BROKER REVIEW

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GENERAL INFORMATION

Broker Name:

RoboForex

Broker Type:

Forex

Country

Belize

Operating since year:

2009

Regulation:

IFSC

Address:

2118 Guava Street, Belama Phase 1, Belize City, Belize

Broker status:

Ofshore Regulation

CUSTOMER SERVICE

Phone:

 +6531588389

Languages:

12 languages

Availability:

24/7

TRADING

Trading platforms:

cTrader, MT4, MT5, Proprietary

Trading platform Time zone:

N/A

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

N/A

Other trading instruments:

YES

ACCOUNT

Minimum deposit ($):

$10

Maximal leverage:

1:2000

Spread:

NO

Scalping allowed:

YES

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GENERAL INFORMATION

RoboForex is a broker that has been present in the market for quite some time now. Founded in 2009, it’s been providing brokerage services for over a decade now.

The broker is based in Belize.  The firm’s address is  2118 Guava Street, Belama Phase 1, Belize City.

Experience, however, doesn’t necessairly mean that RoboForex is a quality broker. Namely, the website has been accused of quite a few malicious practices. The user reports range from the site providing a poor experience to the broker refusing to let customers withdraw their funds.

The nature of the reports is quite serious and hurts the reputability of the company significantly. With them in mind, however, we’ll present our review of the overall service RoboForex provides.

Some of RoboForex’s crowning features are as follows:

• 24/7 SUPPORT

The firm provides support around the clock, every day of the weak, making sure to answer any questions quickly. A lot of competitors only offer support during weekdays, so being able to call RoboForex on Saturday or Sunday is a nice plus.

• 1:2000 LEVERAGE

Many state that high leverage is one of the crucial components to making a long-term profit. RoboForex outdoes most with generous maximum leverage – 1:2000.

• A VARIETY OF TRADING PLATFORMS

While most traders settle with using one platform, RoboForex provides access to four. In all honesty, you will probably end up using the one you prefer the most, but it’s nice from the owners to provide variety.

• MANY WITHDRAWAL/DEPOSIT OPTIONS

RoboForex lets you use many different ways to deposit and withdraw, including cards, e-wallets, and direct bank transfers. Some of the options are even fee-free.

FUNDS TRADING AND SECURITY

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RoboForex is regulated by the IFSC, which is a government agency from Belize that controls financial regulation. While the license does hold up, it is an offshore regulator, which raises some eyebrows.

The complaints the broker received make us double down on doubting the financial security of those that invest money into RoboForex. The website has been receiving constant backlash from its users for years. While each website has some negative reviews, those can mostly be dismissed as unsatisfied users, or users unfamiliar with the rules.

The accusations against RoboForex, however, don’t seem to fall under either of those groups. The intensity and consistency of the claims make it seem quite untrustworthy, as a lot of them state that the broker outright refused to let them withdraw their funds.

Overall, the reputation of the service is shaky, and the security doesn’t be there. We can’t recommend trading via a service that isn’t even certain to let you withdraw the money you earned.

TRADING ACCOUNTS

While RoboForex does have quite a few options for trading accounts, they aren’t without their issues. The account info is spread across numerous  pages, and partial info for multiple types of accounts can be found on different pages. That creates a needlessly confusing situation when trying to figure out what each account can and can’t do. While it’s not a huge issue once figured out, we do believe the info should be much more streamlined than it currently is.

From what we gathered from the confusing bunch of information on the website, there are six versions of live accounts. Demo accounts are also available for those wishing to test the service out, which is a nice bonus.

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The live account types RoboForex offers are:

• PRIME

Trading instruments: 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

Trading instruments: 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

Trading instruments: 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

Trading instruments: 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

Trading instruments: 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: 1:200

Deposit bonuses: Not available

Loyalty bonuses: Not available

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There are also Islamic Swap-Free accounts, but the details on those are quite vague.

You’ve probably noticed a pattern with accounts at RoboForex. Each account is missing something, so if you go for the best option in one area, you lose out on others. It’s a clever trick, clearly aimed at inexperienced users.

Additionally, some of their accounts lock out specific platforms, so for example, Prime account owners can’t use MT5, while R Trader accounts only work on RoboForex’s own platform that bears the same name.

While there is some variety, it doesn’t make up for the scattered information and the fact that there’s always something missing from accounts.

TRADING CONDITIONS

Some of the trading conditions on the website do seem reasonable. For example, they do provide a good 2000:1 leverage on specific account types, and other types of accounts do have low spreads. There’s also a multitude of training platforms and many different deposit/withdrawal options.

However, that’s where the good news ends, and even with the positives, there’s always some negatives. For example, the good leverage or low spread accounts are lacking in other areas. Additionally, the deposit and withdrawal options, while plentiful, miss any cryptocurrency options, and many of them have withdrawal fees, making it more difficult to maintain long-term profits.

And that’s not even getting into the fact that you may not be getting your money at all, simply because the owners decided so. In truth, the security issues make the barely passable trading conditions look even worse than they are.

TRADING PLATFORM

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If there’s one thing that’s commendable about RoboForex, it’s the variety of trading platforms it provides. The options are MT4, MT5, cTrader, and their own R Trader platform.

MetaTrader4 is a tool familiar to many in the trading world. It’s the most widely spread platform and is considered an industry standard. The ease of use and straightforwardness, as well as assisting analytical tools make it a good choice for both beginners and veterans. MetaTrader5 builds on the strengths of MT4 and aims to provide a more complete user experience. The major diferences are the amount of pending orders, amount of time frames, and the presence of technical support in MT5.

cTrader provides similar benefits, with a clean UI that makes it simple to understand what’s happening on your screen. Many consider it to be even more intuitive than MetaTrader, making it an excellent choice for beginners.

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R Trader is RoboForex’s home-developed web trading platform. As they state, the most significant benefits of using the platform are the ease of use and convenience, as well as advanced watchlists. R Trader also comes with its own type of account.

You can also go to the Apple and Google Play online stores and download a mobile client for any of the platforms for free.

FXPRIMUS’ TRADING PRODUCTS

The broker has a decent base of trading products its customers can buy and sell.

• Over thirty currencies – Although the selection is somewhat limited, traders will be able to buy and sell currencies using one of the multiple platforms at RoboForex.

• Spot energies – Another area you’ll be able to invest in are energies. RoboForex lets you trade with oil and other energies.

• Spot commodities – The broker offers many different commodities for its customers to trade with. Furthermore, it might be the area containing the most variance. With gold, silver, and many others, traders are certain to find something they like.

• Spot shares – An online broker without shares can’t even be competitive on the market. Naturally, RoboForex ensured that it’s customers can buy and sell stocks from both the largest corporations and smaller firms.

• Digital currencies – The broker does provide multiple different cryptocurrency options to traders. That makes it even more curious, however, that they didn’t ensure that there were any digital currency deposit/withdrawal options.

CUSTOMER SERVICE

RoboForex provides many different forms of support, ranging from multiple phone lines across many different countries (and thus, languages), email, and live chat support. Their support team works around the clock (although the trading services are only available 24/5).

All of the support options are available before signing up, which allows their users to get answers to any questions they might have before committing to an account.

English phone number: +6531588389

Email: [email protected]

CUSTOMER SERVICE

RoboForex deserves praise for a certain number of things. Namely, they made sure that multiple trading platforms are available to traders, and the way they set up their support team is commendable. Their accounts also do have some features that could be considered above average.

However, those positives fade in comparison to the negatives. All the accounts that excel in one area falter in another. In addition to that, the account info is hard to find and confusing, so it might take you quite a while to actually figure out what you’re looking at.

The withdrawal and deposit options don’t include digital currencies, and most of them elicit fees on the user’s side. That adds an additional barrier to turning a profit in an already cut-throat world.

Lastly, and without any doubt, most importantly, the website is untrustworthy. Even if you looked past all the other flaws, the problem of the owners scamming their users remains and is enough to overturn any good qualities of the broker. We recommend finding a better alternative (of which there are many), and not gambling with the chance that RoboForex will decide that you simply can’t withdraw your funds for no reason.

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