RoboForex Review – Is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
RoboForex Review – Is it scam or safe?
RoboForex is regulated by the Cypriot financial watchdog, CySEC, and that of Belize, IFCS. We recommend you open an account in Cyprus, where the regulator has a strict control over brokers registered with it, rather than use the brokers’ services in Belize, where regulations are less strict. Moreover, CySEC-regulated brokers are legally allowed to operate in any EU member state and all trader investments of up to EUR 20,000 are guaranteed under the Investor Compensation Scheme Directive (ICSD).
Overall, RoboForex’s trading conditions could seem attractive both to new traders and experienced ones alike. The broker has no minimum deposit requirements for all trading account types it carries. This makes it attractive for risk averse or inexperienced traders who are not willing to invest a large amount of money.
The maximum leverage rates RoboForex offers are high, reaching 1,000:1. This allows traders with lower investments to make transactions with sums a lot higher than their balance. High leverage rates are a two-edged sword since they provide a higher buying power, but they also increases risks. To see other brokers with high leverage, please follow this link.
There are trading accounts with both fixed and floating spreads in RoboForex’s product portfolio, and both types are rather on the narrow side, starting from 0-2 points. Fixed spreads are more predictable in general, but floating spreads can provide the best market price at a given time, which may be lower than the fixed rate. See more brokers with fixed sreads here and floating spreads here.
The broker uses a no-dealing-desk (NDD/STP) forex execution model, making the trading process more transparent, faster, and easier, as it offers no re-quotes from dealers and no dealer intervention.
RoboForex supports the MetaTrader 4 and 5 trading platform and cTrader, which are some of the most widely-used such platforms. It also works with other, less popular platforms and terminals like WebTrader RoboForex, MultiTerminal, Currenex Viking Trader, and mobile versions of some for Android and iOS.
MetaTrader 4 (MT4), available both as a desktop and mobile application, is the worlds’ most popular trading platform. The platform is user-friendly, equiped with powerful charting, one-click trading and signal copying, and even novice traders can easily find their way around it. Traders can download ready-made or create their own automated trading strategies (Expert Advisors, or EAs), scripts and custom indicators in the MQL programming language. Find more MT4 brokers here.
cTrader is an ECN platform with a large number of liquidity providers, available in web, desktop and mobile version. The platform comes with auto-trading (cAlgo) and mirror-trading (cMirror) modules. cTrader is fast, easy to use and provides pricing transparency and tight spreads. Find more cTrader brokers here.
Deposit and withdrawal methods
The broker offers a great number of choice of payment methods. The traditional payment choices, such as Visa and MasterCard, Skrill, FasaPay, Neteller, among others, are available to traders, but clients of less popular payment options can also find their favorite payment systems. Some of these include Alipay, Todito Cash, Boleto, Sofort, and Multibanco.
PayPal seems to be the only popular payment system that is missing from RoboForex’s portfolio.
One of the best things the broker offers is its automatic withdrawal system, which is open at any time, 24/7. This makes receiving money convenient and fast – in less than one minute
RoboForex Review – Is it scam or safe? Conclusion
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