RoboForex Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of RoboForex in Singapore
RoboForex is a good choice for traders from Singapore. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
The company is responsible for fulfilling its tasks by offering its clients: the latest trading products, unique developments in data transmission, and trading functionality. 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).
The FSC Belize is one of the most reputable regulators. Additionally, RoboForex is a member of The Financial Commission with a guaranteed compensation fund of 20,000 euros, which guarantees reliability for a trader.
Advantages of RoboForex for trading in Singapore
Traders Union analysts conducted a detailed analysis of RoboForex for traders from Singapore. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Narrow spread from 0 pips. The broker has the opportunity to offer such favorable conditions due to direct access to liquidity providers in ECN systems.
Instant market execution of orders. Traders’ orders are instantly sent to the Forex Market. There are no delays on the broker's servers or platform.
There is no commission for withdrawing money and replenishing the account. There are no restrictions on the number of withdrawals or the frequency of withdrawals. You leave a request, and it will be completed as soon as possible.
There are no trading restrictions. There is no limit on the duration of open trades, and the use of hedging and locking is allowed. Also, any number and any type of trading advisors can be used.
There is a one-click trading function
There is a free constructor of trading advisors that do not require programming knowledge
Leverage is one of the highest possible in the industry (up to 1:2000)
Negative balance protection is provided (gap protection)
Free VPS-сервер subject to the number of transactions equal to at least 3 standard lots per month. In the case of an insufficient trading volume, the monthly fee is $5.
Analysis of the Main Features of RoboForex in Singapore
Traders Union analysts analyzed the key features of RoboForex for traders from Singapore. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for RoboForex traders from Singapore
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of RoboForex trading conditions for traders from Singapore. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
МТ4, МТ5, R StocksTrader, R MobileTrader, R WebTrader
|
---|---|
📊 Accounts: |
ProCent, Pro, ECN, Prime, R StocksTrader
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💰 Account currency: |
USD, EUR, GOLD
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💵 Replenishment / Withdrawal: |
SEPA, Bank transfer, Skrill, Neteller, AdvCash, Perfect Money, Visa/Mastercard, AstraPay, NganLuong Wallet, JCB.
|
🚀 Minimum deposit: |
$10
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⚖️ Leverage: |
1:2000
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01-100
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💱 Spread: |
Floating from 0 pips
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🔧 Instruments: |
Forex (currency pairs), ETFs, index CFDs, oil CFDs, CFD on European and U.S. stocks, real securities
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💹 Margin Call / Stop Out: |
40% / 10% - 60% / 40%
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🏛 Liquidity provider: |
n/a
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market execution
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⭐ Trading features: |
Negative Balance Protection; No swaps on Islamic accounts, a pleasant affiliate program: each market participant gets up to 20% loyalty; One Click Trading.
|
🎁 Contests and bonuses: |
Welcome Bonus
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RoboForex Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by RoboForex for traders from Singapore. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Our experts have checked this company for trading and non-trading commissions. In the trading commission category, the broker's spread was considered, and as a non-trading commission, it charges an additional fee for withdrawing funds.
Account type | Spread (minimum value) | Withdrawal commission |
Pro | $13 | No |
Pro-Cent | $13 | No |
ECN | $3 | No |
Prime | $1 | No |
We also analyzed the size of trading commissions in RoboForex and compared it with similar indicators of the company's main competitors. Based on the data obtained, the broker's trading fees were established as low, medium, or high compared to other brokers.
Expert Review of RoboForex
Over the years, this broker has shown itself to be a reliable and trusted partner. RoboForex provides clients with the best conditions: tight spreads from 0 pips, the highest execution speed, and micro-accounts with a lot of 0.01. The positive feedback from real traders about RoboForex, instant withdrawal of funds, and operational support are what impress me about this broker.
The brokerage company offers quality services to both beginners and seasoned traders. Over the years of cooperation with RoboForex, the broker has not received any significant claims against it. Therefore RoboForex is quite popular among Traders Union clients. All financial issues and claims on the broker's work are resolved by the company's representatives as quickly as possible and within minimum time. RoboForex always meets its clients and partners halfway.
Following the mass of positive reviews about the work of roboforex.com, Traders Union recommends this company as a trusted broker with a high trust rating.
FAQs
Is RoboForex legal in Singapore?
Yes. RoboForex operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with RoboForex? Does the broker offer courses for traders from Singapore?
Yes, RoboForex offers good trading courses and a lot of educational information for clients from Singapore.
Can RoboForex be trusted? Has the broker been operating in Singapore long?
RoboForex has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with RoboForex.
Is RoboForex suitable for novice traders from Singapore?
Yes. RoboForex offers optimal trading conditions and good education for beginners from Singapore.
How efficient is RoboForex customer support in Singapore?
RoboForex offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has RoboForex had any incidents involving theft of funds of clients from Singapore?
No. RoboForex provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if RoboForex violates my rights?
Yes. If RoboForex violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can RoboForex clients from Singapore use the broker’s mobile app?
Yes. The mobile app of RoboForex is available for the clients from Singapore.
Does RoboForex provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by RoboForex.
How can I withdraw funds from my account at RoboForex in Singapore?
RoboForex supports bank transfers and debit/credit cards of the banks operating in Singapore.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
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.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!