Is RoboForex Legit

In this article, we will conduct a comprehensive evaluation of RoboForex's trading condition and regulatory compliance. By analyzing various factors, such as reliability, trading conditions, and regulatory oversight, we aim to provide an in-depth assessment of the broker's offerings.

RoboForex Overview

RoboForex, established in 2009, has consistently prioritized the provision of exceptional trading conditions through the utilization of cutting-edge technologies and leveraging its extensive expertise. As a prominent financial brokerage firm, RoboForex offers a diverse range of 9 asset types, encompassing over 12,000 instruments available for trading.

RoboForex is headquartered in Cyprus, positioning itself as a leading provider of financial services for clients within the European Union (EU) and the European Economic Area (EEA). With their strategic location, they cater to a wide range of clients, offering a diverse portfolio of services tailored to meet the specific needs and requirements of EU and EEA residents. Their commitment to regulatory compliance and customer satisfaction sets them apart in the financial industry, ensuring a secure and reliable trading experience for their clientele.

RoboForex stands as a reputable broker that operates within the bounds of regulation. It has gained recognition for its safety measures and positive standing within the trading industry.

Nonetheless, it is important to acknowledge that a small fraction of individuals have voiced concerns, alleging it to be a scam or expressing discontent with their personal encounters. Bearing in mind the significance of diligent research and prudence in any financial or investment decision, it is advisable to exercise caution before entering into any broker-client relationship.

Based on our comprehensive research, it is established that RoboForex operates as a legitimate broker. However, it is crucial for traders to exercise caution due to sporadic cases of non-compliance that have been reported. Prospective traders should carefully evaluate the risks and benefits before deciding whether or not to engage in trading activities with this particular company. Conducting thorough due diligence and seeking advice from trusted financial professionals are essential steps to make an informed decision in this regard.

Regulations

RoboForex operates under the regulation of the FSC with license No. 000138/437, ensuring compliance with industry standards and regulations.

RoboForex Ltd, as an esteemed participant of The Financial Commission, an internationally recognized organization, plays a crucial role in resolving disputes between its participants and their valued clients. Notably, RoboForex Ltd holds the esteemed status of being an "A" category member, further emphasizing its commitment to upholding the highest standards of integrity and accountability. Additionally, as a participant of The Commission's Compensation Fund, RoboForex Ltd prioritizes the protection and financial well-being of its clients, ensuring a secure and reliable trading experience.

However, it is crucial to emphasize that the Securities Commission Malaysia (SC) has taken note of RoboForex and included it on its Investor Alert List. The SC has expressed concerns about RoboForex engaging in unlicensed capital market activities related to dealing in securities within the forex broker industry. 

This development highlights the significance of being informed about the regulatory compliance of brokers and serves as a reminder for investors to exercise caution and conduct thorough research before engaging in any financial transactions.

Awards

RoboForex has consistently strived to establish optimal trading conditions for both its valued clients and partners since its inception. As a result of these ongoing endeavors, RoboForex has garnered frequent nominations for esteemed awards and earned esteemed accolades. These accomplishments serve as a testament to the recognition and appreciation received from the trading community.

This year, RoboForex has been honored with the prestigious "GFA - B2B 2023" award by the international expert community. Additionally, their mobile application, R MobileTrader, has proudly secured the distinguished title of "Best Mobile Trading App". These recent accolades exemplify their unwavering commitment to providing exceptional trading experiences and innovative solutions for our valued users.

Commissions and Fees

When trading at RoboForex, the commissions and spreads are intricately tied to the chosen account type on the platform, as outlined below.

For the Prime account, traders can enjoy the flexibility of spreads starting from as low as 0 pips, a feature that is also available in the ECN account. The R StocksTrader account, specifically tailored for trading through the R StocksTrader web platform and mobile app, offers spreads starting from 0.01 USD.

As for the ProCent and Pro accounts, the spreads vary slightly, floating within the range of 1.3 pips. By offering different spreads for each account type, RoboForex provides traders with a diverse range of options that align with their specific trading requirements and forex strategies.

Moreover, it is crucial to take into account the rollover or overnight fee as an additional cost when trading. These fees can vary depending on the broker and the specific currency pair being traded. For instance, at RoboForex, the overnight fee for short positions on the Eur/Usd pair is approximately -0.6, while long positions held for more than a day incur a fee of around -0.052. It is important to carefully consider these fees when planning and executing trades, as they can impact the overall profitability and cost-effectiveness of your trading strategy.

Instruments

RoboForex presents traders with a diverse selection of live trading accounts, encompassing five distinctive options: Prime, ECN, R.StocksTrader, ProCent, and Pro. Each account type offers a unique set of features and benefits, catering to the varying needs and preferences of traders.

The Prime account stands as the epitome of trading account excellence within the company, offering unparalleled conditions. This account type is well-suited for trading in various markets, including currencies and other asset classes. The account provides a range of trading options including 28 currency pairs, metals, CFDs on US stocks, CFDs on indices, CFDs on oil, cryptocurrencies, and CFDs on futures.

On the other hand, the ECN account is the preferred choice for seasoned traders, combining lightning-fast order execution speeds with highly competitive trading conditions. The account provides 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies and CFDs on Futures

For those specifically interested in trading through the R StocksTrader web platform and mobile app, the R StocksTrader account provides a tailored experience. The account offers more than 12,000 trading instruments, including Indices, Real stocks, CFD on stocks, Currencies and ETF, CFDs on Oil, CFDs on Metals, Cryptocurrencies and CFDs on Futures.

The ProCent account, on the other hand, serves as an ideal option for strategy testing and a seamless transition from a demo account to live trading. There are 36 currency pairs, Metals and Cryptocurrencies available for the account.

Lastly, the Pro account holds immense popularity among beginners, facilitating a smooth entry into real currency and CFD trading. This account type serves as a valuable stepping stone for individuals embarking on their trading journey, offering 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies and CFDs on Futures.

Each account type offers unique advantages, ensuring traders can find the perfect fit for their specific needs and trading aspirations.

Trading Platform

RoboForex presents an extensive selection of trading platforms that cater to a diverse range of trading needs and preferences. Traders have the flexibility to choose from various platforms that align with their individual styles and requirements. Among the notable options are the highly regarded MT4 and MT5 platforms, known for their efficiency and functionality. 

In addition to these, traders can also opt for the cTrader platform or explore the exclusive offerings from RoboForex, such as the R Web Trader and R Mobile Trader platforms. With this wide array of platform choices, RoboForex ensures that traders have the tools they need to advance their trading strategies and thrive in the financial markets.

The MT4 platform offers a comprehensive range of features that cater to both novice and experienced traders. With a wide selection of 50 technical analysis indicators, basic graphical tools, and three order execution types, MT4 provides all the necessary tools for effective trading.

Experienced traders can leverage the state-of-the-art MT5 platform, designed to deliver unparalleled speed and reliability for advanced trading. This highly flexible system offers a range of advanced features, including netting and hedging capabilities, Market Depth functionality, four types of order execution, six types of pending orders, and an extensive collection of technical indicators and graphical tools.

R StocksTrader, a user-friendly proprietary platform, presents a seamless and convenient trading experience for individuals seeking to invest in global markets. With its intuitive design, users can effortlessly navigate the platform and access a wide range of features. This includes the availability of 13 technical indicators, 9 graphical tools, the Level II Market Depth feature, and an automated strategy tester. Moreover, R StocksTrader supports both netting and hedging account models, providing traders with the flexibility to implement diverse trading strategies.

CopyFX presents an innovative investment platform specifically designed for seamless and short-term investment opportunities. This platform offers a straightforward and user-friendly approach to copying transactions, allowing investors to easily replicate the trades of successful CopyFX traders. To access the benefits of copying trades, CopyFX traders may have specific minimum deposit requirements that must be met. By adhering to these requirements, investors can unlock the potential to replicate profitable trading strategies and potentially enhance their own investment portfolios.

The cTrader platform is specifically designed for experienced Forex traders who seek advanced trading capabilities. With its lightning-fast trade execution, the RoboForex cTrader platform empowers traders to seize opportunities in the market swiftly. It offers a range of unique order types, second-level pricing, a comprehensive collection of 54 technical signals, and 14 different time frames for precise market analysis and exchanges.

Deposits and Withdrawals

It's worth noting that RoboForex has introduced a customer-friendly policy of 0% commission for deposits and a wide range of withdrawal options, with the broker covering all associated expenses. When it comes to withdrawing funds, RoboForex offers convenient options such as Bank Wire or Credit Cards.

However, it's important to carefully review the terms, as certain withdrawal methods may incur additional fees. For instance, Skrill and AdvCash apply a 1% processing fee, while Visa withdrawals attract a charge of 2.6% plus an additional 1.3 USD. By staying informed about the specific withdrawal options and associated fees, traders can make well-informed decisions regarding their funds.

In most cases, withdrawal times are incredibly fast, typically processed within a single day. Additionally, non-EU clients also have the option to withdraw funds through cryptocurrencies, further expanding the range of choices available.

RoboForex Pros and Cons

RoboForex stands as a seasoned financial company that provides clients with diverse trading opportunities across various assets. Alongside this, RoboForex offers a wide range of resources such as comprehensive training materials, insightful analytics, and professional-grade trading terminals.

One of the notable strengths of RoboForex lies in its flexibility, as it caters to traders with different preferences by offering a variety of platforms, currency pairs, and solutions. The broker takes pride in its commitment to education, providing high-quality learning materials and research tools that are suitable for traders at all levels of expertise.

However, it's worth mentioning that the registration procedure, including demo trading, might be perceived as slightly complex, which can be seen as a minor drawback.

What Do Customers Say About RoboForex?

Overall, RoboForex receives a mixed reception from users, with a notable proportion of 5-star positive reviews and 1-star negative reviews, while moderate reviews are comparatively less frequent. It is worth examining the specific aspects of RoboForex that users highly appreciate as well as the areas that attract criticism.

Some users have commended RoboForex for its swift and efficient customer support. Furthermore, there have been positive remarks from users regarding timely withdrawal processing. The trading conditions provided by RoboForex, including competitive commissions and spreads, have also garnered recognition from certain users. Additionally, users have expressed appreciation for RoboForex's follow-the-money trading platform, highlighting its real-time functionality, user-friendly interface, and robust risk management tools.

However, it is important to address the concerns raised by users who have given RoboForex a lower rating. The safety of account funds and withdrawal processes emerged as significant areas of concern among these users, emphasizing the need for enhanced attention to these aspects by brokers. Some individuals have also expressed dissatisfaction with the broker's swap and conversion fees, considering them to be excessively high.