RoboMarkets Broker Review

Is RoboMarkets a scam?

RoboMarkets is a regulated broker that operates in compliance with the strict regulatory requirements of several financial authorities. The company is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), which is a member of the European Securities and Markets Authority (ESMA), and it is also registered with the UK Financial Conduct Authority (FCA).

RoboMarkets is required to adhere to strict regulatory standards and guidelines, including maintaining segregated client accounts, providing negative balance protection, and participating in investor compensation funds. These measures are in place to protect clients’ funds and ensure the safety of their investments.

In addition, RoboMarkets is a member of the Investor Compensation Fund (ICF) which is established under the Cyprus Securities and Exchange Commission (CySEC) to provide protection to clients in case of the company’s insolvency. The ICF offers coverage up to €20,000 for eligible clients.

Overall, RoboMarkets’ regulatory compliance and adherence to strict safety measures make it a trustworthy and reliable broker for traders and investors.

RoboMarkets Trading Platforms

RoboMarkets offers its clients a range of trading platforms, including popular MetaTrader 4 and MetaTrader 5 platforms, as well as its proprietary R Trader platform. Here’s an overview of each platform:

1. MetaTrader 4 (MT4): MT4 is one of the most popular trading platforms in the world, and it’s available for both desktop and mobile devices. MT4 offers advanced charting capabilities, multiple timeframes, and a wide range of technical analysis tools. It also supports automated trading through the use of Expert Advisors (EAs).
2. MetaTrader 5 (MT5): MT5 is the successor to MT4, and it offers enhanced functionality and features compared to its predecessor. MT5 offers additional timeframes, more technical indicators, and the ability to trade stocks and futures, in addition to forex and other instruments. It also supports algorithmic trading through MQL5 language.
3. R Trader: RoboMarkets’ proprietary trading platform, R Trader, is a web-based platform that offers access to a wide range of financial instruments, including forex, stocks, cryptocurrencies, commodities, and more. The platform offers advanced charting tools, customizable workspaces, and the ability to create and test trading strategies.

Overall, RoboMarkets provides its clients with a choice of powerful trading platforms that cater to different trading styles and preferences.

Products RoboMarkets provides

RoboMarkets offers a wide range of financial instruments for trading on its platforms, including:

1. Forex: RoboMarkets provides access to the world’s largest financial market, offering over 40 currency pairs with competitive spreads and leverage up to 1:500.
2. Stocks: RoboMarkets allows traders to invest in stocks of more than 8,000 companies from around the world, including blue-chip companies such as Apple, Amazon, and Tesla.
3. Cryptocurrencies: RoboMarkets offers trading in a variety of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more, with leverage up to 1:50.
4. Indices: RoboMarkets provides access to a wide range of global indices, including S&P 500, NASDAQ, FTSE 100, DAX 30, and more.
5. Commodities: RoboMarkets offers trading in commodities such as gold, silver, crude oil, and natural gas, with leverage up to 1:125.
6. ETFs: RoboMarkets provides access to over 6,000 exchange-traded funds (ETFs), allowing traders to invest in a diversified portfolio of assets with lower costs and greater flexibility.

Overall, RoboMarkets provides traders with a comprehensive range of financial instruments to suit different trading styles and preferences.

RoboMarkets account types

RoboMarkets offers several account types to suit the needs of different traders, including:

1. Pro-Cent: This account is designed for beginner traders who want to practice their skills with low-risk trading. It requires a minimum deposit of just $10 and offers floating spreads from 1.3 pips, with a maximum leverage of 1:2000.
2. Pro-Standard: This account is ideal for experienced traders who want access to more advanced trading features. It requires a minimum deposit of $10 and offers floating spreads from 0.3 pips, with a maximum leverage of 1:2000.
3. ECN-Pro: This account is designed for traders who prefer low spreads and high execution speed. It requires a minimum deposit of $1,000 and offers floating spreads from 0 pips, with a commission of $2.5 per lot and a maximum leverage of 1:300.
4. Prime: This account is designed for institutional traders who require access to institutional-grade liquidity and the ability to trade large volumes. It requires a minimum deposit of $5,000 and offers floating spreads from 0 pips, with a commission of $1.5 per lot and a maximum leverage of 1:100.
5. R Trader: This account is for traders who prefer to trade using RoboMarkets’ proprietary web-based trading platform, R Trader. It offers access to a wide range of financial instruments and requires a minimum deposit of $100.

Overall, RoboMarkets offers a variety of account types to cater to the needs of different traders, with different features and requirements.

RoboMarkets trading fees

RoboMarkets charges different trading fees depending on the account type and the financial instrument being traded. Here’s an overview of the trading fees:

1. Forex: The Pro-Cent and Pro-Standard accounts offer floating spreads from 1.3 pips, while the ECN-Pro and Prime accounts offer floating spreads from 0 pips, but with commissions. The commission for ECN-Pro account holders is $2.5 per lot, while Prime account holders pay $1.5 per lot.
2. Stocks: RoboMarkets charges a commission of 0.1% of the trade value for stock trading, with a minimum commission of $1.
3. Cryptocurrencies: The Pro-Cent and Pro-Standard accounts offer floating spreads from 1.3 pips for most cryptocurrencies, while the ECN-Pro and Prime accounts offer floating spreads from 0 pips, but with commissions ranging from 0.3% to 0.5% of the trade value.
4. Indices: The Pro-Cent and Pro-Standard accounts offer floating spreads from 1 pip, while the ECN-Pro and Prime accounts offer floating spreads from 0.3 pips for most indices.
5. Commodities: The Pro-Cent and Pro-Standard accounts offer floating spreads from 3 pips for most commodities, while the ECN-Pro and Prime accounts offer floating spreads from 0.3 pips for some commodities.

Overall, RoboMarkets’ trading fees are competitive compared to other brokers in the industry, and the broker provides a transparent fee structure to help traders make informed trading decisions.

RoboMarkets Funding and Withdrawal Options

RoboMarkets provides various funding and withdrawal options, including:

1. Deposit Options: RoboMarkets supports a wide range of deposit options, including bank wire transfer, credit/debit cards (Visa/Mastercard), e-wallets (Neteller, Skrill, WebMoney, Perfect Money, FasaPay), and cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple). Most deposit options are processed instantly, except for bank wire transfers, which may take 3-5 business days to process.
2. Withdrawal Options: RoboMarkets allows withdrawals through the same funding methods used for deposits. Withdrawal requests are processed within 24 hours on business days, except for bank wire transfers, which may take up to 5 business days to process.
3. Fees and Processing Time: RoboMarkets does not charge any fees for deposits or withdrawals, except for bank wire transfers, which may incur fees from the bank or payment provider. The processing time for deposits and withdrawals depends on the funding method used. Most deposit options are processed instantly, while withdrawals may take up to 5 business days for bank wire transfers.

It’s important to note that RoboMarkets may require traders to verify their account and identity before processing any deposits or withdrawals. This is a standard practice to prevent fraud and ensure compliance with regulatory requirements.

RoboMarkets’ promotions

RoboMarkets offers several promotions to reward its clients and encourage new traders to join the platform. Here are some of the promotions currently available:

1. Welcome Bonus: RoboMarkets offers a welcome bonus of up to 120% on the first deposit for new clients. The bonus amount depends on the deposit amount and the account type chosen.
2. Cashback Program: RoboMarkets provides a cashback program that rewards traders for their trading activity. The cashback amount depends on the trading volume and account type, and can be withdrawn or used for trading purposes.
3. Tradable Bonus: RoboMarkets offers a tradable bonus of up to 50% on deposits, which can be used to open positions and cover trading losses.
4. Demo Contest: RoboMarkets holds demo trading contests regularly, where traders can participate and win prizes without risking any real money.
5. Referral Program: RoboMarkets offers a referral program that rewards clients for referring new traders to the platform. Traders can earn up to 20% of the referred trader’s deposit as a bonus.

It’s important to note that all promotions are subject to terms and conditions, and traders should read them carefully before participating. Additionally, promotions may vary by region, and not all promotions may be available in all countries.

RoboMarkets customer support

RoboMarkets provides customer support through various channels, including:

1. Live Chat: RoboMarkets offers a 24/7 live chat service that allows traders to connect with a support representative in real-time. The live chat is available on the RoboMarkets website and trading platforms.
2. Email: Traders can send an email to RoboMarkets’ customer support team at support@robomarkets.com. The support team usually responds within 24 hours on business days.
3. Phone: RoboMarkets provides a phone support service, which is available in several languages. Traders can find the phone numbers for their region on the RoboMarkets website.
4. Knowledge Base: RoboMarkets maintains a comprehensive knowledge base that provides answers to frequently asked questions and helpful articles on various topics related to trading and the RoboMarkets platform.
5. Social Media: RoboMarkets is active on various social media platforms, including Facebook, Twitter, LinkedIn, and YouTube, where traders can connect and get updates on the latest news and promotions.

Overall, RoboMarkets provides a range of customer support options to help traders with their queries and issues. The broker’s support team is known for being responsive and helpful, and the knowledge base is a useful resource for traders looking for self-help solutions.

RoboMarkets Educational Resources

RoboMarkets provides a range of educational resources to help traders improve their knowledge and skills. Here are some of the educational resources available:

1. Webinars: RoboMarkets holds regular webinars on various topics related to trading, including technical analysis, fundamental analysis, and trading strategies. Webinars are conducted by experienced traders and analysts and are available to all RoboMarkets clients.
2. Video Tutorials: RoboMarkets offers a comprehensive library of video tutorials that cover various aspects of trading, including platform tutorials, trading strategies, and market analysis. The video tutorials are available on the RoboMarkets website and YouTube channel.
3. Trading Guides: RoboMarkets provides trading guides that cover a range of topics, including trading psychology, risk management, and technical analysis. The guides are available on the RoboMarkets website and are free to download.
4. Economic Calendar: RoboMarkets maintains an economic calendar that provides information on upcoming economic events and their potential impact on the markets. The calendar is available on the RoboMarkets website and trading platforms.
5. Blog: RoboMarkets maintains a blog that provides daily market analysis, trading insights, and news updates. The blog is a useful resource for traders looking for up-to-date information on the markets and trading opportunities.

Overall, RoboMarkets provides a comprehensive range of educational resources to help traders improve their knowledge and skills. Traders can access these resources for free, and they are available to all RoboMarkets clients.

Pros and cons of RoboMarkets

Pros:

1. Wide Range of Products: RoboMarkets offers a wide range of trading products, including forex, stocks, indices, cryptocurrencies, and more, providing traders with diverse options to choose from.
2. Regulation: RoboMarkets is regulated by several financial authorities, including CySEC and the FSCA, which helps to ensure the safety of clients’ funds and provides some level of transparency.
3. Multiple Trading Platforms: RoboMarkets provides multiple trading platforms, including the popular MetaTrader 4 and MetaTrader 5, as well as its proprietary platform, R Trader, offering traders a choice in platform selection.
4. Low Minimum Deposit: RoboMarkets requires a low minimum deposit of only $10, making it accessible to traders who may be just starting.
5. Educational Resources: RoboMarkets offers a range of educational resources, including webinars, video tutorials, trading guides, and an economic calendar, which can help traders improve their skills and knowledge.

Cons:

1. Limited Customer Support: While RoboMarkets offers multiple customer support channels, some traders have reported that the response times are slow, and the support team may not be available during certain hours.
2. Inactivity Fees: RoboMarkets charges inactivity fees of up to $10 per month on accounts that are inactive for more than a year, which can be a deterrent for traders who may not be trading actively.
3. Limited Research Tools: RoboMarkets provides some research tools, such as daily market analysis and a news blog, but these may not be as comprehensive as those provided by other brokers.
4. Limited Withdrawal Options: RoboMarkets offers a limited number of withdrawal options, which may be inconvenient for traders who prefer to use other methods.
5. Restricted Countries: RoboMarkets does not accept clients from certain countries, including the United States, Japan, and Canada, which may limit its accessibility to traders from these regions.

It is important to note that these pros and cons are subjective and may not apply to every trader. Traders should carefully consider their own needs and preferences before deciding whether to trade with RoboMarkets or any other broker.

Frequently asked questions about RoboMarkets

Is RoboMarkets a regulated broker?

Answer: Yes, RoboMarkets is regulated by several financial authorities, including CySEC and the FSCA, which helps to ensure the safety of clients’ funds and provides some level of transparency.

What trading platforms does RoboMarkets offer?

Answer: RoboMarkets offers multiple trading platforms, including MetaTrader 4, MetaTrader 5, and its proprietary platform, R Trader.

What products can I trade on RoboMarkets?

Answer: RoboMarkets offers a range of trading products, including forex, stocks, indices, cryptocurrencies, and more.

What are the minimum deposit requirements for RoboMarkets?

Answer: The minimum deposit requirement for RoboMarkets is $10, which is relatively low compared to other brokers.

What are the fees for trading with RoboMarkets?

Answer: RoboMarkets charges spreads, commissions, and swap fees for trading. The exact fees depend on the trading product and account type.

What are the funding and withdrawal options available with RoboMarkets?

Answer: RoboMarkets offers a variety of funding and withdrawal options, including bank transfer, credit/debit card, and e-wallets. However, fees and processing times vary depending on the method used.

Does RoboMarkets offer educational resources for traders?

Answer: Yes, RoboMarkets provides a range of educational resources, including webinars, video tutorials, trading guides, and an economic calendar.

Is there a demo account available with RoboMarkets?

Answer: Yes, RoboMarkets offers a demo account that allows traders to practice trading without risking real money.

What countries does RoboMarkets accept clients from?

Answer: RoboMarkets accepts clients from most countries, but it does not accept clients from certain countries, including the United States, Japan, and Canada.

What is the customer support like with RoboMarkets?

Answer: RoboMarkets offers multiple customer support channels, including email, phone, and live chat. However, some traders have reported slow response times and limited availability during certain hours.