Independent Review - RoboMarkets

Founded in 2013
Headquarters in Cyprus

Introduction to RoboMarkets

Website: https://robomarkets.com

RoboMarkets is owned and operated by the RoboForex Group, which also operates the RoboForex.com brand. Interestingly, RoboMarkets began in 2009 as RoboForex, but was split off from the other site in 2012 in order to serve the European Union trading population. The split was necessary in order to comply with the European Securities and Markets Authority (ESMA) which had created a different set of trading conditions that brokers need to offer their EU based clients.

So, RoboMarkets is specifically for European Union traders, while RoboForex is for traders all across the globe – except those in the EU. That’s also bad for the EU traders who want to use the cTrader client because RoboMarkets doesn’t offer the popular platform, even though its sister company RoboForex does.

A further difference is the headquarters for the broker. RoboMarkets is based in Limassol, Cyprus and has EU regulation through CySEC with license number 191/13. They are also registered as an investment firm in 29 European countries.

One similarity is the assets offered at RoboMarkets, which is over 11,700 different assets, just like at the sister company. It’s one of the broadest asset offerings of any broker, whether focused on the EU or not.

Quick Look at RoboMarkets

As part of the research process to write this review, we set up a demo account with RoboMarkets and accessed their website and their mobile trading platform. The process of opening a demo account was straight-forward and quick, taking just about 1 minute. Opening a real account might take somewhat longer as more information is required when opening a real money account.

Once that was taken care of we were free to have a look at the trading platforms. There are three offered, Metatrader 4, Metatrader 5, and R Trader. We were already familiar with the MT4 and MT5 platforms, so we opened the R Trader platform. We were suitably impressed as the platform is technologically advanced and obviously built for efficient trading. We tested several of the features, and everything went smoothly without any issues.

RoboMarkets Quick Look

With the huge array of assets on offer, and the strength of the trading platforms, it seems RoboMarkets is a broker suited for any level trader – from beginners to professionals.

The rest of the review will focus on the details of the broker and will help you decide if they are suitable for your own trading.

Regulations & Licenses

Countries/Regulators

The RoboMarkets brand was created specifically for the European Union investment rules, and as such is only available to clients in the European Union. It is licensed and regulated by the Cyprus Securities and Exchange Commission under license number 191/13. In addition they are also a part of the Investors Compensation Fund, which protects client’s funds in the event the broker would file for bankruptcy. Furthermore, the broker is registered as an investment firm in 29 European countries.

RoboMarkets Countries/Regulators

Languages

The website is available in 9 different languages, which provides most European users with a language they will be familiar with. The languages offered are German, Spanish, Portuguese, Polish, Estonian, Italian, Latvian, and Czech.

RoboMarkets Languages

Account types

Retail Trader Accounts

There are five different accounts available from RoboMarkets, each with its own particular features. Here’s a closer look at the similarities and differences.

Pro-Standard Account: This is the basic account from the broker, and it requires a $100 minimum deposit. It allows for several different base currencies, including EUR, USD, GBP, CHF, and GOLD. With this account it is possible to trade 36 different currency pairs as well as CFDs on U.S. stocks and global indices, a CFD on oil, and cryptocurrencies. Spreads begin at 1.3 pips and there are no additional commissions on this STP account. Clients can choose from MT4 or MT5 as their trading platform. The minimum trade size is 0.01 lots, while the maximum trade size is 100 lots. Leverage is offered based on the experience level of the trader.

Pro-Cent Account: The Pro-Cent account is quite similar to the Pro-Standard account, but rather than working in dollar increments it works in cents. That makes it quite suitable for new traders just getting started, or for experienced traders who wish to test new strategies on a real-money platform without putting much at risk. There is a minimum deposit of $100 and the same assets are available as with the Pro-Standard account with the exception of CFDs. Spreads remain at 1.3 pips, with a minimum trade size of 0.1 lots and a maximum trade size of 500 lots. The account can use the MT4 and MT5 trading platforms.

RoboMarkets Retail Trader Accounts

ECN-Pro NDD Account: This ECN account has many similarities to the STP-based Pro-Standard account. The tradeable assets are the same, as are the deposit minimum, and the use of MT4 and MT5 as trading platforms. The primary difference is that spreads begin at 0 pips, but there is a commission added for trades. That commission is $20 per $1 million traded. Minimum order size for the account is 0.01 lots, while the maximum order size is 50 lots.

Prime Account: Prime accounts are different from the above-mentioned account types in several ways. First of all is the $5,000 minimum deposit for this account type. It also adds CHF as one of the allowed base currencies. In terms of trading it offers access to 28 different currency pairs as well as metals, CFDs on U.S. stocks, global indices, and oil, and cryptocurrencies. It is also an ECN account, so spreads begin at 0 pips, but there is also a commission of $15 per $1 million traded. The minimum trade is 0.01 lots, while the maximum trade is 50 lots.

R Trader Account: The R Trader account gives access to over 11,700 assets, with a definite focus on the world of stocks. It’s best for traders who are looking for increased trading opportunities. The minimum deposit for the account is still a very reasonable $100 and this account also works on commissions, with spreads beginning at 0 pips.

Demo Account

RoboMarkets offers demo accounts for all of their platforms and to simulate all the different account types. This is to ensure that anyone is able to test the account and platform they are interested in before risking any real money. Registering for a demo account takes just 1 minute.

Fees, Costs & Spreads

Clients will see a difference in costs based on the account type being used. In the case of the Pro-Standard and Pro-Cent account there is a larger minimum spread of 1.3 pips, but no commissions. The other account types have spreads that begin at 0 pips, but are also charged a commission of $20 or $15 per $1 million traded.

In the case of the Pro-Cents account the broker is also the market maker, and it makes its profits from trader’s losses. For all other accounts a liquidity provider is used and RoboForex receives a portion of the spread and a small commission from the liquidity provider.

Traders should note that there are financing costs for leveraged positions, and also swap rates for positions that are held overnight. In addition, any corporate actions (such as dividends) are also passed on to client accounts.

Deposits & Withdrawals

There are no deposit fees charged at RoboMarkets, but there are withdrawal fees, depending on the method used for the withdrawal. These fees are in addition to any fees charged by the financial institution.

In the case of bank transfers clients will find there is a charge of €35-40 for most institutions. Note too that most bank transfers can take up to 5 business days to process, both in the case of deposits and withdrawals.

In the case of credit cards, only Visa/Mastercard can be used for withdrawals. There is a 2.4% charge and the withdrawals can take up to 10 business days to fully process. Deposits from credit/debit cards have no fees and are available immediately for trading.

RoboMarkets also accepts a number of electronic payment methods, and fees for withdrawals vary from one to the next in a range of 0.8% to 1.9%. Withdrawals from these electronic wallets can take anywhere from 1 minute to 1 day to process.

Trading Platforms

Forex traders will be happy to know that both Metatrader 4 and Metatrader 5 are available platforms at RoboMarkets. In addition they also offer their own proprietary R Trader platform. Notably missing is the cTrader platform, which isn’t offered to EU traders. It’s a shame, but it seems getting access to cTrader is quite difficult in the EU.

As anyone who has trading experience knows the Metatrader 4 platform is the standard for technical charting. In addition to the powerful base features it is extremely extensible, with hundreds if not thousands of third-party add-ons available. It is these Expert Advisor add-ons that make MT4 so suitable for automated trading, and the broker happily supports EAs.

Metatrader 5 is also available, but despite being the newer version it lacks backward compatibility with MT4, and doesn’t allow traders to employ hedging strategies. Despite MT5’s promotion as the most technologically advanced platform for trading assets, the truth is MT4 remains more popular, and is actually the superior platform. That said, it is nice the broker at least offers it as a choice.

RoboMarkets Trading Platforms

In addition to offering MT4/MT5, the broker also offers their own proprietary R Trader platform. This platform gives clients access to the full range of asset offerings. This is especially important for those looking to trade stocks, as the number of equities on the other platforms is limited. We believe that traders who don’t require the automated trading capabilities of MT4 should seriously consider using the R Trader platform. It gives access to the full range of more than 12,000 assets, and has a built in robot builder for clients to test automated strategies of their own.

RoboMarkets offers a mobile version of its R Trader platform for both Android and iOS devices. Even though one would consider it to be a stripped down version of the desktop R Trader, it is still extremely useful and comes with the following features:

  • Access to news and analytics;
  • Make deposits;
  • One-click trades and order management;
  • Multiple language support;
  • Customer support from within the app;
  • 13 different indicators;
  • 9 graphic analysis tools.

Those choosing to use either MT4 or MT5 will be pleased to know there are mobile versions for both of these platforms as well. And they are available for either Android or iOS devices. While you might not want to use them all the time, the mobile applications can be useful for keeping up on market news, for managing portfolios, for trading in critical situations, or even for doing basic analysis of price action.

Additional Platforms

In addition to giving their clients excellent trading conditions through the four platforms on offer, RoboMarkets also offers a unique trading platform that takes advantage of the increasingly popular trend of social trading. This is the CopyFX platform, and it allows clients to copy the trades of other traders. It’s a true expression of the increasingly popular social trading revolution that promises excellent trading performance without the extensive research time.

Clients can take advantage of CopyFX with a minimum investment of $100. Once inside the platform there are thousands of traders participating, and there are always some excellent opportunities.

RoboMarkets Additional Platforms

In addition to CopyFX there is a RAMM platform which gives a more traditional approach to asset management. It has some benefits over the CopyFX platform, such as automated risk management. In the RAMM system traders only receive compensation when their subscribers are profiting from their strategies.

Assets Available

The assets available for trading is going to depend on the account type being used. For the greatest access to the widest array of assets traders should choose the R Trader account and platform. This gives access to more than 11,700 assets, including indices, cryptocurrencies, real stocks, CFDs on stocks, forex pairs, and ETFs. It is especially useful for those looking for access to a huge number of stocks.

The other platforms offer 36 currency pairs, metals, CFDs on US stocks, CFDs on global indices, CFD on crude oil, and cryptocurrencies. The Prime account, despite its $5,000 minimum deposit, is even more limited, with access to 28 currency pairs, metals, CFDs on US stocks and global indices, and cryptocurrencies.

Order Types

Traders can choose from four types of orders: limit orders, market orders, stop loss orders, and trailing stop orders. Orders are able to be changed or cancelled at any time before they are filled.

Notification and Alerts

All of the trading platforms have alerts and notifications built-in, which means traders who use this feature are notified when their alert conditions are triggered. These can be price alerts, technical indicator alerts, and economic news alerts. Traders have complete control over the alerts, and can receive them via email or via SMS in addition to setting the exact conditions that will trigger an alert.

Risk Management Tools

The broker doesn't have any specific risk management tools, but does have several tools and features that can be used as part of a good risk management strategy. This includes the stop and trailing stop orders, which can protect traders from excessive losses, or from giving back all of the gains in a position. The notifications and alerts provide another layer of risk management. The RAMM feature was specifically developed as a risk management platform and in some ways Expert Advisors or automated trading can be used to limit risk. There are clearly plenty of ways for clients to limit their risks at this broker.

Trading Tools and Analysis

There are a number of trading tools available to clients at RoboMarkets. One of the most powerful of these is the R Trader Strategy Builder, which allows for the creation of automated trading robots even by those with no programming or coding skills. This tool can automate trading, reduce risk, and allow clients to expand their trading expertise.

RoboMarkets Trading Tools and Analysis

Other trading tools available include detailed charts for tracking price history and looking for technical buy and sell signals, as well as a forex calculator that will take the parameters of a given trade and provide traders with all the pertinent information they need to determine profitability levels.

Other trading tools include a range of forex analysis articles and videos. Many of these are based around technical indicators, and are not only useful as trading tools, but are also quite educational for those who aren’t as familiar with technical analysis of forex pairs.

An analytical feed provides information about overall market overview, wave analysis, Fibonacci retracements, Ichimoku Cloud, forecasts for a week, and commercial news. Clients can also take advantage of the technical indicator signals provided for free. This service gives access to signals of the most popular technical indicators, such as BBands, Ichimoku, MA10, MA20, MA50, MA100, MACD, Stochastic, William`s, and ZigZag, as well as the market sentiments chart. The signals are displayed in the convenient table format and available on 7 timeframes (from M1 to Daily) – all you have to do is to choose the required trading instrument.

RoboMarkets Trading Tools and Analysis

Also available are a selection of 5-7 minute video reviews of major currency pairs. It’s perfect for those who don't have time to do a deep dive into the markets on any given day. One final tool that's available is the economic calendar. Traders can access a public holiday calendar, bank interest rates, breaking news, worldwide economic indicators, trading session schedule, and dates when registries of the world’s leading companies are fixed. The section contains a set of up-to-date fundamental data and indicators, including market news. All subsections support filters and search.

Education and Training

In addition to the tools mentioned above, some of which are very educational in their own right, RoboMarkets also offers dedicated pages for “How to Trade Forex” and How to Trade Stocks.” These ensure that new traders aren’t left floundering without direction. The education center also includes a video learning section that covers the basics of forex trading, as well as technical and fundamental analysis. The videos also go into trading psychology and risk management for a fully rounded basic forex trading education.

Bonuses and Promotions

RoboMarkets has several bonus and promotion programs, however they can only be taken advantage of by those classified as “Professional Traders” by the broker. To become a Professional client, you must have a relevant experience, knowledge and competence required to independently make investment decisions and to accurately evaluate the risks these decisions involve. In practice this means requesting re-categorization from a retail trader to a professional trader, and then passing a qualification test. Passing the qualification test requires an individual to meet two of the following three criteria:

  • The size of your financial instrument portfolio, which includes both cash deposits and financial instruments, exceeds 500,000 EUR.
  • You have performed large transactions on the relevant market with an average frequency of 10 (ten) per quarter over the previous four (4) quarters.
  • ou have been working or worked in the financial sector for at least one (1) year in a professional position, which requires knowledge how to perform transactions or use offered services.

The specialists at RoboMarkets may contact prospective professional clients for additional documents to support the qualifications.

Once qualified as a Professional Client it’s possible to take advantage of the Profit Share and Classic bonuses, as well as the Cashback Rebates on trading volume, additional percentage rebates when certain criteria are met, and the VIP Client program.

Profit Share Bonus: The Profit Share Bonus is also available to Pro-Standard and Pro-Cent accounts using the MT4 or MT5 platform. The bonus grants a match to initial deposits of up to 50%. For deposits up to $300 the bonus is 25%, but for deposits above $300 the bonus is 50%. This bonus is available for any initial deposit amount, but there is a $10,000 maximum per account, and a $20,000 maximum per individual. The Profit Share Bonus cannot be claimed when there are other active bonuses in the account, and it cannot be withdrawn. It is available for drawdown periods, and can greatly enhance the available trading capital in an account.

Classic Bonus: The Classic bonus allows traders to receive up to 115% bonus on their initial deposit, and all subsequent deposits. The bonus amount is 50% up to $300, 100% for $301 up to $500, and 115% over $500. This bonus is meant to increase the total trading volume of accounts, and is only available to Pro-Standard and Pro-Cent accounts using the MT4 or MT5 platform. This bonus cannot be combined with the Profit Share bonus, and there is a lifetime maximum of $50,000 that can be claimed with this bonus. This Classic Bonus cannot be used during drawdown periods, but it can be withdrawn once a trading volume condition is met. That condition is for one full lot for each dollar of bonus received. So a trader who deposited $1,000 and received a $1,000 bonus must trade 1,000 lots to be eligible to withdraw the bonus monies.

Cashback and Percentage Rebates: The cashback rebates are paid out on a monthly basis to every trader who trades 10 or more lots during the month. The amount received depends on trading volume, and on the type of account held by the client.

The Percentage rebate allows clients to receive up to 10% of their account balance on a monthly basis, again based on their monthly trading volume. Note that the percentage is based on annual percents, so the 10% payout amounts to a monthly payout of 0.83% of the account balance. These amounts are calculated on a daily basis. Up to 10 lots trade volume entitles the client to a 2.5% rebate, 10-1,000 lots entitles the client to a 5% rebate, and more than 1,000 lots entitles a client to the full 10% rebate.

VIP Clients: There are four levels of VIP clients which can provide additional cash back rebates of up to 40% of the received cashback rebates. There are four levels or tiers of VIP clients - Bronze, Silver, Gold, and Platinum. Levels are based on the amount of capital ina client account. The Bronze level is reached when a client has $3,000 in their account. This gives 10% cash-back, more % bonuses, a dedicated account manager, and improved VPS order conditions. Each subsequent level increases the cash-back and bonus %, with the Platinum level offering 40%.

RoboMarkets Bonuses and Promotions

Customer Support

While traders will hope they don’t need to contact customer support, if it does become necessary they will want a world-class team supporting them. As a world-class organization RoboMarkets has that kind of support team. They are available 24/7, and in seven different languages. Clients can choose from online chat, telephone, email, online web form, or call-back as their means of communication, which pretty much covers all the potential methods.

As for the response from the team, it is quick, efficient, professional, and knowledgeable. We presented them with several questions regarding the trading accounts and platforms, and they responded quickly and with apparent knowledge. It’s reassuring to know that there’s a competent customer support team to rely on if necessary.

Independent Opinion & Rating

As the EU branding for the RoboForex Group the RoboMarkets site isn’t as popular as its internationally branded sister, but it still has over 200,000 clients, and more importantly it is well regarded as a forex broker. Having EU regulation certainly helps, but even without the regulation the broker strives to provide the very best trading experience for its clients.

One sign of this is the array of trading platforms offered at RoboMarkets. Clients can choose from Metatrader 4, Metatrader 5, or the proprietary R Trader. We did miss the inclusion of cTrader, but for those who want an extensive list of assets to trade the R Trader platform is preferable in any case. With over 11,700 assets available it’s tough to beat this platform for asset diversity.

For those who know that every pip and every cent counts this is an excellent broker as well, thanks to the extremely low spreads and commissions on the ECN accounts. And the cashback offers, bonuses, and rebates certainly don’t help, although not everyone will be able to qualify as a professional client, granting them access to these bonuses.

All of this combined with reliability and a trustworthy broker allows us to recommend RoboMarkets, particularly for those that can qualify as a professional trader.

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