Our Review of RoboForex
RoboForex bills itself as an international Forex broker that is registered in New Zealand and as of late 2013, was granted a license by CySEC, the Cyprus Securities and Exchange Commission. RoboForex takes its name from the fact that it supports and encourages robotic currency trading, a practice that has grown over the last several years and seems poised to become the dominant approach to currency trading, just as online trading has surpassed physical exchange trading volume.
Several of the RoboForex account types support simulated trading, which is a good way to gain experience in trading itself, along with hands-on exposure to some of the different types of accounts and the four different trading platforms offered.
There are two ECN accounts one that offers fixed spreads and another where the spreads are variable. RoboForex promotes its ECN-Pro account as offering the best conditions for scalp trading, with a floating spread, five decimal place quotes and No Dealing Desk executions.
The Pro-Cent account seems to be the best choice for new traders who want the experience of live trading without committing a large sum of money.
In addition, there are five other variations, each of which offers pros and cons for different types of traders.
One nice feature of all the RoboForex accounts is that there is no minimum deposit. Commission of $20 USD per one million USD transacted applies to the ECN-Pro and ECN-Fix accounts.
Minimum order amounts are as low as $0.20 USD and no higher than $5 USD.
Commissions and Spreads
With so many different types of accounts, where RoboForex functions in some cases as an ECN and as a Market Maker in others, commissions and spreads are quite variable, as would be expected.
The ECN-Pro account mentioned above discloses an average spread of 0.36 pips on the EUR/USD, while the Pro-Cent account lists the EUR/USD spread as averaging 0.96 pips.
These are indeed tight spreads and one thing that stands out when examining these spreads on the RoboForex website is that this broker offers a lot of currency pairs, over 50 in the case of the Pro-Cent account and similar in the others.
None of the RoboForex accounts offers anything less than five different trading platforms and one, the ECN-Pro, features eight. All accounts offer MT4 and MT5, along with mobile platforms for iOS, Android and Windows Mobile. In addition to these, the ECN-Pro account includes cTrader in two versions, one for downloading and one that is web-based, and CX Viking Trader.
Deposits and Withdrawals
There are 10 different methods for funding accounts with RoboForex. This includes four types of credit cards, Skrill, Webmoney, CashU, Payoneer, PayPal, AlgoCharge, China UnionPay, NETELLER and RBK. Each method has different minimum deposit amounts imposed by the payment system, ranging from $5 to $500 USD, with most being in the $5-$10 range. RoboForex does not have a fee for any of these, but the funding method may charge a flat rate, percentage or both.
Withdrawals are slightly more limited in terms of options, five rather than 10, and these do have some modest fees associated with them, all of which are clearly described on the RoboForex website.
This area is one where it appears that RoboForex has devoted considerable time and resources. They can be contacted by phone, live chat and email.
They have substantial offerings in trading training and education, including videos and webinars. There is even a special section devoted to new traders.
Regulators and Safety
There are four different agencies involved in regulating RoboForex. Three of these are financial industry groups that have no legal authority, but seek to offer traders the assurance that membership in one or more of the agencies by a broker is a valid indication that the broker adheres to certain standards. These agencies are the FSCL, the FSP and the international Financial Commission.
RoboForex’s license, as mentioned above emanates from the government of Cyprus.
Traders can trade at leverage of up to 1:500, with the exception of the ECN-Pro and ECN-Fix accounts, where maximum leverage is 1:200.
Sign Up Bonuses
RoboForex is currently offering six different bonus and promotion offers, including one that offers rebates that effectively reduce the cost of trading. Regardless of the broker, these programs can carry some elaborate terms and conditions, but in the case of RoboForex, these are outlined clearly and completely on the website.