RoboForex Review: Pros, Cons - The Cryptonomist

Pricing

Spreads here are small. On the EUR/USD pair, for example, they start from zero and usually do not exceed 10 pips on five-digit quotes.

Spreads are generally floating, so they can change over time, while the values mostly remain small.

For transactions, different commissions are taken. If we consider as an example a Pro account, the commission for one standard lot is $13. This is quite normal on average. In addition, users are provided with Rebates or returns. The general rule here is the bigger your turnover, the more you will be able to return.

As for the deposits they are made for free from any payment system. This means that any payment for this action will be compensated.

As for withdrawals, they are also available without commissions, but only two times a month. If you do not wish to waste your funds on this action, you need to do this procedure on the first and third Tuesday of it.

As for the accounts, there are five types, each with special features and opportunities.

Prime

This option is good for those who have proper experience:

One can begin from $10 or 10 euros.
The trading leverage is up to 1 to 300.
Market execution. This means that during the release of important news or just a sharp change in prices, stop orders can slip.

Such an account is not good for novice traders. One must understand what slippage is in order to know how to protect his funds from sharp price spikes. The trading leverage is the smallest among other options, although a trader understands that too much leverage is risky. Spreads, as elsewhere, are here too, there is a commission for each currency pair.

ECN

It is an account from which transactions are transferred to ECN platforms.

Very tight spreads and instant execution of trades is typical in this case. If you are a scalper, it is recommended to try the cTrader terminal. In this terminal, the spreads are narrower than in the usual MetaTrader, the execution is also faster:

The action is possible from $10, the highest leverage is 1 to 500.
It is a market option, so slippage of orders may happen.

For a novice user, we would not recommend it. However, for a scalper, it will be convenient; the main thing is not to forget to leave the market if there is a hint that important news is coming.

R Stock Trader

This unique type is characterized by:

The leverage is 1 to 300.
The deposit is from $100.
Trading can be done only via utilizing the platform.
For each transaction, there are required payments.

This type is perfect if your goal is to work with stock market instruments. Here one will find everything that is needed for this type of activity.

ProCent

A cent account is most suitable for novice users who wish to try trading without risking huge sums. The possibilities are the following:

One may trade from $10. In the terminal, they will be displayed as 1000 cents.
Thus, it is possible to trade $10 as a serious $1000 account.
Profits are reduced by 100 times, but so are losses.
The upper leverage is 1 to 2,000.

This one is the most suitable for those who are searching for a good opportunity to learn. In addition, it is often utilized to test a new strategy or to conduct the final stage of testing a robot.

Pro

This option has gained great popularity among both novice and experienced users:

The deposit is $10.
The leverage is 1 to 2,000.
In terms of working and spreads, it is somewhat similar to ProCent, only trading is no longer in cents, but in dollars.

It is worth noticing that each option has its spread as well as a commission. If you wish to know more about these details do not hesitate to visit the website.

Investments

For managing investors, there is also a tool called CopyFX, which is based on copying transactions. Given the popularity of the broker, the choice of managers is extensive.

The payments are of the following types: percentage of profits and commission for transactions. Which system to work on is selected by the manager, and the investor thinks about whether to connect to the account or not. The terminal copies everything automatically, and the investor can set it up himself. If all this is combined with a VPS server, investing is very convenient.

To connect to CopyFx, you must have a certain amount. Usually, the managing trader specifies the minimum with which it is possible to invest. If the sum is not specified, then you can connect with any amount.

Usability

Roboforex has been operating for more than 10 years, and during this time, it has been established as a reliable company that does not try to deceive a trader, and always pays its funds. The operation of the terminal is always on top, there are no incomprehensible disconnections or strange hairpins, and all market quotes and orders are executed instantly:

All branches have quite reliable regulations that will help resolve controversial issues if any, although we have not heard that any of the users have such issues. It was given many awards that are well deserved.
It offers five different accounts that will fully satisfy any requirements, here both a novice and an experienced scalper, and a trader, with any strategy, will find what he needs.
The account is intuitive, when you open it for the first time, you will not get confused. All the main functions are at your fingertips. The company’s support works perfectly, most questions are easily answered by the chatbot. If the bot does not solve your question, then the operator will immediately connect to the chat and the issue will be resolved.
An excellent choice of payment systems for depositing and withdrawing money. At the same time, the withdrawal is fast, in most cases automatic withdrawal works which means the funds come to the wallet instantly.
The system has many promotions, for novice users, there is a no deposit bonus. No funds to trade, but feel like a good trader? You are able to try one of the contests, the prize from winning is quite enough for further activity, all profits are withdrawn, without restrictions and working off.
Investors and managers will find the possibility to work with an excellent system CopyFx. Trades are copied automatically, this is a full-fledged investment, you do not need to sit at the computer and watch the terminal.

Moreover, here one can enjoy a simple and swift registration procedure and the same verification.

Education

Each user gets access to the educational information in his account. You just need to press the Help button and find the Your Forex Education tab. There is interesting data for users with different experiences and needs. Education is available in the form of video and written tutorials.

All educational information is free, you just have to open a personal account.

Customer Support

The team that solves any issues can be contacted in the following ways:

by phone;
by e-mail;
to the chatbot;
in all the modern messengers.

No matter what way you prefer, the issues are always resolved quickly, reaching out to support is not difficult at all. The easiest way, as it seemed, is a chatbot in instant messengers. These bots quickly find answers to most questions, and if the question is unfamiliar, they quickly connect you with a support operator.

Platforms, Mobile Apps

When working here, there are no suspicions that the system is trying to interfere in any way with what you are doing, and the terminal works perfectly. The broker passed the test for quality from the Financial Commission, Verify My Trade (VMT). The account is functional and intuitive.

The terminal provides a huge variety of useful instruments. Here you will find not only well-known currency pairs, but also CFDs on cryptocurrencies, and many other resources that you can try depending on your wishes.

The company has two own terminals. The platform opens directly in the browser. Moreover, there is the MobileTrader mobile application.

The platform can be divided into five conditional zones:

Graphs. Here are windows with charts of different instruments. You can carry out technical analysis – apply levels, trend lines, indicators, etc. Above this zone, you can see the toolbar, with the help of which analysis tools are selected. In addition, on the toolbar, you can see which instrument is on the chart.
Trade. In this window, you can select a trading instrument, view its value, as well as open and close deals using the buy and sell buttons.
Training. In this window, you can choose a specific strategy and study it. It is very convenient. This area is also very interesting because it contains a strategy builder. In it, you can create your own strategy based on your developments or indicators with your own settings.
Tools. Terminal management, technical analysis tools – everything is here.
Trade management. Here you can manage positions, view your history of actions, and select or create new strategies.

The mobile application is also comfortable and can be divided into conditional three zones:

Trade. In this zone, you can select an instrument, like a currency pair, which will be displayed on the chart (Zone 2). Also in this zone are all the tools for analysis. Here you can change the display of the chart (candles, bars, or lines), open a new order, or close an existing one.
Graph. The chart of the instrument that we have chosen is displayed here. All analysis tools from zone 1 can be applied here. There are also quick trading buttons here: red – Sell and Buy, which display the current price of the chosen item at which the transaction will be opened. Between the Sell and Buy buttons there is a window where the size of your lot is selected. By default, it costs 0.01 lots.
Terminal management that is both intuitive and similar to the general idea.

Offerings

Roboforex has a large selection of accounts. Here a user with any experience can look for the right one. Among the existing accounts, there are cent and ECN. There are also different payment systems to select from. The company compensates for the commissions. As for the withdrawal, it can even be done automatically.

Offers are interesting because of the variety of available assets. Therefore, here one can start from the basics and use the well-known options, and then he can try something new and at last find the most suitable solution.

Accounts can be created in different options, including the US dollar, euro, and gold.

In general, this broker can be recommended as it is a very convenient and reliable company for a trader and an investor of different levels. Here one can not only trade but also learn and find a part way toward new effective strategies.

*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.

Source: https://en.cryptonomist.ch/2022/09/15/roboforex-review-pros-cons/