roboforex review

Regulators: CySEC, IFSC Belize

Cryptocurrencies: YES

Minimum Deposit: $1

Maximum Leverage: 1:1000

Spreads: Medium

My Score: 6.3

RoboForex or (RoboMarkets in Europe )is a broker offering online forex trading since 2009. Roboforex’s investors are predominantly from countries like Russia and Ukraine. I can say that it serves mostly Asian countries. If you look at the official website of the company already, you can see that the company is sponsoring Muay Thai fighter Andrei Kulebin. In Asia, I can say that the awareness of the company is increasing in this way. However, RoboMarkets, which is located under the same parent company, serves mostly in European countries.

I can say that RoboForex has so many investors that it is not underestimated. The company’s official website has more than 600,000 visits per month. It can compete with many forex companies in this regard.

At the same time, a large number of forex competitions are being organized by RoboForex. Thanks to these competitions, investors can try new strategies and make profits without any risk. In addition to all these, RoboForex is often mentioned with its bonus and promotions.

Is RoboForex or Robo Markets a reliable broker or scam? What are the account types offered by RoboForex and the spreads of these account types? What are the deposit and withdrawal methods offered by RoboForex? If you are considering to open an account with RoboForex, do not decide until you have read this RoboForex review!

Regulation & Client Protection

RoboForex is controlled by 2 different watchdogs: CySEC in Cyprus and IFSC in Belize.

CompanyCountryRegulation
Robomarkets LtdCyprusCySEC
RoboForex LtdBelizeIFSC Belize

CySEC is a reputable regulator known by forex investors all over the world because it has fairly strict rules. Obtaining a CySEC license is a challenging process for a broker. The rules required by CySEC create a auto-control mechanism for the broker.

For example; CySEC licensed brokers are obliged to keep 730,000 EUR independently of the company’s operational accounts in their bank accounts. In addition, these brokers are also members of the Investor Compensation Fund. The ICF guarantees up to 20,000 EUR as a further protection for clients’ funds if the company goes bankrupt.

Account Types & Spreads

In terms of account type, I can say that RoboForex offers a lot of options. As you can see in the table below, the broker offers 7 different account types.

Account TypesMinimum deposit Maximum leverageAverage Spreads
Fix-Standard$11:1000Fixed from 2 points
Pro-Standard$11:1000Floating from 1.3 points
ECN-Pro NDD$11:300Floating from 0 points + 4 USD per lot (round turn)
ECN-FixSpread NDD$11:300Fixed from 1.6 points
Prime$5,0001:100Floating from 0 points + 3 USD per lot (round turn)
Fix-Cent $11:1000Fixed from 2 points
Pro-Cent$11:1000Floating from 1.3 points

There are account types where both floating spread and fixed spread are available. With fixed spread spreads, you will not encounter problems like widening spread at important news moments. So you can trade with a more comfortable investment psychology. The minimum deposit is $ 1 in all account types except Prime account type. However, there is a minimum of $ 5,000 in the type of Prime account, which is a type of VIP account.

There is also a swap-free account option called Islamic account for investors who do not want to earn or pay interest due to religious sensitivities. You have to apply for it. Later, the broker may ask you to document your beliefs and have the right to refuse your application. In addition, there are nano account types to test your new forex strategy or robots without risk.

Number of Account types offered by CySEC-regulated RoboMarkets  are slightly less. Offers 4 different account types, and the minimum deposit is $ 100 for all other types of accounts except of the Prime account type. There is no fixed spread option on this broker.

Account TypesMinimum deposit Maximum leverageAverage Spreads
Pro-Standard$1001:500Floating
from 1.3 points
Pro-Cent$1001:500Floating
from 1.3 points
ECN-Pro NDD$1001:500Floating
from 0 points + 4 USD per lot (round turn)
Prime$5.0001:500Floating
from 0 points + 3 USD per lot (round turn)

Deposit and Withdrawal Methods at RoboForex

There are quite a number of deposit and withdrawal methods offered by RoboForex. The fastest way to make a deposit and withdraw is to use a credit card. However, you can also make payments with popular e-wallet systems such as Neteller, Skrill. You can examine all the methods in the table below.

MethodsFees on DepositProcesssing Time on DepositFees on WithdrawalProcesssing Time on Withdrawal
WebMoneyNo feesInstant0,8% From 1 minute to 1 day
SkrillNo feesInstant1%From 1 minute to 1 day
FasaPayNo feesInstant0,5%From 1 minute to 1 day
NETELLERNo feesInstant1,9%From 1 minute to 1 day
QIWI WalletNo feesInstantNo feesFrom 1 minute to 1 day
ePaymentsNo feesInstant 1%From 1 minute to 1 day
Bitcoin (Skrill)No feesInstantXX
POLi (Australia)No feesInstantXX
ePay.bg (Bulgaria)No feesInstantXX
iDEALNo feesInstantXX
SofortNo feesInstantXX
EPS / NetpayNo feesInstantXX
TrustlyNo feesInstantXX
Nordea SoloNo feesInstantXX
VISA/MasterCardNo feesInstant2.6% + 1.3 USD1 - 10 bank days
China UnionPayNo feesInstantXX

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RoboForex

6.3

Trust

7.0/10

Commissions and fees

7.0/10

Customer Service

6.0/10

Platform & Tools

5.0/10

Product Portfolio

6.5/10

Pros

  • Fixed spread option
  • Rich payment methods options