RoboForex: What Do Consumers Say about it?

It's hard enough to stay away from scam tricks in the vast forex trading world, let alone attempting to pick the right broker from a bunch of options available. Besides looking at a broker's performance and reputation, reading reviews from its users can provide you with a unique and diverse perspective. 

In this article, we have gathered up some recent reviews from investors who used the forex broker RoboForex. We hope this could be useful for you if you're trying to decide which broker to go with.

About RoboForex

Headquartered in Belize, the financial brokerage company RoboForex has been operating since 2009 and is licensed by the Belize FSC, it has also joined the membership of the financial commission (FinCom), an independent third-party dispute resolution organization. The broker offers 9 asset types including stocks, currencies and CFDs as well as a wide range of trading platforms and technologies such as MT5, R WebTrader and CopyFX.

However, the Securities Commission Malaysia (SC) added RoboForex to its investor alert list in 2021.

Fewer positive reviews than negative ones

Overall, users rate RoboForex more poorly than favorably, with a relatively high percentage of 5-star positive reviews and 1-star negative reviews compared to moderate reviews. Let's take a look at what aspects of RoboForex are quite praised and what aspects are criticized by users.

In most of the recent 5-star reviews, we see users praising RoboForex's customer support for solving their problems quickly. Joe said he had problems with verification and the bonus, but they were solved quickly with RoboForex's assistance, and Khai Nguyen said that in the event of technical problems, RoboForex's customer support was quick to deal with it. 

Also, in terms of withdrawals, RoboForex has been praised by some users who said that they received withdrawals timely. The trading conditions offered by RoboForex, such as commissions and spreads, have also been recognized by a few users.

RoboForex offers a wide range of account types, which meets the needs of traders, said Syamil Abdullah, a 5-year client of the broker. He also praised the fast execution of orders. The same sentiment was expressed by another user, Heath Arevalo, who also shared that his favorite part is the ability to start trading from a small account.

In addition, a forex trader described RoboForex's copy trading platform in detail, praising the platform's real-time copy trading capabilities, user-friendly interface, and powerful risk management tools.

Pros and Cons identified by Users

Two users summarized what they consider to be the pros and cons of RoboForex. Ali cites the spreads, deposit/withdrawal methods, fast order execution, and CENT account as the pros, while the cons are the high swap fees and conversion fees. Johann regards the advantages as the support for withdrawal and top-up with cryptocurrencies, and free withdrawal twice a month, in his opinion, however, withdrawals are sometimes difficult and the spreads of AUD/NZD are large.

Some minor issues

Reza RV stated that the only problem he encountered was a delay in order execution, but only about 1 to 2 seconds.

Jabir JB said that RoboForex's website interface is not user-friendly and a bit complicated for new users.

The user below shared in detail the deposit issue he experienced, which saw its cryptocurrency deposits not arriving for 24 hours and customer service not returning messages for 24 hours. However, he updated later that it took time but his deposit issue was resolved.

Some big problems

The problems reported by users who gave RoboForex one-star poor ratings are mainly about account fund security and withdrawal matters, which users care about the most and brokers should pay more attention to. One user said that he didn't feel comfortable letting the broker hold his funds and that he had trouble dealing with the broker, his account was frozen and his refund was canceled.

Several other users reported problems with missing funds. According to the user nicknamed Fio Flier, RoboForex banned his account for violating its rules and only refunded 30% of the money in USDT, the other 70% was never received and the customer support department did not respond to the emails. We see that RoboForex has replied to the user saying that it has given a detailed response to his support ticket, but perhaps the issue has not yet been resolved, as Fio Flier said that he would delete this comment if he receives the refund.

User Omar Ben Moussa shared that there was suspicious activity on his account, someone opened his account for trading and lost $3,600, while RoboForex just closed and froze his account but didn't solve the problem completely, and the remaining money in the account disappeared.

Another user claimed that he lost $865 during a withdrawal. RoboForex provided him with an Acquirer Reference Number (ARN) that could track the transaction, leaving the rest of the responsibility borne by himself.

The above reviews were collected from the Internet on August 14.

If you have any questions about your potential broker or would like to know reviews about it, please ask us a Question. BrokersView will review it for free.