RoboForex-Overview of Minimum Deposit, Spreads & Leverage

Overview of RoboForex

RoboForex, founded in 2009, operates in Belize and Cyprus, regulated by the Belize International Financial Services Commission (IFSC) and the Cyprus Securities and Exchange Commission (CYSEC). However, doubts persist about the legitimacy of its regulatory licenses. Offering a minimum deposit of $10 and leverage of up to 1:2000, RoboForex provides competitive spreads and supports trading in Forex, commodities, stocks, and ETFs. The platform offers various account types, including Pro-Cent, Pro, ECN, Prime, and R StocksTrader, with demo and Islamic accounts available. Customers can access customer support via phone, email, or live chat, and the website is operational, though there's a need for verification of credibility. Additionally, RoboForex is undergoing a liquidation process in Belarus, raising concerns about its stability.

Regulation

RoboForex is a financial trading platform that is subject to regulation by multiple international regulatory bodies.

• Cyprus Securities and Exchange Commission (CySEC): RoboForex is regulated with the license number 191/13. CySEC is a public corporate body established by the Securities and Exchange Commission Law of Cyprus. It supervises and controls the operation of the Cyprus Stock Exchange and the transactions carried out in the Stock Exchange, its listed companies, brokers, and brokerage firms.

• National Bank of the Republic of Belarus (NBRB): RoboForex holds a license with the number 193179482 from the NBRB. The National Bank is the central bank of Belarus, responsible for regulating financial institutions and ensuring the stability of the national currency.

• Financial Services Commission (FSC) of Belize: RoboForex is licensed under the number IFSC/60/271/TS/17 by the FSC. The FSC in Belize is responsible for regulating and supervising the international financial services sector, ensuring its compliance with the necessary standards and legal frameworks.

• Financial Conduct Authority (FCA) of the United Kingdom: RoboForex was regulated by the FCA with license number 608962, but the status of this license is now “REVOKED”. The FCA is a regulatory body in the UK that operates independently of the UK government and is financed by charging fees to members of the financial services industry. The revocation of a license by the FCA indicates that the entity no longer meets the standards or requirements imposed by the regulator, which could relate to financial solvency, management integrity, or other regulatory compliance issues.

Overall, the regulation status of RoboForex indicates it is recognized and regulated by several key financial regulatory authorities around the world, which generally implies a level of compliance with the regulatory standards and financial laws of those jurisdictions. However, the revocation of its FCA license is a significant factor that clients and partners might consider when evaluating the reliability and integrity of RoboForex's operations.

Pros and Cons

RoboForex presents traders with a mix of advantages and drawbacks to consider. On the positive side, the broker offers a low minimum deposit requirement, a wide range of trading instruments, and a proprietary trading platform. Additionally, there are no commissions on deposits and withdrawals, and a free demo account is available for practice. However, some potential downsides include the absence of cryptocurrency trading, higher spreads compared to some competitors, and concerns regarding the legitimacy of regulatory licenses. Traders should weigh these factors carefully when choosing a broker.

Overall, RoboForex offers traders various advantages, such as a low minimum deposit, diverse trading instruments, and a proprietary platform. However, there are drawbacks to consider, including the absence of cryptocurrency trading, higher spreads, and concerns about regulatory legitimacy. Traders should carefully evaluate these factors before deciding to trade with RoboForex.

Market Instruments

RoboForex offers a diverse range of market instruments, catering to various trading preferences and strategies. Here's an overview of the different asset classes available on the platform:

1. Forex (FX) Trading: RoboForex provides access to the foreign exchange market, offering a wide array of currency pairs for trading. This includes major currency pairs like EUR/USD, GBP/USD, USD/JPY, as well as minor and exotic currency pairs, allowing traders to capitalize on fluctuations in exchange rates.

2. Commodities: Traders can engage in commodity trading through RoboForex, with options to trade precious metals like gold and silver, as well as energies such as crude oil and natural gas. Commodities can offer diversification opportunities and serve as a hedge against inflation and geopolitical risks.

3. Stocks: RoboForex offers a selection of stocks from various global markets, allowing traders to invest in individual companies. This includes stocks listed on major exchanges like the New York Stock Exchange (NYSE), NASDAQ, London Stock Exchange (LSE), and more, providing exposure to a diverse range of industries and sectors.

4. Exchange-Traded Funds (ETFs): Traders can access ETF trading on RoboForex's R StocksTrader platform. ETFs are investment funds that trade on stock exchanges, representing a basket of assets such as stocks, bonds, or commodities. They offer diversification and flexibility, making them popular among investors.

While RoboForex offers a robust selection of trading instruments across multiple asset classes, it's important to note that they do not provide trading in cryptocurrencies, bonds, or options. Traders should consider their investment objectives and risk tolerance when choosing among the available market instruments on the platform.

Account Types

RoboForex offers a selection of account types designed to accommodate diverse trading preferences and strategies. Here's an organized breakdown:

1. Pro-Cent Account:

1. Suitable for those looking to practice trading with smaller amounts of capital.

2. Offers competitive spreads and high leverage (up to 1:2000).

3. Low minimum deposit requirement (starting from $10).

4. Ideal for beginners or traders with limited experience.

2. Pro Account:

1. Suitable for traders seeking a balance between cost-effective trading and diverse asset options.

2. Provides access to a wide range of financial instruments.

3. Features competitive spreads and leverage.

4. Geared towards intermediate traders.

3. ECN Account:

1. Utilizes a commission-based fee structure.

2. Provides direct market access via Electronic Communication Network.

3. Offers tight spreads and fast execution speeds.

4. Designed for experienced traders and institutional investors.

4. Prime Account:

1. Provides priority customer support.

2. Includes personalized services and dedicated account managers.

3. Offers the lowest spreads and highest leverage.

4. Tailored for professional traders.

5. R StocksTrader Account:

1. Offers a user-friendly trading platform for ETF investments.

2. Provides access to a wide range of exchange-traded funds.

3. Tailored for traders interested in ETF trading.

Each account type caters to specific trading needs and experience levels, ensuring that traders can find an account that aligns with their individual preferences and objectives.

Leverage

RoboForex offers leverage of up to 1:2000. This means traders can control a position in the market that's 2000 times the size of their account balance. However, it's essential for traders to use leverage carefully, as it can magnify both profits and losses.

Fees

RoboForex maintains a transparent fee structure, ensuring traders can anticipate and plan their investment actions effectively. Here's an overview of the fees associated with trading on the platform:

1. Spread:

1. RoboForex charges spreads on trades, which is the difference between the buying and selling price of an asset. The spread can vary depending on the financial instrument being traded and market conditions. Generally, RoboForex offers competitive spreads to its traders.

2. Commission:

1. Some account types, such as ECN accounts, may incur commissions on trades. This fee is typically charged per trade and is separate from the spread. Traders should check the specific commission rates associated with their account type and trading activity.

3. Overnight Funding Fee (Swap):

1. RoboForex charges an overnight funding fee, also known as a swap fee, for positions held overnight. This fee is applicable to trades that are carried over to the next trading day and varies depending on the currency pair and the direction of the trade.

4. Deposit and Withdrawal Fees:

1. RoboForex does not charge any fees for deposits made into trading accounts. However, there may be fees associated with certain deposit methods imposed by third-party payment providers. Withdrawals may also incur fees depending on the withdrawal method chosen by the trader.

5. Inactivity Fee:

1. There are no inactivity fees levied by RoboForex for dormant accounts. Traders can maintain their accounts without being penalized for periods of inactivity.

It's important for traders to review and understand the fee structure associated with their specific account type and trading activity. By doing so, traders can effectively manage their trading costs and optimize their overall trading experience on the RoboForex platform.

Trading Platforms

RoboForex offers a selection of trading platforms to accommodate different trading preferences:

1. MetaTrader 4 (MT4):

1. Available for desktop, web, and mobile devices.

2. Suitable for forex, commodities, and indices trading.

3. Known for its user-friendly interface and powerful charting tools.

2. MetaTrader 5 (MT5):

1. Accessible on desktop, web, and mobile platforms.

2. Enhanced charting capabilities and an integrated economic calendar.

3. Builds upon MT4 with additional features like stock, futures, and options trading.

3. R StocksTrader Platform:

1. User-friendly interface with real-time market data and advanced charting tools.

2. Offers a wide range of exchange-traded funds.

3. RoboForex's proprietary platform designed for ETF trading.

With these platforms, traders can access a variety of financial instruments and enjoy flexible trading options across different devices.

Deposit & Withdrawal

Depositing and withdrawing funds with RoboForex is straightforward and convenient. Here's how the process works:

1. Deposits:

1. While RoboForex does not impose deposit fees, traders should be aware that some payment providers may apply their own charges.

2. Traders can deposit funds into their trading accounts quickly and securely, allowing them to start trading without delay.

3. The broker does not charge any deposit fees, making it cost-effective for traders to fund their accounts.

4. RoboForex supports various deposit methods, including credit/debit cards, bank transfers, and popular e-wallets.

2. Withdrawals:

1. Withdrawals are executed efficiently and securely, allowing traders to access their profits with ease.

2. The broker does not charge withdrawal fees, although traders should be mindful of potential fees imposed by their chosen payment method provider.

3. RoboForex typically processes withdrawal requests within 2 business days, ensuring traders can access their funds promptly.

4. Withdrawals from RoboForex accounts can be made using the same methods as deposits, including credit/debit cards, bank transfers, and e-wallets.

Overall, depositing and withdrawing funds with RoboForex is user-friendly and hassle-free. Traders can choose from a variety of payment methods and enjoy quick processing times without incurring additional fees from the broker. This streamlined process enhances the overall trading experience for RoboForex clients.

Customer Support

RoboForex's customer support operates from 9 a.m. to 6 p.m. (UTC+3) and can be contacted via phone at +375336976379 or email at info@roboforex.by. Additionally, the broker can be followed on Facebook (@RoboForex) for updates and information. The company's physical address is 220030, Belarus, Minsk, st. Myasnikova, 70, off. 308.

Conclusion

RoboForex offers a diverse range of market instruments, including forex trading, commodities, stocks, and ETFs, catering to various trading preferences. Despite claims of regulation by Belize IFSC and Cyprus CYSEC, suspicions regarding the legitimacy of their licenses have arisen. Traders should exercise caution when dealing with this broker, especially considering the lack of trading software. However, the platform provides a variety of account types with competitive features, such as low minimum deposits, tight spreads, and high leverage. Depositing and withdrawing funds is straightforward, with multiple payment options available. Additionally, RoboForex offers user-friendly trading platforms like MetaTrader 4 and MetaTrader 5, along with accessible customer support channels. Nonetheless, clients and partners should note the company's cessation of operations in Belarus and its liquidation process. Overall, while RoboForex presents an array of trading opportunities, potential users should conduct thorough research and remain vigilant to mitigate risks associated with trading on this platform.

FAQs

Q1: Is RoboForex regulated？

A1: RoboForex claims regulation by the Belize International Financial Services Commission (IFSC) and the Cyprus Securities and Exchange Commission (CYSEC), but there are doubts about the authenticity of their licenses.

Q2: What market instruments does RoboForex offer？

A2: RoboForex provides access to forex trading, commodities, stocks, and ETFs, allowing traders to diversify their investment portfolios.

Q3: What account types are available on RoboForex？

A3: RoboForex offers Pro-Cent, Pro, ECN, Prime, and R StocksTrader accounts, each catering to different trading styles and experience levels.

Q4: What is the maximum leverage offered by RoboForex？

A4: RoboForex offers leverage of up to 1:2000, enabling traders to control larger positions in the market with a relatively small amount of capital.

Q5: How can I contact RoboForex's customer support？

A5: You can reach RoboForex's customer support team via phone, email, or live chat for assistance with your trading inquiries and concerns.

Risk Warning

Online trading carries substantial risk, potentially leading to the total loss of invested funds. It may not be appropriate for all traders or investors. It's crucial to fully comprehend the associated risks before engaging in trading activities. Additionally, the content of this review is subject to change, reflecting updates in the company's services and policies. The review's creation date is also relevant, as information could have become outdated. Readers should confirm the latest information with the company prior to making any investment decisions. The responsibility for utilizing the information provided herein lies exclusively with the reader.