Reviews About RoboForex From Clients From South Africa
Does RoboForex accept clients from South Africa?
Yes. RoboForex accepts clients from South Africa, and they operate with a license from the FSC in Belize.
You will find the information you need about RoboForex if you can find a genuine source where reviews about RoboForex are posted. 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 South Africa and their regulatory status.
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Is RoboForex legal in South Africa?
Yes. RoboForex is a legal broker that operates with a license from the FSC in Belize, where it is regulated.
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Is RoboForex good for beginners in South Africa?
Yes. RoboForex services are designed to fulfill the trading desires of beginners and expert traders. They integrate tools that beginner traders can use to learn to trade easily; these include a demo account, educational resources, responsive customer support, a copy trading system, and an interface that is friendly and easy to navigate.
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How much money do you need to start trading with Roboforex?
With $10 and above, you can start trading on RoboForex in South Africa.
Is RoboForex Regulated in South Africa? Customer reviews
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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
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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 South Africa? 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 South African financial regulators. 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.
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.
How to start trading with RoboForex?
To start trading on the RoboForex platform, a trader must open a demo or a real account. The minimum deposit to trade on a real account is $10. For beginner traders, it is best practice to open a demo account before opening a real one. This is because the demo account is free, and traders can trade different instruments as they would with a real account. Again, it is the best account for traders who want to learn how to buy and sell on RoboForex. Let's look at how to open an account (demo or real) on RoboForex.
Step 1: Visit the official page of the RoboForex investment platform
RoboForex official website
Step 2: Click open account, enter your details, and click register when you are done accessing the RoboForex membership area.
RoboForex official website
If you are already registered, you simply need to click the sign-in button, provide your login information, and log in.
Step 3: In your membership area, click on accounts
Since we are opening a demo account first, for now, select demo accounts. But you will follow the same procedure to open a real account when you are ready to trade on a live account.
RoboForex official website
Step 4: Click on confirm when you are done to start trading, but you will have to download the MT4 or MT5 trading platforms depending on your choice
RoboForex official website
Step 5: Launch your trading platform and enter the demo login details sent to your email. Choose the asset you wish to trade and create a buy or sell order.
RoboForex trading platform
RoboForex trading platform
Roboforex South Africa: pros and cons revealed
The RoboForex trading platform has the following benefits and drawbacks.
👍 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).