RoboForex Review 2024

Trust

RoboForex Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing 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 the single entity operating under the RoboForex trade name:

• RoboForex Ltd is licensed and regulated by the Financial Services Commission (FSC) of Belize under license number 000138/7. We rate the FSC as a Tier-3 regulator.

Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

Brokers operate multiple entities to serve clients worldwide. However, licenses obtained from regulators in different jurisdictions do not always entail the same degree of protection.

Some regulators mandate compliance with the strictest financial frameworks, while others are less rigid. That is why traders must familiarize themselves with the safety mechanisms ensured by the entity they want to open an account.

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 Ltd guarantees 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. RoboForex Ltd provides negative balance protection.
• Compensation scheme. A compensation scheme protects traders against the broker’s liabilities if the company becomes insolvent. Clients of RoboForex Ltd are protected by up to EUR 20,000 under The Financial Commission. They are also insured by up to EUR 2,500,000 under the broker’s Civil LIabilities Insurance.
• 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. The maximum retail leverage with RoboForex is 1:2000.

Stability and Transparency

In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and information transparency.

RoboForex’s legal information is readily accessible and written in a clear, easy-to-understand manner. Its Client Agreement is comprehensive and can be quickly located on the website.

The ‘Civil LIabilities’ insurance protects the broker’s clients against omissions, fraud, negligence, errors, and other risks that may lead to financial loss.

Last but not least, RoboForex’s execution performance is monitored by VerifyMyTrade, ensuring that the broker maintains and adheres to the best execution standards.

Is RoboForex Safe to Trade With?

I determined that RoboForex is quite safe to trade with due to the following factors:

• Authorized and regulated by the FSC
• Member of The Financial Commission
• Provides a ‘Civil Liabilities’ insurance

Fees

RoboForex Trading Fees

RoboForex Spreads

I tested RoboForex’s spreads on 9 September 2024 during the London and the New York open. The results are shown in the table below:

Broken down by asset class and compared to the industry average, RoboForex charges low spreads on share CFDs and gold, low-to-average spreads on indices, average-to-high spreads on currency pairs, and high spreads on crude oil. I determined that the Germany 40 spread is particularly low.

RoboForex 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 base currency contract (100,000 units).

My tests indicate that RoboForex’s overnight charges are low to average compared to the industry benchmark. This combination is suitable for longer-term trading.

RoboForex Non-Trading Fees

Deposits and withdrawals are free on the first and third Tuesdays of every month. Otherwise, RoboForex clients may be liable for a handling fee, depending on their chosen payment method.

The broker does not charge dormant accounts with an inactivity fee.

Accounts Comparison

I have compiled the table below to help you better understand the difference between the trading fees with RoboForex’s several retail account types and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large.

The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) in EUR/USD with a pip value of $10 for each account.

To calculate the cost of such a full-sized trade, I used this formula: Spread x pip value+commission

According to my findings, the combination of zero commissions and floating spreads from 1.3 pips on RoboForex’s Pro and R StocksTrader accounts slightly exceeds the industry average. In comparison, the spread-based Prime and ECN accounts have some of the most competitive trading fees in the industry.

Are RoboForex’s Fees Competitive?

I assessed that RoboForex offers very competitive conditions on its Prime and ECN account types. In contrast, the spreads on the Pro and R StocksTrader account types vary from low to high compared to the industry average. Additionally, the broker does not have any non-trading costs. My overall impression of RoboForex’s trading fees is that they are fairly competitive.

Platforms and Tools

RoboForex offers free VPS hosting to funded accounts with at least a $500 balance. They must achieve at least 3 standard lots of trading volume per month in order to qualify for the bonus.

The R StocksTrader platform is versatile and feature-rich. The terminal provides access to more than 12,000 shares and share CFDs, and I found it suitable for conducting advanced technical analysis. It is available for both desktop and web trading, and it also has a mobile app version.

RoboForex’s MT5 for Desktop Trading

The desktop version of the MetaTrader 5 platform features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool. These allow traders to examine various market developments from different angles and to exploit the underlying trading opportunities in multiple ways.

MT5 is arguably best suited for automated trading via its Expert Advisors (EAs). The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions.

General Ease of Use

The MetaTrader platform is easy to navigate. Even newbie traders can quickly learn where the charts, account info, and watch lists are. The one thing that makes the platform somewhat difficult to use are its cumbersome charts.

Charts

I consider the charts screen a platform’s most important feature. It facilitates technical analysis by providing an overview of price action behavior. Chart artists use many analytical tools and chart configuration possibilities to examine it from multiple angles. In my experience, the really important aspect of a chart is how easy it is to scale price action up and down.

As shown above, the problem with MetaTrader is that the charts can be crowded quite easily, even when you add no more than 2 indicators. This obscures price action behavior and makes it more difficult to conduct probing technical analysis.

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.
• 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 large collection of drawing tools, MT5’s ruggedness makes it difficult to discern price action behavior.
• 21 timeframes: One of the standout features of MetaTrader 5 is its vast array of timeframes. MT5 allows multi-timeframe analysis of price action behavior. The more timeframes available, the more intricate examinations that can be carried out across the short-term and long-term.
• 3 chart types: Price action can be represented as a line, bars, or candlesticks. This diversity allows traders to examine potential trading opportunities from different angles.

Orders

MetaTrader 5 features three types of order execution: market, pending, and one-click trading (top-left corner). One-click trading allows immediate entries at the spot price.

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 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 my opinion, MT5 is a good option for fast and simple order execution. On the other hand, its dated and rugged design falls short compared to newer, sleeker platforms. As a trader who prioritizes flexible chart scaling, I find MT5’s charting capability too rigid and less effective.

RoboForex’s Execution Model

RoboForex operates on a hybrid STP/ECN model without a dealing desk. Client orders are either routed to the broker’s liquidity providers or they are matched using electronic communication networks.

I measured RoboForex’s average order execution speed at around 45 milliseconds, which surpasses the industry average of 60 milliseconds.

RoboForex’s MT5 Mobile App

The mobile app version of MT5 affords quick and easy access to the market on the go. It is very useful for opening, terminating, and adjusting open positions.

The market is continually evolving, marked by periodic surges and declines in volatility. For this reason, staying on top of the latest market developments is crucial, a task made simpler through the mobile app version of MT5.

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 MT5’s Mobile App

The advantage of the MetaTrader app is its practicality. It can be an indispensable tool for making trade adjustments, particularly during moments of heightened volatility. However, the app also feels cumbersome, and I found it unsuitable for price action examination.

Tradable Instruments

Compared to the industry average, RoboForex offers a low amount of currency pairs, an average amount of commodities and indices, and a high amount of share CFDs. It doesn’t offer any cryptocurrencies. However, stock traders can take advantage of the extensive range of shares available on the R StocksTrader platform.

What Are CFDs?

Contracts for difference (CFDs) are derivatives that speculate on the underlying asset’s price without physical ownership.

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 Instruments Can You Trade With RoboForex?

My Key Takeaways After Exploring RoboForex’s Instruments Offering

Except for the R StocksTrader account, which features more than 12,000 shares and share CFDs, RoboForex’s instruments offering is narrow and lacking diversity. There are no lower-risk securities, such as ETFs or bonds, or higher-yield/risk assets, such as cryptocurrencies.

Customer Support

Customer Support Channels

Customer Support Test

When we test a broker’s customer support, 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 9 September at around 15:58 p.m. CET via live chat. I inquired into the broker’s leverage policy and margin call level. An agent connected to the ticket within several seconds, and his responses were quick and detailed.

Deposit and Withdrawal

RoboForex Deposit Methods

RoboForex Withdrawal Methods

Account Types and Terms

RoboForex Account Opening Process

To open an account with RoboForex, please follow these easy steps:

1. Click ‘Open an Account’ at the top-right corner of the main page.
2. Provide your name, email, and mobile number.
3. Confirm your email address.
4. Choose an account type, trading platform, base currency, leverage, and password.
5. Upload proof of ID and proof of address to verify your account.

RoboForex Trading Account Types

I discovered that the broker offers two spread-based accounts, one commission-based account, a cent account for algo testing, and a special account geared for stock trading. The minimum deposit requirement is low, and the leverage varies depending on the preferred account type. Swap-free trading is also available with several of the account types.

Demo Accounts

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 prior to or alongside your live CFD account.

Islamic Account

The broker offers Islamic accounts for swap-free trading, as mandated under Shariah law. Traders seeking an Islamic account must contact RoboForex’s customer support and request the service.

What is CFD Leverage?

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 leverage. Essentially, the broker lends the trader money so that they can open bigger positions. Leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

Maximum Leverage By Asset Class

In the table below, I have listed the maximum retail leverage available with RoboForex for instruments from different asset classes:

RoboForex Restricted Countries

RoboForex does not accept traders from 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, Ukraine, and Belarus.

Research

Research Tools

I have broken down the most important research tools and content with RoboForex below:

• Economic Calendar: This is an important tool that informs traders of upcoming economic releases, speeches, and other events that typically result in heightened market volatility and, therefore, viable trading opportunities.
• Market Analysis: Developed in-house and available for free on the website, these articles provide a detailed breakdown of current trading setups across various assets and markets. Each analysis incorporates technical, fundamental, and economic perspectives, often supported by charts.
• Weekly Reviews: These market breakdowns, also developed in-house, focus primarily on technical analysis. Presented in video format, they are easier to understand and absorb.
• Actionable Trading Signals: Each signal includes an illustrative chart, expected timeframe, pattern recognition, and key price levels like stop-loss and take-profit.
• Other Tools: RoboForex also provides a tool that evaluates the underlying market sentiment, a currency heatmap, and a historical volatility gauge that helps swing and position traders analyze long-term price trends.

My Key Takeaways After Exploring RoboForex’s Research Content

RoboForex offers a wide range of research content primarily geared towards day traders, though it’s also helpful for swing traders. I appreciated the strong emphasis on technical analysis, which gives readers a clear sense of where to enter and exit the market.

My only concern is that RoboForex does not include content from third-party providers like Autochartist or TradingCentral, which could provide an alternative perspective. Nevertheless, RoboForex’s research materials are practical and highly informative.

Education

I have broken down RoboForex’s educational materials below:

• Trading Strategies Articles: RoboForex has published nearly 70 articles explaining how to trade on various setups on time horizons that span from 1 minute to 1 day. The content focuses on scalping and day trading strategies.
• MetaQuotes Videos: The broker’s clients can also access 17 videos from MetaQuotes explaining how to use the platform, how to create trading bots, etc. These are available from the Client Area.
• Educational Videos: A series of in-depth videos covering topics such as technical analysis (reading chart patterns, understanding different timeframes, using technical indicators), fundamental analysis, trading psychology, and risk management.
• E-book: RoboForex’s e-book, which is available from the client area, is an excellent addition to the above. It covers the same topics except in greater detail, helping traders with the broker solidify their knowledge.

The Bottom Line

Founded in 2009, RoboForex is a forex and CFDs broker that offers up to 12,000 tradable instruments, depending on the chosen account type. These include CFDs on currency pairs, commodities, shares, indices, and futures, along with real shares.

RoboForex’s trading fees on its Prime and ECN accounts beat the industry average. The broker incorporates the standard suites of MT4 and MT5, which can be enhanced with add-ons, and it also offers its proprietary R StocksTrader platform.

RoboForex offers free VPS hosting and achieves fast execution speeds averaging 45 milliseconds. This combination caters to the needs of high-precision traders, such as scalpers and day traders.

The broker also impresses with its comprehensive educational and research materials, as well as with its enhanced social and copy trading environment. However, RoboForex also charges high spreads on instruments from some asset classes on its Pro account.

Overall, I rate RoboForex as a great choice for scalpers, day traders, and algo traders because of its superior execution performance and robust supporting content.

FAQ