
RoboForex Review
Overall, RoboForex is a trustworthy broker offering traders over 9,400 trading instruments and has excellent educational material for novice traders. RoboForex is currently not regulated by the CBN. Roboforex has a trust score of 4.6 out of 5.

- Louis Schoeman
Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Range of Markets

Fees

Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons

FAQ
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
RoboForex At a Glance:
🏛️ Headquartered | Belize City |
🏛️ Nigerian Based Office | No |
👍 Accepts Nigerian Traders? | Yes |
📅 Year Founded | 2009 |
📱 Nigerian Office Contact Number | None |
⚖️ Regulation | International Financial Services Commission (IFSC) |
🔎License Number | Belize FSC license No. 000138/437 |
⚖️ CBN Regulation | None |
✴️ Regional Restrictions | USA, Canada, Japan, Australia, Bonaire, Curaçao, the Democratic Republic of Timor-Leste, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other regions |
☪️ Islamic Account | Yes |
📈 Demo Account | Yes |
📈 Retail Investor Accounts | 5 |
🚀 Offers a Nigerian Account? | No |
💻 Dedicated Nigerian Account Manager? | No |
📈 Maximum Leverage | 1:2000 |
📈 Leverage Restrictions for Nigeria? | No |
💳 Minimum Deposit (₦) | 4,100 Nigerian Naira |
💳 Nigerian Naira Deposits Allowed? | Yes, AstroPay |
💰 Active Nigerian Trader Stats | 1.3 million |
Active Nigerian-based RoboForex customers | Unknown |
💰 Nigeria Daily Forex Turnover | $1.25 million+ |
💳 Deposit and Withdrawal Options | Bank Transfers, Credit Card, Debit Card, Cash and Vouchers, Bank Wire Transfer, Electronic payments such as Skrill, Neteller, and others |
💰 Segregated Accounts with Nigerian Banks? | No |
💻 Trading Platforms | MetaTrader 4, MetaTrader 5, R StocksTrader, RoboForex Terminals, CopyFX app |
💰 Tradable Assets | Forex, Stocks, Indices |
🌐 Offers USD/NGN currency pair? | No |
🌐 USD/NGN Average Spread | N/A |
📈 Offers Nigerian Stocks and CFDs | No |
👨💼 Languages supported on Website | English, Polish, Indonesian, Malayan, Portuguese, Spanish, Italian, Czech, Simplified Chinese, Vietnamese, and more. |
👥 Customer Support Languages | Multilingual |
👥 Customer Service Hours | 24/7 |
👥 Nigerian-based customer support? | No |
💰 Bonuses and Promotions for Nigerians | Yes |
✴️Education for Nigerian beginners | Yes |
📊 Proprietary trading software | Yes |
💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
✔️Is RoboForex a safe broker for Nigerians? | Yes |
✔️Rating for RoboForex Nigeria | 9/10 |
✔️Trust score for RoboForex Nigeria | 66% |
RoboForex Review – 20 key points quick overview:
RoboForex Overview
RoboForex, founded in 2009, is a multi-award-winning Market Maker, STP, and ECN online broker that enables traders worldwide to trade over 9,400 trading instruments across different asset types, including Forex, Commodities, Stocks, Shares, Indices, Metals, Energies, ETFs, and CFDs.
RoboForex utilizes eight liquidity providers (LPs) that provide tight spreads as low as 0 pips, fast execution, and leverage of up to 1:2000. RoboForex has more than 800,000 registered traders from 169 countries worldwide, making RoboForex a globally recognized entity.
RoboForex offers the famous MetaTrader platforms, and their own proprietary R Trader platform, all of which provide a pleasant trading experience and respond to the unique trading demands of individuals traders. Desktop, online, and mobile platforms are all accessible.
This RoboForex review will provide Nigerian traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.
Popularity among traders who choose RoboForex
RoboForex is a global broker, but its market share is very small in Nigeria. However, RoboForex is still one of the Top 100 international brokers that welcomes Nigerian traders.
Regulation and Safety of Funds
RoboForex Ltd is well-regulated by the International Financial Services Commission (IFSC) in Belize under the license number 000138/210. RoboForex follows strict Anti-Money Laundering (AML) and Know Your Customer (KYC) policies, in which all client’s identities must be verified and third-party payments or payments from unknown sources are not accepted, amongst other requirements.
RoboForex Ltd is a member of a Compensation Fund that offers eligible clients up to €20,000 in client protection. In addition, RoboForex also has a Civil Liability Insurance program up to a maximum of 5 million EUR, including coverage against any fraud, errors, negligence, or any other risk of loss.
RoboForex Limited has an execution quality certificate Verify My Trade (VMT), which proves that the broker complies with all requirements of the Financial Commission. RoboForex also offers negative balance protection which is applied to all retail investor accounts.
Account Types and Features
RoboForex offers Nigerian traders a choice between five retail investor accounts that can be used to trade in live markets using real money. There is also the option for an Islamic Account offered to Muslim traders. Lastly, RoboForex offers a demo account that can be used for several purposes, offering traders a risk-free environment funded with virtual money.
The live account options are:
️ RoboForex Nigeria Prime Account
️ RoboForex Nigeria ECN Account
️ RoboForex Nigeria R StocksTrader Account
️ RoboForex Nigeria ProCent Account
️ RoboForex Nigeria Pro Account
Prime Account
The Prime Account offers traders some of the best trading conditions possible, suited to both forex markets and several other financial markets. The Prime account is like typical standard accounts and is seen as the entry-level account for beginner, intermediate, and professional traders with the following unique features.
Account Feature | Value |
💻 Trading Platforms available | MetaTrader 4, MetaTrader 5, R StocksTrader, RoboForex Terminals |
💰 Base Currency Options | USD, EUR, GOLD |
💳 Minimum Deposit Requirement (₦) | 4,100 NGN or equivalent to either 10 USD, or EUR |
💰 Commission | Yes, $10 per million traded |
📈 Spreads | Floating from 0.0 pips EUR/USD |
✴️ Trade Execution | Market |
🚀 Tradable Instruments | 28 Forex Pairs, Spot Metals, CFDs on US Stocks, Index CFDs, Oil CFDs |
📈 Maximum Leverage Ratio | 1:300 |
📊 Minimum Trade Volume | 0.01 lots |
📈 Maximum Trade Volume | 500 lots |
📈 Stop-Out | 100% |
💰 Cashback (Rebates) offered | 5% of overall commission |
💰 Bonuses Offered | No profit share or classic deposit bonus |
💳 Free Fund Withdrawal | Yes |
☪️ Islamic Account Option | No |
👉 One-Click Trading Supported | Yes |
🌐 Trading Account History Time Frame | 12 Months |
ECN Account
The Electronic Communications Network (ECN) account is suited to experienced traders who need the best order execution along with some of the best trading conditions.
Account Feature | Value |
💻 Trading Platforms available | MetaTrader 4, MetaTrader 5, R StocksTrader, RoboForex Terminals |
💰 Base Currency Options | USD, EUR, GOLD |
💳 Minimum Deposit Requirement (₦) | 4,100 NGN or equivalent to either 10 USD, or EUR |
💰 Commission | $20 per million traded |
📈 Spreads | Variable spread from 0.0 pips EUR/USD |
✴️ Trade Execution | Market |
🚀 Tradable Instruments | 36 Forex Pairs, Precious Metals, CFDs on US Stocks, Index CFDs, Oil CFDs |
📈 Maximum Leverage Ratio | 1:500 |
📊 Minimum Trade Volume | 0.01 lots |
📈 Maximum Trade Volume | 500 lots |
📈 Stop-Out | 40% |
💰 Cashback (Rebates) offered | Up to 15% of RoboForex’s revenue |
💰 Bonuses Offered | Yes |
💳 Free Fund Withdrawal | Yes |
☪️ Islamic Account Option | No |
👉 One-Click Trading Supported | Yes |
🌐 Trading Account History Time Frame | 12 Months |
R StocksTrader Account
This is a specialized account that is suited for stock trading and investment, providing Nigerian traders exclusive access to the R StocksTrader proprietary trading platform.
Account Feature | Value |
💻 Trading Platforms available | R StocksTrader |
💰 Base Currency Options | USD, EUR |
💳 Minimum Deposit Requirement (₦) | 41,500 Nigerian Naira first deposit |
💰 Commission | US Stocks ($10,000+ Deposit) – $0.009 p/share US Stocks – $0.025 per share US Stock CFDs – $0.02 per share EU Stock CFDs – 0.07%$15 per 1 million base currency on forex Variable commission on Indices |
📈 Spreads | US Stocks ($10,000+ Deposit) – from $0.01 US Stocks – from $0.01US Stock CFDs – from $0.01 EU Stock CFDs – from 0.0 PipsForex – from 0.0 pipsIndices – from 0.5 pips |
🚀 Tradable Instruments | Over 12,000 instruments across Indices, Individual Stocks, Stock CFDs, Forex, ETFs, Oil CFDs, Metal CFDs, Brazil Stock CFDs |
📈 Maximum Leverage Ratio | US Stocks ($10,000+ Deposit) – up to 1:20 US Stocks – 1:2 US Stock CFDs – up to 1:20 EU Stock CFDs – up to 1:5 Forex – up to 1:300 Indices – 1:100 |
📊 Minimum Trade Volume | 0.01 lots |
📈 Maximum Trade Volume | 500 lots |
📈 Stop-Out | 20% |
💰 Cashback (Rebates) offered | No |
💰 Bonuses Offered | No |
💳 Free Fund Withdrawal | Yes |
☪️ Islamic Account Option | Yes |
👉 One-Click Trading Supported | No |
🌐 Trading Account History Time Frame | None |
ProCent Account
This account type is specifically designed to cater for novice traders as well as advanced traders who are testing trading strategies or Expert Advisors. This account is the first live trading account that traders can use once they are finished with the demo account and are ready to trade real money.
This account is well-known as one of the best automated trading solutions that RoboForex offers, especially when it is used with proprietary mobile trading apps.
Account Feature | Value |
💻 Trading Platforms available | MetaTrader 4, MetaTrader 5, R StocksTrader |
💰 Base Currency Options | USD, EUR GOLD |
💳 Minimum Deposit Requirement (₦) | 4,100 NGN or equivalent to either 10 USD, or EUR |
💰 Commission | None |
📈 Spreads | Variable spread from 1.3 pips EUR/USD |
🚀 Tradable Instruments | 36 Forex Pairs, Precious Metals |
📈 Maximum Leverage Ratio | 1:2000 |
📊 Minimum Trade Volume | 0.01 lots |
📈 Maximum Trade Volume | 10,000 |
📈 Stop-Out | 10% |
💰 Cashback (Rebates) offered | Up to 1.5% of RoboForex’s revenue |
💰 Bonuses Offered | Yes, Profit Share (60%), Classic Deposit (120%) |
💳 Free Fund Withdrawal | Yes |
☪️ Islamic Account Option | Yes |
👉 One-Click Trading Supported | Yes |
🌐 Trading Account History Time Frame | 1 year |
Pro Account
This account type should not be confused with a Professional Account. The Pro Account is the next level up from the Cent Account, allowing traders to transition into standard trading conditions.
Account Feature | Value |
💻 Trading Platforms available | MetaTrader 4, MetaTrader 5, R StocksTrader, RoboForex Terminals |
💰 Base Currency Options | USD, EUR, GOLD |
💳 Minimum Deposit Requirement (₦) | 4,100 NGN or equivalent to either 10 USD, or EUR |
💰 Commission | None |
📈 Spreads | Variable spread from 1.3 pips EUR/USD |
🚀 Tradable Instruments | 36 Forex Pairs, Precious Metals, CFDs on US Stocks, Index CFDs, Oil CFDs |
📈 Maximum Leverage Ratio | 1:2000 |
📊 Minimum Trade Volume | 0.01 lots |
📈 Maximum Trade Volume | 500 |
📈 Stop-Out | 20% |
💰 Cashback (Rebates) offered | Up to 15% of RoboForex’s revenue |
💰 Bonuses Offered | Yes, Profit Share (60%), Classic Deposit (120%) |
💳 Free Fund Withdrawal | Yes |
☪️ Islamic Account Option | Yes |
👉 One-Click Trading Supported | Yes |
🌐 Trading Account History Time Frame | 1 year |
Islamic Account
RoboForex has a dedicated Islamic Swap-Free account type. Instead of the swap, owners of Swap-Free accounts pay a predetermined forex fee that is determined only by the currency pair and the number of open lots, not by the issuing banks’ interest rates.
Swap-free accounts were designed specifically for customers of the Muslim faith who are prohibited from trading using swaps under Sharia law. Muslim traders interested in this account can only register and convert Cent, R StocksTrader and Pro Accounts.
The commissions that Muslim Traders can expect will depend on the financial instrument that they trade, with certain groupings indicated on the official RoboForex website.
Demo Account
The RoboForex demo accounts mimic the trading conditions of their live counterparts without exposing traders to the risk of loss. With RoboForex, traders can use demo accounts across all trading platforms and financial markets offered by the broker.
The RoboForex Demo accounts differ from those using real money in that they provide traders virtual funds that can be used to trade live market conditions. The demo account is one of the most powerful tools available for practice trading and testing strategies and Expert Advisors.
Account Registration
The process involved with registering a RoboForex account is extremely simple. Nigerian traders can visit the official website of RoboForex, select the option to register and complete a short online registration form.
Once traders log into their Members Area, they can apply for a live trading account, during which Nigerian traders must provide personal, financial, and employment information, complete a trading experience questionnaire and upload proof of identification and residential address.
Once the RoboForex team has reviewed the information and documents, the account can be approved, and Nigerians can deposit the minimum deposit to start trading.
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
No
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
RoboForex Vs Exness Vs JustMarkets – Broker Comparison
RoboForex | Exness | JustMarkets | |
⚖️ Regulation | IFSC | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA | FSA |
📱 Trading Platform | MetaTrader 5 MetaTrader 5 R StocksTrader RoboForex Terminal CopyFX App | MetaTrader 4 MetaTrader 5 | MetaTrader 5 MetaTrader 4 ZuluTrade JustMarkets App |
💰 Withdrawal Fee | Yes | No | No |
📊 Demo Account | Yes | Yes | No |
📈 Minimum Deposit | 4,100 NGN | 4,100 NGN | 400 NGN ($1) |
📈 Leverage | 1:2000 | Unlimited | Up to 1:3000 |
📊 Spread | 0.0 pips | Variable, from 0.0 pips | From 0.0 pips |
💰 Commissions | $3 to $4 | From $0.1 per side, per lot | 3 base currency units per lot/side |
✴️ Margin Call/Stop-Out | Stop-out 100% to 10% | 60%/0% | 40%/20% |
✴️ Order Execution | Market | Market | Market |
💳 No-Deposit Bonus | Yes | No | Yes |
📊 Cent Accounts | No | Yes | Yes |
📈 Account Types | RoboForex Prime Account RoboForex ECN Account RoboForex R StocksTrader Account RoboForex ProCent Account RoboForex Pro Account | Standard Account Standard Cent Account Raw Spread Account Zero Account Pro Account | MetaTrader 4 Standard Cent Account MetaTrader 4 Standard Account MetaTrader 4 Pro Account MetaTrader 4 Raw Spread Account MetaTrader 5 Standard Account MetaTrader 5 Pro Account MetaTrader 5 Raw Spread Account |
⚖️ CBN Regulation | No | No | No |
💳 NGN Deposits | Yes | Yes | Yes |
📊 Nigerian Naira Account | No | No | No |
👥 Customer Service Hours | 24/7 | 24/7 | 24/5 |
📊 Retail Investor Accounts | 5 | 5 | 7 |
☪️ Islamic Account | Yes | Yes | Yes |
Trading Platforms
RoboForex is inherently known for its vast selection of powerful, innovative trading platforms including:
️ MetaTrader 4 is the most popular trading platform that offers 50 built-in technical indicators, technical analysis, basic tools and graphical objects, Expert Advisors, and advanced charting capabilities.
️ MetaTrader 5 is the next-gen solution to MetaTrader 5 that provides four order execution types, multi-currency testers, additional technical indicators, MQL5 programming language and a helpful online community.
️ R StocksTrader is the proprietary platform of RoboForex that provides more than 9,400 financial instruments that can be traded, comprehensive technical analysis, market depth, multiple chart layouts, forex market news, and more.
️ RoboForex Terminals are available on both mobile devices and the web, offering additional capabilities and functions to help traders refine their trading.
️ CopyFX platform is a proprietary mobile platform that allows Nigerian traders to copy the trades of successful traders automatically to their trading account. CopyFX is one of the best social trading platforms that offer a transparent rundown of the best trading signal providers according to their profitability, how long they have been trading, and their maximum drawdown.
Range of Markets
RoboForex offers a wide range of financial instruments that are spread across these asset types:
️ Over 40 Currency pairs spread across forex major currencies, minor currency pairs, and exotic pairs.
️ Over 12,000 Stock CFDs
️ Indices
️ Exchange-Traded Funds (ETFs)
️ Soft Commodity ETFs such as Cocoa, Coffee, Corn, Wheat, and others.
️ Precious Metals
️ Energy ETFs and CFDs
Trading and Non-Trading Fees
Spreads
As part of its overall trading costs, the variable spreads that Nigerian traders can expect from RoboForex will be determined by the account type they use, the financial instrument they trade, and the market conditions on the trading day. Typical spreads that traders can expect according to account type on EUR/USD is as follows:
️ Prime Account – from 0.0 pips
️ ECN Account – 0.0 pips
️ R StocksTrader Account – from $0.01
️ ProCent Account – from 1.3 pips
️ Pro Account – from 1.3 pips
Commissions
The commissions that traders can expect are charged on the ECN and the Prime Accounts. While commissions are charged at $10 per million traded on the Prime account, Nigerian traders can expect commissions of $20 per million traded on the ECN Account.
In addition, Muslim traders who use the Islamic account can expect commission charges according to the financial instrument that they trade and subsequently hold open. These charges range from $2 up to $20 on Forex and metals, $0.1 to $12 on CFDs, and $0.50 to $30 on Stock CFDs.
Overnight Fees, Rollovers, or Swaps
The overnight fees that RoboForex charges will depend on the position size, the position that traders hold, the market conditions, and the financial instrument that is being traded. Some average overnight fees on EUR/USD includes a short (sell) swap of -0.08 and a long (buy) swap of -0.679
Deposit and Withdrawal Fees
RoboForex does not charge any deposit fees, but the following withdrawal fees are charged:
️ ThunderX, Shop2Pay, Eximbank, TPBank, Maritime bank, Agribank, Asia Commercial Bank, BIDV, VIB, Techcombank, VietinBank, Vietcombank, Bank Transfer (SEPA) – 1.5%
️ Local Bank Transfer – up to 4%
️ AstroPay – 0.5%
️ Skrill – 1%
️ Neteller – 1.9%
️ Perfect Money – 0.5%
️ AdvCash – 1%
️ Debit and Credit Cards – 2.6% + 1.3 USD or 1 EUR
RoboForex Broker Comparison for Range of Markets
RoboForex | Exness | JustMarkets | |
➡️️ Forex | Yes | Yes | Yes |
➡️️ Precious Metals | No | Yes | Yes |
➡️️ ETFs | No | No | No |
➡️️ CFDs | Yes | Yes | Yes |
➡️️ Indices | Yes | Yes | Yes |
➡️️ Stocks | Yes | Yes | Yes |
➡️️ Cryptocurrency | No | No | Yes |
➡️️ Options | No | No | No |
➡️️ Energies | No | Yes | Yes |
➡️️ Bonds | No | No | No |
Deposits and Withdrawals
RoboForex supports the following deposit methods and withdrawal options:
️ Bank Payments (USD, BRL)
️ Boleto (USD, BRL)
️ Santander Rio (USD)
️ Bancolombia (USD)
️ PSE (USD)
️ Banco Do Brazil (USD)
️ Bradesco (USD)
️ ITAU (USD)
️ Webpay (USD)
️ Spei (USD)
️ ThunderX (QR-Code) (THB, LAK, MMK, KHR)
️ Shop2Pay (QR-Code) (THB)
️ Eximbank (VND)
️ TPBank (VND)
️ Agribank (VND)
️ Maritime Bank (VND)
️ Asia Commercial Bank (VND)
️ BIDV (VND)
️ VIB (VND)
️ Techcombank (VND)
️ VietinBank (VND)
️ Vietcombank (VND)
️ TED/DOC (BRL)
️ Bank Transfer (SEPA) (EUR)
️ Local Bank Transfer (MYR)
️ AstroPay (AED, AUD, BRL, CLP, EUR, GBP, IDR, INR, JPY, MXN, MYR, NGN, THB, USD, VND)
️ Skrill (USD, EUR)
️ Neteller (USD, EUR, MYR, IDR, AED, PLN)
️ Perfect Money (USD, EUR)
️ AdvCash (USD, EUR, UAH, BRL, GBP, KZT)
️ Nganluong Wallet (VND)
️ VISA, MasterCard, JCB (USD, EUR, CHF, GBP, PLN, CZK, UAH, MYR, KZT)
️ Cash and Vouchers (USD) including efecty, Davivienda, Almancense Éxito, Carulla, Edeq, Surtimax, Pago Facil, Rapi Pago, ServiPag, Red Pagos, Banorte, Bancomer, OXXO, Pago Efectivo
️ Western Union (USD)
Process to Withdraw Funds from a RoboForex Account
To withdraw funds from a RoboForex Account, traders must first ensure that their account has been verified and approved, then follow these steps:
️ Traders can log into their RoboForex Members Area and navigate to “Withdraw Funds”.
️ Traders must ensure that the active account in the Members Area is the one that they want to withdraw funds from.
️ Traders can select their preferred payment method from the list provided.
️ Traders can select “Go To”.
Traders may be subject to providing additional information depending on the payment method that they selected. This can be done on the next page of creating a withdrawal request. Traders must note that all withdrawal requests are processed by the broker in two business days, from 9 am to 6 pm (EET).
Education and Research
The educational resources and tools that RoboForex offers Nigerian traders include the following:
️ Guides on Account Opening and Trading
️ Educational Videos
️ FAQ Section
The research tools offered for advanced traders include:
️ Forex Analysis and Forecasts
️ RoboForex Analytics Centre
️ Economic Calendar
️ Blog
️ R StocksTrader Strategy Builder
️ Trading Calculators
️ Financial Charts
️ Trading Tips
️ Expert Advisors
️ Changes in Trading Schedule
️ CopyFX
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
No
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
How To Minimize Risk While Trading?
1. Use Stop Losses
👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.
👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.
👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.
2. Use Proper Lot Sizes
👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.
👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.
3. Control Your Losses
👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.
👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.
4. Use Leverage Carefully
👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.
5. Choose The Time Of Day That You Trade
👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.
👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.
👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.
6. Buy The Rumor, Sell The News
👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.
👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.
All About RoboForex’s Rebate System
👉 The “Cashback (Rebates)” program, verified clients of RoboForex have an opportunity to receive additional profit on all account types.
👉 The bigger the monthly forex trading volume on your account, the more cashback you can receive.
👉 The funds you received can be used in any way you want without any restrictions.
Bonuses and Promotions
RoboForex offers a wide range of bonuses and promotions including:
️ Promotion to the value of $1.1 million to celebrate 11 years of RoboForex
️ Welcome Bonus
️ Profit Share Bonus
️ Classic Bonus
️ Cashback (rebates)
️ Up to 10% back on trading accounts
RoboForex Affiliate Program
RoboForex offers a comprehensive affiliate program that provides partners with up to 84% profits, with instant partner commission of up to 74%, and a loyalty program of up to 20% of the overall partner commission.
RoboForex offers a helpful real-time calculator on the official website where prospective partners can calculate their commission according to the number of clients they have. RoboForex reports a total VIP program commission of 4,724.2 USD.
All RoboForex professional accounts can become eligible for revenue share of up to 50% while Affiliate accounts can earn up to 70%, and R StocksTrader accounts can earn revenue share up to 50%.
The benefits associated with the RoboForex affiliate program are as follows:
️ There are no pay-out limits and no restrictions on the maximum payments per month or per client.
️ RoboForex offers daily payments.
️ There are no deal restrictions, and all trades are paid out without any limits.
️ There are no restrictions on bonuses in terms of trading volumes.
️ Partners have access to 24/7 customer support.
️ There are simple analytics offered regarding attracted clients in real-time.
In addition, the loyalty program offered by RoboForex helps partners increase their overall profit by up to 20%. The program implies that all partners can be eligible to an additional percentage of the overall sum of commission received according to monthly results.
️ If the partners profit is between $100 to $500, they receive 10% or up to $50
️ If the partners profit is between $500 to $30,000, they receive 15% or up to $4,500
️ If the partners profit is over $30,000, they receive 20% starting from $6,000
In terms of mark-up client accounts, partners can boost their profit by 2.5x by 50% on pro accounts and up to 70% on affiliate accounts. In addition, partners can receive multi-level commission when they choose the VIP or Expert program.
The VIP program has two levels while the Expert program has up to 5 levels. In terms of the VIP program, partners can receive affiliate commission up to 70% on the first level and 10% of the commission received by sub-partners on the second level.
In terms of the Expert program there is a multi-level commission as follows:
️ 1st Level – 35% of RoboForex’s revenue
️ 2nd Level – 20% of sub-partner commission
️ 3rd Level – 15% of sub-partner commission
️ 4th Level – 12.5% of sub-partner commission
️ 5th Level – 10% of sub-partner commission
Verdict on RoboForex
Overall, in the RoboForex review based on research in Nigeria, the broker is a suitable candidate for beginner and professional traders despite their trading styles or trading objectives. RoboForex is an offshore broker, but it is reputable in the forex industry and offers versatile trading conditions.
RoboForex is an international broker focussed on ensuring that traders’ needs can be met and that all traders have access to a fair, transparent, and safe trading environment where their client funds are protected and where they have the tools, resources, and assistance to add a competitive edge to their trading.
RoboForex Pros and Cons
✔️ Pros | ❌ Cons |
Offers a massive range of tradable instruments across financial markets | United States clients, and some other regions, cannot register with RoboForex |
Provides professional yet user-friendly trading platforms | There are no fixed spread accounts offered |
Low initial deposit requirement on all account types | There is no FCA, CySEC, FSCA, or other regulation with popular market regulators |
There are several flexible account types with competitive trading conditions and transparent trading costs | Offshore broker with offshore regulation |
Offers a vast range of research tools to experienced traders | Market Maker forex broker that can benefit from the losses of clients |
Award-winning broker that ensures client fund protection | Inactivity fee may apply to dormant accounts |
Negative balance protection applied to all account types | Withdrawal fee charged on several payment options |
RoboForex has obtained Verify My Trade, proving trade execution speeds | |
Comprehensive social trading platforms offered |
Frequently Asked Questions
Which trading platforms are supported by RoboForex?
RoboForex supports the use of: MetaTrader 4, MetaTrader 5, R StocksTrader, RoboForex Terminals, CopyFX
Does RoboForex offer leverage and what is the maximum ratio offered?
Yes, RoboForex offers maximum leverage up to 1:2000.
Is RoboForex regulated and by whom?
Yes, RoboForex is regulated by the International Financial Services Commission (IFSC) in Belize.
Is RoboForex suitable for beginner and professional traders?
Yes, RoboForex offers ideal solutions that accommodate novice traders and professional traders despite their trading objectives or trading styles.
What is the overall rating for RoboForex out of 10?
The overall rating for RoboForex is 7/10.