RoboForex Review

Wanna see if RoboForex is a legit broker? Is it safe to trade? The spread is high or low? How to deposit or withdraw fund?

We provide answers to all the questions in this RoboForex Review.

We checked RoboForex licenses and regulation status, check if RoboForex scam or safe. Compared RoboForex fees like spread & commission from its live account to other 150 brokers. Also the time for deposit & withdrawal and many more findings in this Review.

RoboForex is Online Forex and CFD broker, established in 2009.

RoboForex operating two entities one in Cyprus under the regulation of ESMA and CySEC and second subsidiary is offshore based Belize entity.

FXChoice Highlights

🗺️ Regulated in	Belize
🛡️ Is FXChoice safe to trade	No
💵 EUR/USD spread	1.1 pip
🏦 Deposit	Credit Card, e-wallets, Cryptocurrency
💰 Minimum deposit	US$100
🏦 Withdrawal	Credit Card, e-wallets, Cryptocurrency
💻 Trading platform	MT4, MT5
💳 Trading markets	Forex, CFDs on Indices, Metals & Energies, Cryptocurrencies, Shares
📈 Number of product	86
📉 Live chat response	Quick speed.

Regulation

License and serious regulations are the keys to traders’ fund security. There are two factors to be checked, the licenses and how trader is protected if something goes wrong.

Is RoboForex legit

RoboForex is Cyprus and Belize based firm, it is registered according to local laws by Cyprus Securities and Exchange Commission or CySEC and Belize IFSC.  

RoboForex Licenses and Regulatory status

Entity	Registered in	Regulator	License no.	Status
RoboMarkets Ltd	Cyprus	Cyprus Securities and Exchange Commission (CySEC)	191/13	Currently regulated
RoboForex Ltd	Belize	International Financial Services Commission (IFSC)	No. 000138/107, reg. number 128.572	Registered no regulations

Is RoboForex safe

We consider RoboForex a safe broker, but only its Cyprus entity. The matter of entity is crucial, Cyprus being a EU country falls under ESMA and CySEC regulations that protects traders, while IFSC subsidiary is not considered serious regulation due to low registration requirements and no overseeing.  

RoboForex Compensation Scheme

Entity	Compensation Amount	Negative Balance Protection
RoboMarkets Ltd	€20,000	Yes
RoboForex Ltd	No compensation	No

We recommend registering trading account with RoboForex Cyprus and avoid RoboForex in Belize due to lack of top-tier regulations

RoboForex Cyprus regulations demand to provide negative balance protection, meaning your trades can not go below zero, and Belize has none of protective measures.

Markets and Products

At RoboForex you can invest or trade Forex and CFDs on Indices, Commodities, Metals, Shares and ETFs.

Offered range, however, is different in each RoboForex entity, while Shares and ETFs number is impressive, Cryptocurrencies trading is available only for international clients.

Account types

RoboForex offers 5 Account Types that differ in trading platform, instruments range, lot size, minimum balance and trading cost.

	Prime	ECN	RTrader	ProCent	Pro
Minimum Deposit	10 $/ EUR	10 $/ EUR	100 $	10 $/ EUR	10 $/ EUR
Minimum Balance	–	–
Spreads From	0 pips	0 pips	0.01$	1.3 pips	1.3 pips
Commissions	20$ per 1M traded	10$ per 1M traded	US Stocks 0,02 USD per share, CFD on US stocks 0.015 USD per share, CFD on EU stocks 0.07%, Forex 15 USD per 1 million, Indices Variable	Zero Commissions	Zero Commissions

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Fees and commissions

RoboForex Fees we rank as average and high for some instruments.

The spread we collected for popular instruments from 6 markets and over 150 brokers

Markets	Instruments	Low	Average	High
Forex	EUR/USD	0.1-0.9	1-1.5	1.6 or higher
Indices	US 500	0.1-0.4	0.5-1.4	1.5 or higher
Commodities	Gold	0.1-0.4	0.5-2	2.1 or higher
Stocks	Tesla	0.1-0.5	0.6-1	1.1 or higher
ETFs	US Russell 2000	0.1-0.4	0.5-1.4	1.5 or higher
Cryptocurrencies	Bitcoin	0.1-0.5%	0.6-0.9%	1% or higher

Spreads

RoboForex trading costs and fees are different in each account type, also RoboForex entity.

We test Pro Account spreads where all fees are built into a spread for easier comparison and fount Forex spreads average compared to the industry benchmarks, Commodities and Shares spreads are high.

Markets	Instruments	Pro Account Spread	Other brokers’ avg spread
Forex	EUR/USD	1.4	1-1.5
Indices	US S&P500	0.87	0.5-1.4
Commodities	Gold	17.54	0.5-2
Stocks	Tesla	55	0.6-1
ETFs	US Russell2000	Not available on Pro Account	0.5-1.4
Cryptocurrencies	Bitcoin	1621.9	0.6-0.9%

Other Fees

RoboForex has low non-trading fees. Deposits and withdrawals are free of charge, but third party fees will be on traders side.

Trading Conditions

RoboForex trading conditions are good. You can deploy any strategy including scalping and hedging.  

Trading Conditions	Yes/No
Hedging Allowed	Yes
Scalping Allowed	Yes
Change Leverage Allowed	Yes

Hedging and scalping – are supported with no limits on keeping positions open.

Expert Advisors (EAs) are available and VPS service is available. Robotic trading is included via RTrader platform.

Leverage

RoboForex offers leverage ratios up to 1:300 dependant on the account type and instrument you trade for international traders and 1:30 via Cyprus subsidiary.

Deposit

RoboForex has no deposit fees and offers an impressive range of payment methods.

Deposit options including Bank transfers, local transfers, e-payments, Bank Cards, Cash and Vouchers, etc. Nevertheless, all range is available for international entity only, Cyprus subsidiary mainly offers Bank trasnfers and Card payments.

Deposit Method	Funding Time	Fee
Bank Payments	Up to 5 bank days	Free
Credit Cards	Within 30 min	Free
Skrill, Neteller	Instant	Free
e-wallets	Instant	Free
Cash and Vouchers	From 1 minute to 1 day	Free

Minimum Deposit

The Minimum deposit amount is 100$ for both Classic and Pro Accounts.The Minimum deposit amount is 10$/ EUR for Prime, ECN, Pro or ProCent Accounts. RTrader Account will demand 100$ at the start.  

Withdrawal

Similar to deposits RoboForex adds no fees for withdrawals, however not all there are some methods that add on processing fee.

You can use the same methods, and RoboForex process withdrawal maximum in 2 days.

Withdrawal Method	Withdrawal Time	Fee
Bank Wire	up to 10 business days	0%
Local Bank Transfer	From 1 minute to 1 day	Up to 4%
Credit Card	1-10 business days	2.6% + 1.3$
Skrill, Neteller	From 1 minute to 1 day	1%
Cryptocurrencies	From 1 minute to 1 day	1.9%
fasapay	From 1 minute to 1 day	0.5%

Bonus

RoboForex offers various bonuses including Profit Share Bonus, Cashback, Classic Bonus and deposit bonus in addition to regularly held contests. However, all bonuses are solely available for international clients trading with the Belize entity.

Trading Platform

RoboForex offers various platforms including popular MT4 and MT5, cTrader and proprietary R Trader.

MT4

If you prefer to use MT4 RoboForex is available on various languages and can be accessed by any device including Desktop, Web and Apps for Android and iOS.

Research and Tools

RoboForex research tools are very good level.

There are good technical tools inbuilt in platforms, plus Strategy builder or R Trader Robot, Various Charts, Analysis and fundamental data.

RoboForex Research tools available on:

• RoboForex trading platforms
• Trading tool section on website
• RoboForex Analytic Center

Education

RoboForex education content is good.

There are tutorials, videos, FAQ section and good analytics designed by RoboForex Analytics center.

From the negative side there is no detailed learning courses or Webinars, also no Fundamental Analysis from industry leaders.

Demo

Free Demo account gives access to virtual funds and available for all clients of RoboForex.

At RoboForex you can learn though:

• Demo account
• Educational videos and articles
• RoboForex Analytics
• RoboForex Blog

Customer Service

Customer service at RoboForex is good, service agents available 24/7 and supporting numerous languages. We also got relevant answers via Live Chat.

RoboForex Customer Support available:

• Telephone and Call Back
• Contact Form
• Email
• Live Chat

RoboForex Live Chat response is quick speed, agents are helpfull.

Question Asked	We asked about Promotions
Time of Reply	We connect to Live Chat within minutes.
Quality of Reply	The answer was informative enough.

Conclusion

RoboForex is considered a safe broker to trade through Cyprus entity. We would stay away from offshore trading via Belize due to lack of regulations.

Overall, RoboForex trading proposal is quite rich and advanced, with a good selection of platforms, trading costs and research materials.

We recommend RoboForex for technical traders and those who prefer cTrader or proprietary platform with Robot trading option, still EAs and copy traders are welcomed via MetaTrader platforms.