CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Roboforex

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Home » Reviews » Roboforex

Roboforex Review

Roboforex is a provider of forex trading services. Traders can access a wide range of products in a variety of markets, including currencies, indices, and commodities.

Pros

  • Segregates client funds
  • Established in 2009
  • Regulated by IFSC Belize
  • Min. deposit from $10

Cons

A minimum deposit of $10 is required for a live account. Roboforex, on the other hand, provides a free demo account that you may utilize to experiment and familiarize yourself with their platform.

Regulated by IFSC Belize. All Roboforex client funds are held in a segregated bank account and they work with tier-1 banks. Roboforex was established in 2009 and their head office is in Cyprus. 

Before we get into the specifics of Roboforex’s spreads, fees, platforms, and trading tools, you might want to open the Roboforex website in a new tab by clicking the button below to get the most up-to-date information directly from the company.

VISIT ROBOFOREX

Disclosure: If you sign up with a broker through one of our links, we may receive a commission.

What are Roboforex’s spreads & fees?

Roboforex, like most brokers, charges a fee based on the spread, or the difference between the bid and ask price of an instrument.

The commissions and minimum spreads shown here are taken from Roboforex’s website.

The spreads are variable and are displayed for information purposes.

ForexRoboforexCity IndexXTB
EUR/USD(Average: 0.7 pips)1.3 pips0.7 pips0.1 pips
GBP/USD(Average: 1.1 pips)1.3 pips1.7 pips0.1 pips
USD/JPY(Average: 1.1 pips)1.6 pips0.6 pips0.1 pips
AUD/USD(Average: 0.8 pips)1.6 pips0.6 pips0.2 pips
USD/CHF(Average: 2.3 pips)2.0 pips2.3 pips0.2 pips
USD/CAD(Average: 2.9 pips)1.5 pips0.5 pips0.3 pips
NZD/USD(Average: 3.6 pips)1.2 pips2.8 pips0.3 pips
EUR/GBP(Average: 2.4 pips)1.0 pips0.5 pips0.1 pips

As you can see, Roboforex’s minimum EUR/USD spread is 1.3 pips, which is high when compared to the average EUR/USD spread of 0.70 pips.

The table below compares the costs of trading one lot of EUR/USD with Roboforex vs. similar brokers.

SEE ALL SPREADS

How much does Roboforex charge to trade 1 lot of EUR/USD?

You would likely spend $6.2 if you bought one standard lot of EUR/USD (100k units) with Roboforex at an exchange rate of 1.1719 and then sold it the next day at the same rate.Here’s a quick rundown of the fees and how they compare to IG and XTB.

RoboforexIGXTB
Spread from:$ 13.00$ 6.00$ 2.00
Commission:$0.00$0.00$0.00
Total cost of a 100k trade:$ 13.00$ 6.00$ 2.00
$7 less$11 less
VISIT ROBOFOREXVISIT IGVISIT XTB

Fees and quotes are displayed for information purposes and could change.

What can you trade with Roboforex?

Over 100 different instruments, including over 30 currency pairs, are available to trade at Roboforex. Below, we’ve summarized all of Roboforex’s several types of instruments, as well as the instruments given by IG and XTB for comparison.

FX / CurrenciesRoboforexIGXTB
# of forex pairs offered369048
Major forex pairsYesYesYes
Minor forex pairsYesYesYes
Exotic forex pairsYesYesYes
Cryptocurrencies*NoYesYes
Commodity CFDsRoboforexIGXTB
# of commodities offered283421
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalYesYesYes
Index & Stock CFDsRoboforexIGXTB
# of stocks offered5380001606
UK sharesNoYesYes
US sharesYesYesYes
German sharesNoYesYes
Japanese sharesNoYesYes
SEE ROBOFOREX’S INSTRUMENTSSEE IG’S INSTRUMENTSSEE XTB’S INSTRUMENTS

Visit Roboforex

What’s the Roboforex trading experience like?

1) Platforms and apps

Roboforex is one of the few brokers that provides both the MT4 and MT5 MetaTrader platforms. You may read our MT4 versus MT5 comparison here to see how the two platforms compare. Roboforex is one of just a few brokers that offers the cTrader platform, which was designed specifically for traders searching for a STP/ECN solution.

Check out our cTrader broker comparison for a list of forex brokers that use the cTrader platform.

Traders can trade on their preferred device thanks to a combination of downloadable programs for Mac and Windows.

They offer Android and iOS mobile apps, making it easy to keep track of and execute deals while on the go.

SEE ROBOFOREX’S PLATFORMS

Still not sure?

Open a demo account and learn how to trade.

2) Executing Trades

You can trade as little as 0.01 Lot with Roboforex. Depending on the account you open, this may differ. Roboforex allows you to trade up to 100 lots per trade. You can expect tighter spreads and more transparency over the amount you pay to execute your trades because Roboforex offers ECN and STP execution.

Roboforex, as a market maker, may have lower entrance criteria than an ECN broker, which benefits from the bigger number of trades and often has higher capital and minimum trading requirements.

Market makers usually offer a lower minimum deposit, fewer minimum trade requirements, and zero commission trading.

Margin requirements vary by trader, account, and instrument, as they do with most brokers. On their website, you may see the most recent margin and leverage details.

We have included a list of some of the most common funding options that Roboforex provides to its traders.

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

Accounts offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • Islamic account

Funding methods:

  • Credit cards
  • Bank Transfer
  • Payoneer
  • Neteller

3) Client support

Roboforex offers support in many languages like English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, and Ukrainian.

4) What you’ll need to open an account with Roboforex

Because Roboforex is regulated by IFSC Belize, every new client must pass a few simple compliance tests to confirm that you are aware of the risks associated with trading and that you are permitted to trade. You’ll probably be asked for the following information when you register an account:

  • a color copy of your passport, driver’s license, or other government-issued identification
  • a three-month utility bill, bank or credit card statement that shows your current address

You’ll also need to answer a few questions regarding your trading experience, so set aside at least 10 minutes to finish the account opening procedure.

You may be able to explore their platform right away, but you will not be allowed to make any transactions until you pass verification, which depending on the circumstances could take from a few hours up to a few days.

To begin the on-boarding process with Roboforex, you can go to their website.

Roboforex

Open a demo account

79% of retail investor accounts lose money when trading CFDs with this provider.

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