Our review of RoboForex explores a forex broker with a goal of delivering the best trading conditions via experience and innovative technology. RoboForex launched in 2009, and the broker now offers an impressive range of over 12,000 instruments in eight asset classes. It is regulated by the IFSC Belize, is a member of the The Financial Commission, and has earned dozens of awards since its inception. Most recently, RoboForex won the title of “Best Global Mobile Trading App.”
- Trade more than 12,000 instruments
- Access cryptocurrencies as well as cryptoindices
- RoboForex is licensed by the IFSC Belize
- Best broker for offering deposit methods for everyone
- Does not accept clients from Canada, the US, Australia, or Japan
RoboForex overall scores
In this review, you can find all the information you need to decide whether RoboForex is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system. This process places importance on the things we know matter most to traders. Below you can see how RoboForex scored in each of our high-priority categories.
RoboForex fees and commissions
RoboForex offers slightly higher than average trading fees, yet no non-trading fees. The fee structure at RoboForex depends on your account type, with some accounts being commission-free and only charging spreads, while others have tighter spreads and charge commissions. Our RoboForex review team were also happy to find that broker does not charge any fees for deposits, withdrawals, or inactive accounts. Due to this, RoboForex can be categorized as a low-cost broker, despite the spread costs. This makes it a great choice if you’re a beginner trader.
Our experts have reviewed RoboForex’s fees based on how they compare with the fees of other reviewed brokers. For each broker, we analyze both trading fees and non-trading fees:
– Trading fees are charged every time you place a trade. They include spreads, commissions, overnight and rollover fees, and currency conversion fees.
– Non-trading fees aren’t directly related to trading, but you should consider them as they make up the cost of using a certain broker. They include payment fees and inactivity fees.
Below you will find a snapshot of the fees charged by RoboForex. Our experts have created these tables based on the fees applied to a standard account. We consider a standard account to be the one that will appeal to most traders, often not the cheapest option but not a premium option, either.
|Type of Fee||Cost|
|Minimum Spread EURUSD (pips)||1.3|
|Commission on Islamic Accounts (%)||0.008%|
*Based on Standard account type.
RoboForex trading fees
The trading fees from RoboForex depend on the type of account you choose. Cent (micro), Pro-Cent, and Pro-Standard accounts have spreads from 1.3 pips while Prime and ECN accounts have spreads from 0 pip and R Trader accounts have spreads from 0.01 USD.
Our reviewers appreciated RoboForex’s transparency when it came to reporting fees. All spreads, swaps and commissions are listed clearly, so it’s easy for you to calculate the cost of your trades. Do note, however, that spreads are floating so can change substantially at any time. Whilst this can be a little inconvenient, it allows you to benefit from periods of low volatility.
The following outlines example spreads for forex pairs across account types, including the average spread, and/or minimum spread, where relevant.
- AUDCAD: 3.1 avg. for Pro-Cent and Pro-Standard, 1.2 min./1.3 avg. for ECN, 0 min./1.3 avg. for Prime
- EURUSD: 1.4 avg. for Pro-Cent and Pro-Standard, 0.1 min./0.2 avg. for ECN, 0 min./0.2 avg. for Prime
- USDCHF: 2.3 avg. for Pro-Cent and Pro-Standard, 0.8 min./0.7 avg. for ECN, 0 min./0.7 avg. for Prime
The following are some example spreads for metals, with the same average and minimum spread information available when applicable:
- XAGUSD: 1.7 avg. for Pro-Cent and Pro-Standard, 0 min./0.9 avg. for ECN and Prime
- XAUUSD: 22.3 avg. for Pro-Cent and Pro-Standard, 0 min./14.3 avg. for ECN, 0 min./9.54 avg. for Prime
The following shows you the RoboForex broker cryptocurrency spreads:
- BTCUSD: 341 avg. for Pro-Cent and Pro-Standard, 0 min./21.9 avg. for ECN and Prime
- XRPUSD: 0.16 avg. for Pro-Cent and Pro-Standard, 0 min./0.07 avg. for ECN and Prime
The following are example spreads for CFDs, crypto indices, and US stock CFDs:
- US500Cash: 0.2 min./0.87 avg. for Pro-Standard, 0 min./0.77 avg. for ECN and Prime
- BRENT: 4.4 min./5.7 avg. for Pro-Standard, 0.0 min./3.7 avg. for ECN and Prime
- Crypto Top: 1201.8 avg. for Pro-Standard, 0 min./736.2 avg. for ECN and Prime
- ALT: 88.2 avg. for Pro-Standard, 0 min./69.3 avg. for ECN and Prime
- MSFT: 6 avg. for Pro-Standard, 1 min./2 avg. for ECN and Prime
- EA: 11 avg. for Pro-Standard, 1 min./7 avg. for ECN and Prime
Only certain account types pay commissions on trades with RoboForex, and those are the accounts that have tighter spreads, namely, the ECN-Pro and Prime accounts.
ECN-Pro accounts have commissions of 20 USD, while Prime accounts have a commission of 10 USD. You can claim cash rebates of between 5 and 10% on these fees, however, if you trade at least 10 lots per month.
You can view the swaps for all of the available instruments on the Contract Specifications page. You simply choose the account type and the instrument category and then find the instrument. For example, the swap for EURUSD is 0.05 short or -0.62 long on all account types.
Our RoboForex broker review team found that the non-trading fees from RoboForex are highly competitive since they are essentially non-existent. The broker clearly states in its FAQ section that funds “are not written off from the account due to inactivity,” indicating that there are no inactivity fees.
Additionally, there are no deposit or withdrawal fees at RoboForex. You may be charged a fee by your payment provider or bank, however, in which case RoboForex will indicate this is the case before you complete the transaction.
Our thorough review of RoboForex allows us to conclude that this is a safe broker to trade with. It is regulated by the IFSC and has membership in an organization that provides a compensation fund as well as insurance. There is also balance protection for added peace of mind, along with various security and safety features to protect your funds and your data.
RoboForex licenses and regulation
RoboForex Ltd. is regulated by the IFSC Belize (International Financial Services Commission) with license IFSC/60/271/TS.
Whlst IFSC Belize isn’t considered a top-tier authority, the good news is that the broker is owned by RoboMarkets Ltd. RoboMarkets Ltd. is regulated by CySEC, under license number 310464, giving you reassurance that RoboForex maintains high standards of safety and reliability.
Is RoboForex safe?
Our review methodology considers several factors to ensure that all of our recommended brokers are safe and reputable. Alongside the number and strength of licenses, we also consider:
- What protection and/or insurance RoboForex offers should something go wrong
- RoboForex’s reputation, history, and management
RoboForex client protection
RoboForex is part of The Financial Commission as a member “A.” This commission allows for settlement pre-trial of disputes between brokerage companies and traders and gives you access to a client compensation fund worth up to €20,000.
All clients with RoboForex can take advantage of negative 2009balance protection. As part of this protection, if your balance enters the red due to market volatility, RoboForex will reset the balance to zero. There are additional risk management tools available as well, including stop loss.
RoboForex background and reputation
RoboForex received the certificate Verify My Trade (VMT) for execution quality. This certificate confirms that the broker complies with The Financial Commission’s strict requirements.
In addition to the other protection, RoboForex has market-leading insurance in the form of a Civil Liability insurance program with a €5 million limit. This coverage protects the broker, and therefore you, against fraud, errors, omissions, negligence, and other risks that may lead to financial losses.
To provide additional peace of mind in terms of account security, RoboForex offers and strongly encourages you to use a two-step authentication. Additionally, this broker has been in operation since 2009. During this time, it has weathered varying market conditions, indicating that the broker is here to stay.
Opening an account with RoboForex
Opening an account with RoboForex is quick and easy. You can complete the entire process online, and it only takes a few minutes to do so. The minimum deposit amounts are accessible too and suited to all types of traders. What’s more, you can choose to fund your account via over 20 payment methods, which means you should feel comfortable and catered for at all times.
Is RoboForex available in your country?
RoboForex is available in most countries and has clients in 169 countries around the world. However, it is not available to residents of the United States, Japan, Australia, or Canada.
How to open an account at RoboForex
As part of our RoboForex review, our team of experts opened new accounts to assess how easy the process was. We’re pleased to say that it should take you less than five minutes and you can do so on desktop or mobile. Keep in mind that complete verification of your account will take two business days.
- Step 1
Click the green button reading “Open an account” in the top right corner of the page.
- Step 2
Enter your email address, first and last name, and phone number. Confirm that you are over 18 years old and check the appropriate boxes to consent to personal data processing and cookie files and to receive e-messages.
- Step 3
Fill in your other personal information and confirm your phone number and email address via the codes you receive.
- Step 4
Choose the terminal you prefer to trade on.
- Step 5
Select your chosen account type and base currency.
- Step 6
Submit your verification documents and fund your account.
What you will need to open an account
To ensure the process goes smoothly, it is best to have some information and documentation on hand when you open your RoboForex account.
- Personal information – You will need to provide your full name, email address, phone number, address, birth date, and an identification number of some sort, such as a taxpayer ID.
- Regulatory information – As part of RoboForex’s AML/KYC compliance, you will need to provide the above information and the below documentation.
- Documentation – Digital copies of proof of identity (such as government-issued photo IDs and passports), and proof of address (such as a utility bill).
To open an account with RoboForex, you’ll need to provide proof of identity and proof of address. This process allows RoboForex to meet KYC (Know Your Customer) guidelines. KYC guidelines keep you safe and stop the broker from accidentally facilitating illegal practices such as money laundering.
What is the minimum deposit at RoboForex?
The minimum deposit is incredibly accessible, and it varies based on your account type. Our RoboForex forex broker review team found that you can open ECN, Pro-Cent, Pro-Standard and Prime accounts with just 10 USD/EUR or the equivalent in your base currency. To open a R Trade account, you’ll need to fund your account with at least 100 USD.
RoboForex payment methods
There are a truly impressive number of payment methods available for your RoboForex account, although only several of them are also available for withdrawals. RoboForex does not charge fees for deposits or withdrawals. However, your bank or payment provider may.
The base currencies available depend on the account type. Pro-Cent and Pro-Standard accounts can have currencies of EUR, USD, CNY, or GOLD. Prime and ECN accounts are available in EUR, USD, GOLD, or RUB. R Trader accounts are available in EUR or USD.
RoboForex account types
As we review RoboForex account types, you will notice that there are five main account types to choose from. Each offers a different combination of access to instruments, trading conditions, and commissions. Because of the variety of accounts, you should have no problem finding one that suits you, whether you are new to trading forex or an experienced trader.
RoboForex strongly encourages clients to open a demo account to test trading strategies and become familiar with the platforms. The demo accounts give you access to the same assets that you will find on the real accounts, offering a realistic experience without having to trade with real money. You can also use your demo account on any RoboForex platform. This is a nice touch, as our RoboForex broker review team lets you know that most brokers only offer demo accounts on one or two platforms.
Islamic accounts are available for Cent and Standard accounts using MetaTrader 4 and for Pro-Affiliate accounts. To open an Islamic account, you must first open your account normally. Then, contact live support to switch your account to a swap-free one.
Unfortunately, if you do opt for a swap-free account at RoboForex, you will have to pay extra commission fees. This isn’t based around interest rates, yet it may still make the account questionable for some Muslim traders. Commissions start at 8 USD for EURUSD pair.
RoboForex trading platforms
You have five different trading platforms to choose from when you open an account with RoboForex. Experienced traders who want something familiar will appreciate the availability of MT4 and MT5 platforms. You can also use cTrader for STP-access to the forex market. Additionally, RoboForex has two proprietary platforms, R WebTrader and R MobileTrader. There are also two investment platforms from RoboForex that involve copy trading.
RoboForex offers five trading platforms. A trading platform is simply a software interface that allows you to place trades. Trading platforms often come with charting, research, and order processing tools.
To ensure that we only recommend high-quality brokers, our reviewers have tried and tested each of RoboForex’s trading platforms. When doing so, they considered a range of factors including how easy to use the platforms are, what features each trading platform offers, and how suited each platform is to different types of traders.
R WebTrader is one of the versions of the R Trader, RoboForex’s proprietary platform. It is convenient and features advanced watch lists. This platform gives you access to the full range of more than 12,000 instruments. You can also make use of the trading robot builder and market depth tools which allow you to analyze market conditions. There is also support for corporate actions, such as tracking splits and merges and getting dividend payments.
R WebTrader supports netting and hedging. Other features include one-click trading, trading from charts, watch lists, and a free automated strategy tester that includes template strategies.
R MobileTrader is incredibly similar to R WebTrader. It is the other R Trader platform but designed for mobile devices, as well as for trading on the web. It features nine graphic analysis tools and 13 technical indicators.
MetaTrader 4 is the most popular platform for trading forex. When used with your RoboForex account, MT4 has three order execution types and 50 indicators ready for you to use for technical analysis, along with the basic tools you need for graphic analysis. Enjoy one-click trading, algorithmic trading that includes the ability to create trading robots with MQL4, the MetaTrader market for expert advisors and indicators, and fundamental analysis built-in via news and signals.
MetaTrader 4 is available via a mobile application for iOS and Android or a web platform.
MetaTrader 5 prides itself on being the most advanced terminal on the market. There are four order execution types and six pending order types. We encourage you to review the RoboForex instrument’s market depth and use the multi-currency tester. Like MT4, MT5 features algorithmic trading but with the MQL5 programming language and the MetaTrader market.
MetaTrader 5 also lets you rent virtual hosting, so your trading signals and robots can operate 24/7. This platform is also highly flexible, thanks to the segregation of transactions and orders, market depth, hedging, and netting. It is available for mobile devices or as a web terminal.
cTrader is known for its rare order types, Level II pricing, 14 time frames, and 54 technical indicators. You can create trading robots and indicators with cTrader Automate or C#. cTrader also features customizable instrument lists and nine interactive chart types. Choose from the mobile version for Android or iOS or the web version.
RoboForex markets CopyFX as an investment since it operates via copy trading. The minimum investment is just 100 USD, and you get multifunctional control, as well as the ability to copy thousands of traders.
Like CopyFX, RAMM is marketed as an investment platform since you do not create your own strategies. Trading with RAMM lets you copy entire trading strategies, but with an integrated risk management system and automatically defined optimal limits for weekly losses.
What is the execution policy at RoboForex?
At RoboForex you can choose between STP or ECN execution, depending on which account type you open. Our broker review team found that RoboForex processes customer orders in one to three seconds. This time decreases if you opt for an ECN account.
Those with Fix-Cent and Fix-Standard accounts will use instant execution while those with Pro-Cent and Pro-Standard accounts use market execution. Prime and R Trader account holders can open an unlimited number of positions, whilst all other account types allow for a maximum of 1,000 positions at any one time.
RoboForex markets and products
As you review RoboForex’s instrument offerings, you will find forex as well as a long list of CFDs. This includes commodities, precious metals, indices, shares, cryptocurrencies, ETFs, and even cryptoindices. R Trader accounts also offer access to real stocks in addition to stock CFDs. This extensive range makes RoboForex an ideal choice if you’re looking to diversify your portfolio.
|Stocks and Shares||53|
Trading the forex market with RoboForex gives you 24/5 trading access to a market with a daily turnover of 5 trillion USD. You can take advantage of leverage as high as 1:2000 and spreads from 0 pips. The execution speed is high at 0.1 seconds, and you can choose from more than 40 currency pairs. These include majors, minors, and exotics.
You can trade more than 100 commodities on R Trader, including soft commodities and energies. Leverage for soft commodities can be as high as 1:20. There are over 100 soft commodity markets, including SGAR, SOYB, CORN, and CAFÉ.
Trading energies gives you spreads from 0 pip and leverage of up to 1:100. You can trade CFDs and ETFs on energy commodities, including natural gas, ethanol, oil, and heating oil. Energy commodities are particularly popular for intraday trading.
In addition to directly trading gold and silver, you can also trade one of the more than 20 ETFs on nickel, copper, palladium, and platinum. When trading XAU/USD or XAG/USD, you can enjoy spreads from 0 pip and order execution from just 0.1 seconds.
Indices from RoboForex help you take a wider look at the stock market with exclusive conditions. The indices let you trade in more than 10 markets, including those in Germany, the United States, and Japan.
Stocks and shares
RoboForex offers stocks from around the world, including in the United States, the United Kingdom, Germany, and Switzerland. If you use the R Trader terminal to trade, you can access more than 8,400 US stock CFDs and 3,000 real American stocks. When trading stock CFDs, you can enjoy a leverage of up to 1:20.
RoboForex offers the ability to invest in cryptocurrencies via CFDs with a leverage of up to 1:50. There are CFDs on 26 cryptocurrencies in total.
There is also the ability to trade cryptoindices, which let you benefit from multiple cryptocurrencies simultaneously. Cryptoindices also allow you to take advantage of high volatility, a growing market, and risk diversification. RoboForex offers two cryptoindices. Crypto.TOP has the “top” three cryptocurrencies that account for the market’s dynamics: BTC, ETH, and XRP. The Crypto.ALT index adds diversification by combining ETH, XRP, LTC, DSH, and BCH.
Trading ETFs is a popular diversification strategy. With RoboForex, you can use a leverage of up to 1:20 and make use of spreads from just 0 pip. There are more than 1,000 ETFs available, providing you with numerous opportunities.
As previously mentioned, our review of the RoboForex forex broker encourages those interested in social trading to look at the “investment” options from the broker. CopyFX lets you copy individual trades, while RAMM lets you copy trading strategies. You can also take advantage of social trading via trading signals and expert advisors across all platforms.
RoboForex research tools
RoboForex offers a range of research tools for traders, with some integrated directly into the platforms and others available on the broker’s website. You will find trading calculators, an economic calendar, news, analysis, and more. You can also use the RoboForex Analytics center to complete your own technical and fundamental analysis.
|RoboForex Research Tools|
|News (from top-tier sources)||Y|
|Trading Signals and Indicators||Y|
Some news is incorporated into the various trading platforms. Additionally, RoboForex has a section of its website dedicated to Forex Analysis & Forecasts. This section includes news in situations where it is relevant to the analysis and predictions.
Trading signals and indicators
The various platforms integrate trading signals and indicators. Most platforms available at RoboForex offer dozens of indicators to help you with your analysis. In addition to direct trading signals, expert advisors are also integrated.
RoboForex also offers a free VPS server to those with at least 300 USD in their accounts. This is designed to help with automated trading strategies, such as signals and EAs.
You can find a range of trading ideas in the Forex Analysis & Forecasts section. This comes via the fact that many of the analyses end with a prediction for the future of that particular instrument, which could be used as a trading idea.
Additional trade ideas come from the trading strategy builder in R Trader, which lets you test your strategies for free, including fast backtesting.
You can review the RoboForex broker’s extensive analysis in the Forex Analysis & Forecasts section of the website. The broker typically posts at least six or seven expert analyses each day, covering a range of instruments. Each of the analyses is titled to clearly reflect the instrument and whether it is fundamental or technical analysis. Within each article, you will find charts as well as detailed written explanations complete with figures.
RoboForex education and training
RoboForex offers a range of education and training for traders of all skill levels, with a strong focus on resources for beginners. You can start with review of RoboForex’s FAQ section, where you will find definitions of many terms and concepts. There are also videos and various articles, most of which are accessible only once you log into your account.
|RoboForex Educational Features|
|Platform Tutorial Videos||N|
Instead of traditional educational PDFs, you can review RoboForex broker’s educational material directly on its website in the form of smaller articles and answers in the FAQ section. There are detailed articles on opening an account, including choosing your platform, and how to start trading on the financial markets. This includes basic information introducing you to financial markets as well as some tips on using the various RoboForex platforms.
The pages of RoboForex’s website specific to instruments also provide educational content in the form of deep explanations of the asset class in question. This is particularly important information for beginning traders.
One set of videos from RoboForex is the broker’s free video course that introduces you to trading on the NYSE and NASDAQ stock exchanges. These videos help you learn to develop trading strategies and analyze data. There are three parts to the video series, with a total of 13 videos to explain the various concepts.
You will find additional educational videos once you log into your RoboForex account. This is free for members, and you can find it in the Education section within the analytics center. These video tutorials are designed to appeal most to beginners and cover topics like risk management, the psychology of trading, and fundamental and technical analysis.
The trading academy from RoboForex is the previously mentioned series of online videos that introduce you to trading stocks, as well as the videos within the Education section once you log in.
Although there is not a separate trading glossary, you can review RoboForex’s definitions and explanations of terms in the FAQ section. There is a somewhat limited number of definitions, but you will find explanations of most key concepts.
RoboForex customer support
Past and current clients who reviewed RoboForex’s customer support have overwhelmingly positive things to say. Our review team agrees that the broker has strong customer support, partly thanks to the various methods you can use to contact the support team. Impressively, RoboForex has 24/7 customer support, while many competitors only offer 24/5 support.
RoboForex offers an impressive number of ways to contact customer support, including:
- Phone: +65 3158 8389
- Email: [email protected]
- Headquarters: 2118 Guava Street, Belama Phase 1, Belize City, Belize
- Live chat
- Ask a question via ticket system or FAQ
- Request a callback
- Facebook Messenger
- Send a message via the form on the contact page
In addition to all of those contact options, RoboForex has support available in 11 languages 24/7. This is not only two extra days of support than most competitors but also more languages. In addition to support in English, you can find language-specific support numbers for Thai, Ukrainian, Arabic, Chinese, Taiwanese, Russian, Indonesian, Kazakh, Malay, Portuguese, Spanish, and Czech.
If you have a question, we encourage you to review RoboForex’s FAQ section as well, since this is well-organized and covers a range of topics. While some brokers have more extensive FAQ sections, you should find answers to your most important questions there.
RoboForex mobile compatibility
Our review of RoboForex confirms that this forex broker is mobile-friendly. MetaTrader 4, MetaTrader 5, cTrader, and R Trader are all available as mobile platforms for both Android and iOS, allowing you to easily trade on the go no matter which platform you choose to use.
Additionally, the website is mobile-friendly as you are able to access all pages and view all the information from a smartphone or tablet.
RoboForex – Our verdict
After our extensive RoboForex review, we can confidently conclude that this broker is reputable and a strong choice for many traders. There is an impressive array of instruments available for trading, spanning forex, CFDs, commodities, cryptocurrencies, indices, and more. The availability of regular stocks on R Trader accounts helps the broker appeal to those who want traditional investments, as well as forex and CFDs, and prefer to manage everything from a single account.
Our team is truly impressed by the range of payment methods, as few brokers offer even close to as many as RoboForex. You should feel confident in the security of those funds, thanks to the IFSC Belize regulation, its membership in The Financial Commission, and market-leading insurance.
Now that you have a better understanding of why traders choose RoboForex, open an account today in a matter of minutes.
|RoboForex Final Summary|
|Minimum Deposit (USD)||10|
|Number of Instruments||12,000+|
|Proprietary Trading Platform||N|
|Payment Methods||Bank transfer, Visa, Mastercard, Skrill, Netseller, WebMoney, Fasapay|
|24/5 Customer Support||Y|
- Year Founded: 2009
- Company Trading Names: RoboForex Ltd
- Licenses: IFSC Belize
- Headquarters Address: 2118 Guava Street, Belama Phase 1, Belize City, Belize
- Phone Number: +65 3158 8389
- Facebook: https://www.facebook.com/RoboForexCom
- Twitter: https://twitter.com/roboforex_com
Risk Disclaimer: RoboForex offers CFD products. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. [cannot find info]% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Our methodology: This review of RoboForex has been created using accurate data and unbiased facts. To test the broker, we have used our unique and detailed methodology, which assesses over 200 criteria points in 10 key areas. This guarantees that all of our reviews are fair and extensive.
We update our methodology and our reviews regularly. Methodology updates are made so that new broker features and products are taken into consideration. Review updates ensure that all the information we provide is current and correct.