Roboforex Review: Pros & Cons 2024
Keep in mind that you will have to pay a conversion fee if you deposit or withdraw in any other currency that’s not your base currency. With a Roboforex VIP account, you can qualify for a range of different benefits based on which of the 3 program levels, Silver, Gold, or Platinum, that you qualify for. This will instead be replaced by a fixed commission that depends on the type of currency and the number of open lots you have. There is the US Stocks Pro version though it has a $10,000 minimum deposit.
What is the maximum leverage at RoboForex?
He earned a Bachelor’s degree in Economics and International Relations. Plamen’s broad experience has equipped him with the expertise to recommend the best forex brokers. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of leverage.
By gathering price quotations from several providers, an ECN broker can provide tighter bid/ask spreads than those through non-ECN accounts. Where other brokers set their ask price for buying and selling securities, ECN trading platforms offer a straight-through processing execution to clients. RoboForex offers unlimited demo accounts for MT4, MT5, cTrader, and its proprietary trading platform. The RoboForex demo accounts allow traders to recreate trading conditions close to but not the same as those experienced in a live account. The fees charged will be based on the account type chosen and the options, as well as the spread list, minimum deposit required, commissions, and leverage. If you’re unsure about exactly what to look for in fees, it’s best to read our guide on commissions and spreads.
When assistance is needed, traders just need to click the green button on the website. The ECN-Pro account has, again, 36 currency pairs, CFD on indices, CFD on U.S. stocks, CFD on Oil, and Metals. Signing up to RoboForex will give you the choice between five accounts, including an Islamce account. To get a better idea of fees, you can do some research to see what other forex brokers are charging in your jurisdiction.
Risk Management
Most options remain instant once RoboForex processes a request, which can take 24 hours. The minimum deposit for all accounts is $10, except for the R StocksTrader, which requires $100. Traders who require assistance can access the support team via the green chat button. Support is available 24/7, and clients may also write an e-mail, use the web form, call directly, or request a callback.
Overnight Fees ☀
Interestingly, RoboForex is the official sponsor of Muay Thai fighter Andrei Kulebin. This means that finding a regulated, trustworthy broker should be at the top of your list. In this review, we will help you understand the fees involved, which research tools you’ll have access to, and of course, the range of assets available.
RoboForex offers 95 instruments on its xcritical Pro, ECN, Prime, and ProCent account types. More than 12,000 shares and share CFDs are available on the R StocksTrader account. While the stock offering is impressive, the range of CFD instruments is rather limited and lacks diversity.
Here you will have access to a robust and user-friendly platform on desktop, web, and mobile that is powerful with more than 50 indicators and tools available. Here is what you can expect to find from Roboforex in this regard. For example, if you are trading US stocks the hours will differ from trading assets in Asia or Europe. Commodities are typically 23/5 with an hour break, while for other assets this will depend on the asset itself and the market hours of the exchange you are trading on. Commissions are $20 per million traded on forex with an ECN account and $10 for the same amount through a Prime account.
There is also a huge range of tradable assets you will choose from. MetaTrader 5 offers much of the same credibility and excellence as MT4 but includes 4 types of order execution along with 6 different types of pending orders. The EAs feature can again be used and the platform is also available via desktop, web, and mobile. Roboforex is open and flexible when it comes to accepting a variety of trading techniques. This means you can use the EAs feature of your MetaTrader platform as well as engage in hedging, and scalping.
- Commissions are $20 per million traded on forex with an ECN account and $10 for the same amount through a Prime account.
- There is also a US Stocks, US Stocks CFD, EU Stocks CFD, and Brazilian Stocks CFDs account category.
- RoboForex offers traders industry-leading protection no other broker matches.
- As a stock trader, you may also find some helpful content on stock trading, how to get started with it, and the account opening process.
- ECN trading with RoboForex is an opportunity for traders who want to make deals on the best possible trading conditions.
- RoboForex is a Belize-based financial derivatives broker established in 2009.
This number includes many soft commodities like cocoa, coffee, corn, wheat, sugar, soybean, and fruit while you can also trade 2 energy commodities in the form of Brent and WTI oil. Almost all of the same methods available for making a deposit are also available to make a withdrawal. If you are unsure if any methods are supported, you can double-check through the broker website. For a full list of payment methods beyond those highlighted here, you can check out the brokers’ website. Your account is protected by 2-factor authentication and the broker themselves are covered by the Civil Liability insurance program for a limit of 5,000,000 EUR. When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.
RoboForex has several retail trading accounts, including one account for stock trading and a cent account for algo testing. Compared to the industry average, RoboForex offers a low amount of currency pairs, an average amount of commodities and indices, and a high amount of share CFDs. However, stock traders can take advantage of the xcritical courses scam extensive range of shares available on the R StocksTrader platform. RoboForex charges below-average spreads on instruments like the German DAX 40 index, which are typically used for swing trading.
RoboForex offers a choice of five trading accounts with low deposit requirements (from $10 to $100), and trading fees that are low-to-average compared to the industry average. The broker also provides extensive supporting content and trading tools. The only thing preventing it from scoring higher is the narrow scope of its instruments offering, except for the R StocksTrader account. Roboforex is a Market Maker broker which is suitable for all types of traders. The account types’ choice, the platforms’ choice, and an extensive range of payment methods provide a very good environment for traders. ECN trading platforms consolidate market prices from liquidity providers from all across the globe.
Yes, RoboForex offers 20+ cryptocurrency CFDs and continues to expand its selection. RoboForex does not levy internal costs for deposits or withdrawals, and the secure Members Area handles all financial transactions. Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies.