RoboMarkets Review 2024
Website: www.robomarkets.com
Min. Deposit: US$ 100
Leverage: 1:30
Trading Platforms: MT4, MT5, R Stocks Trader
Regulation: CySEC
Headquarters: Cyprus
Founded: 2012
Regulatory Licenses:
- RoboMarkets Ltd - authorized by CySEC (Cyprus) registration no. 191/13
Updated on January 24, 2024
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In conducting our review, we meticulously examine and test every aspect of the forex broker's service offering. Our evaluation is based on a comprehensive framework that includes hands-on trading experience, analysis of regulatory licenses, fee structures, platform features, customer service quality, and more. We compare RoboMarkets against a backdrop of over 1000 brokers to ensure that our recommendations are informed and reliable.
RoboMarkets is a versatile Forex and multi-asset broker established in 2012. Regulated by CySEC, it offers a broad spectrum of services to both retail and institutional clients across Europe. With a focus on providing competitive and secure trading conditions, RoboMarkets has emerged as a popular choice among traders looking for a reliable brokerage firm.
Pros
RoboMarkets boasts a strong regulatory foundation and has garnered over 20 awards in the financial industry, marking it as a trustworthy and secure broker.
It offers traders favorable trading conditions, complimentary analytics, advanced trading platforms, and roundtheclock client support.
Cons
Trading conditions and platform features can vary significantly across different account types, necessitating careful selection to match individual trading needs.
Is RoboMarkets Safe or a Scam? ▲
RoboMarkets is deemed a safe and established broker. It is legally recognized in 29 European countries through the EEA cross-border offering and adheres to EU legislation, including MiFID guidelines. These measures ensure robust client trading protection. Our RoboMarkets Trust Score stands at 8.7 out of 5, reflecting its solid reputation, reliable top-tier licenses, and regulated operations across various regions.
Since its inception, RoboMarkets has consistently been lauded by financial experts, securing over 20 prestigious awards, such as Best Stocks Broker (Europe), Best Indices Broker (Global), and Best Value Broker (Global), amongst others. The broker has successfully cultivated a substantial European client base, boasting more than 250,000 registered trading accounts.
RoboMarkets Review Summary in 10 Points
Headquarters: Cyprus
Regulation: CySEC
Instruments: 6 Asset Classes with Forex, Stocks, Indices, ETFs, Soft Commodities, Energies, and Metals
Platforms: MT4, MT5, R StocksTrader
Minimum deposit: 100 USD
Base currencies: USD, EUR, GOLD, CHF, GBP, PLN, CZK
Demo Account: Available
EUR/USD Spread: 1.4 pips
Education: Comprehensive education with detailed research and analytics
Customer Support: 24/7
Overall RoboMarkets Ranking
RoboMarkets is esteemed as a commendable broker, offering secure and highly favorable trading conditions. Catering to both novices and experienced traders, it facilitates a broad range of trading services with minimal initial deposit requirements. Following thorough testing and comparison with over 1000 brokers, RoboMarkets' Overall Ranking is adjusted to 8.9 out of 5.
How Forex Trader is Protected?
RoboMarkets adheres strictly to regulatory standards, ensuring a secure brokerage service for its clientele. Regular audits and membership in the Investor Compensation Fund highlight its commitment to client security, offering up to 20,000 euros in compensation per client. Additionally, RoboMarkets has implemented a Civil Liability insurance program, providing up to 5,000,000 EUR in coverage for various financial losses, including fraud and negligence, thereby further safeguarding client interests.
If you're contemplating trading with leverage at RoboMarkets, you'll be adhering to the ESMA regulation, which has reduced the maximum leverage ratio to 1:30 on Forex instruments and 1:5 for Cryptocurrencies for retail clients. The broker provides leverage of 1:30 for Forex instruments. RoboMarkets extends higher leverage ratios to its verified professional clients. However, it's essential to remember that while trading with leverage can amplify potential gains, it simultaneously elevates the risks involved.
RoboMarkets offers a selection of 5 account types, catering to a diverse range of needs and trading expertise levels. Initially, new traders might prefer starting with a Demo account, which mirrors real account trading conditions without requiring any actual capital investment. For those newer to trading, the Pro account is highly recommended at RoboMarkets. The ProCent account is ideal for testing trading strategies without committing substantial funds, facilitating cent trading. Professional traders typically opt for Prime accounts that offer exclusive conditions or the ECN. For those interested in stock investing, the R StocksTrader account provides a user-friendly platform.
RoboMarkets is commendable for its trading costs, featuring some of the tightest spreads starting from 0 pips and high execution speed. As illustrated in the subsequent table, RoboMarkets absorbs any deposit fees, sparing its clients from these extra charges. Additionally, RoboMarkets permits clients to execute commission-free withdrawals twice a month, which is a notable advantage. Based on our extensive research across over 1000 brokers, RoboMarkets' fees receive an average score of 4.1 out of 5.
Our expert analysis reveals that RoboMarkets' spreads vary according to the account type selected, with larger account sizes benefiting from more favorable spread offerings. It's advised to check the specific conditions for your chosen account. For instance, trading on Pro or ProCent accounts entails floating spreads starting from 1.3 points. Conversely, Prime, ECN, and R StocksTrader accounts enjoy more competitive conditions, with spreads commencing from 0. Following our comprehensive comparison with other brokers, RoboMarkets' spreads are considered relatively competitive, garnering a score of 3.9 out of 5.
RoboMarkets grants access to 6 markets encompassing over 12,000 instruments for online trading across Forex, Stocks, Indices, Soft Commodities, Energies, and Metals. The Instrument Range Score for RoboMarkets is 4.2 out of 5, reflecting a broad selection of trading instruments among Forex, Stocks, Indices, and other popular instruments. Predominantly, RoboMarkets shines as a stockbroker, offering compelling conditions such as commission-free stock trading via R StocksTrader. Indices trading at RoboMarkets is also recommended, given the average spread for DE40Cash on ECN and Prime accounts is a mere 0.5 points, coupled with a minimum commission of 4 USD for 1M USD of trading volume and a minimum lot size of 0.01, all executed swiftly.
RoboMarkets ensures all financial transactions and money management occur through its online account area, designed for ease of use where clients can deposit funds, request withdrawals, and monitor their processing status seamlessly. Clients can deposit into their accounts at no additional cost and withdraw funds commission-free twice a month. Transactions are typically processed within a few seconds, presenting quite attractive conditions. The Funding Methods at RoboMarkets scored 4.1 out of 5. The minimum deposit is relatively average for the industry, and fees are minimal or non-existent, further enhancing the appeal through various account-based currencies.
Pros
No deposit fees
Commissionfree withdrawals twice a month
Cons
Additional commissions may apply from payment systems
RoboMarkets offers a diverse array of trading platforms, allowing traders to select the one that best suits their needs. This includes popular choices like MetaTrader 4 and MetaTrader 5, as well as RoboMarkets' own innovative R StocksTrader. The Platform score is 4.5 out of 5, placing it among the top proposals in the industry based on our analysis of over 1000 brokers. The platforms are complemented by excellent research tools and are suitable for professional trading.
RoboMarkets provides 24/7 customer support in 8 languages, accessible via live chat, email, and international phone numbers, along with a callback service. Based on our evaluation, the Customer Support at RoboMarkets is rated 4.5 out of 5. We experienced fast and knowledgeable responses and found the support easy to reach during working days.
RoboMarkets offers substantial educational and analysis resources. New traders will find comprehensive guides on account opening, verification, and fund deposition. Educational content is accessible on the website and the RoboMarkets YouTube channel. Market analysis, technical analysis, professional analytics, and various trading tools are also available through the Members area. RoboMarkets Education is rated 4.5 out of 5, reflecting the quality of educational materials, excellent research, and useful tools provided.
In summary, RoboMarkets is a robust broker offering reliable trading solutions and advanced technology. It provides competitive trading conditions suitable for both professional and less experienced traders. With a wide array of assets, platforms, and accounts, it caters to diverse trading styles while offering strong analytics and educational materials. The 24/7 customer support further enhances its appeal, making RoboMarkets an impressive broker in terms of quality.
Based on our findings and financial expert opinions, RoboMarkets is recommended for:
Beginning traders
Advanced traders
Professional traders
Those preferring MT4/MT5 platforms
Currency and CFD trading
Stock trading
Strategy building
A variety of trading strategies
Algorithmic or API traders
Those valuing supportive 24/7 customer support
Those seeking quality education and research materials
