RoboForex Review A Comprehensive Analysis of the Online Forex Broker
RoboForex Online Forex Broker has emerged as a popular online forex broker since its establishment in 2009. Headquartered in Belize City, Belize, this broker has gained the trust of over 730,000 clients worldwide. Despite being located in an offshore jurisdiction, RoboForex has managed to provide quality brokerage services and offer numerous benefits to its clients. In this comprehensive review, we will delve into the key features, trading services, regulations, customer support, and more that make RoboForex an intriguing choice for traders.
Regulation and Safety of Funds
As an online forex broker, RoboForex Online Forex Broker is regulated by the International Financial Services Commission (IFSC) of Belize under license number 000138/437. While the IFSC may not be as renowned as regulatory bodies like ASIC or FCA, it conducts regular audits and controls to ensure the efficient and transparent operation of its members. Additionally, RoboForex is a member of the Financial Commission, an independent self-regulatory organization that provides an external dispute resolution (EDR) mechanism for traders. The broker’s participation in this organization offers additional protection to traders, including access to the Compensation Fund for claims up to €20,000 per case.
To comply with IFSC regulations, RoboForex keeps client funds in segregated accounts. This ensures that even in the event of the broker’s insolvency, clients’ deposits remain safe and can be recovered. Such measures contribute to the overall safety and security of funds for RoboForex clients.
Types of Forex Trading Accounts
RoboForex offers a range of trading accounts to cater to the diverse needs of its clients. Whether you’re a beginner or an experienced trader, there is an account type suitable for you.
- Pro-Standard Account: This account is ideal for traders seeking a balance between features and costs. With leverage of up to 2000:1 and spreads starting from 1.3 pips, the Pro-Standard account provides flexibility and competitive trading conditions.
- Pro-Cent Account: Designed for traders looking to test their strategies, the Pro-Cent account offers similar features to the Pro-Standard account but with cent-denominated trading. It allows traders to trade with smaller volumes and lower risks.
- ECN-Pro Account: As a non-dealing desk ECN account, the ECN-Pro account offers tight spreads starting from 0.1 pips. Although it charges a commission of $2 per standard lot, it provides access to direct market liquidity and faster order execution.
- Prime Account: The Prime account is tailored for professional traders who require the utmost precision and tight spreads. While the average spread for major currency pairs like EUR/USD is around 0.2 pips, the Prime account charges a commission of $1.5 per standard lot.
- R Trader Account: The R Trader account is a unique offering from RoboForex that provides access to a wide range of financial markets, including currencies, indices, real stocks, ETFs, and more. With over 11,700 tradable assets, the R Trader account caters to traders seeking diverse investment opportunities.
Trading Platforms and Technology
RoboForex offers a variety of trading platforms to suit different trading styles and preferences. These platforms are equipped with advanced features and tools to enhance the trading experience.
- MetaTrader 4 and 5 (MT4 and MT5): These popular platforms are widely recognized for their reliability and comprehensive range of trading tools. Traders can access over 50 technical indicators, automated trading algorithms, and custom indicators to assist with their analysis and execution.
- cTrader: Known for its stability and advanced order execution, cTrader is a favored platform among experienced traders. By connecting liquidity providers directly, cTrader ensures unfiltered price quotes and efficient order execution.
- R StocksTrader: This web-based platform provides access to various assets, including stocks, indices, ETFs, and cryptocurrencies. Powered by TradingView, R StocksTrader offers advanced charting capabilities and a user-friendly interface. It is an excellent choice for traders interested in a diverse range of trading instruments.
RoboForex also offers innovative features like RAMM accounts and CopyFX. RAMM accounts allow traders to automate their trading strategies, while CopyFX enables traders to follow and copy the trades of successful traders. These features enhance the social aspect of trading and provide additional opportunities for traders to achieve their financial goals.
Order Execution and Server Latency
Order execution speed is crucial for traders, especially during high market volatility or news events. RoboForex has invested in robust technology infrastructure to ensure efficient order execution. During normal trading hours, the average order execution time is approximately 925 milliseconds. However, during news events, the execution time may increase to around 1328 milliseconds.
It’s worth noting that order execution speed can vary depending on the server location and the client terminal location. RoboForex’s servers are located in different regions, such as Finland and the United States, which may result in latency issues for certain traders. While the order execution speed is generally satisfactory, occasional slippage issues have been reported.
Online Forex Broker Customer Service and Support
RoboForex prioritizes customer satisfaction and offers comprehensive support to its clients. The support team is available 24/7 to address any queries or concerns. Traders can reach out to the multilingual support team via email, phone, or live chat. The support team is proficient in 12 different languages, ensuring efficient communication with clients from various regions.
For urgent issues, RoboForex provides a callback service where traders can request a phone call from a support agent. This feature allows for timely resolution of critical matters. Additionally, RoboForex has implemented a ticketing system in the members’ area, enabling clients to track and resolve complex issues effectively.
Based on our evaluation, RoboForex’s customer service receives positive ratings in terms of professionalism, connection time, and issue resolution. The support team is knowledgeable and prompt in addressing queries or concerns raised by clients.
Deposit and Withdrawal Methods
RoboForex offers a wide range of deposit and withdrawal methods to facilitate seamless transactions for its clients. Traders can choose from various options, including credit/debit cards, e-payment services, and local bank transfers. The broker covers all charges incurred during the deposit process, providing a cost-effective solution for clients.
While there are no fees for depositing funds, RoboForex does charge processing fees for withdrawals. The fees vary depending on the withdrawal method. For example, withdrawing funds via credit/debit cards incurs a fee of 2.6% of the withdrawal amount, plus $1.3 USD or 1 Euro. Withdrawals via wire transfer may take up to 5 business days to process, while e-payment methods typically have faster processing times.
Pros and Cons of RoboForex Online Forex Broker
As with any forex broker, there are pros and cons associated with trading with RoboForex. Let’s explore some of the key advantages and disadvantages of this broker:
- Wide range of trading accounts to suit different trader profiles.
- Competitive spreads and high leverage options.
- Diverse selection of trading instruments, including stocks, indices, and ETFs.
- Multiple trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and R StocksTrader.
- Innovative features like RAMM accounts and CopyFX for automated trading and social trading.
- Strong regulation and client fund protection through the IFSC and the Financial Commission.
- Comprehensive customer support available in multiple languages.
- Not regulated by prominent regulatory authorities like ASIC or FCA.
- Limited availability in certain countries, including the USA, Canada, Japan, and Australia.
- Occasional slippage issues during order execution.
- Withdrawal processing times can be longer compared to other brokers.
- Limited number of custom technical indicators and algorithms for the R StocksTrader platform.
Final Thoughts on RoboForex Online Forex Broker
RoboForex has established itself as a reputable online forex broker, offering a wide range of trading accounts, competitive trading conditions, and innovative features. Despite being located in an offshore jurisdiction, the broker prioritizes the safety of client funds through segregation of accounts and membership in the Financial Commission’s Compensation Fund. With a variety of trading platforms available and access to multiple financial markets, RoboForex caters to the diverse needs of traders.
While it’s important to consider the limitations associated with an offshore broker, RoboForex has proven its commitment to providing quality services to its clients. Traders seeking flexibility, competitive spreads, and a wide range of trading instruments may find RoboForex to be a suitable choice for their forex trading needs.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered as financial advice. Trading forex and other financial instruments carries a high level of risk and may not be suitable for all investors. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Note: The content of this article is based on the analysis and interpretation of publicly available information. The author does not have any direct affiliation or partnership with RoboForex Online Forex Broker.