One of the top priorities when evaluating a broker is the trading conditions and fees, which will be examined in this Robomarkets review.
The consensus on RoboMarkets is positive overall and well worth it. This comprehensive RoboMarkets review aims to enumerate the services that contribute to their success with the following:
- My Findings on RoboMarkets and their Services
- My Trading Experience with RoboMarkets
- Demo Trading on RoboMarkets
- RoboMarkets FAQs
- RoboMarkets Alternatives
- Is RoboMarkets Safe?
- My Findings
- Expert Opinion on RoboMarkets’ Services
- My Personal Experience With RoboMarkets
- Demo Trading on RoboMarkets
- RoboMarkets Alternatives
|Free Bonus||60% deposit bonus|
|Minimum Deposit||The minimum deposit is $100|
|Spread||Spreads start from zero and floats depending on the asset (not fixed)|
|Leverage||Leverage is decided at registration after gauging the trader’s experience|
|Deposit Methods||Credit Card, FasaPay, Giropay, Mastercard, Neteller, PayPal, Rapid Transfer, Skrill, Visa, Wire Transfer|
|Withdrawal Methods||Credit Card, FasaPay, Giropay, Mastercard, Neteller, PayPal, Rapid Transfer, Skrill, Visa, Wire Transfer|
RoboMarkets Review Summary and Rating
RoboMarkets is most famous for the variety of accounts provided to its users. There’s a bit of something provided for every type of trader: stock traders, forex traders, etc. Also, zero spreads are provided, but free commissions only apply to stocks.
Fast execution time for orders
Broker is regulated
Free withdrawals are fixed to two days a month only
Spreads start from zero
The education offering is amazing
Their leverage system is unnecessary
Is RoboMarkets Safe?
RoboMarkets is regulated by the Cyprus Securities and Exchange Commission (CySec) with license no. 191/13. Moreover, it is also regulated by BaFin (Federal Financial Supervisory Authority of Germany).
In fact, the caliber of regulations is a litmus test of how trusted a broker is—also partners with major brands and other companies in the financial niche matters.
Here, the RoboForex broker has partnerships with BMW M Motorsport, Eintracht Frankfurt (a German team in the top division), and an Official Sponsor of the AEL Limassol Women Volleyball Team.
Lastly, they’ve won a couple of awards that reflect how prestigious the broker is. A couple of them are;
- “Best Broker for Stocks Trading,” The London Investor Show (2018)
- “Best Client Service (Europe)” Global Brands Magazine (2019)
- “Safest European Broker” The London Trader Show (2020)
- “Most Trusted European Broker” Global Forex Awards (Retail) (2020)
- “Best Indices Broker” International Business Magazine Awards (2020)
- “Best Value Broker (Global)” World Economic Magazine Awards (2021)
- “Best Mobile Trading Platform” Professional Trader Awards (2021)
- “Best Stocks Broker (Global)” Global Forex Awards (B2B) (2021)
In my short time with RoboMarkets, I had a pleasant experience and no issues. However, I soon realized that this broker’s services were limited to 29 countries.
As for the cons, free withdrawals are only available at dedicated times of the month. Also, leverage is relatively low, and a higher value is only available to traders meeting specific requirements.
Although verification takes a long time here, trading accounts can be funded pending the wait, and trading can begin.
But tread carefully, as funds will be confiscated after 12 days if verification fails. Therefore, pay attention to re-upload documents in the advent of that.
Excluding demo accounts, there are six different types of accounts offered by RoboMarkets. They are Prime, ECN, R stocks trader, Procent, Pro, and ISK accounts.
This brings the most attention to this broker since they provide the best catalogs, as stated earlier in the RoboMarkets review.
However, these accounts can be denominated in USD, EUR, CHF, GBP, and GOLD.
Most trading instruments are available on the R stocks trader, but the account has no MetaTrader platforms.
Spreads start from zero on here but are floating, so they will increase on specific pairs. However, it isn’t this way on every account type.
For instance, the spread on the percent and pro accounts begins from 1.3 pips which isn’t too shabby either.
The leverage here is typically low, but based on a trader’s experience, the broker might offer a higher value. As for stock trading, the leverage is fixed at a ratio of 1:1 coupled with no trading commission.
The smallest tradeable lot size on RoboMarkets is 0.01, and the highest is 50 lots on standard accounts. However, on cent accounts, the largest lot size is 500 lots.
The minimum deposit is 100 units of USD, EUR, and GBP. It’d have been nicer if the minimum deposit was lower on the pro-cent accounts, but it’s pleasing nonetheless.
The popular Meta Trader platforms aside, conversely, this broker provides mobile and PC platforms of their own.
Further, the trading platform for mobile devices is named R Mobile Trader, and it’s available for download on dedicated app stores. In the case of PCs, a web trader is employed, and it somewhat gets the job done.
Finally, a copy trading platform with a relatively easy to set up and a large community of traders to copy from can be employed.
Once logged on to the web portal, hover to “RoboMarkets analytics center.” It’s a one-stop location for all your education needs.
Subsequently, all content ranging from E-books, video courses, trade breakdowns, trading strategies, and more, can be found in this tab.
Support can be contacted over the phone or through a request on the site or live chat. Moreover, a couple of languages are supported to accommodate non-English speakers.
Contrarily, technical support centers in selected countries can be visited.
Expert Opinion on RoboMarkets’ Services
RoboMarkets is known and loved for its various trading accounts and reliability.
Besides, they provide low spreads but only offer zero commission trading for stocks, which is a bummer.
Nevertheless, this transparent broker provides industry-grade services that’ll satisfy every trader.
My Personal Experience With RoboMarkets
First off, I had no problems creating an account with this broker. I filled in the necessary boxes, and it was a breeze. Initially couldn’t find the verification mail sent to ensure, so you checked the spam section.
Trading With RoboMarkets
Trading with this broker is sure to be a delightful experience, with the execution speed of orders at 0.1 seconds.
Furthermore, there are 12,000 pairs in total of different asset classes. But remember that not every account type has access to all of these pairs, so pay attention to that.
Demo Trading on RoboMarkets
RoboMarkets spread starts from 1.3 pips on EURUSD, so it’s way higher on the XAUUSD, which we conducted this test on.
Using an expert advisor (an attachment to MetaTrader4/5), a win rate of 55% was achieved after 78 orders were placed.
Praises aside, if you’re not pleased with this broker, here are some other alternatives:
RoboMarkets Review Summary
As this RoboMarkets review has shown thus far, this is a broker with multiple green flags. Of course, it isn’t perfect, but the pros outweigh the cons by a mile.
Undoubtedly, there’s an account type right for your needs and requirements.