How to Open RoboForex Account - TU Expert review
When choosing a broker to trade financial markets, it is important to consider how difficult it is to open an account. RoboForex is quite popular and many novice traders consider this brokerage company. Therefore, it is important to find out how difficult it is to open an account with this broker and know in advance what kind of information you will need to provide. Traders Union experts prepared a guide on How to Open RoboForex Account. The article explains what a trader needs to open an account and what information the broker requests traders to provide.
Short introduction of RoboForex
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
| 💰 Account currency: | USD, EUR, GOLD |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | 1:2000 |
| 💱 Spread: | Floating from 0 pips |
| 🔧 Instruments: | Forex (currency pairs), ETFs, index CFDs, oil CFDs, CFD on European and U.S. stocks, real securities |
| 💹 Margin Call / Stop Out: | 40% / 10% - 60% / 40% |
RoboForex Pros and Cons
👍 RoboForex Pros:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 RoboForex Cons:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
Things to know about registering an account with a broker?
Only users who registered with a broker can trade financial markets. A trading account determines conditions (brokers may offer several account types), serves as a wallet and stores trader’s settings. It is impossible to work in financial markets without a personal account.
Brokers have different registration procedures. Some companies ask only for general information, while others request more detailed personal information that involves filling out several forms.
Basic information requested by all brokers includes the following:
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First name and last name;
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Date of birth;
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Email;
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Password (can be sent to your email);
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Place of residence (country, city, address).
Brokers also may request additional information, such as marital status, sources of income, etc.
Is verification mandatory?
It is important that you carefully fill out all the forms and provide truthful information, because you will need to pass verification next. ID verification is an important requirement of brokers registered in reliable jurisdictions. The companies that are licensed in the U.S., the EU, Australia, etc., operate in compliance with AML/KYC.
Therefore, they require traders to provide the following:
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Proof of Identity. It could be a national ID or a foreign passport. Some brokers also accept a driver’s ID;
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Proof of Address. It could be utility bills, bank statements, etc.
If a trader plans to work with a reliable and trustworthy broker, he will need to pass verification. As a rule, it takes 24-48 hours.
How to Open RoboForex Account and Review of the User Account
To facilitate your work with RoboForex and to become comfortable using its terminal, we will give you step-by-step instructions for entering the broker's account and we will give you an online tour of its platform.
You can enter your RoboForex personal account from the main page on the broker's website by clicking the "Sign In" button.
Authorization on the site must be carried out by entering the registered email address and password and confirming the login.
In your RoboForex personal account, you will have access to the main sections allowing you to:
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open a trading account and fund it;
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download the trading platform;
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take advantage of the broker's bonuses;
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take part in the broker's investment programs, make a Deposit.
Besides, in your account on the RoboForex website, you will find:
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fresh analytics;
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valuable educational information;
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access to viewing the history of account transactions;
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up-to-date quotes of trading instruments and a section for account verification;
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and you can also get professional advice from the RoboForex support service.
Brokers similar to RoboForex
In order to choose the right broker, it is necessary to compare its conditions with those offered by other brokers and review the rules of different companies for opening an account. Traders Union experts prepared a comparison of trading conditions of companies and features of their trading accounts.
Comparison of RoboForex with other Brokers
| RoboForex | Pocket Option | Exness | Eightcap | Tickmill | FxGlory | |
|---|---|---|---|---|---|---|
|
Trading platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, MT5, Tickmill Mobile App |
MT4, Mobile Trading, MT5 |
|
Min deposit |
$10 |
$5 |
$10 |
$100 |
$100 |
$1 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:30 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
Yes |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
8.00%% |
|
Spread |
From 0 points |
From 1.2 point |
From 1 point |
From 0 points |
From 0 points |
From 2 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
Instant Execution, Market Execution |
|
No deposit bonus |
No |
No |
No |
No |
$30 |
No |
|
Cent accounts |
Yes |
No |
No |
No |
No |
No |
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
Eightcap has favorable working conditions due to a large choice of instruments, tight spreads, high leverage, and no withdrawal fees. Integration with popular trading platforms and basic deposit/withdrawal options greatly facilitates work with the broker and reduces the entry threshold. In addition to comfortable conditions and low financial costs, traders get free educational materials and special services for technical analysis. Some solutions, like Capitalise.ai, have no constructive counterparts. A relative disadvantage is the absence of opportunities for passive income. Also, the broker works only with CFDs, so other groups of trading instruments are not available.
Tickmill is a suitable broker for both professional traders and novices. The company is good for robotic trading as well as for short-term strategies.
FxGlory is a universal broker for active trading that is likely to be interesting for European traders.
Conclusion
Opening a trading account is something every trader goes through. This is why it is important to know how it works and what kind of information needs to be provided. In this article, traders were given an opportunity to learn about conditions and rules for opening a trading account with RoboForex, and also compare broker’s conditions with competitors. This information is important to have when you are choosing a company to trade financial markets with.
FAQs
Can I learn how the broker protects data?
Yes. Every broker must have a document titled Privacy Policy. Make sure you read it before you start registering an account.
Can you trade in the financial markets without verification?
Brokers registered in reliable jurisdictions do not allow trading without verification. Offshore brokers may offer this option, but not all of them.
Could a broker refuse to register an account?
Theoretically, it is possible for a broker to refuse registration. You will need to contact the support service to find out the reason.
Can I trade with a broker or on an exchange without an account?
No. You need to have a trading account to trade, make deposits, withdraw funds, etc.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.