Time goes on. Some brokers develop, others degrade, so the relevance of information about forex companies should always be maintained. Today we will analyze one of the most popular brokers in the CIS RoboForex.
Comprehensive review of RoboForex. General information.
Let's start with the regulation. RoboForex has several licenses, 2 to be exact. The main office is located in the Caribbean offshore, in Belize, under the legal name RoboForex Ltd. This company owns the domain https://roboforex.com. This company is regulated by the International Financial Services Commission of Belize (IFSC Belize), which in turn is regulated by the Ministry of Securities of Belize. It sounds kind of solid, but let's be honest if a dispute arises, an ordinary retail-trader gets almost nothing. Here it all rests only on the reputation of the broker that has been providing its services since 2009. But it's not all bad.
The other domain https://www.robomarkets.com belongs to another company RoboMarkets Ltd, which is registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC), with all the ensuing advantages. Of course, it's hard to call the CySEC a benchmark in financial regulation. Its reputation is a bit tarnished, but in recent years the regulator has been doing its job really well, so if you have to choose between opening an account in terms of security of funds in a Caribbean offshore or a European one, I think the choice is obvious. But you should understand that trading conditions will be somewhat different, especially leverage, because according to the new EU directive regulation in Europe, the maximum leverage is limited to 1:30.
The https://roboforex.com website is available in 19 languages, whereas robomarkets is available only in 12 languages, all of which are European. It's clearly seen that it's more profitable for the company to open accounts from the first site, while the second is purely geared towards Central and Western Europe.
List of languages available on the site
The company offers five different accounts to choose from: Prime, ECN, R Trader, ProCent and Pro.
Let us briefly review each type of account:
Prime. Minimum deposit starting from 10 dollars or euros. Leverage up to 1:300, execution is market. Spread varies from 0 pips, the commission is not fixed and depends on the instrument (see the contracts specification). The rebate program of 5% from the commission. Trading platforms: MT4, MT5, R Trader and mobile versions. The Company positions this account as interbank with access to "Liquidity Provider".
ECN. All the same as Prime, except for commissions and leverage. With an ECN account, leverage is up to 1:500 and commissions are comparably higher than with Prime. Is it worth the gamble for the sake of more leverage? That's debatable.
R Trader. Originally, the account was positioned exclusively for trading in American and European equities on the R Trader platform. But now you can trade virtually any financial asset, a kind of universal Multi-Assets account. The number of instruments, by the way, more than 12 000! Execution is market only. Minimum account start at $100. The maximum leverage up to 1:300, but it is important to understand that this is the case if you plan to trade currency pairs and CFD on indices, energy carriers and metals. But leverage is different for equities. Leverage is up to 1:20 on American stocks and up to 1:5 on European ones. But this is for intraday trading. If you bought shares with leverage and are going to carry the stock overnight, you are charged an additional fee of 7% per annum, which is calculated according to the formula: Financing fee price x volume x Financing fee /100/360.
That is, if you buy, for example, 5 shares of Apple at the average price of $125, your commission for overnight rollover will be $125 x 5 x 7%/360 $0.12. This is provided that you have bought shares with a leverage, i.e., you have paid for the purchase of 5 shares not $625 (with a leverage of 1:1), but $31.25 (with a leverage of 1:20). But if you buy shares without leverage, you don't have to pay a rollover fee. Unfortunately, there is no option to choose a leverage for each position, the leverage is set when you open an account. But overall, the terms are quite attractive, even taking into consideration the commissions. By the way, the commission is also different, depending on design. It allows to work in the main financial markets. The list of tools for work exceeds 12 thousand. Moreover it has a trading robots builder that allows to create trading advisors for automatic trading without programming skills.
R Trader is distinguished by high speed of orders' execution and advanced charts of 9 types. Positions can be managed directly on the chart, and it is possible to view the "depth" of the second level market. The platform is equipped with 54 technical indicators and has 14 timeframes.
It is worth noting that the MT4 and MT5 platforms, in addition to the desktop version, also have mobile and web versions. R Trader terminal can also be installed on your PC, you can download a mobile application for iOS or Android or use the web version of the terminal, which allows you to work directly from your browser. R Trader, on the other hand, is a terminal that is available only in the web version.
How to open an account?
The first thing you should do is to determine which type of account you wish to open, and which trading terminal you are going to use. You also need to choose the currency of the account and the size of the leverage.
Beginners, who have no experience in trading on financial markets, should try their forces on a demo account. There's no need to invest your own money, because trading is done with virtual money. The company offers two types of demo accounts that are available on MT4 and MT5 platforms. The first option is a Demo account. It was created specifically for testing strategies and is usually used by traders who have experience in trading. The second one is Demo. This demo account would be best suited for beginners with less than 1 year of experience in trading.
If you do not have enough experience in trading, but desire to trade on a real account prevails, you should pay attention to the ProCent account. Deals in this account are opened for small amounts, and $10 is enough to start.
For those who are not newbies and have some experience, the choice of accounts is quite wide. I think there is no need to repeat it, because all the accounts are described in detail in the previous section.
When the account is selected, we need to decide on the currency of the account. U.S. dollar the most popular currency, because most of the training material is focused on it. The second most popular currency, perhaps, is the euro. Especially this currency is convenient as the account base currency for EU citizens. Deposit and withdrawal for them will be implemented without any additional conversion. For beginners, it is recommended to choose one of these two currencies, that is, EUR or USD.
Later, when the level of professionalism grows, you can choose another base currency by creating a new trading account.
Once your account currency is chosen, you may select your leverage. On a demo account, you may try the maximum leverage of 1:2000, but on a real account, we advise beginners not to choose a leverage higher than 1:100.
Then you need to fund your account and start working.
As we know from the article "Types of accounts at Roboforex", the broker offers to open one of 5 account types - Pro-Cent, Pro-Standard, R Trader, ECN and Prime. On the first three accounts there are no additional charges, on ECN and Prime accounts the commission is as follows:
ECN - $20 per 1 million turnover (or $2 per lot).
Prime - $10 per 1 million trades (or $1 per lot).
Depositing and withdrawing commission
Roboforex offers a wide range of deposit and withdrawal options and it's one of the best forex brokers in this regard.
There's no commission when you deposit your account, regardless of the method you use. Let's remind you what deposit methods you can use:
- Bank transfer
- Bank card (Visa, MasterCard, JCB)
- Electronic money - Skrill, Neteller, AdvCash, Perfect Money, PaysafeCard, AstroPay, Kassa24
Roboforex will take care of all the expenses when depositing by any method.
The company offers fewer ways to withdraw funds, let's take a look at the commissions:
- Bank transfer (SEPA) - 1.5%
- Visa, MasterCard, JCB - 2.6% + 1.3$ or 1€
- Electronic payment systems:
Perfect Money and AstroPay - 0.5%.
AdvCash and Skrill - 1%.
Neteller - 1,9%.
In the table below you will find all types of accounts
|Account Types||Minimum deposit||Trading instruments||Spread|
|Prime||10 USD / 10 EUR||28 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil||Floating from 0 pips|
|ECN||10 USD / 10 EUR||36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil||Floating from 0 pips|
|R Trader||100 USD||More than 12,000: Indices, Real stocks, CFD on stocks, Forex and ETF, CFDs on Oil, CFDs on Metals||from 0.01 USD|
|ProCent||10 USD / 10 EUR||36 currency pairs, Metals||Floating from 1.3 pips|
|Pro||10 USD / 10 EUR||36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil||Floating from 1.3 pips|
|Cent (micro)||10 USD / 10 EUR / 100 CNY||36 currency pairs Metals||Minimum spread from 1.3 pips|
Also on the platform you can find an Islamic type of accounts with specific conditions within the framework of Sharia law.
Methods of deposit/withdrawal
For deposits and withdrawals the company offers a bank wire transfer, VISA/MasterCard/JCB and such popular electronic payment systems as Skrill, Neteller, AdvCash and Perfect Money. That's if you deposit through the offshore RoboForex. The Cypriot broker only accepts bank transfers and cards, nothing else.
RoboForex has interesting promotions on deposits and withdrawals without commissions. For example, you can withdraw money on the first and the third Tuesday of each month without paying any commission. The replenishment fees of the payment systems are reimbursed by the company on the client's deposit.
We present a detailed review on RoboForex, you need to understand the fees and commissions in detail.
Online broker products
The list of trading platforms is also striking in its variety.
|MetaTrader 4||Pro-Cent, Pro-Standard, ECN, Prime||Windows, iOS, Android, web||Classic terminal|
|MetaTrader 5||Pro-Cent, Pro-Standard, ECN||Windows, iOS, Android, web||Modern platform|
|cTrader||Demo, Pro-Standard, ECN||Windows, iOS, Android, web||Rare order types|
|R Trader||R Trader||web||Simple interface|
|Terminal RoboForex||Pro-Cent, Pro-Standard, ECN||iOS, Android, web||Developing from RoboFroex|
The list of financial instruments offered for clients is quite impressive. Here you can find currency pairs, shares of major brands, indices, energy and commodities, metals and ETFs. I suggest you consider what each group of assets might be interesting for you.
So, currency pairs. It is known that the currency market Forex is the most liquid of all financial platforms. Trading is available 24 hours a day, from Monday to Friday. As the broker provides access to trade with a leverage, work with these financial assets can be carried out with a very small amount of money. But remember, leverage can increase your profits as well as your losses in case of a bad trade. RoboForex offers more than 40 currency pairs, including major currencies, cross rates and exotic currency pairs. It's easier for beginners to work with the major currency pairs, such as EURUSD, GBPUSD, AUDUSD and NZDUSD. These pairs are easier to analyze. But more experienced traders often pay attention to EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCHF, USDJPY, EURJPY, GBPJPY and AUDJPY. But these are just statistics. Everyone will decide which pair to choose based on your trading strategy.
These are investments in shares of the largest companies from UK, Germany, USA and Switzerland. RoboForex offers three categories of stocks: "blue chips", stocks of the second and third tier. "Blue chips are the most popular investment option. They are characterized by narrow spreads, high liquidity and rather low volatility. These include stocks of such giants as Amazon, Apple, Netfix and others. Second-tier stocks are different from the blue chips with less liquidity and lower trading volume. Spreads here will be a bit wider than in the first case. Third-tier stocks are the least liquid and have the widest spreads. Their volatility is very high. Such shares are not popular and their trading volumes are insignificant. Thus the choice of shares depends on trader's strategy and his attitude to risk. "Blue chips" are suitable for any trader, regardless of whether he is a beginner or has experience in trading, but the second and third echelon stocks require certain knowledge and skills which only advanced speculators possess.
Another group of assets available to the company are indices. These assets reflect the fluctuations in the value of groups of stocks. The Dow Jones is the most famous index consisting of the stocks of 30 giant companies and reflects the state of the U.S. economy. No less interesting for traders is the DE30, one of the most important indices in Germany. By the way, the spread on it is low and the trading conditions offered by RoboForex are among the best on the market.
COMMODITIES AND ENERGY COMMODITIES
Energy and commodities are in fact two separate groups of assets. The first is ETFs and CFDs for commodities such as fuel oil, oil, natural gas and ethanol. The second one is the "soft" commodities offered by RoboForex and there are over a hundred of them. In particular these are ETFs for coffee, cocoa, corn, sugar, wheat, etc. Trading energy commodities is very popular, especially among those who prefer intraday trading. Meanwhile, trading soft commodities is cyclical, influenced by the seasons in which the particular commodities are produced. These types of assets will serve those traders who wish to diversify their investment portfolio.
Traders who wish to protect themselves from inflation should pay attention to such trading instruments as metals. The company offers gold and silver trading, and also provides access to ETFs on copper, nickel, palladium, platinum, etc.
Now let's talk about ETFs. These instruments have already been mentioned many times in this review. What are they? Experienced traders probably know the answer, for beginners let's explain. It is, in simple terms, a ready-made investment portfolio containing several different assets that are purchased as one stock. There are more than 1,000 different ETFs available.
Trading training - video course on stock trading
Having told you about the assets, it would be appropriate to tell you that the company cares about its clients and offers trading training. Namely, a video course on stock trading at Nasdaq and Nyse stock exchanges. The trainees will get a lot of useful information online about how to build trading strategies, make an in-depth data analysis and understand what peculiarities are peculiar to different trading assets. The course consists of three parts: Introduction to the stock market.
In this part, basic notions, charts, rules of trend formation, how to read histograms of volumes, and rules of formation of support and resistance trend ranges are explained. Instruments selection and their analysis. Here the listeners of the course will get acquainted with the instruments of the stock market, the selection of reporting securities, the selection of shares in the reporting season. The speaker will share the secrets of the correct daily routine, tell about the rules of stock selection for trading inside the day and for trading in the medium term. Instruments selection and analysis.
The final part will focus on the types and values of gaps, peculiarities of ETF trading, the influence of market phases on strategy selection, market activity during the day and swing trading strategies.
It's not recommended to apply the knowledge you've got while watching the video course straight away. You ought to try your skills on a demo account first.
Investment service. What is it and how does it work?
The company's investment service is represented by the CopyFX investment platform. This platform allows you to copy trades of successful traders. The service will be interesting for experienced traders who can attract subscribers and earn extra income, as well as for those who want to connect to a promising trader in order to copy his transactions. You can invest starting from $100. Such a low minimum threshold makes the service available to almost everyone.
To start investing you need to go through the registration procedure, open an investment account, deposit it to the desired amount and connect to the trader. The list of traders to connect to is available on the company website. When selecting a trader, you can assess his profitability, maximum drawdown and find out how many days he has been trading. These data are updated daily.
RoboForex has a lot to offer to fans of affiliate programs. There are payments from new deposits, percentage of trade turnover, as well as a multilevel loyalty program.
RoboForex offers a "Premium Partnership Program" which allows you to receive passive income by attracting new active traders to the company. For this purpose, the broker provides the partner with all the necessary materials for promotion and popularization of the brand.
Advantages of RoboForex partnership program:
- No monthly payment limits.
- There are no limits on the number of trades made by attracted clients.
- The Company pays partners for the trade volumes, including bonuses, performed by their clients, without any limits.
- Payouts are credited to a partner's account daily.
- Affiliate's Personal cabinet contains detailed analytical information on affiliate commissions.
RoboForex partnership programs:
VIP program is a multi-level affiliate program from RoboForex. A partner gets an opportunity to earn 50% of the amount earned by the company with the help of the "direct" attracted clients, whereas sub-partners' trading will bring a reward equal to 10% of the commission.
Expert is another affiliate program of the broker, which has five levels. By attracting clients, the partner receives 35% of the company's earnings as a result of their trading, while the amount of commission, which will serve as an affiliate reward in the case of sub-partners, will depend on their level. Thus, the company will pay 20% of commission to Level 2 sub-affiliates, 15% to Level 3, 12.5% to Level 4, and 10% to Level 5.
RoboForex experts are ready to provide comprehensive support to a partner in all matters - you may contact them anytime.
I have no claims whatsoever to the support service. I contacted RoboForex twice, at different times. Russian and English support is available 24 hours a day, other languages, for example, Ukrainian, are available from 9 to 17. In addition to the online chat, there is a chat through popular social networking services: FB Messenger, Viber, Telegram, Skype, WhatsApp. But before contacting support, you should take a look at the FAQ section. Here you can find answers to the most frequently asked questions. All questions are sorted by categories, which makes it easy to find the right answer.
Promotion and services
Here, the company has a whole container of different promotions and services. We would like to mention that RoboForex offers a free VPS-server for deposits starting from 300 USD. The advantages of the VIP-clients are based on the additional % rebates, increased percentage of the account balance and improved VPS-server. Plus a VIP manager.
What are the bonuses and what's the beauty of them?
It's always nice to get a bonus. What pleasant bonuses are waiting for the clients of RoboForex? There are three of them: Welcome Bonus, Profit Share and Classic Bonus. Let's analyze each of them in details.
Welcome Bonus 30 USD is available to any new client who has verified his/her personal information. This bonus participates in drawdown. To get the bonus you need to open the standard or cent account on MT4 or MT5 platform. In this case, the base currency of the account must be either USD or EUR. Another prerequisite for receiving the welcome bonus is a deposit of at least $10.
Profit Share bonus is a great way to increase your deposit by 60%. This bonus also participates in drawdown and is also available on standard and cent accounts opened on MT4 and MT5 platforms. Verification of identity is required for those wishing to receive this bonus. Profit Share is credited for depositing to the account, provided that the client chooses this option in the form of a deposit when entering funds through the auto deposit system in the Personal Area. Total amount of Profit Share bonuses on one account can't be more than $10 000, while total amount of this type of bonus on all accounts of one client can't be more than $20 000. The bonus amount and the amount of bonus will be available for withdrawal after making a certain number of lots.
Classic bonus up to 120% is a deposit bonus, which is available to customers who have made a deposit through the auto deposit system in myAlpari. The client himself determines the amount of bonus, which he wants to get. It may be 25%, 50%, 100% or 120%. The bonus is available for standard and cent accounts opened on MT4 or MT5. The maximum amount of current bonuses cannot exceed $50,000. This limit is reduced for verified clients. This bonus is not used for drawdown. The bonus is available for withdrawal after working out, namely after committing a certain number of lots.
Contests is it interesting?
Taking part in contests is not only an opportunity to win a prize, but also to get valuable experience in trading, learn new skills and polish your strategies. The spirit of competition, the desire to win, the excitement... No investments are needed, because contests from RoboForex are free of charge.
Contests are available both weekly and monthly. For example, the contest Trade Day is held every week. The prize fund is $1,000. There are 10 prize places in the contest. A trader who takes the 1st place gets $350. There is a prize of $200 for second place and $100 for third place. The remaining seven participants who finish in places 4 through 10 will each receive $50.
You can also take part in weekly contests like Week with CFD (prize fund 1500 dollars) or King Size MT5 (prize fund 1000 dollars). Worthy of attention is also a monthly contest - Demo Forex. The prize fund is $3000. The prize for the first place is quite impressive - 750 U.S. dollars, for the second - 550, for the third - 420. In total there are 10 prizes.
- Reputation, the company has been providing services since 2009;
- CySEC license;
- Tight spreads on Prime and ECN accounts (the accounts are close to interbank);
- Low threshold for entering the American stock market via R Trader with leverage;
- Dividends even on stock CFDs;
- Multi-Assets R Trader account with over 12,000 financial instruments;
- CopyFX autocopying service;
- Funding without commissions;
- 24/7 support;
- A large number of promotions and bonuses;
- Investment service;
- Several variants of affiliate programs.
Disadvantages (they are insignificant compared to the advantages, but still):
- No protection of client funds for an offshore account;
- It is not clear, whether there is a segregation of the account, from which deposit and which banks are used for this purpose;
- Commission for transferring a stock position overnight for leveraged stocks.