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General Information
Broker Name:RoboForex
Broker Type:Crypto
Country:Belize
Operating since year:2009
Regulation:IFSC
Address:2118 Guava Street, Belama Phase 1, Belize City, Belize
Broker status:Offshore Regulation
Customer Service
Phone:+6531588389
Email:[email protected] [email protected] [email protected]
Languages:12 languages
Availability:24/7
Trading
Trading platforms:cTrader, MT4, MT5, R Trader
The Trading platform Time zone: N/A
Demo account:YES
Mobile trading:YES
Web-based trading:YES
Bonuses:YES
Other trading instruments:YES
Account
Minimum deposit ($):$10
Maximal leverage:1:2000
Spread:NO
Scalping allowed:YES

RoboForex Review 2020

roboforex

General Information

RoboForex is an experienced brokerage, that began operating in 2009. That means the firm has amassed over a decade of experience. It’s located in Belize, at the exact address of 2118 Guava Street, Belama Phase 1, Belize City.

However, in the considerable time the firm has been operating, it’s had quite a bit of ups and downs. From the outside, the service looks quite astounding, with strong technical qualities. However, things hold up much worse when you look at the realistic situation. The website is slow, cluttered, and clunky, with information being difficult to find. On top of that, the broker has accumulated some reputation issues over the years.

Before we begin to deconstruct what the broker did wrong, let’s look at how it tries to attract customers. With that, here’s a list of some of RoboForex’s primary features:

trading advantages of roboforex forex broker

  • ROBOFOREX SOCIAL TRADING

Social trading features are a recent addition to the brokerage world. They allow traders with less experience to copy more experienced ones, while the latter get monetary compensation. As a system, they seem to lead to a higher trader success rate.

  • A VARIETY OF TRADING PLATFORMS

It’s quite rare for a brokerage to provide more than one platform, and even if it does, it’s usually the choice between a proprietary and a more standard option. RoboForex has four platforms to choose from, including both the MT4 and MT5. As the two are the most prevalent options on the market, most traders lean heavily towards one of them.

  • STRONG WITHDRAWAL/DEPOSIT OPTIONS

RoboForex’s deposit and withdrawal options are not only numerous but also quite speedy. Fees are absent from most of the cards, e-wallet, and online payment methods as well.

 

roboforex

Funds Trading and Security 

 

RoboForex’s security seems fine at a glance, with an IFSC license. But while some regulation definitely is better than none, Belize’s financial commission isn’t quite stringent when it comes to enforcing rules. As an offshore regulator, it provides much less security than, for example, something like the UK’s FCA. As such, it doesn’t push RoboForex into the clear.

On the other end, RoboForex has been the topic of complaint for many customers. By that, we don’t just mean bitter clients that are dissatisfied because they lost money. Namely, there’s a ton of severe and valid accusations ranging from disappointment with the service to withdrawal delays and refusals. The reports don’t seem to be fringe cases either and show that the issues are consistent.

Although that alone isn’t enough to call RoboForex an outright scam, it certainly doesn’t look pretty. As-is, we’d depict the broker’s security as slightly below mediocre at best.

Trading Accounts

Account variety is usually a positive quality, and we often praise brokers for it. With five account types, RoboForex definitely does provide ample options, but it goes about it in the entirely wrong way. Rather than enriching the experience, different accounts limit it by cutting off features.

For example, their R Trader account provides an impressive number of over 12000 assets. At the same time, it cuts off access to any platform but the R Trader. The Pro-Cent version has high leverage but is severely limited in the available trading instruments. The Pro-Trader seems the most versatile but has significantly higher spreads than other types.

So while in theory, you have a wide array of choices, often you end up picking based on what’s missing and not what’s there. That significantly worsens the overall experience and spoils what would’ve otherwise been a significant benefit for RoboForex. Here are some of the specifications for each account type:

roboforex rewview - trading accounts

roboforex

 

PRIME

  • Assets: 28 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies
  • Minimum deposit: $10
  • Spread: Floating from 0 pips
  • Maximum leverage: 1:300
  • Deposit bonuses: Not available
  • Loyalty bonuses: All offers

 

ECN

  • Assets: 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies
  • Minimum deposit: $10
  • Spread: Floating from 0 pips
  • Maximum leverage: 1:500
  • Deposit bonuses: Not available
  • Loyalty bonuses: All offers

 

PRO-STANDARD

  • Assets: 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies
  • Minimum deposit: $10
  • Spread: Floating from 1.3 pips
  • Maximum leverage: 1:2000
  • Deposit bonuses: All offers
  • Loyalty bonuses: All offers

 

PRO-CENT

  • Assets: 36 currency pairs, Metals, Cryptocurrencies
  • Minimum deposit: $10
  • Spread: Floating from 1.3 pips
  • Maximum leverage: 1:2000
  • Deposit bonuses: All offers
  • Loyalty bonuses: All offers

R TRADER

  • Assets: More than 12,000: Indices, Cryptocurrencies, Real stocks, CFD on stocks, Forex and ETF, CFDs on Oil, CFDs on Metals
  • Minimum deposit: $100
  • Spread: from $0.01
  • Maximum leverage: 1:300
  • Deposit bonuses: Not available
  • Loyalty bonuses: Not available

 

Trading Conditions

The trading conditions are severely dependent on the account choice, as each type seems to lack the advantages others have. Theoretically, the maximum leverage you can achieve is 1:2000, and spreads go as low as 0.0 pips. There are five account types and four platforms, including web and mobile options. Additionally, there are deposit and loyalty bonuses that can enhance your experience significantly.

Those conditions are quite formidable as a group and would put RoboForex up there with the best global brokerages. However, to get one of the good conditions, you usually need to sacrifice another. Because they limit each account in that way, the entire experience ends up being underwhelming.

Trading Platform

trading platforms: MetaTrader4 and Metatrader5 As we already mentioned in our RoboForex review, there are multiple platforms you can pick from. There are standard options, such as MetaTrader4 and MetaTrader5, but also the proprietary cTrader and R Trader. There are also web and mobile options, but they are based on R Trader rather than the more standard platforms.

trading platform While most are familiar with MT4 and MT5, it’s worth noting that brokers that provide both are rare. cTrader is a social trading software that allows you to trade by mimicking professionals. R Trader is a proprietary platform, and it’s about what you would expect from a custom trading software.

You should note that not all accounts include the “privilege” to access all the platforms. The worst thing is that some accounts cut mobile and web traders, significantly stifling trader experience.

 

RoboForex’s Trading Products

RoboForex provides a nice amount of different assets, with its R Trader account allowing access to over 12000. However, you should note that based on your account choice, your selection might be limited severely. So, if you decide to trade with the broker, take a good look at what assets you can and can’t buy and sell with the account you go for. Here are all the categories you can expect to see:

Customer Service

RoboForex’s support team is one of their services that’s well-organized. There’s a ton of different phone lines covering multiple languages, with email and live chat support to boot. The support team also works 24/7, which is another commendable trait.

English phone number: +6531588389

Email: [email protected]

roboforex customer service RoboForex Review: Conclusion

While RoboForex isn’t all bad, the firm definitely shot itself in the foot with its account typing. Instead of offering tiered accounts, or variations that specialize in specific asset groups, it just limits users. If a customer wants one thing, then they need to sacrifice two others. That makes it so you’re never quite content with your choice, as something is always missing.

That’s not even touching on the security concerns about the brokerage. There’s a multitude of reports against it, making us seriously doubt their intentions. The comments also cover an extended period, so RoboForex doesn’t seem to have any intent on improving.

Due to the fact it forces traders to limit themselves and the pressing safety issues, we can’t recommend RoboForex. Everything ends up feeling slightly overwhelming, and what potential it had seems entirely wasted.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 2.17 (3 reviews)

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3 Comments

  1. Lars March 29, 2021
  2. Eric Menson December 7, 2020
  3. David Acipov December 7, 2020

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