RoboForex Review

RoboForex Review | A Guide Before You Sign Up

Regulated Broker With A Wide Range And Large Number Of Markets To Trade

  • IFSC regulated ✔
  • Crypto CFD trading
  • Leverage up to 2000:1
  • MT4, MT5, cTrader & R Trader
  • Cent accounts
  • ECN accounts
  • 9,400+ total markets
  • Support for trading robots
Bitcoin, Ethereum and Gold Denominated Accounts • RoboForex

RoboMarkets Review

RoboForex is a CFD broker regulated by the International Financial Services Commission (IFSC) in Belize. It can offer Cent and Standard account leverage up to 2000:1 (increasing leverage increases risk) and allows the trader to open MT4 and MT5 accounts in Bitcoin and Ethereum, as well as Gold. RoboForex provides a range of account types, from Cent (which allows very small trade sizes and lets the trader trade with a small account size if they wish) to its Prime account which is for advanced traders. Most of its account types have a very low minimum deposit of $10 or ¥100 (CNY), except for its Prime account ($5000) and its R Trader account which has a minimum deposit of $100. This is a broker with a range of choice and this review will look deeper into this range and what it can offer for the prospective trader.

What accounts are available ?

RoboForex bases its account types around the four main trading platforms it offers, namely MT4, MT5, cTrader and R Trader. When the trader signs up and enters the Members Area on the RoboForex website, they can create accounts from the Live Account -> Trading Account Tab. If they choose MT4, they can create the MT4 Pro-Cent account and the MT4 Pro-Standard account and MT4 ECN-Pro NDD account and the MT4 Prime account. If they choose MT5, they can create the MT5 Pro-Cent account and the MT5 Pro-Standard account and the MT5 ECN-Pro account. If they choose cTrader, they can create the cTrader Pro-Standard account and the cTrader ECN-Pro NDD account. Finally they can choose R Trader and create an account from this.

What this means is that the most accounts are on MT4 because it has the MT4 Prime account and importantly the Cent account is specific to MT4 and MT5. This is not an accident, a cent account is a feature of MT4 and MT5, whereby the broker resets the account to be denominated in cents, thus resetting the minimum trade size from micro lots to 1/10th or 1/100th of this amount, depending on the lowest trade size offered on this account. RoboForex says that the minimum Cent trade size is 0.1 lots on MT4 and 0.01 lots on MT5, thus setting the minimum trade size to 0.001 lots on MT4 and 0.0001 lots on MT5, relative to a standard Forex lot.

What account currencies are offered for these accounts ?

In fiat currencies, the MT4 and MT5 accounts can be in USD, EUR or CNY (Chinese Yuan). However RoboForex also allows accounts to be denominated in Cryptocurrencies, namely Bitcoin (BTC) and Ethereum (ETH). It is also possible to have an account denominated in Gold. The cTrader accounts can be in USD, EUR and CNY and the R Trader account can be in USD or EUR. So to sum up all accounts can be in USD or EUR, most can be in CNY and MT4 and MT5 accounts can additionally be in Bitcoin, Ethereum or Gold. RoboForex

What is the minimum deposit requirement for all these account types ?

For all account types except the Prime and R Trader accounts, the minimum deposit is $10 or €10 or ¥100 (except for the R Trader account, which does not have Yuan accounts). For the Prime account account, the minimum deposit is $5000 and for R Trader the minimum deposit is $100 (or the equivalent in the other currencies).

What are key differences between the account types ?

The most obvious difference is between the R Trader account and all the other accounts. This is because RoboForex offers the bulk of its Stocks CFDs on this platform and has chosen to provide a wide range, making a total of more than 9,400 markets. The other accounts offer far fewer markets to trade. Another difference is between the Cent and other account, as they allow smaller trade sizes, allow higher leverage and have a lower stop-out.

The ECN-Pro NDD and the Prime accounts have a commission charge and therefore can offer low Forex spreads for the more liquid Forex pairs. The Prime account has a lower commission charge of $1.5 per lot per side vs $2 per lot per side for the ECN-Pro NDD account. The Prime accounts have the highest stop-out of 100% (this means that all of the account can be lost before it is triggered). So the accounts cover a range from accounts suitable for beginners or those who wish to test out strategies and which have the lowest stop-out (the Cent accounts) to those which are suitable for advanced traders (Prime). In between the Standard and ECN accounts offer more moderate trading conditions.

Is automated trading allowed ?

As its name might suggest, RoboForex allows and supports trading with online trading robots executing automated trading strategies on behalf of the trader. Automated trading is available on all account types, including R Trader. R Trader has a strategy builder letting the trader build robots without needing to program and runs its robots on the cloud, so there is no need to host on a VPS to run it 24/7. With MT4 and MT5, the trader can run its robots, called Expert Advisors (EAs) and with cTrader, the trader can run cBots.

What maximum leverage is available ?

The maximum leverage offered is on the Cent and Standard accounts, which have leverage up to 2000:1 (but increasing leverage increases risk). For the Cent accounts in particular, combined with the low minimum deposit and trade size, this means that these accounts can be used by those who wish to trade with small account sizes. The maximum leverage for the ECN accounts is 300:1. The maximum leverage for the Prime account is 100:1. The maximum leverage for the R Trader account is 200:1.

What CFD markets are available to trade ?

RoboForex offers the widest range on R Trader, namely Forex, Indices, Stocks, ETFs, Soft Commodities and Cryptocurrencies, with 9,400+ available to trade. The Cent accounts have the shortest range, namely Forex and Metals, for a total of 30+. The Standard, ECN-Pro and Prime accounts have Forex, Metals, Indices, Energy, Stocks, Cryptocurrencies and Crypto Indices, for a total of 95+. There are two types of Crypto Indices, namely a basket of the top cryptos and a more general basket of alternative cryptos.

The most Cryptocurrency CFDs are on R Trader which has a relatively wide range for a CFD broker, covering Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, DASH, EOS, Bitcoin Gold, Golem, IOTA, NEO, OmiseGO, Qtum and Monero CFDs. The Standard, ECN-Pro and Prime accounts offer Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, DASH and EOS CFDs. When trading a Crypto CFD or any other CFD, the trader does not own the underlying market, rather trades a CFD which has a value referenced to the value of the underlying market.

In the case of Cryptos, this means that the trader does not need a wallet (as the trader does not own it when trading it and does not need to store it), can go long or short and can access leverage up to 50:1. However Crypocurrencies are extremely volatile and combined them with high leverage can greatly increase risk.

What ways are there to make a deposit ?

RoboForex does not charge the client to make a deposit but there are withdrawal fees. The ways to make deposits include Credit/Debit Cards, China UnionPay, Bank Transfer, WebMoney, Skrill, Neteller, Fasapay, QIWI and ePayments.

Is negative balance protection available ?

RoboForex offers negative balance protection, which means that the trader will not be responsible for a negative balance. However this said, it is still possible to lose all the money in the account.

Are there Islamic accounts at RoboForex ?

RoboForex offers Swap-Free Islamic accounts for Cent and Standard MT4 accounts.

What are RoboForex's Investments accounts ?

These are CopyFX and RAMM. CopyFX supports copy trading where the trades of other traders are copied into the trader's account. RAMM allows the trader to copy strategies.

What other features are available ?

RoboForex has an Analytics Center, which is available for all clients free. The Analytics Center contains technical analysis, news, signals, videos, an economic calendar, education and a wide range of tools (for example historical volatility graphs and US interest rate data and a correlation calculator).

Is RoboForex regulated ?

RoboForex Ltd is regulated. It is based in Belize, a country in Central America with a range of financial services companies located there. The regulator is the Belize International Financial Services Commission (IFSC), with license No. IFSC/60/271/TS.

Key feature summary

  • MT4, MT5, cTrader and R Trader online trading platforms
  • Leverage up to 2000:1 (increasing leverage increases risk)
  • 9,400+ CFD markets on R Trader
  • IFSC regulated in Belize
  • $10 minimum deposit
  • Cent accounts on MT4 and MT5
  • ECN trading accounts
  • Trading robots on MT4, MT5, cTrader and R Trader
  • Cloud based robots on R Trader - no VPS required
  • Crypto CFD trading
  • USD, EUR and CNY denominated accounts
  • BTC, ETH and Gold denominated accounts on MT4 and MT5

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