RoboForex South Africa Review 2024

RoboForex South Africa, registered under the company name of RoboForex Ltd, is one of the most trusted brokers in the world. With more than 800,000 clients from 169 countries, this broker has won more than 20 prestigious awards, including Best Affiliate Programme (Global Forex Awards) 2021, Best Investment Products (Global Brands Magazine Awards) 2021, and Most Trusted Broker (International Business Magazine Awards) 2021.

Established in 2009 and headquartered in Belize, RoboForex South Africa can be easily accessed in 19 languages. This brokerage company offers 8 asset classes (Forex, stocks, indices, ETFs, soft commodities, energies, metals, and cryptocurrencies) with more than 50 currency pairs and 4 account currencies (EUR, USD, CNY, and GOLD). Four main account types are available to choose from: Pro, Pro-Cent, ECN, and Prime.

To provide the best environment for their traders, RoboForex South Africa gives various beneficial trading conditions: tight spread starting from 0 pip, leverage up to 1:2000, fast order execution from 0.1 seconds, a minimum lot size of 0.01, and low to no commission. All of these can be accessed in MetaTrader 4, MetaTrader 5, cTrader, WebTrader, and R StocksTrader platforms just by making a minimum deposit of 10 USD.

A wide variety of fund deposit and withdrawal methods are also offered at RoboForex South Africa, including bank cards, local and international bank transfers, and e-wallets. The deposit is free of charge, while the withdrawal fee depends on the payment method. However, this company compensates the fund withdrawal fee twice a month.
Furthermore, RoboForex South Africa offers various bonuses such as RoboForex 30$ Welcome bonus, rebates, or cash back to make their clients' trading journey more exciting and challenging. Traders can also join their CopyFX and RAMM investment programs.

If traders need more knowledge and assistance, they can make use of the free 24/7 VPS server, FAQ page, market analytics, Forex analysis, economic calendar, educational videos, strategy builder, calculator, and financial charts. Should you have any questions or problems with your accounts, trading activities, or anything, RoboForex South Africa's professional customer service team is ready to help 24/7 via the website form, email, live chat, and phone in 13 languages.

Account types offered by RoboForex South Africa

To suit the different trading styles and needs of their traders, RoboForex South Africa offers 4 main account types. All traders, from novice to experienced ones, can enjoy instant market execution and accurate market price in fractional pip pricing using MT4, MT5, cTrader, WebTrader, and StocksTrader platforms.

Cent

Minimum Deposit: $5
Leverage: 1:1000
Minimum trade size: 0.01
Spread Type: Fixed from 2 pips
Commission: No
Account Currency: Cent

👉 Open Cent

Standard

Minimum Deposit: $10
Leverage: 1:1000
Minimum trade size: 0.01
Spread Type: Fixed from 2 pips
Commission: No
Account Currency: USD, EUR, CNY, GOLD

👉 Open Standard

Prime

Minimum Deposit: $5000
Leverage: 1:100
Minimum trade size: 0.01
Spread Type: Floating from 0 pip
Commission: No
Account Currency: USD, EUR, CNY, BTC, GOLD

👉 Open Prime

ECN

Minimum Deposit: $10
Leverage: 1:300
Minimum trade size: 0.01
Spread Type: Floating from 0 pip
Commission: $20 / lot
Account Currency: USD, EUR, CNY, BTC, GOLD

👉 Open ECN

1. Pro Account

Most of RoboForex South Africa's clients use this most popular, all-classic, standard trading account. Suitable for both novice and experienced traders, this account only needs a minimum deposit of 10 USD/10 EUR/100 CNY, and traders will be able to trade with floating spreads starting from 1.3 pips, leverage up to 1:2000, and no commission. The minimum and maximum order volumes are 0.1 lots and 500 lots, respectively.

2. Pro-Cent Account

Novice traders may want to start their journey by opening a Pro-Cent account as this account offers micro lots with minimum investment. Some traders also use this account to test the most suitable algorithms for their trading strategies. By depositing a minimum of 10 USD/10 EUR/100 CNY, traders can have access to tight floating spreads as low as 1.3 pips and high leverage up to 1:2000 with zero commission. Traders must have a minimum volume of 0.1 lots for MT4 and 0.01 lots for MT5 and can have a maximum volume of 1000 lots.

3. ECN Account

At RoboForex South Africa, traders can join an ECN account which is most suitable for advanced traders since this account offers better trading conditions. To start trading using this account, traders must deposit at least 10 USD/10 EUR/100 CNY, and they will be able to use maximum leverage of 1:500 and tight spreads starting from 0 pip. The minimum volume required is 0.01 lots and traders can have a maximum volume of 500 lots. To enjoy these trading conditions, a commission fee of 20 USD for every 1 million USD traded will be charged.

4. Prime Account

Professional traders who want to enjoy all of the best trading ECN features should open a Prime account. This account type offers premium conditions, similar to liquidity providers, with a minimum deposit of 10 USD/10 EUR. Traders can make use of floating spreads as low as 0 pip and leverage as high as 1:300. The minimum order volume is 0.01 lots, while the maximum volume is 500 lots with no maximum number of positions. For every 1 million USD traded, traders will be charged a commission fee of 10 USD.

How to deposit and withdraw funds at RoboForex South Africa

For the convenience of their clients, RoboForex South Africa provides more than 20 ways to deposit and withdraw funds, including bank cards, bank transfers, and electronic payment methods.

Moreover, RoboForex South Africa charges 0% commission on deposit and compensates their clients' commission for funds withdrawal twice a month, on the first and third Tuesday of each calendar month, all day long server time, and once a day.

Traders can deposit their funds via bank card (VISA/MasterCard/JCB) in USD, EUR, and 8 other currencies, starting from 10 USD to 20,000 USD in just 5 minutes. Fund withdrawals are available in USD, EUR, and 7 other currencies and will be processed up to 10 working days with a maximum withdrawal of 10,000 USD and a fee of 2.6% + 1.3 USD/1 EUR.

RoboForex also offers wire transfer methods through various banks in South Africa and around the world, which traders can check in their trading area after registering an account. For deposit, the processing time is usually up to 1 day with no commission, and for withdrawal, about 1-2 days with a minimum commission of 1.5%. The minimum amount of deposit and withdrawal is 10 USD.

Several electronic payment methods are also available, such as:

Skrill (USD, EUR) à 10 – 25,000 USD (deposit), up to 1 day / 0.1 – 100,000 USD (withdrawal) + 1% fee, up to 1 day
Neteller (USD, EUR, MYR, IDR, AED, PLN) à 10 - 50,000 USD (deposit), instant / 5 – 10,000 USD (withdrawal) + 1.9% fee (1 USD min.), up to 1 day
AstroPay (USD, EUR, and 10 other) à 10 - 10,000 USD (deposit), instant / 10 - 10,000 USD (withdrawal) + 0.5% fee, up to 1 day
Perfect Money (USD, EUR) à 5 – 25,000 USD (deposit), instant / 5 - 25,000 USD (withdrawal) + 0.5% fee, up to 1 day
AdvCash (EUR, USD, RUB, KZT, UAH, GBP, BRL) à 10 – 49,999 USD (deposit), instant / 0.1 – 49,999 USD (withdrawal) + 1% fee, up to 1 day

Is RoboForex South Africa reliable and safe?

With the high risk involved in the trading business, RoboForex South Africa strives to provide a fully safe and secure environment for all their clients. This commitment is shown by being licensed and regulated by the IFSC (International Financial Services Commission Belize) of Belize. This international regulator of the financial services market monitors RoboForex financial services in the most efficient, transparent, and reliable way.

By being an "A" category member of The Financial Commission, an international organization that resolves disputes between its participants and their clients, RoboForex clients can be compensated up to 20,000 EUR per unresolved case.

The Civil Liability insurance program is also provided automatically without any additional fees, with a limit of 5,000,000 EUR. Their coverage includes omissions, fraud, errors, negligence, and other risks that may lead to financial losses of clients.

To give more security to their clients, RoboForex South Africa also obtained an execution quality certificate from Verify My Trade (VMT). It means that they have to submit their statistical data on order execution periodically to prove their compliance with the requirements of the Financial Commission.

In addition, this broker follows the international AML policy and provides negative balance protection to further protect their clients. All accounts are also protected by two-step authentication that will give an additional layer of security.

As a trusted global brokerage company, RoboForex South Africa has officially sponsored various events and activities, mostly related to sports, including auto-racing, Muay Thai, motorsport, volleyball, basketball, football, tennis, and many more. They are also involved in charity events.

Types of spreads in RoboForex South Africa

All spreads offered at RoboForex South Africa are floating with low to no commissions.

Pro and Pro-Cent account spreads start from 1.3 pips with no commission, while ECN and Prime account spreads are tighter, starting from 0 pip with varying commission fees.

Below are the average spreads counted in pips for common currency pairs:

Trading platforms offered by RoboForex South Africa

Not just various account types that suit different traders, RoboForex South Africa also gives traders chances to choose their preferred trading platforms. At RoboForex South Africa, MetaTrader 4, MetaTrader 5, cTrader, RoboForex WebTrader, and StocksTrader platforms are available.

As the most popular trading platform for beginners and experienced traders, MT4 is accessible on the web, desktop, Apple, Android, and multiterminal. This platform offers a knowledge database, 3 types of order execution, 9 timeframes, 50 integrated indicators for technical analysis, a variety of order types, and basic tools for graphic analysis. Moreover, traders can program their own trading robots.

The most advanced and latest version of the MT5 platform is ready to use on the web, desktop, Apple, and Android. Traders will have the opportunity to choose between netting and hedging systems, as well as make use of the 4 types of order execution, multi-currency tester, and 6 types of pending orders using this platform.

Another platform available at RoboForex South Africa is cTrader. Professional traders usually prefer this platform because it provides them with direct STP access to the global currency market. Some of the features offered include rare types of orders, level II pricing, 54 technical indicators, 14 timeframes, and 9 types of interactive charts in 22 languages. cTrader can be accessed on the web, desktop, Apple, and Android.

Aside from the above three platforms, RoboForex also provides their own WebTrader and Mobile Trader platforms, accessible on the web, Apple, and Android. Using this platform, traders can trade from anywhere using the same functionality, including 13 technical indicators, 9 tools for graphic analysis, convenient account management, and analytics from RoboForex experts, absolutely for free.

The last platform is StocksTrader, which is specifically used for the R StocksTrader account. Accessible in web, Apple, and Android, this multi-asset web-based platform offers financial charts, advanced technical analysis tools, trading robots builder (no programming skills are needed), advanced watchlist, and free automated strategy builder. Offering both netting and hedging, the StocksTrader platform is convenient and easy to use.

RoboForex South Africa Review 2024

Account types offered by RoboForex South Africa

How to deposit and withdraw funds at RoboForex South Africa

Is RoboForex South Africa reliable and safe?

Types of spreads in RoboForex South Africa

Trading platforms offered by RoboForex South Africa

Key advantages of trading with RoboForex South Africa