RoboMarkets Review – Is It A Trustworthy Forex Broker Or Not?
Robomarkets Ltd based in Cyprus is the official owner of RoboMarkets broker. They are operating since 2013 on FX and CFD markets.
RoboMarkets proudly presents itself as the official sponsor of BMW Motorsport. At first glance, everything looks nice and shiny. But to check if this broker is reliable and trustworthy we need to dig deeper. Continue reading this RoboMarkets review to find all the key facts about this broker.
|Broker status:||Regulated Broker|
|Owned by:||Robomarkets Ltd|
|Supported Platforms:||MT4/MT5/Web trader|
|Types of Assets:||Forex, Commodities, Indices, Shares|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is RoboMarkets a Licensed Broker?
Indeed, Robomarkets Ltd has a license issued from CySEC. Moreover, they state to provide services only to clients from the EU/EEA zone. Checking the CySEC database, we could find information about other entities related to RoboMarkets broker.
Another entity is RoboForex based in Belize, which is an offshore non-regulated broker. Have in mind that RoboForex is not obligated to provide any protection.
Even though one entity of RoboMarkets is regulated, the other one is not. Besides, some traders shared their reviews about some issues with this broker.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Licensed brokers are monitored constantly. Therefore, all rule violations could be penalized. Even more, result in losing a license.
That’s why we trust the strictest Tier 1 regulators like FCA, ASIC and BaFin. However, the RoboMarkets broker is not licensed by any of those.
What Platform Does RoboMarkets Provide?
Equally important as security is a trusted trading platform. Traders are looking for high reliability with advanced features. But even shady brokers sometimes are using these trusted platforms like MetaTrader. With RoboMarkets, clients have experienced other issues, not regarding the platform.
This app allows traders to use a vast of advanced functions. Starting with social and copy trading. Those are important features that can improve efficiency. In addition to that, MT4/MT5 have available improved indicators and charting options.
R Web trader is a proprietary trading platform. It has 13 indicators, 9 analysis tools and exclusive analytics. This WebTrader allows traders to make deposits directly to the trading account. Besides, they can switch to MetaTrader very quickly for additional options.
Platforms on Mobile
MT4/MT5 platform is available for both Android and iOS mobile devices. The main advantage is that traders don’t lose any functions if they have only mobile devices available.
That’s why MetaTrader is the most reliable platform these days. Moreover, it’s very stable and very rarely do traders experience technical issues.
RoboMarkets’s Trading Assets and Instruments
Important to notice is that RoboMarkets trading company offers a solid range of instruments. They are divided into 5 major classes. Some of the instruments are:
- Forex USD/JPY, AUD/NZD
- Commodities gold, natural gas
- Indices UK100, AU200
- Shares Intel, AMD
- Cryptocurrencies BNB, ADA
The same instruments traders can find with Tier 1 regulated brokers, with slightly more controlled conditions
RoboMarkets Broker’s Active Locations
It is clearly stated by the broker that they operate only in the EEA zone. But that’s RoboMarkets. However, RoboForex offshore entity doesn’t have any restrictions. As can be seen in RoboMarkets reviews, they are targeting traders from:
- Czech Republic
Which Types Of Accounts Does RoboMarkets Offer?
RoboMarkets broker offers 5 different account types. Those are:
- RStocks Trader
The minimum requirement is $100 for every account type. Some accounts have limited access to financial instruments. Therefore, the broker has different methods to motivate clients to deposit more money.
Does RoboMarkets Have a Free Demo Account?
To sum it up, yes. With a demo account, you can test your trading strategies. However, it’s not going to present you with a realistic picture of trading. Therefore, micro accounts are a good option. But since this broker doesn’t have that, you can look for that with some Tier 1 licensed broker.
Negative Balance Protection
As important as everything else is negative balance protection. This feature doesn’t let clients go into debt. However, the company has the right to cease this option for specific traders. With this in mind, traders should be very careful with this broker.
What Kinds of Bonuses and Promotions Does RoboMarkets Offer?
The idea is that you introduce the broker to other people. For every client that invests more than 500 EUR, you are rewarded with 300 EUR. Pretty unrealistic interest rate.
Moreover, until you accumulate 1.000 EUR, you can’t request a withdrawal.
Minimum Deposit and How Do I Withdraw?
As shown above, the minimum deposit is $100 for all account types. However, for every funding method, you have a different amount as the minimum requirement. Whether it’s a deposit or withdrawal. Some traders in RoboMarkets reviews shared their opinion about withdrawal issues.
RoboMarkets Payment Methods Available
From funding methods, RoboMarkets broker offers the following:
- Cards Visa/Master card
- Bank transfers Barclays, Deutsche Bank
- e-payments PayPal, Skrill and more
Every method has its fees and processing time that depends on the third-party provider. Another key point is verification. All up to 2.000 EUR is accepted for deposit without verification. On the contrary, no withdrawals are approved without it.
Terms and Conditions for RoboMarkets – What You Should Know
Since this broker is regulated, all T&Cs should comply with those rules. Just have in mind that this brokerage has an offshore entity. Therefore, you need to check both T&Cs to know what to expect.
With this in mind, we would always look for a Tier 1 licensed broker that doesn’t have such separations.
Leverage, Spreads and Fees
Leverage goes up to 1:30, which is in the line with ESMA rules. But even those are dangerous if you are a non-experienced trader.
Spreads are highly competitive from 0 pips for certain accounts. In general, companies charge high commissions in exchange for lower spreads. But with RoboMarkets broker, these fees are not disclosed.
What Should I Do If I Have RoboMarkets Problem?
Firstly, share your opinion with us and try to solve your issue with their regulator. Of course, if you are working with a regulated entity. Secondly, our specialized team can advise you on different steps.
Primarily, we help people recover lost funds. If you have such an issue reach us today and book your free consultation!
What Is RoboMarkets?
RoboMarkets is Forex and CFD broker operating since 2013 with two entities.
Is RoboMarkets a Regulated Broker?
Yes. The entity that is based in Cyprus owns a CySEC license. However, one in Belize is not regulated.
Is RoboMarkets Available in the United States or the UK?
According to the broker, they offer services only in the EU/EEA zone. But not in the US or the UK.
Does RoboMarkets Offer a Demo Account ?
Yes. Besides live trading accounts, traders can test broker’s options with a demo account.