RoboForex Review – Scam or Legit?
RoboForex is Forex broker is provides both individuals and businesses with a range of Forex trading services including cent accounts and professional ECN trading accounts. Based in New Zealand, RoboForex serves a good deal of traders from Indonesia and Malaysia, as well as others throughout the world. For the purposes of this RoboForex review we’ve taken a look at the broker’s services and offerings so that whether you’re looking for RoboForex Indonesia or anywhere else you’ll know if this is the right brokerage for you. It’s worth noting that despite its name, RoboForex is not an automatic Forex trading service.
RoboForex is available to traders 24 hours a day 5 days a week, and it provides both beginner and expert traders with advice, information, news and bonuses upon deposit. We found the company’s Forex glossary to be a bit weak – it certainly doesn’t cover all of the important terms that you’ll need to know about if you want to trade Forex successfully. Likewise, the Forex articles for beginners were somewhat shallow. For advanced traders, RoboForex provides live company and Forex news, technical analyses of your favorite currency pairs and a currency chart where you can choose what hour you would like to see.
In contrast, we found the information about RoboForex’s services to be extremely robust, with the company’s website providing all necessary information for traders to understand how trades are executed, what the minimum deposits are and what fees are charged. Roboforex provides a demo account for those who want to practice as well as multiple real accounts for those who are ready to invest.
During our RoboForex review we were impressed to see that the company offers over 200 trading instruments, as well as multiple trading platforms to meet the needs of different Forex traders. Platforms include multi-terminal and MetaTrader 4 platforms, to Android, Mobile and Web based platfroms (for Mac and Linux systems as well as PCs). RoboForex is expanding to offer the new MT5 platform.
The company is regulated by the independent Financial Services Complaints LTD (FSCL), which is a positive sign, though we always recommend looking for brokers that are regulated by a governmental agency such as CySEC, the NFA or FSC. We could not ascertain exactly what regulations are enforced (if any) by the FSCL, and full research of this issue is somewhat beyond the scope of this RoboForex review.
RoboForex is available in English, Indonesian, Malaysian, Russian and Chinese, which notes to traders that its services are geared towards traders in Asia rather than Europe, though of course anyone is welcome to trade.