Reviews About RoboForex From Clients From Singapore
Is RoboForex legal in Singapore?
Yes. RoboForex is a legal broker that accepts clients from Singapore. This broker complies with the terms set by the FSC in Belize.
Reading RoboForex reviews in Singapore is one of the best practices for aspiring traders. Although different traders may have different opinions about RoboForex, feedback or reviews are useful if you want to learn about the goods and services a broker offers. RoboForex reviews include information on the broker's regulation, service offerings, market execution, etc.
In this article, TU experts will present traders with RoboForex reviews in Singapore and their regulatory status.
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What can you learn from reviews of RoboForex?
A trader can learn about a broker's legitimacy, whether it delivers profits to traders, and whether the tools it offers fulfill its stated functions by reading RoboForex reviews. Apart from verifying the authenticity of the system, you can also acquire information regarding the brokers' partnership programs, bonus offers, and the timeframe within which they handle withdrawal requests.
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How much money do you need to trade on RoboForex?
With $10 and above, you can start trading on RoboForex in Singapore.
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How much can you earn with RoboForex?
There is no static amount to earn on the platform. Your earnings on RoboForex are contingent upon the assets you trade or invest in. Even with a $10 investment, your earnings will vary based on your proficiency in trading.
RoboForex reviews from Singaporean 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 Singapore? Is it Legit?
Although RoboForex operates under a license (license No. 000138/437) from FSC Belize, it is not an illegal broker despite not being governed by Singaporean financial regulators. Working with a brokerage that is licensed in the trader's home jurisdiction is the best option, but brokers who are also financially licensed in a reputable jurisdiction are also excellent choices. FSC Belize is an international financial commission and regulator; they set strict requirements for all its members, and only firms or brokers that meet the regulator's standards and comply with all its requirements are licensed.
Singapore's financial regulators advise traders to deal only with offshore brokerages under the supervision of top financial regulators. RoboForex is a reputable broker, sharing similar qualities with other top Forex brokers. They accept clients in Singapore and comply with the financial regulator's suggestions and protocols to offer clients trading services.
RoboForex regularly audits, monitors, and certifies its members while providing effective, trustworthy, and transparent services. The broker is a Commission's Compensation Fund category "A" member. Traders with RoboForex accounts are eligible for protection up to €20,000 per case as "A" category members if the broker disregards Financial Commission rulings.
In addition to helping traders protect their financial assets and provide them with a clear understanding of their rights and responsibilities, RoboForex educates users on how to invest in the assets it offers, making them a top broker for beginners. The business has received multiple prestigious awards, and a large number of RoboForex reviews on various review websites or forums attest to the broker's superior trading services.
Short summary about the broker, RoboForex
RoboForex is a reputable broker that adheres to the protocols set by the FSC in Belize, where it is regulated. The broker is beginner-friendly and offers attractive trading conditions for clients. It has a reputation for providing fast order executions, instant withdrawals, tight spreads starting at 0 pip, and micro-accounts with a large 0.01 balance.
Together with a demo account and an Islamic account, RoboForex provides traders with up to five real account types. Restrictions on the quantity and frequency of withdrawals are absent, and there is no fee associated with cash withdrawals. Open trades may involve hedging and the use of locks, and they can be held for any duration. Any type of trading advisor is also an option. There is a free trading advisor builder that does not require programming experience.
The broker provides traders with free VPS and negative balance protection, and traders can leverage up to 1:2000. Upon registering with RoboForex, traders are rewarded with a welcome bonus of USD 30 to begin trading, with no limits on their ability to withdraw profits.
Because of the positive reviews that real traders have left about the platform based on the simplicity of withdrawing funds and the operational support, RoboForex is a well-known broker in the trading industry. The company's outstanding services have earned them numerous prestigious awards in the trading industry.
Pros and cons of RoboForex
👍 Pros
• RoboForex has a strong trust rating of 88 out of 99 and offers support 24/7.
• RoboForex is a reputable CFD and Forex broker that is licensed and supervised by reputable financial regulators, such as the FSC in Belize.
• Traders can trade over 12,000 trading instruments.
• RoboForex offers a variety of account types, such as standard accounts, ECN accounts, and Islamic (swap-free) accounts, to give different types of traders flexibility.
• RoboForex is compatible with the popular trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are well-known for their user-friendly interfaces and extensive feature sets for charting.
• According to reviews, RoboForex provides a range of contact options and responsive customer service.
• RoboForex provides ProCent and Pro, two commission-free accounts.
• RoboForex offers a great affiliate program where you can make money from referred customers. Maximum affiliate payouts: up to 84% of the referral fee
• It offers beginners tools to help them trade, like a demo account and the unique CopyFx, a copy trading system.
• Additionally, RoboForex provides a very intuitive proprietary web-based trading platform that is fully compatible with algorithmic trading.
• With RoboForex's strategy builder, traders can create automated trading strategies without any prior coding experience.
• In a nutshell, RoboForex is a reliable and reputable broker that offers sophisticated trading tools to experienced traders.
👎 Cons
• While RoboForex allows trading in cryptocurrencies, its selection of available coins might be more constrained than that of certain niche cryptocurrency exchanges.
• Certain account types have variable spreads, which means that during times of market volatility, they may get wider. This may affect trading expenses, particularly for traders who trade briefly.
• For accounts that have been idle for a predetermined amount of time, RoboForex levies inactivity fees.
• RoboForex functions under the jurisdiction of Belize's Financial Services Commission (FSC), so certain traders might favor brokers who operate under multiple regulatory agencies.
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).