|Withdrawal fee amount:||None|
|Inactivity fee charged (Y/N):||N|
|Spread from:||0.0 pips|
|Number of instruments:||12,000+|
|Time to open account:||1 business day|
|Demo account provided (Y/N):||Y|
|Countries of regulation:||Belize|
Founded in 2009, RoboForex was one of the new wave of online forex brokers to burst onto the scene. Since then, this broker has gone from strength to strength and has become one of the most familiar names in an increasingly crowded market.
Despite all the competition in this space, RoboForex has continued to build its reputation through delivering the best possible trading conditions for its clients, using innovative technologies.
Since its launch, the platform has registered over 3.5m trading accounts. This is a truly staggering figure, even compared to some of the biggest brokers out there, and is a testament to the broker’s client focus and steady development over recent years.
Not only has RoboForex managed to build up a client base of 800,000 across 169 countries, but it has also amassed a total of 10 prestigious industry awards to its name along the way. Many of these awards have come relatively recently in RoboForex’s history, with five won in 2020 alone! These include awards for best investment products, best partnership programme, most trusted broker, most transparent broker, and best trading app.
These awards, alongside its growing client base, are encouraging signs of this broker’s integrity and the reputation that it has established as a solid trading platform. However, let’s go deeper to pinpoint what it is that keeps traders coming back to RoboForex when there is so much competition out there.
Along with so many other platforms these days, the commissions and fees charged for trading with RoboForex will depend entirely on the type of account selected. In all, there are five different account types on offer, each of which caters for a specific type of trader. The five accounts are Prime, ECN, R-Trader, Pro-Cent, and Pro-Standard.
The Prime account provides access to 28 currency pairs, metals, CFDs on US stocks/indices/oil, and cryptocurrencies. It has a minimum deposit of $10 and provides floating spreads starting from 0 pips. The prime account offers some of the most competitive trading conditions and is intended for advanced traders.
The ECN account is the most popular account type and is intended primarily for professional day traders. It provides floating spreads from 0 pips on 36 currency pairs, metals, cryptocurrencies, and CFDs on stocks/indices/oil. Leverage up to 1:500 is available.
The R-Trader account is a bespoke account designed specifically for trading with the multi-asset web platform R-Trader. It provides access to a staggering 12,000 indices, cryptocurrencies, stocks, and a range of CFDs. Spreads start from 0.01 pips depending on the asset class used.
The Pro-Cent account is specifically designed to use cents as the base currency (i.e. US cent, EU cent, GBP pence, etc.), and is designed for traders to test out their trading strategies. It can be used across 36 currency pairs and metals, as well as cryptocurrencies. It provides access to floating spreads starting from 1.3 pips.
The Pro-Standard is one of the more popular account types offered by RoboForex and is used by traders of all experience levels. It gives traders access to 36 currency pairs, cryptocurrencies, metals, and CFDs on stocks, indices and oil. It is a floating spread account that starts from 1.3 pips. Additionally, it provides trading on leverage up to a maximum of 1:2000.
As you can see, there is quite a lot of variation in terms of the commissions and fees you may be charged, depending on the type of account you open with the broker. For this reason, it can be difficult to gauge exactly how much it will cost you to trade on the RoboForex platform. With this said, however, we were quite impressed by the amount of choice offered by this broker. Having so many account types available allows plenty of scope to choose the type that suits your specific trading style. This is good to see, as it makes the platform equally accessible to novice and more experienced traders.
Additionally, when it comes to the fees, commissions and pricing structure, RoboForex is extremely transparent, and it is not difficult to find this information on its website. This is one of the important factors that we appreciated about using the RoboForex trading platform.
In its mission statement, RoboForex states that it is a technologically driven broker that focuses on delivering the latest, most innovative trading solutions to its clients. Is this just sales talk, or does RoboForex really live up to what it has promised?
We are happy to report that this is not just talk. RoboForex really does deliver on its promise to make the most innovative trading solutions available to all of its clients. What are some of the tools that RoboForex puts at your disposal?
In terms of the basic trading platforms provided, RoboForex primarily uses the MetaTrader suite. This includes both MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Within the online trading and investment space, the MT4 platform has, by this stage, essentially become the industry standard. It is therefore no great surprise that RoboForex has made this available to its users. MT4 includes all the advanced trading tools and features that you could want from a trading platform, delivered in a fully customisable, beginner-friendly layout.
RoboForex also provides access to the MT5 platform, which is the long-awaited update. It has all the familiar features of the MT4 platform but includes some additional options to choose netting and hedging systems. Although the majority of users will tend to stick to the familiar MT4 platform, it is good to see support for MT5 being provided at such an early stage. The uptake of MT5 within the industry has been quite slow, so it is good to see that RoboForex is keeping ahead of the curve.
RoboForex also makes a number of other tools and features available to its clients. These include the proprietary WebTrader platform, the in-house MobileTrader app, a multi-asset charting and technical analysis platform called ‘Trader’, a Trading Strategy Builder tool that allows you to create and test algorithmic trading systems, and the CopyFX platform. Additionally, users of the RoboForex platform are also able to access the cTrader platform, which gives traders direct STP access to the global currency market.
Of these, the Trading Strategy Builder tool and the CopyFX platform will probably have the most appeal, as they allow traders to automate many aspects of their trading strategy. Although both are primarily designed for the intermediate and advanced trader, they should also be accessible to novice traders.
For those who like to use their trading account ‘on the go’, RoboForex offers a number of options.
First and foremost, there are dedicated mobile versions of the MT4 and MT5 trading platforms, which can be downloaded directly from the MetaTrader website or via the RoboForex platform. These are both robust and easy to use, and should suit the needs of most traders.
Alternatively, RoboForex has developed an in-house mobile trading app that provides a user-friendly alternative to the familiar MT4 and MT5 mobile trading apps. All of these options come fully adapted for either iOS or Android devices and take relatively little effort to get up and running.
Last, but not least, the broker also offers a proprietary WebTrader platform that gives immediate access to your trading account from any desktop or mobile browser. This is a great option if you prefer not to download the standalone mobile trading app.
Another important feature that we consider when reviewing trading platforms is the educational and learning resources made available to users of the platform. This is particularly important for novice traders.
In this respect, our review finds that RoboForex has a number of excellent learning and education resources available, which will be useful to traders of all skill and experience levels. These include a general forex analysis and forecasts section, which provides up-to-date industry news and technical analysis updates. This section will primarily be of interest to day traders using technical analysis as part of their trading strategy. There is also a blog and an economic calendar, which will help in planning important events on the trading calendar.
The website also contains a ‘members only’ education section that provides in-depth guides on a variety of topics. These range from general advice on managing your trading account, to a guide to the deposit and withdrawal of funds, and tips on how to study new instruments. Perhaps of most use are the in-depth overviews of all the trading tools and platforms offered by RoboForex. A range of topics are covered in this section, from the basics of how to open your account, to how to make your first trade.
This well-stocked resource library, and the variety of the learning materials offered, are just more proof that RoboForex is trying to make its platform as accessible and user-friendly as possible to new traders.
One of the most important but frequently overlooked aspects of any trading platform is the level of customer support made available. When something goes wrong with your trading account, you need to feel assured that you will be able to access a qualified, responsive customer support team for advice.
Thankfully, we can report that when it comes to the level of customer support on offer, RoboForex does not disappoint. The ‘Contact Us’ section can be accessed through the link in the top right-hand corner, and from there you are offered a number of access options. These include email addresses, phone numbers and even a live chat box.
RoboForex provides customer support in a total of 13 different languages. It also provides a number of different email addresses, depending on the nature of your query. These factors point to a more streamlined customer support experience.
Customer support is available 24/7, which means that no matter where you are located and no matter what time of day it is, you will be able to get in contact with a member of the customer support team. There is also a ‘callback’ facility, which allows traders to submit a question and request a callback from a member of the customer support team.
Generally speaking, we found the RoboForex customer support team to be quick, responsive and very helpful.
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