RoboForex South Africa Review 2024 - TU expert opinion

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Is Forex Trading legal in South Africa?

Yes, Forex trading is legal in South Africa, with the South African Reserve Bank overseeing international money transfers and cash outflows from the country. To trade Forex legally, Brokers must comply with financial regulations to combat money laundering and declare income tax returns. While choosing a regulated broker is optional, many brokers are registered by South Africa's Financial Sector Conduct Authority (FSCA) or other global regulatory bodies.

RoboForex South Africa Review By Traders Union?

RoboForex, compliant with South Africa's regulatory standards, is a suitable broker for local traders. It offers beneficial trading conditions and adheres to the local regulator's requirements.

The company prioritizes delivering the latest trading products, advanced data transmission, and enhanced trading functions. Recognized with several awards, RoboForex South Africa operates under an international license from FSC Belize (License No. 000138/437).

FSC Belize is a respected regulator. RoboForex also belongs to The Financial Commission, providing traders with a security net through a 20,000 euro compensation fund, ensuring reliability and trust.

RoboForex South Africa Advantages for Forex Traders

Traders Union analysts have identified several advantages of using RoboForex for South African traders:

1. Competitive Spreads - Offers narrow spreads starting from 0 pips due to direct access to ECN systems' liquidity providers.

2. Instant Order Execution - Orders are executed immediately in the Forex Market without delays.

3. No Commission on Transactions - Free deposits and withdrawals without limits on frequency or number.

4. Unrestricted Trading - No limits on trade duration, allowing hedging, locking, and any number and type of trading advisors.

5. One-Click Trading - Simplified trading with a single click.

6. Easy Trading Advisor Creation - A user-friendly tool to build trading advisors without needing programming skills.

7. High Leverage - Offers industry-leading leverage up to 1:2000.

8. Negative Balance Protection - Ensures traders don't lose more than their account balance.

9. Free VPS Server - Available for those trading a minimum of 3 standard lots per month; otherwise, a $5 monthly fee applies.

RoboForex Features Overview for South African Traders

Traders Union experts have thoroughly reviewed RoboForex's features for South African traders, using a specialized evaluation method. Each aspect is assessed individually, contributing to an overall score.

• User Satisfaction - 9.81/10
• Regulation and Safety - 8.20/10
• Commissions and Fees - 9.71/10
• Trading Instruments - 8.75/10
• Brand Popularity - 8.95/10
• Customer Support - 9.17/10
• Education - 6.86/10

RoboForex South Africa Trading Conditions

For those considering RoboForex in South Africa, here's a straightforward overview of the trading conditions:

?? Trading Platforms - MT4, MT5, R StocksTrader, R MobileTrader, R WebTrader

?? Account Types - ProCent, Pro, ECN, Prime, Pro Affiliate, ECN Affiliate, Cent Affiliate, Demo

?? Account Currency - USD, EUR, GOLD

?? Funding/Withdrawal Methods - SEPA, Bank Transfer, Skrill, Neteller, AdvCash, Perfect Money, Visa/Mastercard, AstraPay, NganLuong Wallet, JCB

?? Minimum Deposit - $10

?? Leverage - Up to 1:2000

? PAMM Accounts - Not Available

?? Minimum Order Size - 0.01-100

?? Spread - Floating from 0 pips

?? Trading Instruments - Forex, ETFs, Index CFDs, Oil CFDs, CFDs on European and U.S. Stocks, Real Securities

?? Margin Call / Stop Out - 40% / 10% - 60% / 40%

??? Liquidity Provider - Not Applicable

?? Mobile Trading - Supported

?? Affiliate Program - Available

?? Order Execution - Market Execution

?? Trading Features - Negative Balance Protection, No Swap on Islamic Accounts, Up to 20% Loyalty in Affiliate Program, One Click Trading

?? Promotions - Welcome Bonus, Profit Share Bonus, Classic Bonus

RoboForex Commission and Fee Structure for South African Traders

RoboForex South Africa has undergone an evaluation by Traders Union, which evaluated both trading and non-trading costs associated with RoboForex commission and fee structures for traders in South Africa.

Findings

The trading fees were assessed using the broker's spread. No additional withdrawal fees were evaluated during the analysis.

Commission Details

• Pro Account: Spread from $13, no withdrawal fee.
• Pro-Cent Account: Spread starts at $13, with no withdrawal fee.
• ECN Account: Spread begins at $3, with no withdrawal fee.
• Prime Account: Spread as low as $1, no withdrawal fee applicable.

RoboForex fees were compared to its competitors and classified accordingly - whether low, medium, or high in the industry context.

Expert Review of RoboForex by Anton Kharitonov, Financial Expert at Traders Union

Throughout its operation, RoboForex has consistently proven to be a reliable and trustworthy brokerage. It offers its clients advantageous conditions, including tight spreads starting at 0 pips, rapid execution speeds, and micro-accounts with minimum lots of 0.01. What truly sets RoboForex apart is the positive feedback from real traders, the efficiency in fund withdrawals, and prompt support services.

RoboForex caters effectively to both novice and experienced traders. Over our years of association, there have been no significant complaints against the broker, underscoring its popularity among Traders Union clients. The company swiftly and effectively addresses any financial issues or concerns related to its services, always prioritizing the needs of its clients and partners.

Given the overwhelmingly positive feedback about roboforex.com, the Traders Union highly recommends RoboForex as a trustworthy broker with a strong reliability rating.

Must Read - Detailed Review of RoboForex by Traders Union

FAQs

Is RoboForex Legally Operating in South Africa?

Absolutely. RoboForex is a legally operating broker in South Africa, holding all required licenses.

Is RoboForex Suitable for Beginners?

Yes, RoboForex is well-suited for beginner traders in South Africa, providing favorable trading conditions and comprehensive educational resources.