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Review

Started by RoboForex, Apr 08, 2020, 11:57 am

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RoboForex

Apr 08, 2020, 11:57 am Last Edit: Apr 16, 2020, 07:34 am by admin
RoboForex LTD is a member of the RoboMarkets/RoboForex Group that also includes RoboMarkets LTD and RoboMarkets LLC. This group has been in existence since 2009, and the three subsidiaries have experienced a tremendous growth rate over the previous decade. Eight asset classes with over 9,400 assets are available for trading from four platforms, all of which will be covered in depth in this RoboForex review. Services are offered in 19 languages across 169 countries. The group claims to have over 1,000,000 clients who call RoboForex their home. This review will focus on RoboForex LTD which is authorized and regulated in Belize and represents the most accomplished part of the group.

Forex traders are treated to an attractive trading environment, and the great asset-selection across eight categories allows for a properly diversified portfolio. Regardless if a new trader starts with his (or her) first trading account or an experienced professional is managing a multitude of portfolios, RoboForex is ready to cater across the entire spectrum. As the name suggests, automated trading occupies a key role at this international broker.

Regulation and Security
RoboForex LTD is authorized and regulated by the International Financial Services Commission Belize (IFSC) under license number IFSC/60/271/TS/19. The IFSC is regulated by the Ministry of Belize Securities and International Financial Services Commission Act (IFSC Act) and is fully compliant with international AML policies. Client deposits are kept in segregated bank accounts as stipulated by its regulator.

Adding another layer of protection is the category A membership of RoboForex with The Financial Commission operating out of Hong Kong; it represents the first independent self-regulatory organization and external dispute resolution (EDR) body for the Forex market. Membership includes the protection offered by the Compensation Fund which secures deposits to a maximum of €20,000; sufficient to cover most, if not all, retail deposits. RoboForex was awarded the Verify My Trade (VMT) execution quality certificate and follows regulation seriously. Negative balance protection complements the security of traders who manage leveraged accounts. Traders should feel extremely safe and secure with their capital at this brokerage, as it goes to great lengths to ensure its clients are managing portfolios in a secure and competitive trading environment.

RoboForex

Broadly speaking, RoboForex has conducted an outstanding task when it comes to regulation and security, operating out of a flexible jurisdiction and adopting international standards with independent, self-regulatory bodies. It should be noted, however, that traders looking for a broker with the strictest regulation, such as FCA regulation, will not find that option with RoboForex.

Fees
RoboForex collects its fees through spreads and commissions charged on over 9,400 assets. This broker also deploys a hybrid forex business model where it acts as a market maker on all Cent Accounts as the small trade size is below the minimum required for its straight-through processing (STP) model. In accounts where this broker acts as a market maker, it directly benefits from traders' losses, elsewhere a bridge to the liquidity provider is used to process market orders and RoboForex receives a commission from the provider plus a portion of the spread. Overnight financing costs on leveraged positions apply, so do swap rates, and corporate actions are also passed onto traders' accounts.

What Can I Trade
RoboForex offers over 9,400 assets across the following eight categories: Forex, stocks, indices, ETFs, soft commodities, energies, metals, and cryptocurrencies. This ensures that every portfolio can be properly diversified across assets and allows traders to take advantage of trading opportunities across the financial spectrum. Trading conditions are excellent, with raw spreads as low as 0.0 pips and commission per $1,000,000 traded at $15 in the Prime account, the ECN-Pro NDD account has spreads as low as 0.0 pips with a $20 commission per $1,000,000 traded.

Over 40 currency pairs are available for trading at RoboForex with a maximum leverage of 1:2000.

Traders have access to over 9,400 assets through the R Trader platforms, but MT4/MT5 platforms have only 50 of the most common stock CFDs available. RoboForex's selection of index CFDs is fairly limited but includes the most standard instruments.

Passive investing through ETFs is growing rapidly, and RoboForex offers over 1,000 ETFs.

RoboForex

The trading of ETFS and CFDS on energy commodities is also available at RoboForex from as little as $10.

Metals trading completes the asset selection regarding commodities, but that's not all; we were impressed to see during this RoboForex review that the brokerage offers trading on 26 cryptocurrencies with a maximum leverage of 1:50.

Account Types
Three account types are offered by RoboForex which include the Pro-Cent account with a Pro-Standard upgrade, the ECN-Pro account, and the Prime account. The Pro-Cent account is intended for new traders as the minimum transaction size is one-tenth of the traditional minimum. While the idea behind such an account is understandable, this remains the one where RoboForex acts as a market maker. New traders should avoid this and opt for the Pro-Standard account. The minimum deposit is the same at $10 or currency equivalent, the maximum leverage remains 1:2000 in both accounts and the EUR/USD target spread is 1.2 pips. No commissions are charged for trading in the Pro-Cent/Pro-Standard accounts.

The ECN-Pro account offers a considerably better trading environment with raw spreads of 0.0 pips, but a $20 commission per $1,000,000 traded. While the minimum deposit remains the same at $10 or a currency equivalent, traders should prepare to retain a significantly more extensive deposit to trade effectively in this account type. The maximum leverage on this account type is capped at 1:300.

The Prime account offers a reduction in the commission to $15 per $1,000,000 traded, but the minimum deposit is $5,000 or a currency equivalent. The asset selection is greater in the ECN-Pro account, and offers a higher cash-back rate at 15% of commissions paid; the Prime account cash-back rate is reduced to 5%. This results in an actual commission of $17 in the ECN-Pro account and of $14.25 in the Prime account per $1,000,000 traded. The Prime account is exclusively available with the MT4 trading platform, while the Pro-Cent/Pro-Standard and ECN-Pro accounts have the choice between MT4/MT5. We were thus surprised during this RoboForex review that the Prime account isn't very worthwhile, and the ECN-Pro account is the best choice for most traders.

The only negative fact to note is RoboForex hasn't completely abandoned the practice of granting better trading conditions for more notable deposits. All minimum deposits are kept at $10 or a currency equivalent, but the Prime account requires $5,000. RoboForex additionally has a VIP program in place which increases benefits based on account size. Each account is automatically upgraded once a certain threshold is reached.

RoboForex

The ECN-Pro account offers raw spreads as low as 0.0 pips and is where most traders are likely to trade from.



A minimum deposit of $5,000 is required to qualify for the Prime account and to enjoy the best trading conditions RoboForex has to offer, which is a bit of a shame, but not entirely uncommon in the industry.

The VIP account program upgrades traders' accounts automatically to better rewards.

Trading Platforms
RoboForex offers the comprehensive suite of MT4 and MT5 trading platforms, plus the highly popular cTrader platform and its proprietary R Trader platforms. Traders have no shortage of choice with this brokerage, and it is refreshing to see a tremendous effort made in providing the proper trading environment for different trader mentalities and strategies. The MT4 trading platform remains the most established one, especially once it is upgraded with third-party additions which can set-this platform apart from its competition. Intensive support for automated trading solutions and back-testing capabilities explains why hundreds of millions have been invested in creating trading solutions into the MT4 infrastructure with more being invested annually.

MT5 is available, but as it lacks backward capability with MT4 and doesn't allow hedging, it is not the most popular option. Sure, MT5 has been promoted as the most advanced trading platform and an upgrade to MT4, but this is honestly not the case (at least not yet). Traders who want to trade inside the MetaTrader family of platforms should select MT4. For the sake of choice, it is pleasant to support it as an option, and brokers frequently provide special incentives to transition to the MT5 platform, with little success.

cTrader remains the most dominant retail platform in the ECN sector. It offers a superior trading experience and fully supports automated trading as well as the creation of technical indicators. Obtaining a cTrader license is much more expensive than an MT4/MT5 license, and brokers who consider this investment effectively represent one on a sound path to expand. cTrader is on track to overtake MT4 as the most popular trading platform.

Besides offering the MT4/MT5 and cTrader which are out of the box solutions, we were impressed during our RoboForex review to see that the company offers its R Trader where traders have access to the full range of assets offered. Asset selection, especially when it comes to stocks is limited on the other three platforms. Traders who don't have automated trading solutions that require MT4 or cTrader should consider the R Trader as their preferred choice at RoboForex. It offers by far the best trading experience and comes with a robot builder so traders can create their automated solutions.

RoboForex

Unique Features
Besides offering excellent trading conditions through four different platforms with over nearly ten thousand tradable assets, RoboForex has taken a step farther and is offering a set of unique features that enhance the trading experience and possibilities of its clients. The CopyFX platform allows traders to copy trades from other traders as social trading has gained popularity and continues to expand. The minimum investment required is $100 and there are thousands of participating traders. The RAMM platform offers a traditional approach to asset management and features benefits over CopyFX, including automated risk management; traders are only compensated if their subscribers earn from the strategy.

Another significant feature offered by RoboForex is free VPS hosting for all accounts that are fully verified and maintain a minimum balance of just $300. It shows that this brokerage is geared towards automated trading solutions and VPS remains an integral part of many programs. Many brokers charge roughly $30 per month for VPS hosting, two thumbs up for the generous offer from RoboForex. Traders who manage their accounts in MT4 via the Pro-Standard account can take advantage of maximum leverage up to 1:2000. This shows RoboForex understands that leverage does not represent the problem, but the lack of risk management does. While maximum leverage is listed at 1:2000, deployed leverage on each account us likely to be significantly less.

RoboForex

The RAMM platform offers traditional asset management with exceptional features:



Free VPS hosting is available for verified traders with a minimum balance of just $300:



Research and Education
Research & education remain critical components that distinguish between an average brokerage and an outstanding one; prime brokers offer access to the best and most accurate research. RoboForex provides traders with in-house analytics but has additionally partnered with independent analytical firm Claws & Horns. When it comes to education, most educational content is published on the RoboForex blog with video content provided once again by Claws & Horns.

Research

RoboForex has been established with automated solutions at the core and the partnership with Claws & Horns is solid. The in-house analytics deserves an upgrade as they fall substantially behind the trading environment provided by this broker. The charts are cluttered and present a distinct amateur-like appearance while the content is mediocre, this is an area that begs for significant improvements.

RoboForex

Bonuses and Promotions
Four distinct bonus programs are offered by this broker. Smaller incentives plus free trading contests are additionally available. The first bonus represents a 50% on each deposit above $300 in either the Pro-Cent account or the Pro-Standard account; this profit is available for drawdown periods and can help traders remain in positions during volatile times. The second bonus is a 115% bonus which is unavailable for drawdown periods but offers a significant boost to trading portfolios; a deposit of $500 is required to receive the maximum bonus. Terms & conditions apply and should be considered before including bonuses to accounts. When used properly, deposit bonuses can offer a trading advantage and accelerate portfolio building.

The other two bonus programs offered focus on trading activity. A 15% cashback is available to all verified trading accounts, the minimum trading volume represents 10 lots per month. This is noteworthy for high-frequency traders as it lowers the trading costs significantly. Prime account holders will effectively trade with a commission of just $12.75 per $1,000,000 traded while ECN-Pro commission rates are reduced to $17 per $1,000,000 traded. A 2.5% payment on the account balance is equally available if a minimum of 1 lot is traded per month. Above 10 lots this doubles to 5% and over 1,000 lots qualify for a 10%; this is not a bonus and each trader can decide how to utilize the earned funds.

The deposit bonuses are best suited for traders with small deposit sizes while the cashback option is outstanding for established traders with more significant trading volumes. The free contests offer cash prizes but should be avoided as they promote the wrong trading behavior in a risk-it-all to qualify for cash bonuses. Many new traders are persuaded by those contests for the wrong reasons.

Four bonus programs are available at RoboForex and if they are employed properly they can help traders gain a trading edge. Terms & conditions should be read carefully and need to be understood before deciding in regards to a bonus.

RoboForex

Deposits and Withdrawals
RoboForex complements its great trading condition with an unmatched choice concerning deposit and withdrawal options. Deposits remain commission-free which is the standard approach across the brokerage industry. RoboForex offers commission-free withdrawals twice per month; on the first and third Tuesday, all withdrawals are automatically free of charge.

Besides bank wires and credit/debit card deposits, clients can choose between Sofort, GiroPay, iDEAL, EPS, Rapid Transfer, Trustly, Nordea SOLO, China Union Pay, POLi, Tinkoff, WebMoney, Skrill, Neteller, Perfect Money, AdvCash, Fasapay, QIWI Wallet, Yandex.Money, Santander, HSBC, Caixa, Boleto, Santander Rio, Bancolombia, PSE, Mobile Money, Banco do Brasil, Bradesco, ITAU, and Webpay.

Availability of deposit and withdrawal options depends on the geographic region, but the effort placed into adding a host of regional payment options shows the lengths RoboForex goes to serve its traders. Various payment options retain deposit and withdrawal limits, but they are high enough to accommodate all traders; if more is required, deposits and withdrawals are free of charge which should not cause any issues. Processing time is instant on most options, and bank wires can take up to five business days. RoboForex is leading all brokerages when it comes to the choice of managing deposits and withdrawals.

Deposits are free of charge at RoboForex which represents the standard procedure.

RoboForex

RoboForex Review 2020 | Forex Brokers Reviews | The dairy of a trader