RoboMarkets, a foreign exchange (forex) broker licensed in Cyprus, has just announced that it has become BMW M Motorsport’s official partner for the popular German touring car masters Deutsche Tourenwagen Masters (DTM). During the upcoming season of the popular German touring car masters DTM (Deutsche Tourenwagen Masters), the Swedish BMW works driver Joel Eriksson will...
- What is RoboForex?
- Is RoboForex safe or a scam?
- Market Instruments
- Deposits and Withdrawals
- Trading Platform
- Customer Support
What is RoboForex?
RoboForex Group recognized by the most respected experts of the Financial Market, while operating since 2009 through 2 world presented entities RoboForex with service around the world and RoboMarkets Ltd located in Cyprus that support countries if the EU and the EEA.
Throughout the history of its operation, the broker serves numerous clients around the world and gained some of the recognition for its advanced trading proposal, also tailored condition suitable for various styles, trading size and portfolio traders. Also, one of the great things in RoboForex proposal is a good range of trading software or platforms where you can select between industry powerful MetaTrader, cTrader or proprietary RTrader.
Furthermore, apart from the numerous developed technologies, which offer solutions through trading, RoboForex performs a ContestFX – a contest project of a new type. Where Contests on demo accounts are held weekly and monthly while prizes are deposited to real trading accounts allowing you to start great trading carer.
|Long regulated history of operating||Trading conditions may vary according to entity rules|
|Numerous traders account from all around the world||International proposal performed via Offshore entity|
|Powerful trading capabilities and advanced software proposal MetaTrader, cTrader or proprietary RTrader|
|Range of account types|
|Free trading signals and research tools|
|Exclusive trading tools|
|Market Outlook and Research|
10 Points Summary
|Instruments||8 Asset Classes with Forex, Stocks, Indices, ETFs, Soft Commodities, Energies, Metals and Cryptocurrencies|
|Platforms||MT4, MT5, cTrader, RTrader|
|Minimum deposit||10 USD|
|Base currencies||USD, EUR, RUB, CNY, GOLD, BTC|
|Demo Account||Available also with Demo Contests|
|Costs||Low CFD fees, Spread basis or commission charge for ECN trading|
|Education||Detailed education with research tools, and unique features like R Strategy builder and regular contests|
The broker serves numerous clients with around 800,000 traders, from 170 countries and brings support in 18 languages, with the focus to develop trading offering by innovative technology solutions and numerous modern tools for trading.
All in all, RoboForex developments and offers were actually recognized by more than 20 industry awards, along with their regular sponsorships and global activities, RoboForex currently serves as an Official Sponsor of “Starikovich-Heskes” team at the Dakar and Official Sponsor of Muay Thai fighter Andrei Kulebin.
Is RoboForex safe or a scam?
While checking if the broker is legit, safe or not you should check on its regulatory status and in case it is solely offshore firm better to stay away, as risks are high.
|Regulated broker with long history of operation||Additional Offshore entity|
|CySEC and ESMA overseeing||Regulatory obligation vary according to entity|
|Negative balance protection|
|Global expand with additional Civil Liability insurance|
Is RoboForex legit?
There are two companies registered by RoboForex Group, which include the RoboMarkets Ltd a European entity broker regulated by the CySEC, and RoboForex Ltd an international forex brokerage registered by the IFSC, Belize.
Even though we do not advise trading with offshore brokers due to their lack of regulatory restrictions, an additional license from the reputable jurisdiction makes things better and allows us to consider RoboForex as a safe broker to trade with.
How are you protected?
There are numerous rules which broke implements due to regulatory requirements to deliver protected and fair trading environment, also regularly audited, while the company can be fined in case of the breach or mislead.
Along with that RoboForex applies negative balance protection, securing your deposits from losses, while all traders’ funds are kept in major banks in segregated accounts at all times. And the last point is that the company is a participant of The Commission’s Compensation Fund that provides insurance coverage for the traders which makes it a reliable choice according to CySEC rules.
In addition, RoboForex implemented a Civil Liability insurance program for a limit of 5m EUR, which includes market-leading coverage against fraud, errors, negligence and, or other risks that may lead to financial losses of clients.
So if you adhere to use high leverage levels with a purpose to maximize your gains, RoboForex definitely will assist you. Leverage may increase your potential gains timely through its possibility to multiple initial accounts, yet make sure to learn how to use leverage correctly, as leverage may increase your potential losses too.
RoboForex leverage levels are also determined by various measures and are set in accordance to regulatory requirements.
- Trading with global RoboForex entity you are able to apply for leverage 1:400, 1:500 or even a maximum of 1:2000 by confirming your professional status.
- In case you are a resident of Europe or trading with the Cyprus entity of RoboForex automatically, you will comply to ESMA regulation, which lowered leverage to the maximum ratio of 1:30 on Forex instruments and 1:5 for Cryptocurrencies, etc.
We find it good that RoboForex trading costs that are based on institutional tight spreads from 0 pips and available through fast order execution developed by the technology, 6 account currencies along with micro accounts, as well as numerous investment programs.
|Fast account opening||None|
|Account types suitable for various trading sizes or styles|
|Islamic Account and Cent Accounts|
|Account base currencies USD, EUR, RUB, CNY, GOLD, BTC|
RoboForex designed 6 account types in order to suit the different needs and requirements of their clients, also you may can use a national currency as your account base currency, which includes USD, EUR, RUB, CNY, GOLD, BTC and simplifies your funding.
The range includes Cent Account as a great option to start or test robots or those ones that feature floating spread or maybe to use tight spreads from 0 pips with an additional commission. It is a fact the beginning either sophisticated professional will find correct conditions to apply, along with Islamic traders who are able to apply for swap-free account.
RoboForex spreads as mentioned earlier designed at the levels of account you use, while as much higher the account size the better spread offering is included, so be sure to verify conditions according to the account type you would use.
|Options between variable spread or commission basis||Conditions may vary according to the entity|
|cTrader, Rtrader based on commission charges per million traded|
|Low CFD fees|
|No hidden costs|
What is RoboForex spread?
TO get better understanding of the spread we will review Standard account fee conditions where the costs are built into floating spread from 1.3 pips with no additional charges and BitCoin vs US Dollar average spread of 341. Also, below we compare RoboForex to other popular CFD brokers.
Alike, Cent Account fees offering lower size trading and with the spread from 1.3 pips as well, while R Trader, ECN and Prime accounts are based on an interbank spread from 0 pips and commission charge as a cost, e.g. you will pay via ECN account 20USD to million traded for GBPUSD pair or similar.
Also, always consider rollover or overnight fee as a cost, which is about -0.6 for short positions on Eur/Usd and -0.052 on long ones held longer than a day. As well you may compare fees to another popular broker BD Swiss.
Comparison between RoboForex fees and similar brokers
|Asset/ Pair||RoboForex Fees||FxPro Fees||GO Markets Fees|
|EUR USD||1.4 pips||1.2 pips||1.2 pips|
|Crude Oil WTI||4.2||5||1.9|
|Gold||1 point||27||1.4 point|
The market range includes the world’s key markets with 8 asset classes alike Forex, Stocks, Indices, ETFs, Soft Commodities, Energies, Metals and over 6 Cryptocurrencies also with a possibility to trade through leverage.
Deposits and Withdrawals
All money management and transaction are performed via online account area, which is very comfortable, where you can request a withdrawal check its processing status and deposit money as well.
|Fast digital deposits||Payment methods vary according to regulation|
|No internal deposit fees||Some of the methods apply an additional fee for withdrawal|
|Very low minimum deposit of 10$|
|Many withdrawal fees options are covered|
|Multiple Account Base Currencies|
The available payment methods allowing to transfer money with convenience includes over 20 options that includes
- bank transfer,
- card payment
- vast of e-wallets like Skrill, Neteller, POLi, fasapay and
What is the minimum deposit for RoboForex?
At the start, you may choose the level of your account while opening, and at a beginning, you may trade for free with Demo account, while further with only 10$ minimum deposit it will convert to a live account of first grade – Pro-standard or Pro-cent.
However, of course, make sure to verify margin requirements and conditions for the instrument you are willing to trade, as at some point 10$ simply may not be enough for your strategy.
Furthermore, rewards are not finished, as RoboForex implements 0% commission policy for deposits and many of withdrawals where all expenses are covered.
Yet, check carefully since some of the methods apply an additional fee for withdrawal, e.g. Skrill and AdvCash add on 1% processing fee, while Visa withdrawal adds 2.6% +1.3USD.
As a technology driven broker, RoboForex brought a truly wide range of platforms to choose from, that allows to advance and suite any trading demands and comply it with your style.
Pros Cons MT4, MT5, Proprietary RTrader, and cTrader Conditions may vary according to entity and platform Copy Trade, Social Trading and Technical Indicators Each platform has separate pricing and fee conditions Great selection of software suitable for any type of a trader No restrictions on strategies Fast execution and selection between its methods Platforms available in various languages
|MT4, MT5, Proprietary RTrader, and cTrader||Conditions may vary according to entity and platform|
|Copy Trade, Social Trading and Technical Indicators||Each platform has separate pricing and fee conditions|
|Great selection of software suitable for any type of a trader|
|No restrictions on strategies|
|Fast execution and selection between its methods|
|Platforms available in various languages|
All platforms available via Web Versions and desktop ones for more comprehensive analysis and tools bars suitable for professionals or day traders.
Together with desktop platforms you can benefit from the R trader Strategy builder is a free and convenient tool available for traders with a purpose to automate performance, which is a great solution since doesn’t require to have any programming skills.
Indeed, both offers full control over positions and orders, featuring the same functionality with the fastest in industry charts and advanced analysis tools, also designed with a clear and clean view.
While MT4 as the most popular platform, which includes advanced chart features along with robots and indicators, that allows any trading strategy is one of the main factors within the platform allowing to perform powerful technical analysis.
And in case you prefer the latest version of MetaTrader – MT5 is will allow the choice between net and hedge systems through 4 types of executions. In addition, MT5 features comprehensive analysis tools, market depth as well multi-currency tester all also featured with data from most professional sources like FxWirePro and Claws&Horns companies.
Remaining only with your phone on the go you still can check over your positions or see market updated via mobile version suitable for any mobile device and available for free.
Moreover, the broker built customized tools and solutions for investments, thus you may choose either the Copy Trading or to get the solution for market professionals. CopyFX platform is a perfect choice for an easy yet reliable investment with the choice among over 1,000 traders and RoboForex RAMM platform allows profiting not only from Copy trading but from improved risk management systems with optimization tools.
The broker runs 24/7 customer service available via Live chat, emails, international phone lines, also proposing callback service and supporting 11 languages.
Even though there are some comments from traders also in our RoboForex Review being non-responsive, we check and found them answering relevant answers and engaging quite quickly.
|Live Chat, International Phone Lines and email|
The last point in our RoboForex review is educational and analysis features together with research tools and materials that are especially essential for beginners.
Eventually, at RoboForex you will get various education available, also as we already mention you can polish your skills and participate in trading contests, which also increases your level and allowing to develop skills. Market analysis, technical analysis, with professional trading analytics and range of trading tools available via the Members area.
Also, there is access to transaction and trading history up to 1 year and great research tools including a news feed, calculators, strategy builder and trading ideas, and that is together with very powerful features you will find in provided platforms.
|Education Programs and videos||None|
|Free trading signals and research tools|
|Exclusive trading tools and strategy builders|
|Market Outlook and Research|
|Demo and Live contests|
RoboForex review demonstrates a well-regulated broker, which offers a wide selection of technological solutions allowing traders of any size or strategy, even at the trading beginning to engage into trading. The platforms along with the variety of assets and accounts bringing various options to trade either through robotic systems or investment, as well as powering trading by the power of developed tools.
Nevertheless, the broker very proudly serves a variety of services, along with the quality of overall treatment, which is the same for all, regardless of the experience or investment size. Also, we would recall again to learn deeply how to trade and especially use high leverage, since RoboForex offers this opportunity where you can lose or gain money quite quickly.
RoboForex kindly supports educational materials, analytical researchers and contests which shows their great assistance in all the process and impacting for deserved trust and rapid growth with a large number of the clients they serve.
And of course, we would be glad to know your personal opinion about RoboForex, share your experience or refer to us for some additional information.
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