Compare SimpleFX vs RoboMarkets
What is SimpleFX? What is RoboMarkets?
SimpleFX is an ECN broker for Forex and CFDs founded in 2014, which also enables trading in four crypto currencies. The broker is based in St. Vincent and the Grenadines and offers its services worldwide. Accounts can be managed in a variety of currencies, including Bitcoin, Etherum and Litecoin.
RoboMarkets is a Forex and CFD broker based in Cyprus. It is part of the RoboMarkets Group, which has been active in the market since 2009 and initially focused on business in Asia. The broker offers thousands of instruments across six asset classes and provides access to three leading platforms, including MetaTrader 4.
SimpleFX vs RoboMarkets Regulation Comparison
SimpleFX is not regulated by any major financial authority, which may raise some concerns about its credibility and security. The broker claims to comply with the laws of St. Vincent and the Grenadines, but this jurisdiction does not have a strong reputation for investor protection.
RoboMarkets is regulated by the Cyprus Securities and Exchange Commission (CySEC), under licence No. 191/13. CySEC is a reputable regulator that follows the European Union’s MiFID standards and ensures that clients’ funds are segregated and protected by the Investor Compensation Fund (ICF) up to 20,000 euros per client.
SimpleFX vs RoboMarkets Trading Assets Comparison
SimpleFX offers a relatively small range of trading assets, with only 15 crypto currencies, 62 forex pairs, 11 indices, 4 metals, 2 energy commodities, and 105 stocks available for trading. The broker does not offer any ETFs, bonds, or futures contracts.
RoboMarkets offers a much wider range of trading assets, with over 12,000 instruments spread across nine asset classes. The broker offers 36 forex pairs, 12 crypto currencies, over 11,000 stocks, over 100 ETFs, 18 indices, 8 metals, 6 energy commodities, 3 soft commodities, and over 100 bonds. The broker also offers futures contracts on some commodities and indices.
SimpleFX vs RoboMarkets Trading Fees Comparison
SimpleFX charges variable spreads on its trading instruments, which can be as low as 0.1 pips on some forex pairs. The broker does not charge any commissions or fees on deposits or withdrawals. However, the broker may apply conversion fees for deposits and withdrawals in different currencies than the account base currency.
RoboMarkets charges variable or fixed spreads depending on the account type and trading instrument. The broker also charges commissions on some accounts and instruments, which can be as low as $2 per lot on forex pairs. The broker does not charge any fees on deposits or withdrawals during certain promotional periods. However, the broker may apply conversion fees for deposits and withdrawals in different currencies than the account base currency.
SimpleFX vs RoboMarkets Account Types Comparison
SimpleFX offers only one type of account for all traders, which has a minimum deposit of $1 and a maximum leverage of 1:500. The account can be opened anonymously with just an email address if it is funded with crypto currencies.
RoboMarkets offers five different types of accounts for different trading styles and preferences: Pro-Standard, Pro-Cent, ECN-Pro, Prime, and R-Trader. The minimum deposit for all accounts is $10 (except for R-Trader which is $100) and the maximum leverage varies from 1:2000 to 1:300 depending on the account type and instrument. The accounts can be opened with various base currencies and require verification of identity and address.
SimpleFX vs RoboMarkets Deposit Options Comparison
SimpleFX offers a variety of deposit and withdrawal options, including bank cards (Visa/MasterCard), bank wire transfers (SWIFT/SEPA), e-wallets (Skrill/Neteller/FasaPay), payment systems (WebMoney/Perfect Money), crypto wallets (Bitcoin/Etherum/Litecoin), and vouchers (CashU). The processing time and limits may vary depending on the method chosen.
RoboMarkets also offers a variety of deposit and withdrawal options, including bank cards (Visa/MasterCard/Maestro), bank wire transfers (SWIFT/SEPA/Fast Bank Transfer), e-wallets (Skrill/Neteller/PayPal), payment systems (WebMoney/Perfect Money/FasaPay), crypto wallets (Bitcoin/Etherum/Litecoin), vouchers (CashU), and online banking (iDEAL/Sofort/Trustly). The processing time and limits may vary depending on the method chosen.
SimpleFX vs RoboMarkets Trading Platforms Comparison
SimpleFX offers its own proprietary web platform, which is fast, intuitive, and user-friendly. The platform has a range of features, such as advanced charting tools, indicators, trading signals, social trading, news feed, and market analysis. The platform is also available as a mobile app for iOS and Android devices.
RoboMarkets offers three leading platforms: MetaTrader 4, MetaTrader 5, and R-Trader. MetaTrader 4 and 5 are popular and powerful platforms that support automated trading, custom indicators, expert advisors, and multiple order types. R-Trader is a web-based platform that allows trading over 12,000 instruments, including stocks and ETFs. The platform has a modern and sleek design, with advanced charting tools, indicators, trading signals, news feed, and market analysis. All platforms are also available as mobile apps for iOS and Android devices.
SimpleFX vs RoboMarkets Analytical Tools Comparison
SimpleFX provides some analytical tools for its traders, such as trading signals from Trading Central, market news from FXStreet, economic calendar from Investing.com, and technical analysis from Autochartist. The broker also offers a blog with educational articles and market insights.
RoboMarkets provides more analytical tools for its traders, such as trading signals from MQL5 Community, market news from Dow Jones Newswires, economic calendar from FXStreet, technical analysis from Autochartist and Claws & Horns, and stock screener from TradingView. The broker also offers a blog with educational articles and market insights.
SimpleFX vs RoboMarkets. Which forex broker is better? Which forex broker should you choose?
Choosing a forex broker is an important decision that can affect your trading performance and experience. There are many factors to consider, such as regulation, trading assets, trading fees, account types, deposit and withdrawal options, trading platforms, and analytical tools. Based on the comparison of SimpleFX and RoboMarkets, here are some of the main advantages and disadvantages of each broker:
- SimpleFX
- Advantages:
- Low minimum deposit of $1 and high maximum leverage of 1:500
- No commissions or fees on deposits or withdrawals
- Supports crypto currency trading and funding
- Offers its own web platform with social trading and trading signals
- Disadvantages:
- Not regulated by any major financial authority
- Limited range of trading assets and instruments
- No fixed spreads or commission-based accounts
- No MetaTrader or R-Trader platforms
- Advantages:
- RoboMarkets
- Advantages:
- Regulated by CySEC and protected by the ICF
- Wide range of trading assets and instruments, including stocks and ETFs
- Offers variable and fixed spreads, as well as commission-based accounts
- Provides access to MetaTrader 4, MetaTrader 5, and R-Trader platforms
- Disadvantages:
- Higher minimum deposit of $10 ($100 for R-Trader) and lower maximum leverage of 1:2000 (1:300 for R-Trader)
- Charges commissions on some accounts and instruments
- Does not support crypto currency funding
- Does not offer its own web platform with social trading and trading signals
- Advantages:
Ultimately, the choice of forex broker depends on your personal preferences, trading goals, and risk appetite. You may want to try out the demo accounts of both brokers to test their platforms and services before making a final decision.
