RoboForex: Review, Analysis and Complete Guide
Established in New Zealand in 2009, RoboForex is one of the safest and most popular web brokers in the world. Based on the positive feedback from all over the web portals, it is easy to see that the trader who knows RoboForex often prefers it over the competition.
Specialist opinions and analyses verify this effect, as they tend to agree that RoboForex is one of the best places to invest in Forex. With four platforms and seven trading types among its options, RoboForex is among the most versatile brokers.
Read on to learn more about RoboForex, the broker that is making a big splash among the opinions of experienced and new users.
Pros and Cons of RoboForex
- Four platforms and multiple markets to trade at your leisure.
- Forex trading certified by regulatory bodies (very secure)
- Real (EUR/USD) and virtual (Bitcoin, Ethereum) currency trading
- Free account creation.
- Trading CFDs, stocks and more.
- Multi-Currency Payment Service (RoboForex Wallet)
- Longer retirement times than the competition.
- Debit cards not accepted for withdrawals
RoboForex Financial Products
1. Stocks and Financial Products
RoboForex stands out from the competition for its trading account system, which is new and modern among the market brokers. Basically, different accounts have different commissions and progressively better trading options. We will soon see them.
It is remarkable to clarify, before diving into each of the account types, that the demo account is available for all of them
For starters, there’s the prime account. This account offers 28 pairs of currencies, metals, CFDs on US stocks, on indices and CFDs on crude oil and crypto-currencies such as Bitcoin. The minimum deposit is 10 dollars or euros, and the leverage is 1:300.
ETN accounts are for professionals, and feature 36 currency pairs, metals, CFDs on US stocks, on indices and CFDs on crude oil and crypto-currencies such as Bitcoin. They specialize in trading with tight spreads and high speed of execution.
On these accounts, the minimum deposit is also 10 dollars or euros, and the leverage amounts to 1:500. According to users’ opinions, this type of account is very profitable for experts who wish to invest in more than one trade simultaneously.
The most popular account type in RoboForex is the pro-standard account, which opens the game for both professional and less experienced investors. It offers the same trading options as the ETN account, with more platforms available and welcome bonuses.
Pro-cent accounts, on the other hand, are aimed at professionals and experienced in the art of investing in Forex trading. Experts agree that these accounts are not for beginners. The R Trader account will be described later in the section on platforms.
The numbers are identical to pro-standard accounts in terms of welcome bonus and platforms, but the visualization tools are more complex and, while they provide data more efficiently, they are not as simple to use.
As you can understand from the previous paragraphs, all the accounts that can be opened in this web broker offer Bitcoin among the Forex trading options. RoboForex is a secure and transparent broker, and cryptomoney trading is no exception.
As on many other sites, Bitcoin Forex trading through RoboForex is done in relation to the value of actual currencies, often the Euro and the Dollar.
Investing in Bitcoin is a risky process, given the novelty of the subject and the unpredictability of the currency. That’s why it’s advisable to use a reputable broker, such as RoboForex, when trading Bitcoin.
3. Cent accounts
In addition to conventional trading accounts, RoboForex offers specific accounts that are based on certain types of trading, or are aimed at users with certain expectations.
With a minimum deposit of $10 and a minimum spread of 1.3 pips, you can use RoboForex’s most popular platforms, i.e. MetaTrader 4 and 5, to trade more than 36 currencies.
4. Islamic Accounts
You can learn about Islamic swap-free accounts here. This type of account represents a perfect example of the novel and modern character of RoboForex according to users’ opinions.
In Islamic accounts, instead of charging a swap fee as in other accounts, users pay a fixed fee that depends on the type of currency pair (EUR/USD, Bitcoin/USD, for example) but not on the interest rates of the issuing entities.
5. ECN accounts
ECN accounts are intended for professional use only, only available at RoboForex during 2020. With a leverage of up to 1:500, a minimum spread of 0 pips and the classic minimum deposit of $10, you can use it with MT 4 and 5, and reviews do not recommend it for beginners.
How to Open an Account in RoboForex
1. RoboForex Account Creation
To start the journey of investing in Forex trading at RoboForex, the first thing to do is, as always, to open an account on the site. Account creation is very simple, instinctive, fast and free.
Once you click on the green button in the top right corner of the screen, you will have to provide a few personal details, such as First Name, Last Name and Email.
In addition, when you wish to make a withdrawal, you must certify your identity by showing a photo of your document and something that certifies that the desired withdrawal method is your own.
2. Requirements and Verification
After entering the main data, you must verify that the email account is valid and belongs to you. To do this, you should check your mailbox and make sure you received an email from RoboForex.
This is why it is not possible to enter an email account that is not valid. Please make sure you fill in the information requested correctly so that you do not have any problems when entering or withdrawing money.
3. Demo account
No matter what type of account you choose or plan to choose, you will have a demo account available to test the broker without risking any real money. This has two applications, a priori.
On the one hand, less experienced users can use the demo accounts to familiarize themselves with stock trading, Forex trading, the Bitcoin concept, or whatever it is they don’t understand in depth.
On the other hand, professionals can evaluate the quality of RoboForex before they start investing through a broker they don’t know. This is one of the reasons why opinions agree that RoboForex is an ideal broker for both experts and novices.
4. Available Countries
RoboForex allows account holders to invest in financial markets in more than 150 countries worldwide. As for its use, it is available in most countries, so it is very difficult to find a site where RoboForex is not open to the public.
How to Use RoboForex?
1. Starting to Use RoboForex
Once the account is created and the email is verified, it’s time to get started. The first thing is to choose which type of account you want to open in RoboForex, based on the descriptions developed above.
It is important that you consider what type of trading you were thinking of doing before selecting one, which is why demo accounts are so valuable.
After choosing one or another account, you must choose the currencies or indices (USD/EUR or Bitcoin/USD are some examples) or commodities you want to have in your portfolio. The opinions of the specialists speak of the great importance of diversifying.
2. RoboForex platforms
You can choose any of the four platforms to use RoboForex as your personal broker. The tools and the way of viewing your account depend on the platform you choose, so its importance should not be underestimated.
The most widely used of RoboForex’s platforms is MetaTrader 4, which is not exclusive to the site. It is the one with the best tools, which works for a wide spectrum of the broker’s account holders, from beginners to professionals.
MetaTrader 5, in turn, is an updated version of the newly named one, but it has not yet reached its peak. Experts agree, in their opinion, that it will eventually surpass its predecessor.
cTrader, on the other hand, is a platform designed for more experienced traders who require speed in order execution, and less conventional and more complex instruments to visualize and execute their trading strategies. RoboForex covers a wide spectrum of investors.
RoboForex also offers apps for mobile phones, as mentioned above. The idea of trading from anywhere and at any time is a great favorite of opinions, and the platforms are available for Play and Apple Store.
The platform you use will not change your account type or the fees and commissions. You can also trade Forex, Bitcoin indexes and all types of currency and commodity trading.
Research and Visualization Tools
The main features of RoboForex will not be affected by the platform you choose: Forex trading, secure Bitcoin trading, and access to different account types according to your preference are all available possibilities, not subject to one or another platform.
There are certain tools that do not depend on the platform used either, as I know that they can be viewed directly from the page. We refer to the R Trader stock strategy maker, the trading calculator and the Forex, index and stock charts.
Visualization and analysis tools such as Fibonacci or RCI depend on the platform you choose to use for your RoboForex account. Each of them has its own functions, integrated software and analysis tools for correct trading.
These tools will allow you to compare trends, analyze information through heat-maps and take a safer and healthier walk on the road of investing in Forex, in which a novice will not be able to succeed without help.
MetaTrader 4 and 5 have a simple and highly respected interface for feedback. Although the usefulness of a platform is somewhat subjective, it certainly offers interactive charts and constant updates of studies by Forex specialists, Bitcoin and more.
Finally, there are platforms that are not available for mobile, or at least do not work as efficiently as others. Be sure to take this into consideration before choosing one or the other to trade Forex or invest in any commodity.
Deposits, Withdrawals, Fees and Limits of RoboForex
1. Deposit and Withdrawal Methods and Minimum Deposit
You can deposit money in RoboForex through credit and debit cards, Neteller or Skrill, being curious the lack of Paypal among the means of payment. The means of withdrawal are also exactly the same.
At RoboForex, the minimum deposit depends on the account type. Pro-Cent, Pro-Standard, and ECN accounts have a minimum deposit of 10 USD, 10 EUR, or the equivalent in the currency of the account you have opened.
On the other hand, professional accounts have higher minimums. For prime accounts, for example, the minimum deposit is $5,000 or the equivalent. And if you trade from the R Trader platform, the deposit is 100 dollars or euros.
2. Rates and Commissions
RoboForex, like most web brokers, operates on commissions and spreads. Commissions per lot, on the one hand, apply only to professional accounts such as Pro-Cent and ECN, which charge $2 per lot.
In addition, the above accounts charge special fees for successful high-capital operations. 20 dollars commission per million dollars on ECN and Pro-Cent accounts is the most mentioned rate among users’ opinions.
You can learn more about RoboForex’s commissions and fees by contacting their technical support service (+34 911 237 952 from Spain) or by visiting their homepage.
Is RoboForex safe?
RoboForex has the special brokerage regulations of IFSC Belize, under the concept of “Trading in commodity-based derivative instruments and finance and other assets” with number IFSC/60/271/TS.
In addition, this broker is regulated by the independent Financial Services Complaints LTD (FSCL), allowing it to operate in the United States and Europe.
2. Compensation Scheme
RoboForex is a member of the Financial Commission Compensation Fund. This is a guarantee of quality, as many brokers have been fighting for years to join this prestigious institution.
This fund is a service that provides protection of up to 20,000 euros in case a member is a victim of fraud, embezzlement or similar problems, unlikely for RoboForex account holders.
3. Customer Care
RoboForex is a broker that is very close to its clients, to such an extent that it is available 24/7 for doubts, inconveniences, questions and opinions that headlines want to make.
You can reach RoboForex technical support from Spain on +34 911 237 952.
Valeria E.: “I’ve been through many web brokers, but none as secure as RoboForex. When it comes to online investing, choosing a secure service is the most important thing of all.
Gaston H.: “Honestly, I use many online brokers simultaneously, but one of my favorites is RoboForex. There I can choose different platforms and vary between my accounts depending on the type of trading I’m doing at the moment.
Delfina R.: “I read in all the opinion portals that RoboForex is a very safe broker, and I agree with that. I work mainly with Bitcoin, more precisely with the Bitcoin/Dollar indexes, and I find it hard to think of a safer broker than RoboForex”.
Paul L: “The only thing I look at when I choose a broker to trade Forex is whether it is safe or not. RoboForex is very safe, according to the opinions I’ve found, and that’s why I’ve tried it. And I haven’t regretted it. It’s really satisfying in every way.
RoboForex Alternatives and Competitors
RoboForex is valued by the public as one of the best trading brokers available on the web, but it is not the only one. Below is a list of all services reviewed by Wallet Adviser.
Our Selection Best Broker Forex - 2020
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Conclusion About RoboForex
Our conclusion about RoboForex is extremely positive, mainly because of the versatility of the site. On the internet, it is common to find brokers designed for novice traders, or for professionals. But it is more rare to find one that suits both.
RoboForex is the right one, and one of the preferred among the users’ opinions, precisely because of that. A huge mass of investors have tried RoboForex and have left satisfied because they felt that they fit right into this broker.
This is all true not only because of the wide range of product and currency options to choose from, but because it has an assortment of platforms and accounts that make it very rare to find a user who does not feel comfortable there.
In addition, the interface is so easy to understand and use and the enormous amount of tools for visualizing, analyzing and managing information is a real plus. This variety is so great that it can even be a bit overwhelming for newcomers.
All in all, RoboForex is a broker that deserves at least one try. Remember that you have a trial period available in the form of a demo account for each of the account types you can choose from in RoboForex.
Moreover, with such an effective technical support service and absolute availability, RoboForex is among the safest on the market, as in the unlikely event of a problem, it will be solved immediately.
RoboForex Technical and Characteristic Datasheet
|Countries where it is regulated||150|
|Time to open account||1 day|
|Bank card deposit|
|Deposit with electronic wallet|
|Demo account available?|
|Easy to use platform?|
Frequently Asked Questions about RoboForex
RoboForex is an online broker. Through this platform you can invest in Forex, the most important foreign currency market in the world. Dollar, Euro, Yen and Bitcoin are just a few examples of the markets you can invest in through RoboForex.
You can think of RoboForex as an intermediary between you and the possibility of investing in the real currency and stock market. You need to obtain a license to trade, so you can’t do it without a broker. You can use it by going to the main page and creating an account.
Buying, that is investing, and selling in RoboForex is called “trading”, and you can do it once you have a verified account created, and after you make your first deposit.
The secret of how to make money in the stock market or in Forex trading is one well kept by specialists, if any. That is why it is best to invest through a safe and experienced broker like RoboForex.
Yes, of course. Like all brokers reviewed by Wallet Adviser, RoboForex is absolutely safe. Security is very important, especially when it comes to trading crypto currencies like Bitcoin, so make sure you choose a safe broker to trade with.
Yes, RoboForex has the special brokerage regulations of the IFSC of Belize and the Financial Services Complaints LTD. In addition, it is a member of the Compen