Overview

Roboforex was established in 2009 and is regulated by Belize’s International Financial Services Commission (IFSC). The company offers services in stocks, futures, commodities, etc.

Regulations:

FSC Belize.

Trading Platforms:

Mt4, Mt5, R Stock Traders, R Mobile Trader

Countries they are Dealing:

African countries, Malaysia, Albania, China, India, Kuwait, Pakistan, Jamaica, Brazil, Turkey Bangladesh, etc.

Prohibited Countries:

USA, Canada, Japan, Australia, Bonaire, Brazil, Curaçao, East Timor, Indonesia, Iran, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other restricted countries.

Payment Method:

Wire Transfer, Local Transfer, Neteller, International Bank Transfer, Skrill, Credit Card, AstroPay, PerfectMoney, Giropay, Visa, Mastercard, SticPay.

Pros:

  • Negative balance protection.
  • Compensation Fund of € 20000 per case.
  • Min deposit of 10$
  • Allow Copy Trading.

Cons:

  • Not regulated by Top tier regulators like SEC(USA), and FCA(UK).
  • Does not deal in Cryptocurrency.
  • High Leverage 1:2000
  • Limited Geographical reach excludes The USA, Canada, Australia etc.
  • Complex Fee Structure.

Is RoboForex safe for traders?

RoboForex offers the best trading platforms like MT4, and MT5 along with Rstocks Trader. They have safety mechanisms to prevent negative balances and are a member of the Compensation Fund, covering up to €20,000 per client in case of insolvency. However, the high leverage of up to 1:2000 can pose a serious risk for beginners as it amplifies both Profits and Losses. Also, RoboForex is not regulated by top-tier regulators such as the SEC (USA) and FCA (UK), which may concern some investors.

VYFXB Analysis of RoboForex

RoboForex has a mix of attractive features and significant drawbacks. The platform’s negative balance protection, compensation fund, low minimum deposit, and copy trading capabilities are strong positives. However, the lack of top-tier regulation, absence of cryptocurrency trading, high leverage risks, limited geographical reach, and complex fee structure present notable concerns. Many clients have also pointed out issues with Forex withdrawals, which could lead customers to believe it’s a Forex scam. Reading VYFXB brokers’ reviews could provide valuable insight.
Best Forex Broker -VYFXB Scale= 2/5