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Regulated: Regulated by the FSP (New Zealand)
Min Deposit: $10
Min Trade Amount: 0.01 Lots
US Clients:
Max Trade Amount: 100 Lots
Bonus: 35% Deposit Bonus for New Traders!
Leverage: 500:1
Free Demo Account:
Trading Platform: MT4, Mobile, MT4 Terminals, Currenex Viking Trader
Payment METHOD NAME Charge Time

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Full Review

About RoboForex

RoboForex provides STP and market maker forex brokerage services in the forex market place. The Roboforex brand was launched in 2010 with its corporate headquarters in Auckland, New Zealand. Roboforex is owned by Roboforex LP and is registered with the Financial Service Provider (FSP) in New Zealand with registration number FSP246525.

 

Special Offers and Bonuses

Traders who use Roboforex can expect to receive several bonuses and participate in promotions on Roboforex. These are:

a)    A general deposit bonus of up to 35% of the account deposit. This goes out to new traders.

b)    There is a 50% credit card deposit bonus for traders who use the Pasta Banka credit/debit card for their account deposits. This is made possible by a special offer by Roboforex and Pasta Banka and is expected to run for a month, ending in the first week of July 2014.

c)     Roboforex Welcome Bonus 3.0 coupons are special bonuses awarded to heavy volume traders, giving them the opportunity to deposit $15 no-deposit bonus to another Roboforex account owner. This is suitable for traders who also double as affiliate partners of Roboforex, and they can use this as an incentive for clients they have referred.

d)    There is also a 15 USD bonus offer for “verified clients”. Verified clients on Roboforex are clients who pass the complete verification process on Roboforex.

These are the existing bonuses and promotions on Roboforex. Promotions come up all the time and as soon as they are available, they are made public. 

 

Types of Trading Accounts

What account types are available on Roboforex? Account types can be broadly classified into the professional accounts, and the retail account types.

  1. Professional Accounts

a)    ECN-Pro: This is the classical ECN-Pro account which features floating spreads, 5 digit pricing with No Dealing Desk market execution. There is no minimum deposit, 48 currency pairs can be traded along with spot gold & silver, and leverage of up to 1:200 can be used. Margin call and stop out levels are set at 60% and 40% respectively. The platform encourages the use of expert advisors and scalping as a form of trading.

b)    ECN-Fix: This is a professional ECN-style trading account which gives clients floating spreads, instant execution without dealing desk interference, high liquidity provided by Currenex and high commissions for introducing brokers without Minimum Trade Points. It is good for scalpers and provides 5-digit pricing. Other conditions are as obtainable for ECN-Pro accounts.

  1. Retail Accounts

a)    Fix Cent: This is the micro account. Minimum order volume is 0.1 lots. Stop out level is 10% and traders are entitled to swaps. 37 currency pairs including metals can be traded.

b)    Fix Standard: This is the standard forex mini account. This account type features a fixed spread, 4-digit pricing system and an Instant execution mode. Leverage level is up to 1:500. Minimum order volume is 0.01 lots with an increment of 0.01 lots in the order size. Maximum order volume is 100 lots.

c)     Pro Cent: This is a micro account with pro conditions. Trade conditions are as for the Fix Cent account, but with a floating spread and the ability to trade up to 48 currency pairs.

 

Trading Platform Features

RoboForex traders can choose to trade on any of these platforms:

a)    MetaTrader4: RoboForex offers its clients the chance to trade forex on the enhanced MetaTrader 4 terminal. All account types can be traded on this platform.

b)    RoboForex MultiTerminal – The multiterminal suits account managers and those who own multiple accounts very well. All account types can be traded here.

c)     Trading can also be done on the various mobile devices. The AndroidTrader, iPhone Trader and Windows Mobile Trader are used to trade on Android, iPhone/iPad and Windows Mobile devices respectively.

d)    cTrader and Currenex Viking Trader: For the professional traders, the cTrader and CX Viking platforms are available. Both platforms are used by the ECN Fix and ECN Pro account holders. The only difference in the two platforms is that 2 different companies produce the platforms. The conditions for trading are all the same; just that the two platforms are different in look, feel and layout.

 

Commissions and Spreads

Commissions on RoboForex ECN accounts is set at $20 per 1,000,000 units of base currency positions traded (i.e. $2 per Standard Lot). For retail traders who will be presented with fixed spreads, the table of spreads is as spelt out below:

CURRENCY PAIR Spreads(pips)
EURUSD 0.9
GBPUSD 3.3
USDCHF 1.7
USDJPY 0.5
USDCAD 1.2
AUDUSD 1.7
NZDUSD 3.6
EURCHF 2.1
EURGBP 1.6
EURJPY 1.2
EUR/NOK 70
EUR/NZD 30
EUR/SEK 50
GBP/AUD 10
GBP/CAD 10
GBP/CHF 8
GBP/JPY 8
GBP/NZD 30
GBP/USD 3
NZD/CAD 10
NZD/CHF 8
NZD/JPY 8
USD/CHF 4
USD/HKD 30
USD/JPY 3
USD/MXN 120
USD/NOK 70
USD/RUB 400
USD/SEK 80
USD/SGD 7
USD/ZAR 250

 

Charting Packages

Charts on Roboforex are available on the respective platforms.

 

Education and Demo Accounts

Roboforex ensures that new traders don’t get lost when they come to their platforms for the first time. That is why a number of educational materials have been put out on their site:

a)    A forex education video

b)    Series of webinars which are held periodically.

c)     Online lessons

d)    Practical training for traders who can make it to the Roboforex headquarters.

e)    Traders can also open a demo account on MT4 to practice the earliest steps in the trading process.

 

Customer Service

RoboForex customer support is available using the following means of communication:

a)        Phone: +6492 148 139

b)        Email: [email protected]

[email protected]

[email protected]

c)         Live chat support service

 

Deposits and Withdrawals

Deposits can be made on RoboForex as follows:

a)    Bank Transfer

b)    Electronic payments using WebMoney, Skrill, Neteller, PayPal and CashU

c)     Bank Cards: PayOnline, RBK Money, Pasta Banka, Payoneer, PayPal, China UnionPay and AlgoCharge.

Withdrawals can be made via Bank Transfer, WebMoney, Moneybookers, Liberty Reserve, LiqPay, and Payoneer.

Minimum Deposit

The minimum deposit requirement differs from one method to another. For bank transfers, it is $500. For Skrill and Neteller, it is $10.  CashU and WebMoney do not attract minimum deposits. PayPal and PayOnline has a $5 minimum deposit requirement, while other card methods attract between $10 and $30.

Maximum Deposit

There are generally no maximum deposit limits except for card methods which range from $1,000 (PayPal and AlgoCharge) to $20,000 (Pasta Banka).

Withdrawal Limits

The minimum withdrawal limit is $500 for bank transfers, $5 via electronic payments, and $20 for Payoneer withdrawals. There is no maximum withdrawal limit.

 

Conclusion

RoboForex caters for all types of traders with their multiple account types, trading platforms and trade conditions. There is always an account type for every kind of trader.