RoboForex Review
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Broker Type: STP,NDD
Regulation: FSCL of New Zealand
Headquarter: Auckland, New Zealand
Established: 2010
Forex Broker reviewed: RoboForex
Roboforex is a solid broker with quite complete features that could provide a convenience and stable trading environment for you. Despite their name, they don’t offer free auto-trading , but they do allow all kinds of EA run on their MT4 platform and provide free VPS service for certain account type.
Pros and Cons
Pros
1. Bonus deposit up to 30%
2. Rebates services
3. Mobile forex. This isn’t application in your mobile, but a mobile-based site that you could access from your mobile phone.
4. Free VPS (according to specific terms and conditions)
5. Fast withdrawal
Cons
1. In ECN account, the commission charged for every lot traded.
2. Need improvement in their customer support.
RoboForex Review – Features
1. Spread
RoboForex gives clients an option to select the terms of trading operations: fixed or floating spread. You’ll get fixed spread for Fix account and variable spread for Pro and ECN account. Their typical spread for the popular EUR/USD is:
Fix: 2
Pro: 0.9
ECN: avg on 0.7; their ECN account is provided by Integral and Currenex.
I’d say that 2 fixed spread for EUR/USD is quite a good deal in the industry.
2. Leverage
Offer up to 1:500; this is considered really high among other forex brokers.
3. Commissions
As STP broker, they gain profits from the difference between bid and ask price, thus no commission is charged. However, there is $3/lot commission in their ECN account.
4. Deposit
Minimum deposit is $10; you could open either Fix-Cent or Pro-Cent account with this. You can do this via Debit and Credit Cards, Liberty Reserve, Moneybookers.com, Webmoney, CashU, Perfect Money, LiqPAY .
5. Strategies (hedging, scalping, EA, Islamic Account)
RoboForex doesn’t limit any trading strategy. Hedging, scalping, trailing stop, and forex robot are allowed. Swap-free Islamic account also available.
6. Trading Platform
They provide MetaTrader4 and Power Trader. Mobile version and web-version also available.
7. Citizenship
Accept all citizens including US citizen.
8. Instruments
Over 200 trading instruments area available.
9. Order Execution
Depend on the account type, you could get Instant or Market execution.
10. Regulation
Here’s their statement:
ROBOFOREX LP is a member of Financial Services Complaints Ltd. FSCL is an independent not-for-profit External Dispute Resolution (EDR) scheme approved by the Minister for Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. It was the first Scheme to be approved and has been designed for and in consultation with the Financial Services Industry and has been built on principles of efficiency and effectiveness. It is governed by an independent Board with equal consumer and industry representatives. FSCL provides dispute resolution services to participating financial service providers (FSPs) and their clients.
You could see RoboForex in FSCL official site: http://fscl.org.nz/lop.php?t=tsp&p=1&l=r
RoboForex Review – Conclusion
As I said before, RoboForex provide quite solid services for traders, both manual and forex robot users. The spread is good, you could withdraw your money fast, and the mobile trading feature is just great; no more looking suitable apps for your phone OS. The ECN commission term isn’t very good though, I’d look for somewhere else if ECN is what I want. Overall, a decent broker to help your trading.
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Stay Away from RoboForex
This broker will let you make a money for a while then will wipe up your account in different ways. I will list some of their their ways below:
1. Re-quoting: They don't do that a lot but they seem wait for the right opportunity to do it when they do it, will make you loss a massive amount within seconds. This problem occurred on both live and demo account.
Check their price of GBPUSD on 27 Apr 2011 the lowest price that day with most brokers was 1.61530 but their lowest price was 1.61243 and if you look at their H1 chart on 27 Apr 2012 at 0:00 GMT +2 you will see the re-quoting very clear. The moment the market started the other day they did their re-quoting.
The most Interesting thing is that they have the same lowest price on what they call it ECN account.
2. Take Profit & Stop Loss: Many times RoboForex server will pass your target profit or stop loss many pips wihtout closing the order. It happened with me on 26 Apr 2012 at 15:54 opened GBPUSD sell position at 1.61840 and with take profit at 1.61500, on 27 Apr 2012 at 0:00 they re-quoted the price and reached 1.61243 and my position didn't close with target take profit. However I contacted them and they said there's no problem with our server and you're already agreed with risk disclosure when you opened you're account. Even with proofs I provided them they didn't solve the problem. Same problem happened with me last week beside the server was disconnected but unfortunately I didn't take screen shot that time but I have the log sent to them and it was the same answer. Last week made me lose $20,000. This problem occurred only on live account.
3. Server Disconnection: That's their main key to make you loss money. The server gets disconnected during important trading times, especially around the news or if you have big trades or lots open. This problem occurred only on live account.
4. Execution: Slow, average 10 sec but during high volatility or news release it's about 30 sec or even more So if you try to open an order with market execution once click buy or sell the server will take a nap until execute this order so you won't get the same price you tried to execute. This problem occurred only on live account.
*How this broker will attract you? The answer with their very low spread and fast withdrawal.
*Be careful and never thing to invest a penny with this broker.
