When looking for a robot forex review, make sure you read about the Commissions, Fees, Account types, and Customer service of each broker. These are important points to look out for because these are key elements of the trading experience and can make a huge difference to your trading experience. Following these tips, you can choose a robot forex broker with the best trading experience.
Commissions
Before you make a trade, you should understand the commissions of a RoboForex account. Depending on your type of account, you can expect to pay between one to five percent of the amount you trade. However, it is important to remember that these commissions will not affect your spread. You should also know that RoboForex holds your funds in a segregated account. In addition, these services require you to provide proof of identity and residency.
Most roboforex brokers offer the same types of accounts. However, some have higher commissions than others, and some charge for additional services. Generally, you’ll have six different account currencies, plus extra commissions for executing your orders faster. However, if you want to be more flexible, you can sign up for the RoboForex ECN account, which has zero pip spreads for certain asset classes.
Fees
Despite the popularity of forex robots, the risk of losing your investment is still very high. This is because most forex robots only trade within a limited range (referred to as pips). Though the robots can earn profits, this can be easily lost if the currency pair breaks out of its range.
It is, therefore, essential to make sure the robot you’re considering has been backtested in various market conditions and on several currency pairs. The backtesting should have shown whether the robot performs well in the same market conditions when used on different order size. It is also essential to check the robot’s drawdown – the difference between high and low points during a trading period. Every trader has different preferences regarding drawdown, so choose a robot that matches your personal preferences.
Account types
There are three types of accounts available with RoboForex: R StocksTrader, Pro, and ECN. Each account has different minimum deposits, but all have a similar level of flexibility. The Pro account, for example, has a minimum deposit of $100. The minimum trade size on this account is one-tenth of that for the Pro account. It also offers zero pip spreads on some assets and no commission fees.
To open a RoboForex account, you must deposit at least USD 10. Commission-free CFD accounts have a spread of 1.3 pips, while ECN and Prime accounts have zero pip spreads. The Prime and ECN accounts have commissions of 4 USD.
Customer service
Robo Forex provides a comprehensive array of customer services in various languages. Customers can get assistance by contacting the RoboForex customer support team via email, telephone, social media, or web forms. Support agents are available 24 hours a day and can help clients with various issues.
RoboForex is regulated by the Financial Services Commission in Belize and maintains its headquarters in the country. It is FSC-registered and has a license number listed on its website.
Leverage
There are several different ways to leverage your forex trading account. Choosing the right one depends on the amount you put into the account and the level of risk you’re willing to take. Some account models are better suited for beginners, while others are better suited for experienced traders. RoboForex has six different account models that allow you to choose the right one for your needs.
With RoboForex, you’ll find a wide range of trading instruments and 40 different currency pairs. You can choose between a standard or ECN account, which allows you to choose higher leverage. The minimum deposit for these accounts starts at just 10 USD, which is lower than other forex brokers. However, you’ll need a larger deposit to benefit from the best account model, and trading fees will be higher if you start with less.
Negative balance protection
Negative balance protection with robot forex is an option for those looking to invest in foreign currencies. Negative balance protection is a type of risk management that protects clients from losing more money than they have invested. It helps prevent clients from incurring losses by ensuring their trading accounts have limited obligations. To do this, RoboMarkets has developed a robust system to monitor and reset client balances whenever they are in negative debit.
Negative balance protection is a feature of most robot forex. It protects your account from becoming negative and is especially important for beginners. It limits the amount a trader can lose by up to $5,000. However, it does not protect against losses by professional traders.
