Reviews About RoboForex From Clients In Panama
Panama is one of the Forex and stock trading-friendly countries in Central America. Financial regulators in this jurisdiction allow regulated offshore brokers to provide services to individuals interested in the trading industry. RoboForex is among the most popular brokers in Panama, known for integrating sophisticated trading tools ideal for beginner and professional traders. Traders are advised to read reviews about RoboForex before they sign up. Again, reading feedback about RoboForex from previous users will help reassure potential traders of the safety of investing in the platform.
However, in this article, TU traders will present traders with the RoboForex reviews in Panama.
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How to start trading on RoboForex?
To initiate trading on RoboForex, navigate to the official RoboForex website. Click on either the "Open an Account" or "Sign In" button and fill in the requisite details. If you're a first-time registrant, input accurate personal and contact information. Select an account type aligned with your trading preferences and undergo identity verification by submitting essential documents, including a valid ID and proof of address.
Upon successful account verification, deposit funds into your trading account. Opt for a preferred trading platform such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), or cTrader. Develop a comprehensive trading plan before commencing trading activities. Starting with a demo account is recommended, as it does not require any upfront payments.
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What can you find out in reviews of RoboForex?
RoboForex reviews are a reliable way to evaluate the broker's profit-sharing scheme and capacity to provide high-quality tools. You can learn more about the brokers' partnership programs, withdrawal processing times, leverage, bonus offers, account types, etc.
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Why should I read reviews about RoboForex?
Reading RoboForex reviews in Panama helps potential traders, especially beginner traders, use the platform's virtual experience of what to expect from the platform when they finally register and start trading. You learn if this broker pays out profits to traders, how long it takes to deposit or withdraw from the broker, and the payment methods available. You also get to know the transaction fees, commissions, tradable assets, customer service responsiveness, and the broker's terms and conditions.
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Is RoboForex safe or not?
RoboForex is a safe and reputable broker that traders in Panama can use to invest in the online trading industry. Although this broker is not regulated by prominent financial bodies in popular countries, the license issued by the Financial Services Commission (FSC) in Belize makes them eligible. The Financial Services Commission (FSC) of Belize granted RoboForex a license to operate as an investment platform under license number 000138/437 and registration number 000001272.
Roboforex reviews from Panamanian traders
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Comment
RoboForex trading account setup is fast and it was easy for me to pull my first trade on MT4. There are 3 types of order execution and loads of ready-to-use indicators and tools for technical analysis and graphic analysis on the trading platform. Among the different order types, the market order is the simplest. When executing this entry order, it opens a trading position immediately, helping me achieve my main goal of selling or buying the asset at the current market price without delay. Also, the broker's EUR/USD spread is close to the declared 0.2 - 0.5 pips. In other currency pairs, it's better to consider the limit order because spreads could be pretty wide.
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Comment
Today,April 11, 2024, I made a deposit using a new payment method to fund my RoboForex trading account. I always received the deposited amount real-time in my previous service provider and was expecting the same this time. That did not happen unfortunately. I waited for five hours before finally contacting the RoboForex customer service just in case it was just a minor glitch in the system. The platform has a number of customer service channels to choose from like Whatsapp, Telegram, Messenger, etc which is convenient. I contacted them through Facebook Messenger at 2 pm local time (+8 GMT) and got a response right after I sent my concern. Website says customer service is 24/7. Was asked to provide my trading account number and made it clear that some transactions can take up to five business days to reflect, depending on the service provider. But somehow the funds made it into my account within the day after the interaction. Happy about their prompt response on this one.
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Comment
I signed up with RoboForex two weeks ago and the process went smoothly overall. Only one thing to remember: they have a specific requirement on the password format which took a bit of my time. I use the same password on all my trading accounts which RoboForex kept rejecting, so had to come up with a new one which for me is a source of slight inconvenience for my future transactions. After submitting the documents confirming my identification and home address, they sent me an email informing that my MT4 Pro account has been successfully opened. It’s fast. There are four different account types to choose from: Demo, Real, CopyFX Trader, and Partner which appeals to different types of traders and I selected a demo since I am a beginner. From my understanding you can open multiple accounts at once and there can be different types, depending on preference. The demo account has a $10,000 balance and a 1:1000 leverage and I just started playing around. Wish they will be more flexible with th
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Comment
RoboForex is a beginner-friendly platform. I was able to set up an account by following the instructions I saw in the blogs section. After setting up a demo account, I opened the web trader version of the trading platform, and the educational guides on how to trade I found on this trading platform have helped me in my trading journey. The educational resource explained the importance of studying the price movement of the asset you choose and how to select the order volume, of which 1.0 is the recommended value. Beginner traders can consider the educational resource available on the RoboForex platform as there are provisions for those looking to learn how to trade using major trading pairs like GBP/USD, EUR/USD, USD/JPY, USD/CHF, AUD/USD, USD/CAD, etc.
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Comment
I've been trading with Roboforex for over 2 years now, and I can't say anything bad about the broker. Their trading conditions are better than those of larger companies. The spreads on ECN accounts are minimal; it's a pleasure to scalp on the EUR/USD pair. Yes, during increased volatility, spreads may widen, but I don't trade the news, so it's not essential for me. Also, I take advantage of Roboforex's free VPS for automated trading. I recommend this company
Is RoboForex Regulated in Panama? Is it Legit?
RoboForex is not licensed or regulated in Panama. They are regulated by the Financial Services Commission (FSC) in Belize, but they accept clients from this jurisdiction. The Financial Services Commission (FSC) of Belize has granted RoboForex a license to operate as an investment platform under license number 000138/437 and registration number 000001272. This financial services commission has strict requirements for its members, and only companies that meet their standards are granted licenses to operate in the trading industry.
Under the condition that they are duly regulated by respectable financial authorities, Panama allows offshore brokers to provide financial services within its borders. RoboForex systematically performs audits, monitoring, and certification processes for its members, delivering reliable, transparent, and efficient services. As a category "A" member of the Financial Commission's Compensation Fund, RoboForex ensures traders' protection up to €20,000 per case in instances where the broker violates Financial Commission rulings.
Renowned professionals in the financial industry recognize RoboForex as a reputable and legitimate partner, with the business earning multiple prestigious accolades for its exceptional offerings.
Pros and cons of RoboForex
Below are the pros and cons of the RoboForex trading platform in Panama.
👍 Pros
• RoboForex, regulated by Belize's Financial Services Commission (FSC), is acknowledged as a secure trading platform for Forex and contracts for difference (CFD).
• The RoboForex platform offers investors a wide range of options by enabling trading across more than 12,000 instruments.
• To accommodate various trader preferences, RoboForex offers a selection of account types, including standard accounts, ECN accounts, and Islamic (swap-free) accounts.
• Embracing the widely recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, renowned for their comprehensive charting features and user-friendly interfaces, RoboForex ensures compatibility with these industry-standard tools.
• As a comprehensive resource for traders at all skill levels, RoboForex includes webinars, market analyses, and tutorials to support ongoing learning.
• RoboForex prioritizes efficient communication channels and offers round-the-clock customer service, ensuring flexibility and prompt assistance.
• The RoboForex platform offers traders an environment that is favorable for exploring and optimizing approaches for testing new strategies and Expert Advisors (EAs).
• Take advantage of RoboForex's exceptional affiliate program to profit from referred customers.
• For beginners, we provide essential tools such as a demo account and the unique CopyFx, a copy trading system.
• Without any prior coding knowledge, traders can easily create automated trading strategies using the RoboForex strategy builder.
• RoboForex does not charge inactivity fees for accounts that are inactive for a predetermined amount of time
👎 Cons
• RoboForex facilitates cryptocurrency trading, albeit with a potentially more limited coin selection compared to specialized exchanges.
• Certain account types may experience increased spreads during periods of market volatility, impacting trading expenses, especially for those engaged in short trades.
Is RoboForex good for passive income?
Yes. RoboForex offers traders residing in Panama the opportunity to earn passive income without requiring them to possess exceptional trading skills. This implies that novice and expert traders can benefit from RoboForex's passive income options.
Skilled traders can earn money trading various financial instruments, such as currency pairs, stocks, bonds, futures, and cryptocurrencies. RoboForex copy trading is another top passive income option on the platform that is beneficial to inexperienced traders or beginners. With RoboForex CopyFx, traders can earn by copying the trade strategies of expert traders and using them to open trading positions on their accounts. With CopyFx, beginner traders can also trade different instruments without having any trading skills.
RoboForex also provides great options for passive income generation with managed portfolios and MAM/PAMM accounts. Other profitable options include affiliate programs, contests, and expert advisor (EA)-based automated trading.
Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).