RoboForex Review

Author By Jeffrey Cammack
Updated: April 6, 2022
Overall Rating
3.71 3.71 / 5
Rated #59 of 68 Recommended Brokers
ūüŹ¶¬† Min. DepositUSD 10
ūüõ°ÔłŹ¬† Regulated By
ūüíĶ¬† Trading Cost¬†
USD 4
‚öĖÔłŹ¬† Max. Leverage2000:1
ūüíĻ¬† Copy Trading
ūüĖ•ÔłŹ¬† Platforms
ūüíĪ¬† Instruments
AlertAccepts South African Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit of 10 USD. Max leverage 2000:1. Islamic account available. MT4/MT5, cTrader, and R Trader platforms supported. RoboForex is regulated by IFSC.

TradeForexSA follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Our verdict on RoboForex

With a wide range of financial instruments available on four different trading platforms (MT4, MT5, cTrader, and R Stock Trader), RoboForex appeals to traders who value low trading costs and a broad range of account choices.

RoboForex offers four live CFD accounts with a minimum deposit of only 10 USD. The commission-free CFD accounts have a spread of 0.00 pips, which is slightly wider than other brokers, but traders can choose to trade in smaller trade sizes, known as micro-lots. The ECN and Prime Accounts have spreads that start at 0 pips (EUR/USD) but commissions of only 4 USD and 2 USD, respectively ‚Äď some of the lowest in the industry.

RoboForex also stands out for the number of financial instruments on offer, including over 12,000 stocks, 1,000 ETFs, 100 commodities, 40 Forex pairs, 26 crytpocurrencies, and indices. Support is offered for numerous trading platforms, including industry favourites such as MT4, MT5, and cTrader in addition to its intuitive and easy-to-set up R-trader. 

In conjunction with third-party provider, Claws and Horns, RoboForex’s educational and market analysis materials are well-organized and in-depth, a real benefit to beginner traders. 

One drawback is that although RoboForex is an international broker, it is only regulated by the IFSC in Belize, which means that regulatory oversight is weaker than other brokers. Additionally, traders should be aware that RoboForex charges high withdrawal fees.

Reviews

Regulation
110.5002.5/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
111115/ 5
Deposit & Withdrawal
100001/ 5
Education & Research
111003/ 5
Assets Available
11110.54.5/ 5
Customer Service
111115/ 5
Beginner Friendly
Standard
Welcome Bonus

Account Information

Base Currencies
USD, EUR, CNY, BTC, Gold, ETH
Number of FX Pairs
40
Crypto Pairs
26
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
Prime Account
Trading Desk
Commission
2 USD / lot
EUR/USD
0.00 pips
GBP/USD
0.70 pips
USD/JPY
0.40 pips
Negative Balance Protection

Company Details

Company Name
RoboForex Ltd
Founded
2009
Website Language
English
Support Language
English
Office Locations
Belize

Pros

  • Tight spreads
  • Wide range of assets
  • Great platform choice

Cons

  • Poorly regulated
  • Expensive withdrawals

Is RoboForex Safe?

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Major Forex Pair
Spread
Broker Trading Cost
Industry Average Trading Cost
AUD/JPY
1.50 pips
USD 15
USD 20
AUD/USD
2.10 pips
USD 21
USD 14
EUR/GBP
1.60 pips
USD 16
USD 15
EUR/JPY
2.10 pips
USD 21
USD 18
EUR/USD
1.90 pips
USD 19
USD 10
GBP/USD
2.10 pips
USD 21
USD 15
USD/CAD
2.60 pips
USD 26
USD 17
USD/CHF
2.00 pips
USD 20
USD 16.20
USD/JPY
2.70 pips
USD 27
USD 12.30

RoboForex’s safety cannot be confirmed, as it only maintains regulation from the IFSC of Belize, which is not considered a Forex broker regulator, but it is a member of the Hong Kong Financial Commission, segregates client funds, and provides all traders with negative balance protection.

Founded in 2009, RoboForex is headquartered in Belize and regulated by the International Financial Services Commission (IFSC). Although the IFSC has gained a reputation for being less stringent with regard to the regulation of financial services providers, it does require that Roboforex segregates its client funds from company funds and that brokers issue monthly statements to the IFSC. In a show of good faith, Roboforex also provides all clients with negative balance protection and is a member of the Financial Commission, which provides protection of up to 20,000 EUR per trader.

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
IFSC
Market Maker
2009
Belize
Withdrawal fees on most methods

Trading Fees

RoboForex’s trading fees are average compared to other brokers.

RoboForex offers four live CFD accounts and a stock trading account. Trading costs vary depending on the account type chosen by a trader (for more detail on RoboForex account types, click here).

Despite the variation, overall trading costs are higher than average on its commission-free accounts but are lower than average on its ECN Accounts. Except for the R Stocks Trader Account, all accounts have a minimum deposit requirement of 10 USD. 

RoboForex’s accounts were assessed to compare the costs to those of other brokers.  The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:

Trading Cost Formula: Spread x Trade Size + Commission = Total Cost in Secondary Currency (USD):

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Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
ECN-Pro
USD 10
0.10
4 USD/lot
5
Prime
USD 10
0.10
2 USD/lot
3
Pro-Cent
USD 10
1.30
Spread Only
13
Pro-Standard
USD 10
1.30
Spread Only
13

As you can see from the table above, trading costs on the Prime and ECN accounts are lower than those of the commission-free accounts, and lower than those of other brokers. In fact, the Prime Account has some of the lowest trading fees in the industry, including the lowest commissions ‚Äď most other brokers have an average trading cost of 9 USD per lot of EUR/USD traded.¬†

However, traders should be aware that spreads are variable at RoboForex, which means that they will get wider or tighter depending on trade volume and market volatility.

Swap Fees

If you hold a position overnight with Roboforex, a swap fee will also be charged, which is the interest paid on a leveraged position.  A leveraged position is the money borrowed from the broker to trade.  In a welcome show of transparency, RoboForex publishes all its swap fees alongside each instrument for each account type. Unlike other brokers, this value is shown in pips. For example, on the EUR/USD, the swap fees are -0.679 pips on a short position and -0.08 pips on a long position.  

Overall, RoboForex has some of the lowest trading costs in the Forex trading industry. The average cost of trading one lot of EUR/USD is 9 USD at most other large brokers, so whichever ECN account you choose will be lower-cost than most other brokers. In addition,
RoboForex’s minimum deposit requirements are only 10 USD across all account options, making them accessible to all traders.  

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
RoboForex
11110.54.5/ 5
USD, EUR, CNY, BTC, Gold, ETH
0.00 pips
USD 4
0.00 pips
0.70 pips
0.40 pips
USD 4
NAGA
1110.503.5/ 5
USD, EUR, GBP, PLN
3.70 pips
USD 37
0.70 pips
2.00 pips
1.60 pips
USD 0
Fortrade
1110.503.5/ 5
EUR, USD, GBP
2.00 pips
USD 20
2.00 pips
2.00 pips
2.00 pips
USD 0

Non-trading Fees

Roboforex’s non-trading fees are average compared to other brokers.

Some of the most overlooked trading costs are the non-trading fees that are charged by brokers.  These fees can significantly affect your profitability and so should be carefully scrutinised.

While RoboForex does not charge a fee for deposits it charges a commission on most withdrawal methods (click here for more on deposits and withdrawals). For example, a fee of 2.6% + 1.3 USD/2.6% + 1 EUR  applies to withdrawals by credit card or debit card. 

RoboForex does not charge an inactivity fee. However, client accounts will be archived if there is no balance and the account is not used for more than six months.

Opening an Account at RoboForex

RoboForex’s account-opening process is seamless and hassle-free compared to other ECN/market makers, and accounts are available for trading immediately.

All South African residents are eligible to open a trading account at RoboForex but will have to meet the minimum deposit requirement of 10 USD. 

The account opening process is fully digital and fast ‚Äď most traders will have an account open within one day.¬†

How to open an account at RoboForex:

  1. On the front page of the website, traders can click on a button marked ‚ÄúOpen an Account.‚ÄĚ

  2. Traders will be directed to a page that requires them to enter their personal data and register an account.

  3. Traders can choose to open a demo, real, CopyFX Trader, Partner, or contest Account. On choosing a real account, traders will be required to complete their trading account details, including trading platform, account type, level of leverage, trading account currency, and they will have to choose a password. They will also have to complete their residential address details.

  4. As part of the Know Your Customer (KYC) process, newly registered users are required to provide confirmation of residence (e.g. a valid utility bill dated within the last 6 months), as well as proof of identity such as a valid passport, or another form of officially issued photo ID. The verification procedure is intended for increasing the protection level of your funds and your Member‚Äôs Area. This procedure is a compulsory condition to start working with RoboForex. In addition, clients who confirm their personal data will receive a ‚ÄúWelcome bonus‚ÄĚ and monthly payments up to 10% on their account balances, may join the ‚ÄúCashback (Rebates)‚ÄĚ program, and enjoy free VPS services.¬†

  5. We advise you to read RoboForex’s risk disclosure, customer agreement, and terms of business before you start trading. 

Compared to other brokers, eToro’s account opening process is fast, fully digital, and hassle-free and accounts are ready for trading immediately. 

RoboForex’s Accounts

RoboForex offers a similar number of trading accounts compared to most other brokers, which are suitable for beginners and more experienced traders.  

RoboForex has four CFD account types and one investment account (which will not be the focus of the review). Some accounts are suitable for beginners and others for more experienced traders. 

Beginner traders are inexperienced traders who have never traded before or have been trading for less than a year. Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full time during the workweek.   

Accounts with lower minimum deposits and which allow trading in micro-lots are generally more suited to beginner traders.   However, spreads on these accounts are often wider than those with higher minimum deposits. Roboforex’s Pro-Cent Account has a minimum deposit requirement of only 10 USD and allows trading in micro-lots. 

Experienced traders often prefer accounts with higher minimum deposits and tight spreads. RoboForex’s ECN and Prime Accounts also have a minimum deposit of 10 USD, offer spreads that start at 0 pips on the EUR/USD, and have extremely low commissions, making them appealing to experienced traders.

Platforms supported include MT4, MT5, c-Trader, and its proprietary platform, R-Trader. Under IFSC regulation, leverage is up to 2000:1 on some accounts.  

RoboForex Leverage

RoboForex allows scalping, hedging, and netting, but accounts are only denominated in USD, EUR, CNY, BTC, Gold, and ETH.  Beginner traders can also benefit from the CopyFX system, which allows one to copy the transactions of more experienced traders. 

RoboForex also offers an Islamic Swap-Free account on which it charges a fixed commission. This Swap-Free service is only available on the Pro-Cent and Pro accounts.

See below for more details on RoboForex’s accounts:

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Account Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
ECN-Pro
USD 10
500:1
0.10
4 USD/lot
Account Details
Prime
USD 10
300:1
0.10
2 USD/lot
Account Details
Pro-Cent
USD 10
2000:1
1.30
Spread Only
Account Details
Pro-Standard
USD 10
2000:1
1.30
Spread Only
Account Details

 

RoboForex Pro-Cent Account

According to Roboforex, the Cent Account is an account type for testing strategies and EAs, as well as smooth transitioning from a demo account to real trading. The Pro-Cent Account is a commission-free trading account with variable spreads starting at 1.3 pips, which is wider than other brokers’ entry-level accounts, and leverage up to 2000:1.  With a low minimum deposit of 10 USD, the Pro-Cent Account boasts favorable trading conditions for beginner traders. This account only offers support for the MT4 and MT5 trading platforms, and trading instruments include 36 currency pairs and Metals.  Accounts are denominated in USD, EUR, GOLD, and CNY. 

RoboForex Pro-Standard Account

Pro-Standard is the most popular account type with optimal trading conditions, suitable for more serious beginners.  The minimum deposit is 10 USD, it is commission-free, spreads start at 1.3 pips, which is wider than other similar brokers, and leverage is up to 2000:1.  RoboForex offers support for the MT4, MT5, c-Trader, and R-Trader platforms on the Pro-Standard Account. Note that if traders choose cTrader, the leverage is limited to 1:500.  

ECN Account

The ECN Account is intended for professional traders.  Commissions are charged at 2 USD/lot per side.  The minimum deposit is 10 USD, and spreads are tight, starting at 0.00 pips.  It also boasts high execution speeds (0.1 of a second) through the MT4/MT5, R-trader, and cTrader platforms.  Leverage is up to 1:500 on this account but is limited to 1:300 through the c-Trader platform.  The Stop Out level is at 40%, but note that this account does not have a Swap-Free option. 

Prime Account

The Prime Account is an ECN account with a commission of 1 USD/lot per side, possibly the lowest in the retail industry.  Trading starts at 10 USD, leverage is 1:300 and spreads start at 0.00 pips.  Stop Out level is at 100% on this account, distinguishing it from the ECN account (with a Stop Out level of 40%).  The Prime Account offers support for the MT4/MT5 and R-Trader platforms, and on this account, there are also no Swap-Free options. 

R-Trader Account

The R-Trader Account is an account specifically designed for the R-Trader platform. Accounts are only denominated in EUR and USD, and the minimum deposit is higher, at 100 USD. Unlike the Prime and ECN Accounts, the R-Trader Account supports multi-asset stock trading.  Commissions are charged at 1.50 USD/lot per side.  Spreads are tight at 0 pips, and leverage is up to 1:300 on FX pairs. 

Demo Account

RoboForex offers a choice of three demo accounts: Demo Pro, Demo, and Demo R Trader.

The Demo Pro account is the most popular choice as it replicates the trading conditions of the standard account packages, with 2000:1 maximum leverage and variable spreads from 0.00 pips. Demo accounts allow users to practice trading strategies using all the platforms without risking real money. The demo account is free but expires after 90 days.

Deposits and Withdrawals

Roboforex offers a wider range of funding methods than other similar brokers, but it charges higher withdrawal fees.

IFSC Belize follows the international AML (Anti-money laundering) policy, where all withdrawals must be made via the same method and for the same amount as the original deposit. 

RoboForex offers dozens of deposit and withdrawal methods available in 9 different currencies, including USD, EUR, and GBP.   RoboForex does not charge a fee for deposits, but withdrawals are subject to fees ranging between 0.5% to 4% dependent on the method: 

  • Visa/Mastercard:¬†Deposits are instant and free. ¬†Withdrawals are charged at 2.6% and are processed within one to ten days.¬†¬†
  • Local Bank Transfer:¬†Deposits are instant and free. Withdrawals are charged at 4% and take one bank day to clear.
  • Neteller:¬†Deposits are instant and free. ¬†Withdrawals are charged at 1.9% and can take from one minute to one day to be processed.
  • Skrill:¬†Deposits are instant and free. ¬†Withdrawals are charged at 1 % and can take from one minute to one day to be processed.

Please see below for further deposit and withdrawal methods:

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Funding Method
Base Currency
Deposit Fees
Withdrawal Fees
Processing Time
advcash
USD, EUR, UAH, BRL, GBP, KZT
None
1%
Deposits and withdrawals are processed within 1 day
Astropay
EUR, GBP, IDR, INR, JPY, MXN, MYR, NGN, THB, USD, VND
None
0.5%
Deposits and withdrawals are processed within 1 day
Bank Transfer
USD, EUR, BRL, MYR, VND, THB, LAK, MMK
None
0% - 4% depending on the bank
Deposits and withdrawals are processed within 1 - 3 days
Mastercard
USD, EUR, CHF, GBP, PLN, CZK, UAH, CNY, MYR, KZT
None
2.6% + 1.3 USD/2.6% + 1 EUR
Deposits are processed within one day, withdrawals are processed within 10 days
Neteller
USD, EUR, MYR, IDR, AED, PLN
None
1.9%
Deposits and withdrawals are processed within 1 day
PerfectMoney
USD, EUR
None
0.5%
Deposits and withdrawals are processed within 1 day
Skrill
EUR, USD
None
1%
Deposits and withdrawals are processed within 1 day
Visa
USD, EUR, CHF, GBP, PLN, CZK, UAH, CNY, MYR, KZT
None
2.6% + 1.3 USD/2.6% + 1 EUR
Deposits are processed within one day, withdrawals are processed within 10 days

 

Overall, RoboForex offers a wider variety of payment methods than other similar brokers and while deposits are generally free, fees are charged on most withdrawals. Additionally, payment processing times are around the industry average.

Bonus Structure

Pro-Cent and Pro-Standard new account users receive a welcome bonus of 30 USD after depositing a minimum of 10 USD via bank card. Cent and Standard users can also benefit from the 60% Profit Share Bonus and up to 120% on deposits by claiming the Classic Bonus.

The broker also offers other promotions, including up to a 10% bonus credit on account balances, daily competition opportunities with ContestFX, cashback rebates based on trading volume, and a free VPS server. Full bonus withdrawal terms and conditions can be found on the broker’s website.

RoboForex Bonus

Base Currencies (Trading account Currencies)

RoboForex offers an average range of base currencies compared to other similar brokers.  

RoboForex clients can choose between 6 base currencies, including USD, EUR, CNY, BTC, Gold, and ETH.  

However, for South Africans with bank accounts denominated in ZAR, a currency conversion fee will be charged for deposits and withdrawals. Currency conversion fees can make trading expensive and can affect profitability.

For traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.

Overall, RoboForex offers fewer trading account currencies than most other large international brokers.  

Trading Platforms

With MT4, MT5, cTrader, and R Stocks Trader all available, RoboForex offers support for more trading platforms than most brokers. 

RoboForex offers support for an impressive array of trading platforms, including MetaTrader4 (MT4), MetaTrader 5 (MT5), c-Trader, and its proprietary platform, R-Trader.  Different platforms are available for different accounts depending on the trading requirements of the account.  These platforms allow for a smooth trading experience with all the necessary trading tools and resources on hand to conduct research and analysis, enter and exit trades, and use third-party automated trading software.  

All platform choices are free to use and can be downloaded to your PC and all have web versions of the platform. They are also available on mobile Android and iOS devices.  

Metatrader 4

MetaTrader 4 (MT4) is still undoubtedly the world’s most popular trading platform for forex traders due to its ease of use, feature-rich environment, and automated trading ability.   Features of RoboForex’s MT4 platform include:

  • 50+ preinstalled technical indicators
  • 24 analytical charting tools
  • Three chart types
  • Nine timeframes
  • One-click trading. ¬†
  • Traders can also add custom EAs and indicators.

While MT4 has great customizability, the platform feels outdated, and some of the features may be hard to find.  In addition, only the basic orders are available, including Market, Limit, Stop, and Trailing Stop.

MetaTrader 5

The newer version of the MetaTrader platform suite, MT5 is being adopted by more traders all the time.  MT5 incorporates all of the key features of MT4 and an optimised environment for EA trading. 

Features of RoboForex’s MT5 include:

  • 38+ preinstalled technical indicators
  • 44 analytical charting tools
  • Three chart types
  • 21 timeframes
  • Additional pending order types
  • Detachable charts
  • Depth of Market
  • An integrated Economic Calendar.

cTrader

c-Trader is designed for experienced clients looking for an alternative to MT4/5 and is only available for the ECN and Pro-Standard Accounts.  cTrader provides an added level of market analysis and access to full market depth on a fully customisable user interface.  Alongside superior order execution with no dealing desk intervention, it provides one of the industry’s most innovative trading experiences.  

Features of RoboForex’s cTrader include:

  • 55+ preinstalled technical indicators
  • Six chart types
  • 28 timeframes
  • Level 2 Depth of Market
  • No restrictions on stop/limit levels
  • Detachable charts and linked charts
  • Advanced order protection
  • Market sentiment
  • An integrated Economic Calendar
  • The ability to add custom cBots and indicators.

cTrader is one of the most beginner-friendly third-party trading platforms available.  It has a modern interface, integrated educational content, and innovative risk-management features. 

R Stocks Trader

The easy-to-use proprietary platform, R Stocks¬†Trader won ‚ÄėBest Global Mobile Trading App 2020‚Äô from¬†Global Forex Awards B2B. It allows the trading of over 12,000 multiple financial asset types on live markets from all over the world. It offers many trading options and features, including unique watchlists, numerous windows, and countless viewing methods. ¬†It also provides a unique tool: allowing traders to build, run, and test trading strategies.

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Broker
Platform Choice
Copy Trading
Platforms
NAGA
11110.54.5/ 5
NAGA Web App
Fortrade
11110.54.5/ 5

The benefit of RoboForex offering third-party platforms such as MT4, MT5, and cTrader is that traders can take their customised versions of these platforms with them should they choose to migrate to another broker. However, it also offers its own proprietary platform, which is easier to use and set up. Overall, RoboForex ticks all the boxes in its trading platform offering.

Mobile Apps

Roboforex’s mobile trading platforms are better than other similar brokers.

All four of RoboForex’s trading platforms are available on both Android and iOS mobile devices and tablets. Beginner traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced timeframes and fewer charting options.  

  • MetaTrader¬†‚Äď MT4 and MT5 users enjoy the same technical features as desktop apps, including customisable charting tools, full trading history, and access to trading robots.
  • cTrader ‚ÄstcTrader offers handy features including pinch-to-zoom, fling scrolling, and double-tap action to recentre charts, as well as in-app notifications on mobile and tablet formats.
  • R Trader¬†‚Äď R Trader is also fully-featured and offers an all-in-one solution with secure in-app account deposits and bonus management. The app offers 14 trading indicators, plus live charts and quotes and other mobile-friendly features.

Overall, RoboForex’s mobile apps are user-friendly and well-designed, and offer most of the features available on the desktop versions.  

Trading Tools

RoboForex offers a useful range of trading tools to help traders make better trading decisions. 

Roboforex offers a number of useful trading tools, including VPS hosting, a historical volatility indicator, pivot points, a Fibonacci calculator, a Deal Size Calculator, a Correlation Calculator, a currency converter, a currency heatmap, and various Forex calculators. It also offers a copy trading service.

VPS: VPS hosting is provided for free as long as traders’ trading volume is at least 3 standard lots. If this condition is not fulfilled, the monthly fee for using the service is 5 USD. VPS hosting allows traders to run automated algorithmic strategies, including expert advisors 24 hours a day 7 days a week on a virtual machine. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges. 

Historical volatility indicator: Historical volatility is an indicator that shows price volatility. It graphically shows the price changes of various instruments expressed as percentages. The ratio is derived using the closing price of the previous trading period. The higher the ratio, the higher the volatility of a trading instrument. 

Pivot Points: Pivot points (reverse points) are automatically calculated for the chosen pair. If the current price remains above the Pivot level, it shows that the Bullish sentiment prevails. If the price remains below the Pivot level, the Bearish sentiment prevails on the market. 

Fibonacci Calculator: Fibonacci levels help to determine possible levels of correction in the price of a trading pair. Key levels are thought to be 38.2%, 50%, and 61.8% as they represent the strongest support/resistance levels. Levels for a corresponding direction in the price movement will appear in the ‚ÄúUptrend‚ÄĚ and ‚ÄúDowntrend‚ÄĚ fields.¬†

Deal Size Calculator: The deal size calculator helps traders to choose an optimum size of the opening lot depending on the accepted level of risk.

Correlation Calculator: This calculator visually (using charts) represents the existence of interconnections between movements in the price of different trading pairs and calculates a correlation coefficient. The correlation coefficient is an indicator that shows the degree of interconnectedness between chosen pairs.

Currency Heatmap: This map indicates how various Forex pairs are moving over 6 time frames ‚Äď from one minute to one day.

Forex Calculators: RoboForex offers various calculators, including a Margin Calculator, Stop Loss Calculator, Profit/Loss Calculator, and a Pip Calculator.

CopyFX: RoboForex offers an excellent proprietary copy trading service, which is helpful for beginner traders who lack the expertise and skills in CFD trading.  CopyFX allows investors to choose a strategy manager from a list of top-rated traders.  Once an investor makes a minimum deposit of 100 USD, the Investor account will be activated, and clients can then copy the trades of the strategy managers.  With this system, investors can follow suitable strategies and receive a portion of the profits, and Strategy Managers can earn extra money by generating profits for their investors.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
RoboForex
NAGA
Fortrade

Overall, RoboForex offers a wide range of useful tools to help traders make trading decisions.

Financial Instruments

Roboforex’s range of financial instruments to trade is wider than most other brokers, with a large number of share CFDs that are hard to find at similar brokers.  

Alongside Forex pairs, Roboforex offers cryptocurrencies, stocks, commodities, indices, ETFs, and metals. Due to IFSC regulations, maximum leverage on all assets is extremely high, see below for details: 

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Financial Instrument
Number of Assets
Leverage
Commodities
100
20:1
Cryptocurrencies
26
50:1
Energies
2
100:1
Stock CFDs
12,000
20:1
ETFs
1,000
20:1
Forex
40
2000:1
Indices
5
100:1
Metals
2
1000:1

RoboForex generally offers a similar range of instruments as other brokers but offers a wider range of stocks, ETFs, and cryptocurrencies.

Forex: RoboForex offers 40 currency pairs for trading, including majors, minors, and exotics.

Share CFDs: Roboforex offers 12,000+ share CFDs, which is a similar number to other brokers. The selection available includes 600+ US stocks from the NASDAQ and NYSE as well as a selection of UK, German and Australian blue chips.  Note that real stock trading is only available on the R Stocks Trading Platform.

Commodities: RoboForex offers 100 commodities, whereas most brokers only offer trading on between 5 ‚Äď 10 commodities. ¬†These include softs such as coffee, cocoa, and orange juice and energies such as Brent and Crude.

Indices: RoboForex offers trading on 5 indices, which is limited compared to other similar brokers, and includes the likes of the NASDAQ, TSX, SPX, and the Dow Jones.

Cryptocurrencies: With 26 crypto pairs, RoboForex offers an average range compared to what is available at most other brokers. 

ETFs: Exchange Traded Funds have rapidly gained in popularity in recent years, and Roboforex offers trading on over 1000 ETFs, a much broader range than is typically found at other brokers. 

Metals: RoboForex offers trading on two metals ‚Äď gold and silver. This is limited compared to other brokers.

Overall, while RoboForex offers a relatively limited selection of currency, indices, and cryptocurrency pairs, it maintains an excellent range of shares, ETFs, and commodities.

RoboForex for Beginners

RoboForex offers very little in the way of educational material for beginner traders, but it does provide up-to-date market analysis content and a helpful community forum.   

Additionally, its customer service team is available 24/7 for all client account and technical questions.

Educational Materials

Roboforex’s educational materials are average compared to other brokers.

RoboForex’s educational suite includes a few how-to guides and video tutorials dedicated to the basics of trading on the Forex market, different aspects of technical and fundamental analysis, the psychology of trading, and risk management.  It also comprises materials curated by third-party provider, Claws and Horns.  However, one has to register an account to view this material. 

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
RoboForex
Medium
NAGA
High
Fortrade
Medium

Market Analysis Material

Roboforex’s market analysis materials are comprehensive, detailed, and frequently updated.

In partnership with Claws and Horns, a respected market news aggregator and publisher, RoboForex provides a constant stream of news that impacts the markets. While the main focus is on geopolitical events and macroeconomic movements, there is some reporting on technical analysis ‚Äď mainly from large banks and other financial institutions. With new stories every few minutes, 24/5, this is an excellent resource for traders using all types of strategies.

Other market analysis materials include an up-to-date ‚ÄėForex Analysis and Forecasts‚Äô section, a proprietary RoboForex Analytics Centre available only for RoboForex clients, an Economic Calendar, and a robust blog. ¬†These features are available in 13 languages.

Customer Support

Roboforex’s customer support is excellent compared to other similar brokers.

RoboForex offers multilingual support in over 12 languages, including English, Malay, Indonesian, Arabic, and Spanish. Help is available 24/7 via email, telephone, live chat, Telegram, WhatsApp, Facebook Messenger, Skype, and Viber.  They also offer a call-back service.

For the purposes of this review, we found the customer support responsive and polite. They were also able to answer our questions without hesitation. 

Safety and Regulation

RoboForex was founded in 2009, is headquartered in Belize, and is regulated by the International Financial Service Commission (IFSC):

  • RoboForex Ltd¬†is an international broker regulated by the IFSC, license No. 000138/107.

Unlike regulators such as the FCA and ASIC, the IFSC has gained a reputation for being less stringent with regard to the regulation of financial services providers.  However, it does require that brokers keep client funds in segregated accounts and that brokers issue monthly statements to the IFSC.  

In compliance with these rules, RoboForex ensures that all South African client funds are held in segregated accounts at tier-1 banks. ¬†It also offers negative balance protection to all clients, so traders can never lose more than they have in their trading account. In addition, RoboForex Ltd is an ‚ÄúA‚ÄĚ category member of the Hong Kong-based Financial Commission, which provides protection of up to 20,000 EUR per case. The Financial Commission is the most trusted independent self-regulatory organization and external dispute resolution (EDR) body globally. The broker also holds Civil Liability insurance.

Overall, although RoboForex only maintains regulation from the IFSC Belize, it is a member of the Financial Commission, segregates client funds, and offers all clients negative balance protection. On this basis, we consider RoboForex a safe broker to trade with.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of how we review RoboForex’s product offering. Central to that process is the evaluation of the broker’s reliability, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

RoboForex’s Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. RoboForex would like you to know that: There is a high level of risk involved when trading leveraged products such as Forex/CFDs. 58.42% of retail investor accounts lose money when trading CFDs with this provider. You should not risk more than you can afford to lose, it is possible that you may lose the entire amount of your account balance. You should not trade or invest unless you fully understand the true extent of your exposure to the risk of loss. When trading or investing, you must always take into consideration the level of your experience. 

Overview

RoboForex is a market maker broker with a wide variety of accounts, including ECN options. It offers excellent trading conditions, with low minimum deposits, low commissions, tight spreads on its ECN accounts, and average trading costs on its commission-free accounts.  It also provides support for numerous trading platforms, including MT4, MT5, c-Trader, and R-Trader and a host of trading tools.

RoboForex’s copy-trading system and educational support give inexperienced traders the tools they need to begin a trading career. Significant drawbacks for traders considering RoboForex are its poor regulation and high withdrawal fees.

AlertAccepts South African Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit of 10 USD. Max leverage 2000:1. Islamic account available. MT4/MT5, cTrader, and R Trader platforms supported. RoboForex is regulated by IFSC.
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