s spreads are competitive, especially for the ECN and Pro-Standard accounts. However, traders should be aware that the spreads are variable, meaning they may widen during periods of high market volatility. Overall, the broker provides several options with low entry requirements, making it accessible for both beginners and experienced traders.
Leverage and Margin Requirements
RoboForex offers leverage up to 1:2000, depending on the account type and the asset being traded. This high leverage allows traders to control larger positions with a smaller margin, increasing potential profits (and risks).
However, it’s important to note that high leverage can also amplify losses. Beginners should use leverage cautiously and ensure they understand how it works before trading with large positions. RoboForex offers risk management tools like stop-loss and take-profit orders to help mitigate the risks associated with high leverage.
Fees and Commissions
RoboForex’s fee structure varies based on the account type and platform used. The most important fees to consider are:
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Spreads: RoboForex offers competitive spreads on all account types. On the Pro-Standard account, the spreads start at 1.3 pips for major currency pairs like EUR/USD. For ECN accounts, spreads can start as low as 0.0 pips, but these accounts charge a commission per trade.
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Commissions: For ECN accounts, RoboForex charges a commission starting at $20 per million USD traded (or $3.5 per standard lot). This commission is relatively low compared to other ECN brokers, making RoboForex an attractive option for traders who prioritize tight spreads.
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Swap Rates: As with most brokers, RoboForex charges or credits swap rates (overnight financing fees) for holding positions overnight. These fees can vary depending on the currency pair, account type, and market conditions.
Overall, RoboForex’s fee structure is competitive, especially when considering the low commissions on ECN accounts and the tight spreads on major currency pairs.
Deposit and Withdrawal Options
RoboForex offers a wide range of deposit and withdrawal options, making it convenient for traders from various regions. The available methods include:
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Bank wire transfers
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Credit/debit cards (Visa, MasterCard)
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E-wallets (Skrill, Neteller, WebMoney)
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Cryptocurrency deposits (Bitcoin, Ethereum, etc.)
The minimum deposit requirement for most accounts is $10, making it accessible for new traders. RoboForex does not charge fees for deposits, but there may be third-party charges depending on the payment method chosen.
Withdrawals are processed promptly, usually within 24 hours. However, some withdrawal methods may incur fees, depending on the chosen method and the trader’s region. Overall, RoboForex provides a wide range of payment options to cater to traders’ needs.
Educational Resources
RoboForex is committed to providing educational resources for traders of all experience levels. The broker offers:
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Webinars: Regular online seminars hosted by experienced traders covering a range of trading topics, from beginner concepts to advanced strategies.
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Video Tutorials: A comprehensive library of videos that explain how to use the trading platforms, risk management strategies, and other trading concepts.
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Trading Signals: RoboForex offers trading signals that help traders identify potential trade setups. These signals can be particularly helpful for beginners who are still learning to read the markets.
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Market Analysis: The broker provides daily market analysis, including technical and fundamental analysis, to help traders stay informed about market trends and potential trading opportunities.
For traders who need extra help, RoboForex also offers a free trading academy with courses tailored to different trading styles. This educational focus is one of RoboForex’s standout features, especially for new traders who want to learn how to trade effectively.
Customer Support
RoboForex provides 24/7 customer support via multiple channels, including live chat, email, and phone support. The customer support team is multilingual, offering assistance in various languages to cater to traders worldwide. RoboForex’s support is generally praised for its responsiveness and professionalism.
The broker also offers a knowledge base and FAQ section on its website, providing answers to common questions about account setup, trading conditions, and platform use. The presence of these resources can be helpful for traders who prefer to resolve issues independently.
RoboForex’s Strengths
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Low Minimum Deposit: With a minimum deposit requirement of just $10, RoboForex is an excellent option for beginner traders.
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Competitive Spreads and Commissions: The broker offers competitive spreads, especially on ECN accounts, and low commission rates for high-volume traders.
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Multiple Account Types: RoboForex provides a range of account types to cater to different trading styles and experience levels.
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High Leverage: RoboForex offers leverage up to 1:2000, providing traders with the ability to control larger positions with smaller capital.
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Educational Resources: The broker provides extensive educational materials, including webinars, tutorials, and trading signals, to help traders enhance their skills.
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Strong Customer Support: RoboForex’s multilingual customer support is available 24/7, ensuring that traders can get help whenever they need it.
RoboForex’s Weaknesses
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Regulation: RoboForex is regulated by the IFSC in Belize, which is not as robust as regulators in the UK, EU, or Australia. Some traders may prefer brokers regulated by more stringent authorities.
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Swap Fees: As with most brokers, RoboForex charges swap fees, which can add up over time, especially for traders holding positions overnight.
Conclusion: Is RoboForex Worth Trading with in the Long Run?
RoboForex is a solid choice for traders looking for a reliable broker with competitive spreads, low commissions, and a variety of account types. The broker’s commitment to providing educational resources, combined with its accessible minimum deposit and wide range of deposit and withdrawal methods, makes it appealing to both new and experienced traders.
While RoboForex is regulated by the IFSC in Belize, which may not provide the same level of security as brokers regulated in stricter jurisdictions, the broker offers a transparent and fair trading environment with excellent customer support.
For long-term traders, RoboForex provides the tools, resources, and conditions necessary to develop and execute successful trading strategies. Whether you are a beginner, a swing trader, or an experienced scalper, RoboForex’s diverse account options, low fees, and fast execution make it worth considering as a long-term trading partner.
