At first sight, there is nothing wrong with RoboForex. However, after a long website investigation we came to the conclusion that this FX broker should be avoided. In this honest RoboForex opinion we will carefully describe all ins and outs of RoboForex.
RoboForex Company Information Review
The broker has its headquarters in Soboh House 377, 28th October Street, office #1, CY-3107 Limassol, Cyprus. When preparing this RoboForex scam review, we found out that the firm is regulated by CySEC and IFSC. Frankly speaking, almost all FX brokers including frauds can easily get these licenses nowadays.
In order to look legit, RoboForex tells that is registered as “a legal investment company in 29 European countries”.
Despite the fact that RoboForex scam is describing itself as a leading and international Forex broker, it does not offer the services to clients from Belgium, Canada, the USA and Japan.
RoboForex Scam Trading Accounts
Since Affiliate accounts do not mean much for the retail currency traders, we will discuss 3 groups of live accounts: Standard, ECN and Cent. These account packages are divided into 2 categories according to the type of the spread: Fixed or Pro (Floating Spread). The account currencies for real trading are USD, RUB, EUR, CNY and not really a currency – Gold. Essentially, the pool of currencies seems to be very limited. The maximum leverage available is 1:1000, which is good but represents an enormous risk. As our RoboForex.com review learned, the total number of tradable assets is 34 currency pairs, Gold and Silver.
Although ECN accounts tend to offer the best trading conditions, this is not possible with RoboForex. Our RoboForex broker review has noticed the trading process is not transparent and the order execution is not fast as it should be. Additionally, RoboForex charges for ECN Pro a 20 USD extra commission for 1 mln USD of trading volume.
The broker offers standard demo accounts and ECN demo accounts too.
RoboForex Reviews: Trading Platforms
RoboForex offers 4 platforms for different account types. The accessible platforms include RoboForex MT4, MT5, cTrader and WebTrader. There are mobile versions for iPhone and Android available for download.
Generally, RoboForex WebTrader is not bad. However, it offers worse functionality than other Forex trading platforms, e.g. automated trading is not allowed.
At the moment of this review, there are 3 active promotions available for all registered clients. Namely, they are Welcome Bonus 30 USD, Tradable Bonus Up to 50% and Deposit Bonus up to 115%.
RoboForex client support can be reached via live chat, email, phone or fax. Our RoboForex review informs that the support is available in 15 languages.
Deposit & Withdrawals
There is no minimum deposit requirement. The account can be funded using credit/debit cards (except for Maestro), wire transfers and e-wallets like Skrill and Neteller. The withdrawal is done with the same transfer methods.
Is RoboForex legit? Unfortunately no, a lot of clients have experienced problems with withdrawals. The broker sometimes simply refuses to process a withdrawal request without providing any justification.