RoboForex

RoboForex Ltd is an international broker, and a member of the RoboForex group. The other subsidiary is called RoboMarkets Ltd and is based in Europe. By clicking here, you will be redirected to its review.

There is a lot to see in RoboForex. This broker is stuffed to the brim with options, features and information. At times it can get a tidbit intimidating to those that are still have along way to go. Read the review to find out just what RoboForex has to offer.

RoboForex is regulated in the Mesoamerican country of Belize by their respective body: the International Financial Services Commission. Their main goal is to promote Belize as a financial offshore center while also providing the appropriate regulatory measures to support said endeavor. As an offshore regulatory organization, Belize has been home for many shady brokerages, many of whom have been either banned or exposed as scams. However, in recent years the regulatory agency has tightened its grip and has taken a more serious approach towards license issuing. For one, it requires proof of at least $500 000 capital before granting a license. Their efforts have resulted in them being known as the best offshore regulatory entity. Nevertheless, the leverage ratio remains flexible.

The average spread is for EUR/USD is around 2 pips for the standard account. For the Pro-Cent and Pro-Standard accounts it’s 1.4 pips. ECN-Pro NDD (without commission attached) account holders can expect a spread of 0.1 pips, while with ECN-FixSpread NDD it’s 1.6 pips. Prime Account users will see a spread of 0.2 pips (without commission attached).

The broker has taken full advantage of its remote location, far away from ESMA controlled territory, by offering a staggering maximum leverage of 1:2000. This is wildly high, uncommon even with off shore regulations. We urge traders to tread carefully, since one wrong step can easily empty an account.

This abundance expands to the assets. They are more than plentiful and open doors to many possibilities: Forex, Stocks, Indices, ETFs, Soft Commodities, Metals, Energies, Cryptocurrencies and Cryptoindexes.

In order to accommodate its large clientele, RoboForex has issued its services in the following languages: Russian, Malay, Portuguese, Ukrainian, Arabic, Chinese, Lithuanian, Czech, Latvian, Indonesian, Hebrew, Polish, Spanish, Italian, German, Chinese, Estonian and Vietnamese.

ROBOFOREX LOGIN

The broker has included an impressive number of trading platforms, ensuring that all tastes are met accordingly. These are: Metatrader 4, Metatrader 5, cTrader and rTrader.

METATRADER 4

Here we are again with this renowned platform, and for a reason! MT4 stands tall against other trading terminals. Consider using Expert Advisors to set your automated trading while you do other business, or take full advantage of what MT4 has to offer: strategy backtesting, advanced chart settings, customized trading indicators, one-click trading and much more. Included is Algorithm Trading that helps traders get the best trading strategies using complex mathematical algorithms. You can even access multiple MT4 accounts at the same time using MT4 MultiTerminal.

The average spread is for EUR/USD is around 2 pips for the standard account. For the Pro-Cent and Pro-Standard accounts it’s 1.4 pips. ECN-Pro NDD account holders can expect a spread of 0.1 pips (without commission), while with ECN-FixSpread NDD it’s 1.6 pips. Prime Account users will see a spread of 0.2 pips (without commission).

ECN-Pro NDD holders are commissioned with $4 per standard lot. This changes the actual value of the cost of trading to for the ECN-Pro NDD account to 0.5 pips.

Prime accounts are also taxed. The $3 per lot fee changes the spread of 0.2 pips to the actual 0.5 pips.

The leverage can go as high as 1:2000, making room for huge wins and/or devastating losses.

Give MT4 a swirl on smart phones (Apple, Android), tablets, on a web browser, and/or as a stand alone desktop terminal.

METATRADER 5

MetaTrader 5 is the successor of MT4, yet it has a hard time replacing it since most traders base their entire coding and trading software on MT4. However, this by all means does not connote any issues within the platform. On the contrary. MT5’s characteristics, that were built upon MT4, make it more professional and dynamic. Not to mention that MT5 allows for trades in centralized market, plus it’s certified by many stock exchanges. All features for MT4 are present and fully functioning on MT5, including market indicators, trading bots, Algorithm Trading and VPS, just to mention a few.

The average spread is for EUR/USD is around 2 pips for the standard account. For the Pro-Cent and Pro-Standard accounts it’s 1.4 pips. ECN-Pro NDD account holders can expect a spread of 0.1 pips (without commission), while with ECN-FixSpread NDD it’s 1.6 pips. MT5 does not support the Prime Account type.

ECN-Pro NDD holders are commissioned with $4 per standard lot. This changes the actual value of the cost of trading to for the ECN-Pro NDD account to 0.5 pips.

The leverage can go as high as 1:2000.

Give MT5 a chance on smartphones (Apple, Android), tablets, on a web browser, and/or as a stand alone desktop terminal.

CTRADER

cTrader handles with ease and possesses a much better visual style than both MT4/5. The interface is highly customizable, giving end users a much needed aesthetic touch of their own.

One of the main features of cTrader is the ability for traders to access provider’s liquidity making room for better pricing and lower spreads. There is also automated trading, and great back testing facilities.

The unique feature of cTrader comes in the shape of a supplementary component called cAlgo. Users can write their own trading algorithms using a set of C# instruments, and can have bots to do trading in their place. cAlgo has its own standalone platform, yet it seems a bit confusing as to why they didn’t combine it with cTrader as a built in option.

The average spread is for EUR/USD is around 2 pips for the standard account. For the Pro-Cent and Pro-Standard accounts it’s 1.4 pips. ECN-Pro NDD account holders can expect a spread of 0.1 pips (without commission), while with ECN-FixSpread NDD it’s 1.6 pips. Prime Accounts are not usable on the cTrader.

ECN-Pro NDD holders are commissioned with $4 per standard lot. This changes the actual value of the cost of trading to for the ECN-Pro NDD account to 0.5 pips.

The leverage can go as high as 1:2000. This sort of leverage is a double edged blade, and on which side you balance will have a huge impact on your investment.

cTrader is available on smart phones (Apple, Android), tablets, on web browsers, and/or as a stand alone desktop terminal.

RTRADER

The R Trader is obviously the main focus of the broker. Its design is nothing special, even bland at times, yet it counters this by giving traders many options and tools to further their trades. R Trader is mainly a platform for dealing with CFDs on Shares. In fact there are well over 9400 CFD's on Shares alone which is astounding. The leverage on stocks is limited to 1:20.

Expect a leverage up to 1:200 for currency pairs. This is a sudden shift from the previous leverages, making the risk smaller, but also the profits.

We opened a DEMO account which indicated a spread of 0.1 pips for the EUR/USD pair. There is only one account type for this platform, as pointed by a support agent (the website was genuinely confusing about this matter):

The $3 per lot fee for Forex pairs ($15 per 1 million base currency per side) changes the 0.1 pips trading cost to an actual value of 0.4 pips.

R Trader boasts a web trader. It does not come with a downloadable software for desktop.

ROBOFOREX MINIMUM DEPOSIT

The minimum deposit is $10. For Prime Account holders it $5 000.

RoboForex opens up many payment methods: Visa, MasterCard, ePayments, Qiwi, Neteller, FasaPay, Skrill, WebMoney, Local Bank Transfer, PaySec.

The base account currencies are as follows: USD, EUR, CNY, BTC, ETH, GOLD.

All e-payments are networked instantly. Visa/MasterCard can take up to 5 minutes. PaySec takes up to 5 business days to fund your account, while Local Bank Transfer transfers depend on the bank in operation.

RoboForex is proud to offer 0% deposit fees.

ROBOFOREX WITHDRAWAL TIME AND LIMIT

The same methods of depositing are used for withdrawing: Visa, MasterCard, ePayments, Qiwi, Neteller, FasaPay, Skrill, WebMoney, Local Bank Transfer, PaySec.

The processing time for all withdrawal methods is said to be 2 days. Once processed by the broker it may take up to 5 days for the money to arrive into the user’s personal bank account for Local Bank Transfers and PaySec, while for the rest of the methods it may take up to 1 business day.

The following are the fees applied by RoboForex: PaySec users are charged with 1.7% of their total withdrawal request; Local Bank Transfer withdrawals are charged with 1.6%; WebMoney with 0.8; Skrill and ePayments with 1%; FasaPay with 0.5%; Neteller with 1.9%; Qiwi and POLi are free of charge.

The minimum withdrawal amount for Neteller is $5. For all other methods the minimum sum for withdrawing is $1.

BOTTOM LINE

Roboforex is a massive broker, that has allowed itself to grow far more than the average one. This is mainly due to the looser regulatory entity that supervises the brokerage. Yet we cannot ignore the abundance: a galore of assets to trade with, 3 trademark platforms and 1 proprietary, assortment of payment methods, little to no fees attached to those methods, insignificant commissions and much more. It’s overwhelming, and this can have a double sided effect.