RoboForex Review South Africa – Unbiased Pros & Cons Revealed ( 2020 )

RoboForex Review

RoboForex Review

 

WHAT IS ROBOFOREX?

 

According to research in South Africa, RoboForex Group has been operating since 2009 through two world presented entities namely RoboForex, with services around the world and RoboMarkets Ltd, located in Cyprus that support countries of the EU and the EEA. It is regulated by the IFSC.

The broker serves numerous clients with around 800 000 traders, from 170 countries and brings support in 18 languages. Its focus is to develop trading offering by innovative technology solutions and numerous modern tools for trading.

RoboForex offers 8 asset types and more than 12 000 instruments for trading. RoboForex currently serves as an Official Sponsor of “Starikovich-Heskes” team at the Dakar and Official Sponsor of Muay Thai fighter Andrei Kulebin.

 

SAFE OR SCAM?

 

RoboForex Group has two registered companies, RoboMarkets Ltd, a European entity broker regulated by the CySEC, and RoboForex Ltd, an international forex brokerage registered by the IFSC, Belize.

Even though it is not advisable to trade with offshore brokers due to the lack of regulatory restrictions, an additional license from the reputable jurisdiction allows for considering RoboForex as a safe broker to trade with.

RoboForex apply negative balance protection, securing your deposits from loses, while all traders funds are always kept in major banks in segregated accounts.

The company is also a participant of The Commission’s Compensation Fund that provides insurance coverage for the traders which makes it a reliable choice.

 

ROBOFOREX REVIEW OF PRO AND CONS

 

PROS CONS
1. Tight spreads from 0 pips 1. Not FCA Regulated
2. Fast order execution 2. No fixed spread accounts
3. 5 account currencies (EUR, USD, CNY, RUB, GOLD) 3. Don’t accept clients from US, Canada, Australia or Japan.
4. Micro accounts with the minimum lot size of 0.01
5. 8 asset classes
6. Affiliate program 50% profit sharing

 

LEVERAGE

 

RoboForex can assist you if you adhere to use high leverage levels with a purpose to maximize your gains.

Leverage may increase your potential gains sensible through its possibility to multiple initial accounts, yet make sure to learn how to use leverage correctly, as leverage may increase your potential loses too.

RoboForex leverage levels are determined by various measures and are set in accordance to regulatory requirements. Trading with global RoboForex entity you can apply for leverage 1:400, 1:500 or even maximum of 1:2000 by confirming your status.

However, in case you are a resident of Europe or trading with Cyprus entity of RoboForex, you will comply to ESMA regulation, which lowered leverage to the maximum ratio of 1:30 on Forex instruments and 1:5 for Cryptocurrencies, etc.

 

ACCOUNTS

 

RoboForex offers a choice of six account types which includes and account with Islamic traders who can apply for a swap-free account.

 

Pro-Standard Account

This is the most popular account type with optimal trading conditions, which is suitable for both beginners and experienced traders.

  • Trading instruments: 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies
  • Minimum deposit: 10 USD / 10 EUR
  • Spread: Floating from 1.3 pips
  • Maximum leverage: 1:2000

 

Pro-Cent Account

Using Pro-Cent accounts, beginners and experienced traders can test their trading strategies.

  • Trading instruments: 36 currency pairs, Metals, Cryptocurrencies
  • Minimum deposit: 10 USD / 10 EUR
  • Spread: Floating from 1.3 pips
  • Maximum leverage: 1:2000

 

ECN-Pro Account

ECN-Pro accounts are intended for professionals, who prefer the best trading conditions available.

  • Trading instruments: 36 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies
  • Minimum deposit: 10 USD / 10 EUR
  • Spread: Floating from 0 pips
  • Maximum leverage: 1:300

 

Prime Account

Prime is intended for advanced traders.

  • Trading instruments: 28 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies
  • Minimum deposit: 5,000 USD
  • Spread: Floating from 0 pips
  • Maximum leverage: 1:100

 

R Trader Account

For trading through multi-asset web platform for experienced traders, who wants access to all major financial market from a single account.

  • Trading instruments: More than 12,000: Indices, Cryptocurrencies, Real stocks, CFD on stocks, Forex and ETF
  • Minimum deposit: 100 USD
  • Spread: from 0.01 USD
  • Maximum leverage: 1:200

 

MARKET INSTRUMENTS

 

The market range includes the key markets like Forex, Stocks, Indices, ETFs, Soft Commodities, Energies, Metals and over 6 Cryptocurrencies.

RoboForex trading costs are based on institutional tight spreads from 0 pips and available through fast order execution developed by the technology.

Traders can invest in financial assets using CopyFX and RAMM platforms, where you can copy single orders or entire trading strategies.  Forex is the most liquid of world exchange markets, working 24/5.

Indices reflect fluctuations of prices of a whole group of stocks, providing a wider look on the world stock market.

ETF is an instrument that allows you to trade several assets (stocks, metals, goods, etc.) as one stock. Investment in the ETF will help diversify your portfolio with least expenses.

Invest in gold (XAUUSD) and silver (XAGUSD) or trade more than 20 ETFs on platinum, palladium, copper or nickel. Investing in metals is one of the best ways to protect your capital from the negative influence of inflation.

RoboForex clients can access trading ETFs and CFDs for energy resources via any gadget and one of the two most popular platforms in the industry – MetaTrader 4 and R Trader.

 

FEES

 

RoboForex has six account types and you can use a national currency, which includes USD, EUR, RUB, CNY, GOLD, BTC to simplify your funding.

RoboForex spreads are designed at the levels of account you use, the higher the account size the better spread offering is included.

Always consider rollover or overnight fee as a cost, which is about -0.6 for short positions on Eur/Usd and -0.052 on long ones held longer than a day.

RoboForex has no hidden fees and has decided to compensate all the fees and charges connected with fund withdrawals and fund deposits.

 

Read the LandFX Review here

 

DEPOSIT AND WITHDRAWAL

 

With RoboForex the available payment methods allows you to transfer money with convenience and includes over 20 options like bank transfer, card payment and vast of e-wallets like Skrill, Neteller, POLi, fasapay and more.

To start you may choose the level of your account while opening, and you may trade for free with Demo account. With a minimum deposit of 10$ it will convert to a live account, Pro-standard or Pro-cent.

RoboForex also gives rewards and implements a 0% commission policy for deposits and many withdrawals where all expenses are covered.

Yet, check carefully since some of the methods apply an additional fee for withdrawal, e.g. Skrill and AdvCash add on 1% processing fee, while Visa withdrawal adds 2.6% +1.3USD.

 

TRADING PLATFORMS

 

RoboForex has a wide range of platforms to choose from, that would suite any trading demands and comply with your style.

The main offering is the MT4 and MT5 platforms, and cTrader. RoboForex also developed their exclusive platform R Web Trader and R Mobile Trader.

 

R Trader

R trader Strategy builder is a free and convenient tool available for traders with a purpose to automate performance, which is a great solution since it doesn’t require many programming skills.

Both offers full control over positions and orders, featuring the same functionality with the fastest in industry charts and advanced analysis tools.

 

MetaTrader4 and MetaTrader5

MT4 is the most popular platform, which includes advanced chart features along with robots and indicators that allows you to perform powerful technical analysis.

If you prefer the latest version of MetaTrader – MT5 will allow the choice between net and hedge systems through four types of executions.

MT5 features comprehensive analysis tools, market depth as well multi-currency tester with data from sources like FxWirePro and Claws & Horns companies.

 

CopyFX

CopyFX platform is a perfect choice for an easy yet reliable invest with the choice among over 1 000 traders. RoboForex RAMM platform allows profiting not only from Copy trading but from improved risk management systems with optimization tools.

 

HOW TO OPEN AN ACCOUNT

 

The RoboForex review process is fully digital and easy.

RoboForex offers fast order execution, optimal trading conditions, and a convenient Members Are for managing your accounts. To start trading, you must register a Members Area and open a trading account.

Choose one of the account types and trading platforms: MetaTrader 4, MetaTrader 5 or cTrader, whichever mostly correspond to your requirements.

You also have an opportunity to perform trading operation through the proprietary terminals, R MobileTrader for iOS and Android, R WebTrader and R Trader, which will allow you to trade even at places where there is no access to your PC.

If you find it difficult to make a choice, you can read detailed instructions on how to open a trading account.

Demo is more often used for testing trading strategies by experienced traders., while the Demo-Pro is created especially for beginners with less than 1 year of trading experience.

Pro-Cent account provides a trader with access to transactions with small sums of money, because the monetary unit of this account type a cent (0.01 USD). To start trading, 10 USD on your account will be enough.

 

CUSTOMER SUPPORT

 

RoboForex provides 24/7 customer support via call back, FAQ, or email.

 

EDUCATION

 

RoboForex offers an easy to use page with clear instructions on how to open an account, how to start trading, how to trade stocks, with educational videos and FAQ.

No matter what asset you are interested in, Forex, Stocks, or Cryptocurrencies, the first thing you must do as a trader is to register a Members Area and open a trading account.

This page offers you instructions how to open your first trading account along with recommendations that may help you to choose most suitable parameters for it.

Secondly it helps you to choose between Meta Trader 4, Meta Trade 5 or Trader, which is a terminal from RoboForex. Then it assists you to decide on an account type and help you choose your currency.

 

RESEARCH

 

For Forex analysis and forecasts, the RoboForex analytics centre, Economic calendar and their blog visit their website.

 

AWARDS

 

  • Since its start, RoboForex has been aiming at creating comfortable trading conditions for its clients and partners. It is constantly searching for innovative decisions and are truly proud of the results.The awards it has received demonstrate recognition from the trading community and motivate its team for taking new heights.In 2019 alone, RoboForex received 6 awards:
  • Best Broker of the CIS
  • Best Investment Platform
  • Best Educational Forex-Centre in CIS
  • Best Stockbroker Asia
  • Best Investment Products, Global
  • Best Global Forex Affiliate Program

 

CONCLUSION

 

RoboForex demonstrates a well-regulated broker, which offers a wide selection of technological solutions allowing traders of any size or strategy, even when just starting to engage into trading.

The platforms along with the variety of assets and accounts bring various options to trade either through robotic systems or investment, as well as powering trading by the power of developed tools.

The broker proudly serves a variety of services, along with the quality of overall treatment, which is the same for all, regardless the experience or investment size.

RoboForex supports with educational materials, analytical researchers and contests which shows its great assistance in all the processes and impacts for deserved trust and rapid growth with many the clients they serve.

 

Read the Orbex Review here

 

DISCLAIMER

 

RoboForex understands that traders should focus all their efforts on trading and not worry about the appropriate level of safety of their capital. Therefore, the company took additional measures to ensure compliance with its obligations to the clients.

It has implemented a Civil Liability insurance program for a limit of 5,000,000 EUR, which includes market-leading coverage against omissions, fraud, errors, negligence, and other risks that may lead to financial losses of clients, and is provided without any additional fees.

There is a high level of risk involved when trading leveraged products such as Forex/CFDs. You should not risk more than you can afford to lose, it is possible that you may lose the entire amount of your account balance.

You should not trade or invest unless you fully understand the true extent of your exposure to the risk of loss. When trading or investing, you must always take into consideration the level of your experience.

Copy-trading services imply additional risks to your investment due to nature of such products. If the risks involved seem unclear to you, please apply to an outside specialist for an independent advice.

RoboForex Ltd does not target EU/EEA clients. We do not provide financial services to residents of the USA, Canada, Japan and Australia, According to research in South Africa.

 

Regulated By FSB-SA

Your money is safe with us  |  Enjoy fully segregated accounts