Is investing in Robofox a safe bet?
Roboforex LTD is well-known for providing its customers the newest trading platforms and supporting assets of different kinds. Although the broker is already famous, there still are many doubts about its trustworthiness. Read our review to find out whether it is another scam or a legit service!
About Roboforex
The brokerage company began its operation in the year 2009, it has two different arms catering to different investment prospects; Roboforex serves globally while Cyprus based RoboMarkets Ltd concerns the EU and the EEA countries.
Roboforex is the recipient of prominent awards that stand to its testimony as an authentic brokerage service provider. The international amr RoboForex Ltd is regulated by IFSC under the license No. IFSC/60/271/TS, while the European arm; RoboForex (CY) Ltd is regulated by CySEC license No. 191/13. These subsidiaries have increased their market growth tremendously in recent decades with RoboForex LTD being the most ambitious and accomplished sector of the group.
Roboforex often mentions that it has got over 1,000,000 clients globally, offering its services in 11 languages and operating in 169 countries. Roboforex also provides a feature that prevents getting a negative balance. IT has also got the Verify My Trade (VMT) execution quality trade certificate. Customers can securely invest their money, as this broker is dedicated to providing the best secure trading platforms.
What can you trade with Roboforex?
Roboforex provides eight different categories of assets, encompassing over 9400 assets. These assets are categorized into:
- Crypto
- Currency pairs
- Metals
- Stocks
- Energies
- Indices
- Self commodities
- ETFs.
As you can see, the company provides a huge variety of trading instruments, offering more than 40 forex pairs with a maximum threshold of 1:2000. It is also prominent that Roboforex offers passive investment in the form of ETFs. The trading criteria are robust offering as low as 0.0 pips with attractive commissions for both Prime and ECN-Pro NDD accounts.
Payment Methods at Roboforex
Accepted Payment Methods by Roboforex
- Bank Wire Transfer
- Bank Cards
- Cryptocurrency
- E-wallets
Roboroforex has made the payment process easy with its interconnected web of wire transfers, credit/debit card deposits, online money transfers, cryptocurrency, and E-wallets. This extends for both withdrawal and deposit options. When you invest money, you are not charged anything , but withdrawals are free only up to two transactions per month. Basically, traders can get their money back for free on the first and third Tuesday.
Unsupported currencies will undergo exchange conversion which may incur some charges. Cash loading is only possible through a registered account using official credentials. Withdrawal is only possible through the registered account used for depositing the amount, which may count as a drawback. The time at which payments are processed completely depends on the chosen method.
Trading Platforms at Roboforex
The company offers its customers the best applications like Metatrader 4, 5, and two other less popular software. The diverse choice to trade leaves broader investment scope accustomed to different trade strategies. MT4 is one of the most popular applications that is used in the field. It has also gained a reputation as a comprehensive trading platform that can be well exploited when added with third parties add-ons, giving an edge over competitors. MT4 supports backtesting which makes it an interesting prospect explaining the humongous investment it attracts annually.
MT5 might seem to be a better version of MT4 but lacks certain features that make MT5 popular, the lack of backward capability and hedging is a downside. Trading in MT4 remains the choicest alternative within the Metatrader Family.
Speaking of cTrader, it is better to use it for the ECN sector, offering great trading infrastructure and automatic trading compatibility. It is often regarded as a competitor to MT4’s popularity. The license of cTrader is comparably higher than the MT4/MT5 license and it also presents better investment prospects for traders.
Clients can make use of R Trader which offers complete access to almost all the assets, unlike the other three trading platforms. It also provides its customers the autotrading feature without having the need for MT4 or cTrader. R Traders packs a robot builder enabling traders to create custom automated solutions.
Customer support at Roboforex
Roboforex comprises robust interactive services in eleven languages. It is effectively managed and lets its customers choose from several communication modes. In case any assistance is needed, press the green chat button on the website that pop-ups real-time chat with the help team. The support specialists work daily around the clock, so traders can contact an agent through email, webform, a call to the support team, or a scheduled callback. The availability of customer service in eleven languages has garnered traction towards Roboforex’s emergence as a global brokerage service.
Customer reviews about Roboforex
We made a thorough search for customer reviews regarding Roboforex on the internet. Trustpilot displayed mixed reviews with instances of spams. On Forexpeacearmy, the reviews reflected the same with an average rating of 2.5 stars.
A user with the name “Faiz Ali” described his experience with Roboforex as “Quality Broker” and his association since 2016. He highlights the absence of any problems dealing with trading and super easy and quick withdrawals even during holidays.
Another user by the name Ayman from Egypt remarked about the problem in withdrawal systems and improper customer response by the Roboforex team.
In the hindsight, it is not appropriate to carve a favorable or negative opinion on the broker and recommend to research more in the customer review sections for better understanding.
Summary
Roboforex comes across as a legitimate and secure brokerage under regulation by several international bodies. It uses state of art trading platforms like MetaTrader 4, MetaTrader 5, R Trader, and cTrader. They provide efficiently executed brokerage services over 169 countries supporting international languages. It provides a safe and secured medium for brokerage service with the help of robust jurisdiction. Their deposit and withdrawal options are flexible with free withdrawal twice a month. It has received some critical reviews from customers which should not be ignored, some customers have cited problems in withdrawal.