RoboForex Review: Pros, Cons, and Key Features
This post was written by Kenon Thompson on July 24, 2023
In contrast, the spreads on the Pro and R StocksTrader account types vary from low to high compared to the industry average. My overall impression of RoboForex’s trading fees is that they are fairly competitive. DailyForex.com adheres to strict xcriticals to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money.
I recommend beginners seek in-depth education from third-party providers, start with trading psychology, and avoid paid-for courses before funding a trading account with RoboForex. RoboForex offers traders 33 currency pairs, 22 cryptocurrency pairs, 4 commodities, 9 index CFDs, 12,000+ equity CFDs, and 1,000+ ETFs. While RoboForex features a low selection of currency pairs and commodity CFDs, it maintains an excellent choice of all other trading instruments. RoboForex also offers significant flexibility in terms of account types and the potential to use very high leverage where permitted.
- Above all, our experts assess whether a broker is trustworthy, taking into account their regulatory credentials, account safeguards, and reputation in the industry.
- Notably, its investment program, , enables passive income with minimal effort.
- Furthermore, traders can leverage a broader range of financial products, including cryptocurrencies and ETFs, while benefiting from an expedited execution speed on this cutting-edge platform.
- As a trader who prioritizes flexible chart scaling, I find MT5’s charting capability too rigid and less effective.
- The broker also provides the CopyFx investment program, enabling traders to replicate the strategies of successful investors and earn passive income.
- As shown above, the problem with MetaTrader is that the charts can be crowded quite easily, even when you add no more than 2 indicators.
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The only thing preventing it from scoring higher is the narrow scope of its instruments offering, except for the R StocksTrader account. RoboForex is a prominent brokerage firm that caters to both active traders and investors by offering a wide range of trading opportunities. The company boasts an extensive selection of over 12,000 financial instruments, including currency pairs, CFDs on stocks, indices, metals, energies, and futures, creating a highly versatile trading environment. Furthermore, RoboForex extends a demo account offering, a risk-free environment where strategies can be honed with virtual money and without financial implications.
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Implementing a predetermined commission ensures that no swap charges are incurred when positions roll over into subsequent days. While gains or losses are illusory, the acquired experience is vital for fortifying confidence levels while advancing proficiency in trading abilities. The account permits the initiation of trades with only a $10 capital investment while featuring fluctuating spread ranges commencing at 1.3 pips. The stop-out threshold has been set at 10%, with bonuses and rebates available. Above all, our experts assess whether a broker is trustworthy, taking into account their regulatory credentials, account safeguards, and reputation in the industry.
RoboForex Main Features
The key differences among these accounts extend beyond their fee structures to include minimum margin requirements, leverage options, and specific conditions like margin call/stop-out levels. Additionally, the broker implements negative balance protection, mitigating the risk of day traders losing more than their account balance during volatile market conditions. RoboForex accepts payments via bank wire, credit and debit cards, scammed by xcritical and e-wallets. Every first and third Tuesday of every month, the broker offers cost-free deposits and withdrawals.
Is RoboForex A Good Broker For Day Trading?
Yes, RoboForex provides demo accounts, allowing traders to test their trading techniques and get acquainted with the platform before registering an account. We offer impartial reviews of online brokers that are hand-written, xcritical rezension edited and fact-checked by our research team, which spends thousands of hours each year assessing trading platforms. For simpler queries, I also find the website’s fxcritical and FAQ section to be valuable resources. These sections provide answers to common questions, covering a wide range of topics such as account deletion, details on upcoming trading contests, and guides for navigating trading platforms. TradingView-powered charts provide an extensive array of analytical tools, various timeframes, and effortless zooming capabilities for analyzing price movements. In comparison, the charts on MetaTrader platforms can feel cumbersome and less intuitive to navigate, making the trading experience less seamless.
Traders can use these resources to learn how to identify trading opportunities, interpret price action, apply tight risk management, and more. RoboForex offers a wide range of research content primarily geared towards day traders, though it’s also helpful for swing traders. I appreciated the strong emphasis on technical analysis, which gives readers a clear sense of where to enter and exit the market. Compared to the industry average, RoboForex offers a low amount of currency pairs, an average amount of commodities and indices, and a high amount of share CFDs.
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