Roboforex Broker Review: How good is it?
Roboforex is a broker that has been online since 2009. Its head office is located in Belize, and that is where it is regulated. The company might seem to be a decent option if you have a look at its website and read the documentation. However, there always can be pitfalls one could never think of. For this reason, we have written this Roboforex review.
As we have already said, the company operates since 2009. It is located in Belize and regulated by the local IFSC. The broker is a participant of the Financial Commission, which is an organization that solves disputes between companies in the organization and its clients.
Also, Roboforex participates in a compensation fund that is available for members of the Financial Commission. This means that if anything goes wrong, compensation of up to 20,000 Euros is given to the trader.
Roboforex also participates in the Civil Liability insurance program and has the VMT certificate that confirms the trustworthiness of the company. Detailed information on the topic can be found on the broker’s official website.
What can you trade with Roboforex?
Roboforex is one of the brokers who offer the largest number of assets. The number is above 9400! There are 8 categories of assets to be traded:
- Forex pairs
All the most popular options can be found here, at Roboforex. Finding everything in one place like this is a very rare thing. In addition, the terms are very decent: spreads start at 0.0 pips. If you use a Prime account, you have to pay a $15 commission from each $1,000,000 traded. Detailed information can be found on the page with all account types and their explanations.
There are more than 40 currency pairs. They are limited by a 1:2000 leverage. Remember that leverage boosts profits and losses!
It is important to note that to get access to all the 9400 assets you have to use the R Trader platform. If you use the MT4 or MT5 platform, you can only work with 50 popular stock CFDs.
More than 1000 ETFs can be found here too. Such a huge number is explained by the recent increased interest in passive investing. Money must make money, right?
Account types at Roboforex
There are many different types of trading accounts at Roboforex. Basically, these are the Prime, ECN, Pro-Standard, Pro-Cent, and R-trader types. You can open a demo account with each of these to test the profitability for yourself. The accounts determine several key factors:
- Minimum deposit sum
- Leverage restrictions
- Availability of bonuses for making a deposit
- Availability of loyalty bonuses and more.
There also are micro accounts with deposits starting at $10. This is the best choice for users who do not want to spend time on demo-accounts and want to test their skills in something that resembles the real market.
Finally, Roboforex also has Islamic accounts that are swap-free. It has the same restrictions as the cent or standard account types. For detailed information, visit the broker’s website. All up-to-date information is always indicated there.
Trading platforms at Roboforex
First of all, Roboforex uses standard MT4 and MT5 trading platforms. There is nothing special in it, and this is an expected choice. Most traders prefer this software for many years, so why change anything at all?
The company also uses cTrader, which is a bit less popular than the previous software. In the ECN sector, this program for trading dominates the area. People usually choose it because of the availability of auto-trading and personalized creation of technical indicators.
The R Trader software is the best choice if we specifically talk about Roboforex. You get full access to nearly all the features that are needed. It is possible to automate the trading process by using the robot builder in the software. Automated trading is a great solution for people who want to turn this field into a source of passive income.
Which trading platform do you prefer? Let us know about it in the comments.
User opinions about Roboforex
If you search for Roboforex customer reviews on the Web, you will find a whole lot of websites with various opinions. People discuss the company in their personal blogs, on forums and rating websites. We have taken some opinions from there.
The user in the screenshot below has been actively trading with the company for over a month.
According to the review, the trading conditions were completely satisfying for the user.
Here is what another user says about Roboforex.
He has been working with the company since 2016 and considers the company to be an honest broker. The user has faced no issues and also mentions that the withdrawals were quick even on holidays.
Roboforex seems to be a safe choice because of its Financial Commission membership and many other reasons that we have mentioned above. The company provides the highest number of available assets in the industry and has 8 different categories of them.
There are three trading platforms with the availability of auto-trading. Each of them has an understandable interface and is quite easy to use. Also, there is a big number of instruments and tools that can be used to make your trading experience better. Everything contributes to the high-quality service provided by the broker.
Author: Jack Matias