On this page, we will discuss the Roboforex broker review. It is one of the popular brokers providing services in financial markets since 2009.
For those of you who are looking for and find a broker as a place where you will put your money. Roboforex may be one of the brokers you are trying to find out, is it a legit broker or a scam. This page will provide information related to Roboforex brokers that may be useful for you.
- 1 Roboforex company overview
- 2 Roboforex regulation
- 3 Roboforex account type
- 4 Platform trading
- 5 Leverage
- 6 Awards
- 7 Spreads
- 8 Market instrument
- 9 Payment method
- 10 Roboforex broker withdrawal review
- 11 Roboforex broker bonus review
- 12 Customer support
- 13 Roboforex review forex peace army
- 14 Roboforex review trustpilot
- 15 Is Roboforex a legit broker?
- 16 Conclusion
Roboforex company overview
Roboforex, this company has been established in 2009 as a company that serves forex traders. It is a hybrid broker which means that on cent accounts it acts as a market maker. And on standard and ECN accounts it acts as a bridge between traders and liquidity providers. Head office of Roboforex broker in Belize, Belize City Guava Street, Belama Phase, 1.
On standard and ECN accounts where the broker acts as a bridge, it can avoid conflicts of interest between the trader and the broker because the company earns profits in the form of spreads.
In 2020, according to the Roboforex website, the number of accounts opened has reached 4,559,245. It is known that this company is also one of the sponsors of the Muay Thai fighter and a world kickboxing champion, Andrei Kulebin, and in 2017 became a sponsor of the Starikovich-Heskes Team” sponsorship at the Dakar 2017.
Regulated brokers earn higher trust than unregulated brokers. To be regulated, brokers must meet certain criteria that are the regulations of the regulatory body. This allows each regulatory body to have strict rules, while others are somewhat loose. United States regulatory agencies have strict rules, while other regulatory agencies are considered laxer.
RoboForex broker is regulated by the IFSC. License number 000138/210, reg. number 128,572. You can find Roboforex regulation in the company’s business profile.
Belize’s International Financial Services Commission (IFSC) regulatory body is still not considered a credible regulatory body. A credible regulatory body is one that has been tested which the world recognizes and gives strict sanctions to its members if they are found to have violated the provisions of the agreed agreement.
Roboforex account type
Roboforex broker offers five types of accounts with each trading condition.
This is an account with floating spreads starting from zero with a market execution type of execution. Max. Leverage 1:300. With a minimum deposit of 10 USD/10 Euros. Stop out 100%, cashback rebate 5%. The minimum order volume is 0.01 lots and the maximum is 500 lots. No swap-free accounts. Commission the trading volume of 1000000 USD.
Trading instrument 28 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies. Account currency USD, EUR, GOLD.
Trading platforms MT4, MT5, Web trader, Apple, and Android.
ECN accounts offer a market execution type of execution, with a maximum leverage of 1:500. The minimum deposit is only 10 USD/10 Euros, with floating spreads starting from zero. Stop out 40%, minimum volume size 0.01 lots maximum 500 lots.
The maximum number of open positions for MT5 accounts is 1000. The maximum number of active orders for MT5 accounts is 500. “Cashback(Rebates)” Up to 15% of the company’s revenue. No swap-free account. Commission for the trading volume of 1 million USD.
Trading instrument 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies. Account currency USD, EUR, CNY, GOLD. Trading platforms MT4, MT5,cTrader, Apple, Android.
R StocksTrader account
This is an account type intended for trading instruments Indices, Real stocks, CFDs on stocks, Forex and ETFs, CFDs on Oil, CFDs on Metals, CFDs on Brazil Stocks, Cryptocurrencies.
Offers different levels of leverage on the type of market.
- US Stocks (Deposit from 10,000 USD) up to 1:20 (or by request).
- US Stocks 1:2.
- CFD on the US stocks up to 1:20.
- CFD on EU stocks up to 1:5.
- Forex up to 1:300.
- Indices 1:100.
The minimum first deposit is $100. With a different commission structure in each market. Spreads start with zero for forex. And 0.01 for other markets and 0.05 for indices markets. Multi-asset R Stocks trading platform, available for Apple and Android.
This account type offers maximum leverage of 1:2000 with a minimum deposit of 10 USD/10 Euros. Execution type market execution, floating spreads from 1.3 pips. Minimum order volume 01 lot with maximum 10000 lots.
Cashback(Rebates)” Up to 1.5% of the Company’s revenue. Free swap account. Profit share bonus and classic deposit bonus available.
Trading instruments 36 currency pairs, Metals, Cryptocurrencies. Account currency USD, EUR, CNY, GOLD. Trading platforms MT4, MT5, Web trader, Apple, and Android.
This account, designed for beginners, offers maximum leverage of 1:2000 with a minimum deposit of 10 USD/10 Euros. A floating spread of 1.3 pips promises a market execution type of execution.
The minimum order volume is 0.01 lots and the maximum is 500 lots. On the MT5 platform, the maximum order amount is 1000 with a maximum active order of 500. Stop out 20%. Free swap accounts are available.
Cashback(Rebates) Up to 15% of the company’s revenue.
Roboforex ECN review
ECN (Electronic Communication Network) Brokers use electronic communication networks to provide clients with direct access to other players in the currency market.
An ECN account is an automated system that can match buy and sell orders for the stock market and money market, which is able to connect forex players, including banks, liquidity providers, centralized exchanges, other brokers, with private investors or traders.
However, not all brokers that carry the ECN label are True ECN brokers, there are some who use the ECN label to attract customers, because of the advantages of ECN accounts without a broker monopoly.
Roboforex, in theory, carries an ECN account label on one of their account types. And low floating spreads, but it is important to pay attention to real trading conditions. ECN accounts will always forward trader orders to liquidity providers without requotes. If traders meet these conditions. It is probably they are using a false ECN broker.
For its customers, Roboforex offers trading platforms Metatrader 4, Metatrader5, cTrader, R Stock trader, and Roboforex terminal.
- Metatrader 4 is an advanced trading platform widely used for forex and CFD brokers that supports automated trading. Available too for Apple and Android.
- Metatrader 5 is the latest version of Metaquotes which has more advanced features than Metatrader4. Available for Apple and Android.
- cTrader, a platform equivalent to Metatrader 4, has a user-friendly interface and is used for STP accounts. Mobile version available for Apple and Android.
- R stock trader, this web-based platform is used to access global multi-assets from one platform. Thousands of stocks can be accessed through this platform.
- Roboforex terminal is a web platform that is Metatrader4 but the user does not need to install the platform on his computer. They can log in via a browser at a specific address.
Roboforex offers varying leverage depending on the selected account type and the asset being traded. Generally, the Roboforex broker offers maximum leverage of 1:2000.
For traders who choose high leverage, it is important to understand that besides leverage increasing profits, it also increases risk.
Since its establishment in 2009, on the awards page, Roboforex has listed many awards, starting in 2012 till 2021 from various awards provided by various sources like Worldfinance awards, etc.
Roboforex brokers offer spreads for the forex market from 1.4 pips, however, because these offer floating spreads, it is possible when high market liquidity allows wide spreads to occur. This condition often occurs during high-impact news.
The size of the spread will depend on the asset being traded, wherein the cryptocurrency market, the spread for BTCUSD is on average 188.76 with fixed leverage of 1:50.
Roboforex provides market instruments for more than 12 thousand trading assets which are divided into categories, forex, cryptocurrencies, Stocks, Energy commodities, ETFs, Indices, and Commodities.
The availability of trading assets also depends on the type of account used. Since this is a CFD broker, the trader is only purchasing the asset at the underlying value, meaning he or she does not actually own the asset physically.
Roboforex offers a variety of payment instruments, which are broadly divided into three groups.
- Bank Transfer, supports multiple currencies, USD, BRL, CNY, THB, MMK, LAK, KHR, VND, EUR, and MYR.
- Electronic payment supports, Astropay, Skrill, Advcash, Perfectmoney, Netteler, and NganLuong Wallet.
- Bank card supports China Union Pay, Mastercard/Visa, and JCB.
Roboforex broker withdrawal review
The average deposit process is up to 1 day, with various payment options, while the withdrawal process takes from 1 day to 10 days depending on the payment instrument used.
You may need to research more deeply about withdrawal reviews on Roboforex, because in one comment in the review column about Roboforex. A trader complained about the withdrawal by Visa card which was only a few seconds before, but he faced a problem and the customer contact always got the same answer, but it didn’t solve the problem.
Roboforex broker bonus review
Roboforex offers three kinds of bonuses, namely welcome bonus, profit share bonus, and classic bonus.
The welcome bonus is for those who are eligible to receive it as a new client. And to get the bonus a minimum deposit of 10 USD/ 10 Euro/ 60 CNY using China UnionPay, Maestro, MasterCard, and VISA cards.
The profit earned from the bonus and a certain amount of deposit can be withdrawn, so for example a trader deposits $10 and gets a $30 bonus, and he makes $10 profit, then what can be withdrawn is $10 profit plus a $10 deposit.
This is a deposit bonus, when a trader makes a new deposit on cent and standard accounts will get a 60% bonus, which is to strengthen the trading margin, and there is a requirement to withdraw the bonus by completing a certain trading volume.
This is also the deposit bonus available when the trader fills out the deposit form, with bonus variations of 25%, 50%, 100%, or 120%. The bonus cannot be withdrawn, but profits can be withdrawn by completing a certain trading volume.
Roboforex promises 24/7 customer support day a week. With live chat that can connect on Messenger, WhatsApp, Telegram, Skype, Line, support 10 languages ( English, Arabic, Chinese, Czech, Kazakh, Malay, Portuguese, Spanish, Taiwanese, Thai, Ukrainian, Uzbek, Vietnamese), in phone line +65 3158 8389.
Customer support is also diligent in answering trader complaints on the Roboforex broker review site.
Roboforex review forex peace army
Forexpeacearmy is still one of the trusted sources for many traders for reference in choosing a broker. Although not one hundred percent is pure, this source is still credible for reference.
Roboforex reviews on Forexpeacearmy, get reviews from traders with a total of 178 members who submitted reviews. From the overall review, this broker gets a rating of 2,483. This is a low rating, where less than 2.5 of the total highest rating is 5 stars.
Some traders’ reviews have complained about the broker’s trading conditions. Thera er trader faces problems with slow execution. Another complaint about blocked accounts. some complaint about the spread spreading to 140 pips on the EURNZD pair. There are traders who complain about the gold price is different from the charts from other brokers.
You can read the entire trader review on the FPA page.
Roboforex review trustpilot
Trustpilot is also a reference for users to research other user reviews of a particular company or product. The Roboforex review on TrustPilot received 168 reviewers with a 3.4 rating. This is much higher than Roboforex’s rating on FPA.
On the last page, many reviewers voiced positive reviews of this broker. And negative reviews always get counter comments from the Roboforex support team. For detail, read all reviews on Trustpilot.
Is Roboforex a legit broker?
User experience may vary, but Roboforex is a legit broker. However, Belize’s IFSC regulation is a less credible regulatory body, so it is appropriate to adhere to the golden rule in high-risk investments.
Spent money that affords to lose. With a minimum deposit of only $10. traders can test with low-budget trading.
As a hybrid broker, Roboforex is suitable for novice traders with the availability of cent account types with a low minimum deposit of only $10. Beginner traders can test their trading skills with either a demo account or a cent account.
The bonuses offered have always attracted many beginners, it is not surprising that from year to year new clients of this broker increase.
Note: this article is informational only and does not constitute investment advice. Forex and CFDs are risky, each investor is responsible for his/her investment.
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