Roboforex Review: An In-Depth Look at Its Services

RoboForex is one of the prominent players among multiple brokers in the forex industry. This forex trading broker review will explore the company’s background, account types, products, and services. The review will also cover the regulatory framework governing RoboForex, ensuring a comprehensive understanding and the security it offers to traders and investors.

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RoboForex: Overview 

RoboForex Ltd, headquartered in Belize, has offered a comprehensive trading platform in the online trading community since 2009. The broker is renowned for its extensive trading instruments, totalling over 12,000 across 9 asset types. 

In addition to these, the firm offers an innovative investment product, CopyFX, which allows traders to copy the trades of successful investors. With five trading platforms RoboForex caters to a wide range of trading preferences and strategies.

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Regulation and Registration 

RoboForex Ltd operates under the stringent regulatory oversight of the Financial Services Commission (FSC). As an “A” category member of The Financial Commission, RoboForex is also a participant in the Compensation Fund, which provides an additional layer of security and trust for its clients. The firm’s regulatory adherence and customer protection underscores its reputation as a reliable broker in the competitive forex and CFD trading landscape. 

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Account Types of RoboForex

1. Prime

• Minimum Deposit: $10 
• Spread: Floating from 0 pips
• Maximum Leverage: 1:300
• Instruments: 28 currency pairs, metals, CFD on US stocks, CFD on indices, CFD on oil, CFDs on futures

2. ECN

• Minimum Deposit: $10 
• Spread: Floating from 0 pips
• Maximum Leverage: 1:500
• Instruments: 36 currency pairs, metals, CFD on US stocks, CFD on indices, CFD on oil, CFDs on futures

3. R StocksTrader

• Minimum Deposit: $100 
• Spread: From 0 pips
• Maximum Leverage: 1:500
• Instruments: Indices, real stocks, CFD on stocks, currencies and ETF, CFDs on oil, CFDs on metals, CFDs on futures

4. ProCent

• Minimum Deposit: $10 
• Spread: Floating from 1.3 pips
• Maximum Leverage: 1:2000
• Instruments: 36 currency pairs, metals

5. Pro

• Minimum Deposit: $10 
• Spread: Floating from 1.3 pips
• Maximum Leverage: 1:2000
• Instruments: 36 currency pairs, metals, CFD on US stocks, CFD on indices, CFD on oil, CFDs on futures

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Deposit and Withdrawal

RoboForex clients can choose commission-free deposit options through various methods including bank transfers, electronic payments like AstroPay, Skrill, and Neteller, and bank cards like VISA and MasterCard, typically processed within 1 day. Although most deposits are free, a 0.5% charge applies to Perfect Money.

Most withdrawal methods are processed within 1 day and commission-free on specific promotion days. Fees vary by method. Electronic payments like Skrill and Neteller may impose fees of up to 1.9%, while bank card withdrawals could potentially incur fees of up to 2.6% plus $1.3. The platform ensures security by requiring withdrawals to be made to accounts or cards owned by the trader.

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Products in RoboForex

The broker offers a number of trading products for various interests and strategies in the financial markets. Here is a list of available products:

• Forex
• Stocks
• Indices
• ETFs
• Commodities
• Metals
• Energies
• Cryptocurrencies

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Trading Platform of RoboForex

To accommodate the needs of different traders, RoboForex provides access to several leading trading platforms. Each platform offers unique features and tools:

• MetaTrader 4
• MetaTrader 5
• R StocksTrader
• R WebTrader
• R MobileTrader

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Fees of RoboForex

RoboForex offers competitive fees with spreads starting from 0 pips for Prime, R StocksTrader, and ECN accounts. However, the ProCent and Pro accounts cater to beginners with spreads from 1.3 pips. 

Besides, the broker offers Islamic accounts (only available for Cent and Standard MetaTrader 4-based accounts) which do not incur overnight fees. New Islamic traders are advised to inquire about any such special conditions or extra fees before opening an account.

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RoboForex Promotions

RoboForex presents a variety of promotional offers designed to enhance the trading experience and reward its clients. Here are some attractive promotions:

• $1,000,000 to RoboForex Partners: From June 2023 to March 2024, RoboForex is offering 600 cash prizes totaling $1,000,000 to its partners for attracting clients, with monthly distributions of up to $15,000 in cash prizes.

• Sponsored VPS MT5: Traders can access a remote MetaQuotes server for MT5 accounts free of charge until December 31st, 2024, by depositing $5,600 into their MT5 account.

• Welcome Bonus $30: Fully verified clients can receive a $30 initial trading capital, providing a low-cost opportunity to start trading.

• Up to 10% on Account Balance: Participants can earn monthly payments as annual percentages on their account balance.

• “VIP Client” Program: This offers additional Cashback (Rebates) for clients with more than $3,000 across their trading accounts.

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Customer Support 

• Live Chat: 24/7
• Phone: +593 964 256 286
• Email: [email protected]

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Pros & Cons

Pros Explained

• RoboForex provides access to over 12,000 trading instruments across 9 asset types, catering to diverse trading preferences.
• The broker offers a variety of account types, including Prime, ECN, R StocksTrader, ProCent, and Pro, to suit different trading needs.
• Traders can choose from several leading platforms like MetaTrader 4, MetaTrader 5, cTrader, and R Trader, ensuring a tailored trading experience.
• Clients can deposit funds without commission, making it more economical to fund trading accounts.
• The broker offers a range of promotional offers, including a $1,000,000 giveaway to partners and a welcome bonus for new traders.

Cons Explained

• Deposit bonus options are limited, which might be a drawback for traders looking for extra trading capital upon account opening.
• Some withdrawal methods come with fees, which can add up, especially for frequent transactions.

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Is RoboForex Worth Considering?

RoboForex stands out as a comprehensive trading platform, offering numerous services and features. With its diverse account types, including Prime, ECN, R StocksTrader, Pro, ProCent, and access to innovative tools like CopyFX, the broker provides traders with more opportunities for growth and investment. 

Nevertheless, the minor drawbacks, such as certain withdrawal fees and limited deposit bonuses, are well offset by the platform’s overall advantages. These make RoboForex a worthy consideration for traders globally.

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FAQs

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