RoboForex Review 2024: Is It a Good Choice for Traders?

RoboForex has been a prominent player in the Forex and CFD brokerage market since its founding in 2009. Known for its diverse range of trading platforms, tools, and instruments, RoboForex has attracted both novice and experienced traders alike. In this 2024 review, we will explore the broker’s key features, fees, trading conditions, and more to help you decide if it’s the right fit for you.

Key Features of RoboForex

1. Regulation and Safety

RoboForex is regulated by the IFSC (International Financial Services Commission of Belize) under license number 000138/210. While the IFSC is not considered a top-tier regulatory body like FCA or ASIC, RoboForex offers negative balance protection, segregated client funds, and compensation under the Financial Commission’s Compensation Fund, ensuring a certain level of safety for its clients.

2. Trading Platforms

RoboForex offers a wide range of trading platforms, catering to different trader preferences:

• MetaTrader 4 (MT4): The go-to platform for Forex traders, offering powerful charting tools and a range of technical indicators.
• MetaTrader 5 (MT5): A more advanced version of MT4, with additional features like more order types and a larger number of timeframes.
• cTrader: Known for its fast execution and clean interface, popular among experienced traders.
• R WebTrader and R MobileTrader: Proprietary platforms available on both desktop and mobile for quick access to the markets.
• CopyFX: RoboForex’s copy trading platform that allows clients to follow successful traders’ strategies.

This variety of platforms makes RoboForex a versatile broker suitable for different trading styles and strategies.

Trading Conditions

1. Account Types

RoboForex offers a range of account types tailored to different trading needs:

• Pro Account: No commission, with spreads starting from 1.3 pips.
• ProCent Account: Cent account for small deposits, great for beginner traders to practice with minimal risk.
• ECN Account: Ideal for experienced traders, with tighter spreads starting from 0.0 pips and a commission of $20 per $1 million traded.
• Prime Account: Offers lower commissions and spreads than the ECN account for high-volume traders.
• R StocksTrader Account: Specialized for those interested in trading stocks and ETFs with access to over 12,000 instruments.

2. Leverage

RoboForex offers flexible leverage options, which can go up to 2000:1 for non-EU traders. For those under tighter regulatory jurisdictions (such as in Europe), the leverage is capped at 30:1, complying with ESMA regulations.

3. Spreads & Commissions

RoboForex provides competitive spreads, especially on their ECN and Prime accounts, with spreads as low as 0.0 pips on major pairs like EUR/USD. The Pro and ProCent accounts have spreads starting from 1.3 pips but don’t carry commissions, making them ideal for beginners.

• Commissions: ECN and Prime accounts come with a commission of $20 per $1 million traded, while the R StocksTrader account has a commission that varies depending on the asset.

Assets and Instruments

RoboForex boasts over 12,000 trading instruments across multiple asset classes:

• Forex: Trade 35+ currency pairs, including majors, minors, and exotics.
• Stocks: Access to thousands of stocks and ETFs from global markets via the R StocksTrader platform.
• Commodities: Metals, oil, and agricultural products.
• Indices: Trade popular indices like NASDAQ, S&P500, and the DAX30.
• Cryptocurrencies: Trade Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies 24/7.

The wide variety of instruments makes RoboForex an appealing broker for traders looking to diversify their portfolios across multiple markets.

Fees and Costs

1. Deposit & Withdrawal Fees

• Deposit: RoboForex covers the deposit fees for most payment methods, including credit cards, e-wallets (Skrill, Neteller), and bank transfers.
• Withdrawal: Some withdrawal methods, like bank transfers, may incur fees, while others, like withdrawals through e-wallets, are often free. RoboForex frequently offers free withdrawals twice a month, which is a unique feature compared to many brokers.

2. Inactivity Fee

RoboForex charges an inactivity fee for accounts that have been dormant for 12 months. This fee is $10 per month, so it’s advisable to maintain activity in your account to avoid extra costs.

Customer Support

RoboForex offers 24/7 multilingual customer support, which is a significant advantage, especially for traders operating in different time zones. Support is available via:

• Live chat: Accessible directly through the website.
• Email: For more detailed inquiries.
• Phone: For urgent issues that require real-time assistance.

The support team is known for being responsive and knowledgeable, which adds a level of reassurance for new and existing traders.

Education and Research Tools

RoboForex offers various educational materials, including:

• Trading courses: For beginners who want to understand the basics of Forex and CFD trading.
• Webinars: Regular webinars covering various topics from market analysis to trading strategies.
• Market analysis and forecasts: Daily analysis on major markets, helping traders stay updated with market movements.

The educational content is quite basic but sufficient for beginner traders. More advanced traders may find the market analysis useful but might need to supplement it with third-party resources.

RoboForex Copy Trading: CopyFX

One of the standout features of RoboForex is CopyFX, a social trading platform that allows you to follow and copy the trades of successful traders. This is ideal for beginners who may not have the time or expertise to trade themselves but want to benefit from more experienced traders’ strategies.

• Low minimum investment: Start with as little as $100 to begin copying strategies.
• Performance-based fee: Pay a percentage of the profit to the trader you follow, aligning incentives.

Pros and Cons of RoboForex

Pros:

• Variety of platforms: From MT4 and MT5 to cTrader and CopyFX, RoboForex offers a wide range of platforms for all trading styles.
• High leverage: Up to 2000:1 leverage for international traders.
• Diverse account types: Suitable for both beginners and experienced traders.
• Wide range of assets: Over 12,000 instruments, including stocks, Forex, and cryptocurrencies.
• Copy trading: CopyFX platform for those who prefer to follow successful traders.
• Low spreads and competitive fees: Especially for ECN and Prime account holders.
• Free withdrawals: Twice a month for certain payment methods.

Cons:

• Inactivity fee: A $10 monthly charge after 12 months of inactivity.
• Regulation: Regulated by the IFSC, which is not as robust as top-tier regulators like FCA or ASIC.
• Research tools: Limited compared to other top-tier brokers, especially for advanced traders.
• Withdrawal fees: Some methods may incur fees, depending on the region and payment provider.

Is RoboForex Worth It in 2024?

RoboForex continues to be a solid choice for traders of all experience levels in 2024. With a variety of account types, platforms, and instruments, it caters to different trading needs, from beginners looking for cent accounts to experienced traders who require ECN conditions.

The availability of high leverage, especially for international traders, and the variety of assets, including a strong focus on cryptocurrencies and stocks, make RoboForex stand out. The CopyFX platform is also a major plus for those interested in copy trading.

However, traders seeking a broker with top-tier regulation might have reservations about RoboForex’s IFSC oversight. But with features like negative balance protection, tight spreads, and no hidden costs on deposits, RoboForex remains a competitive broker in 2024 for those looking for flexibility and a wide range of trading opportunities.