The Forex industry draws many participants because it is dynamic, energetic, highly interesting, and entertaining. Some traders describe their trading time as the most exciting part of their day. Nevertheless, the business is not only fun and games but requires actual devotion and commitment based on knowledge and trading skills. The industry can be tough for those who have not yet grown a thick skin to cope with the mishappenings in the market which occur very often due to fluctuating prices, stock crashes, etc. Most of the time, brokers are also helpless and cannot get you your money back that you lost trading. Traders need to know the difference between their and the broker’s responsibilities. A broker cannot be held responsible for the loss of traders’ funds. They can only be held accountable if they refuse to pay you out your profits or if they use illegal tactics to keep you from profits. This also means that there must mutual trust between broker and trader, who both have to understand the other side. RoboForex is one of the brokers who fosters trust, loyalty, and collaboration. What the broker else offers will be discussed in this RoboForex review.
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History Check
The broker got into the Forex game in 2013 when many other brokers joined the capital market. The broker offers market making and STP services, which means that, in the first case, the broker only links you to the best quotes without any interference, whereby in market making, the broker I your trading partner, and the company decides on the spreads and establishes the trading rules. That is why STP and ECN models have grown popular lately, but unfortunately, not all people can afford an ECN or STP account. Even if they could collect the needed money to enter the STP and ECN markets, they barely could maintain that status. RoboForex is licensed with the CySEC Commission in Cyprus, more precisely; the broker has an office in Limassol where many other Forex brokers keep them company. CySEC makes sure that the Forex brokers respect market transparency and integrity and that they do not play any dirty tricks on innocent traders. RoboForex is known for an impeccable record when it comes to following CySEC protocols and rules.
Platforms
The broker offers four platforms:
- Meta Trader 4
- Meta Trader 5
- cTrader
- WebTrader RoboForex
The MT4 and MT5 are known for their simple features which let traders do complex operations. Both platforms are known for fast execution, expert advisors, free trading signals, and plenty of analytical tools and customizable options. The graphic charts are clear and allow backtracking the market. The cTrader is also an award-winning platform which is known for its compatibility with ECN and STP trading. This platform is known for ultra-fast executions and no requotes. The distinguished features of this platform are aimed at optimizing the STP/ECN trading environment.
The in-house RoboForex WebTrader is actually the MT4 platform, just in the form of a browser-adapted platform. Graphic tools and graphic indicators are part of the platform which operates very smoothly.
Account Types
A variety of accounts is also not scarce with RooboForex. The first is the ECN FixSpread account (NDD) with fixed spreads form 1.6 pips. Even if the account is an ECN account, no commission is charged. The ECN Pro account is more suitable for experienced traders and scalpers and comes with floating spreads. The Pro-Standard account is a no-requote and immediate execution type of account, and professional traders are very fond of this account type. The FixCent account has fixed cents, and as its name suggest, it is an affordable account with a two-digit deposit amount. The Demo account is also part of the deal for all those who have no experience with trading and want to acquire some knowledge.
RoboForex Bonus
Lately, we have seen less and less brokers offering a full bonus policy, but RoboForex has multiple bonus offers for its traders. First, there is the RoboForex Welcome bonus of $30 for all those who joint the broker for the first time. Also, the so-called Tradable (up to 50%) bonus is available to all who have a drawdown, which means that your account balance can be below the bonus amount, and you will still get it to boost your trades. Deposit bonuses are also offered, and they vary from 50% to 115%. The maximum bonus limit here is $30,000. The broker does not stop here and offers a 10% bonus on your account balance which includes a program you have to join to be eligible for the 10% addition. And finally, RoboForex cashback bonuses are also available for all participants in the verified client program. All account users are eligible to join the program.
Funding Options
The broker offers several funding methods like wire transfer, credit cards, Neteller, Skrill, Fasapay, Bitcoin, and many more. You can withdraw your amounts two times a month commission-free, but a third withdrawal within the same calendar month will come with a fee. RoboForex handles withdrawals within one business day, like the majority of brokers.
Customer Support
The customer support consists of a competent and efficient RoboForex team of people who are always glad to help a trader in need. Reach them via phone, e-mail, or live chat. The customer support replies very fast to any kind of inquiry.