RoboMarkets Review 2024

Trust

RoboMarkets Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

This is what I discovered about RoboMarkets:

• RoboMarkets Ltd is authorized and regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySEC) with CIF License number 191/13. We rate CySEC as a Tier-1 regulator.

We have summarized the most essential aspects of RoboMarkets in terms of regulation and safety in the table below:

Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

Here is what you need to be looking for in a broker in terms of safety mechanisms:

• Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. Both of RoboMarkets’ entities ensure segregated funds, as per MiFID regulation.
• Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. Both entities provide negative balance protection.
• Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. RoboMarkets Ltd participates in the Investor Compensation Fund. Its clients can be compensated by up to EUR 20,000 under the ICF. The entity has also issued a civil liabilities insurance of up to EUR 2,500,000. The German entity of the broker participates in the Investor Compensation Act (AnlEntG) by the Deutsche Bundesbank, and its clients are insured up to EUR 20,000.
• Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. Retail clients of RoboMarkets can benefit from a maximum leverage of 1:30.

Is RoboMarkets Safe to Trade With?

In addition to the above-mentioned safety features, RoboMarkets has also issued a best execution policy, which is a legal mandate requiring the broker to provide its clients with the most favorable price feeds under prevailing market conditions. The broker has access to a deep liquidity pool from 3 different providers, and it is also periodically audited internally and externally. I also learned that RoboMarkets has a two-step authentication.

In summary, all of these factors, plus RoboMarkets’ compliance with MiFID II regulation, make it a safe broker to trade with.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

I checked RoboMarkets’ legal documents, website info, and other general features and determined that the broker is fairly transparent without any glaring issues. I quite liked that you can read crucial business information from the website, such as where the company is registered (under which institutions), how many liquidity providers it has, and who audits it.

Additionally, I appreciated that RoboMarkets’ platform displays the spread rate between an instrument’s bid and ask prices so that you do not have to calculate the difference yourself.

In summary, my research indicates that RoboMarkets can be regarded as having a very good level of trust and stability due to the following factors:

• Regulated and authorized by top-tier CySEC
• Has issued civil liabilities insurance
• Very transparent as a whole
• Has multiple secondary safety mechanisms

Fees

RoboMarkets’ Trading Fees

RoboMarkets’ Spreads

I tested RoboMarkets’ spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on 3 October 2023. The results are shown in the table below:

When broken down by asset class and compared to the industry average, the broker offers low spreads on currency pairs, commodities, and share CFDs, and low-to-medium spreads on indices. The recorded spreads on gold and crude oil are especially low.

RoboMarkets’ Swap Rates

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

The values listed below are for one full contract (100,000 units) of the base currency.

The recorded swaps are low-to-average compared to the industry average.

RoboMarkets’ Commissions

RoboMarkets charges volume-based commissions that vary across its several account types. For the R StocksTrader account, the commission rate depends on the type of instrument and quantity that are traded. There is a $1.5 single-turn ($3 round-turn) commission per traded lot on FX Majors. This is twice as low as the industry average of $6 per lot.

As a whole, I assessed RoboMarkets’ commissions (on the R StocksTrader account) to be very low on currency pairs, low-to-average on commodities, average on share CFDs, and high on indices.

RoboMarkets’ Non-Trading Fees

In general, RoboMarkets affords charge-free deposits and only a couple of cost-free withdrawal options. But twice a month, you can withdraw funds without a handling fee via any available payment system.

If you don’t use your account for 6 months, the company labels it as inactive. A $5 maintenance fee will be charged every 6 months on the leftover balance until it hits $0 or you start using the account again. For comparison, most other brokers charge higher inactivity fees not semi-annually but each month.

Are RoboMarkets’ Fees Competitive?

RoboMarkets’ combination of low floating spreads and generally low commissions is quite competitive. It is suitable for both high-frequency and high-volume trading. I consider this pricing mechanism suitable for implementing most types of trading strategies.

Accounts Comparison

I have compiled the table below to help you better understand the different costs associated with each of RoboMarkets’ main retail account types.

The table illustrates the spreads and commissions I have recorded on the EUR/USD pair across the several account types. It shows how much you will have to pay to trade 1 full lot (100,000 units) on the EUR/USD with a pip value of $10.

To calculate the cost of such a full-sized trade, I used this formula: spread x pip value + commission.

My tests indicate that executing such a position across most of RoboMarkets’ accounts costs between $4 – $6, which is twice as low compared to the industry average of $10. The only account type that exceeds this benchmark is the Pro account.

Platforms and Tools

RoboMarkets’ proprietary platform allows traders to choose between one-click and double-click trading. The former is suitable for high-frequency trading, while the other is preferred by more risk-averse traders. You can also choose between netting and hedging regimes.

R StocksTrader is very detailed, and you can gather quite a lot of information about its features. I like that commission and spread info are highlighted so that you can calculate your potential costs before opening a position.

As I said above, my impression of RoboMarkets is that it’s especially well-suited for algorithmic trading. The R StocksTrader platform comes with an excellent in-built strategy tester, which does not require much coding skills. The broker also affords VPS hosting.

The R MobileTrader is a very light app that is easy to navigate. It can be used for simplified order execution. I also liked that it is fully integrated with RoboMarkets’ research features so that users can stay informed about current market developments even on the go.

Last but not least, RoboMarkets’ clients (with R StocksTrader accounts) can also use the seamless TradingView platform, which, in my estimation, ranks among the top 3 platforms in the industry. It boasts hundreds of technical indicators and drawing tools, and scrutinizing price action on it is as easy as it could be. TradingView also comprises the largest social trading community in the world.

RoboMarkets’ Web R StocksTrader Platform

General Ease of Use

The R StocksTrader platform has a very familiar outlook. Charts are positioned in the middle and order execution info can be found on the left. The strategy builder and account info are found at the bottom of the window.

I appreciated the inclusion of a search bar, making it easier to navigate through RoboMarkets’ extensive lineup of over 12,000 tradable assets. However, the platform falls short by lacking an alert feature. Another drawback is its limited integration with RoboMarkets’ research material; traders have to visit the client member area to stay updated on current opportunities.

Charts

I consider the chart screen as a platform’s key feature, essential for successful technical analysis of even minor price changes. A good chart should not only display price action clearly but also offer easy scaling and a wide array of technical tools for comprehensive analysis.

My overall impression of R StocksTrader’s charts is a mostly positive one. It’s flexible and easy to use, making it quite suitable for conducting probing technical analysis.

I have broken down the available analytical tools and chart configurations below

• 38 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and more. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next.
• 5 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels. RoboMarkets’ proprietary platform has a very limited number of drawing tools. Traders might be better off turning to MetaTrader for more diversity.
• 10 timeframes. The R StocksTrader platform allows multi-timeframe analysis of price action behavior. The greater the number of timeframes, the more intricate examinations that can be carried out across the short-term and long-term. The platform has a ticks configuration, which can be used for scalping.
• 5 chart types. Price action can be represented as a line, bars, area, or two types of candlesticks. This diversity makes it possible to examine potential trading opportunities from different angles.

Orders

I have broken down the available order types on the R StocksTrader platform below:

• Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order actually gets filled.
• Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
• Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

My Key Takeaways After Testing R StocksTrader Platform

My overall impression of the R StocksTrader platform was positive. First, I tested its practicality with respect to the number and type of strategies that can be implemented. Given its professional-grade strategy tester tool and the availability of VPS hosting, I concluded that the platform is best suited for algorithmic trading.

The platform also supports one-click trading and low timeframes (thick and 1-sec), which is ideal for scalping, whereas the double-click setting is tailored for more risk-averse traders. I had fun manipulating price action by scaling it up and down and found R StocksTrader’s charts to be very versatile. This is ideal for carrying out sophisticated technical analysis. However, I was surprised at the extremely low number of drawing tools.

RoboMarkets’ R MobileTrader App

RoboMarkets’ mobile app affords traders quick and easy access to the market on the go. It is very useful when you have to check the performance of your running positions and, if necessary, make adjustments. The market is volatile and ever-changing, so staying on top of the latest developments with the user-friendly R MobileTrade app is made easy.

You can use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades. The app is highly customizable, and it makes price action analysis as enjoyable as it could be on a low-resolution device.

My Key Takeaways After Testing RoboMarkets on the R MobileTrader App

Though mobile trading apps are generally more limited than their web or desktop counterparts, I quite enjoyed exploring RoboMarkets’ app, which boasts a pleasing design.

I concluded that integrating RoboMarkets’ market analysis and trading ideas into the app is smart; it’s convenient for traders to stay updated on the go. I also appreciated how easy it is to open and close trades through the app and make adjustments, such as implementing a trailing stop to an existing position.

My professional advice is to carry out your technical analyses on wide-screen devices and to use the app to access RoboMarkets’ excellent research materials or to adjust your open trades.

Tradable Instruments

What Are CFDs?

Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying asset without physical delivery. For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

What Can You Trade With RoboMarkets?

I have broken down the available instruments by asset class:

• 32 Currency Pairs
  Majors (12), Minors (20)
• 4 Commodities
  Metals (2), Energy (2)
• +12,000 Shares, Share CFDs and ETFs
  US, Europe, Asia, Other
• 9 Indices
  US, Europe, Asia, Other
• 3 Futures
  Indices

Compared to the broader industry, RoboMarkets provides access to a very high number of share CFDs and ETFs, an average amount of currency pairs and indices, and a very low amount of commodities.

My Key Takeaways After Exploring RoboMarkets’ Tradable Instruments

RoboMarkets shines in its extensive range of share CFDs and ETFs, making up over 90% of its offerings—mostly focused on U.S. and European markets. This makes it an attractive choice for European traders looking to invest in the world’s two largest markets.

On the downside, their metal CFDs are limited to gold and silver. Despite offering some of the industry’s lowest gold spreads (around 3 pips during my review) and commission-free trading, I expected a broader metal CFDs selection.

In summary, RoboMarkets excels in offering a wide array of tradable instruments, particularly in higher-risk, high-yield assets.

Customer Support

The easiest way to get in touch with RoboMarkets’ support team is via live chat, which is available from the bottom-right corner of the website. You can also reach out to them on Instagram, Facebook, or WhatsApp. Alternatively, you can call their Cyprus office at 25 123275, with a country code (+357). RoboMarkets does not appear to offer a call-back option.

Customer Support Test

When we test a broker’s customer support team, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

I conducted my test on 4 October at around 12:28 CET via live chat. An agent connected to the chat within seconds, which was appreciated. Their answers were swift and to the point. However, I noticed that the chat window did not display any credentials, such as the agent’s name and position within the company.

I looked into the commission structure for the R StocksTrader account and consulted with a customer service agent. The agent was knowledgeable and accurate, even providing a link for further details.

Deposit and Withdrawal

RoboMarkets Deposit Methods

RoboMarkets Withdrawal Methods

Traders can choose from 15 different payment methods, which is quite high. Deposits are always free of charge regardless of the preferred payment method. Traders can also withdraw funds without having to pay a commission (for all payment methods) on the first and third Tuesdays of each month.

Account Types and Terms

Why is Choosing the Right Account Type Important?

Your account should reflect your goals, needs, and ambitions on the market. You should take into consideration several factors, such as whether the account type has a minimum deposit requirement, its spreads and commissions, the execution method, and more.

What Account Types Does RoboMarkets Offer?

I have broken down RoboMarkets’ account types below:

The minimum deposit requirement with RoboMarkets is $100, making its retail accounts quite accessible to all kinds of traders. You can choose between EUR, USD, GBP, CZK, and CHF as base currencies.

Based on my calculations, the Prime account emerges as the most cost-efficient option. However, the R StocksTrader account, while carrying slightly higher fees, significantly outshines it in terms of instrument variety, boasting 12,000 compared to the Prime account’s mere 28. It’s also worth noting that the Prime account lacks the option for swap-free trading.

The Prime account is the only one with a stop-out at 100%, which is better for high-risk/high-yield trading. In comparison, the R StocksTrader and other accounts have stop-out levels at 50%, which is more suitable for more conservative trading because of the lesser risk of account balance blowouts.

The only drawback to RoboMarkets is the relatively slow execution speeds. According to my chat with their support team, the broker averages between 200 and 400 milliseconds. For comparison, I consider speeds of under 50 milliseconds to be suitable for high-frequency trading. That is why I do not think that RoboMarkets is ideal for scalping. However, this is not a problem for implementing other intraday, day, and position trading strategies.

RoboMarkets’ Execution Model

RoboMarkets utilizes market execution. The broker operates without a dealing desk, and order requests are transmitted to the interbank level, where RoboMarkets’ three liquidity providers fill them. As long as there is enough liquidity in the market, all order requests will be filled, though at varying speeds.

Suppose you wish to go long 100,000 units (1 lot) on the EUR/USD at 1.07650. You place your buy order, but there is not enough liquidity in the market at that price level, not enough to fill your order. Hence, no trade is opened. The price then climbs to 1.07700, where there is enough liquidity to fill that volume, and your trade is finally executed. If the value of 1 pip is $10, then you would have missed a chance to generate a $50 profit due to this discrepancy (5 pips).

The clear advantage of this model of execution is that with it, you are guaranteed entry, in that your order request will eventually be filled once there is enough liquidity. However, the corresponding disadvantage is that you are exposed to price discrepancies in the form of negative slippage.

In my experience, market execution is better suited for day trading and position trading strategies where volume is important. But it is less so for intraday trading strategies, such as scalping, where precise order filling is more important.

What is CFD Leverage?

The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

RoboMarkets Account Opening Process

I have summarized the account creation process with RoboMarkets, which is indeed quite straightforward. You can go at your own pace, though realistically, you can be done with everything within an hour. Just follow these easy steps:

• Step 1. Click the ‘Open an account’ button in green at the top-right corner.
• Step 2. Fill in your personal information.
• Step 3. A confirmational email will be sent to the address you have provided.
• Step 4. Upload proof of ID and address to verify your account.
• Step 5. Deposit funds to start trading.

Why is a Demo Account Important?

RoboMarkets offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

RoboMarkets’s Supported Countries

RoboMarkets provides services only to residents of EU/EAA countries.

Research

Research Tools

I have broken down RoboMarkets’ various types of content below:

Research Terminal

Available from the Client Area, this is where you can access the latest market insights, learn about the most talked-about instruments and potential trading opportunities, learn about upcoming calendar events and access AnalysisIQ.

AnalysisIQ

AnalysisIQ is a segment of the research terminal where you can access RoboMarkets’ trading ideas and choose based on their confidence scores. These scores are derived from multiple factors, such as the analyst’s success track record, overall market conditions, and underlying news sentiment. These ideas rely heavily on technical analysis.

Signal Centre

The signal center is also a place where you can access multiple trading ideas on various trading instruments. Each signal consists of a confidence gauge, entry and stop prices, and a target level. You can also read when the idea was published and when it expires, what the underlying fundamental justification behind it is, what the next volatility events are, and what the nearest support and resistance levels are.

Asset

The assets tool highlights current trading opportunities (both bullish and bearish) on instruments from different asset classes. Most importantly, data points displayed here are calculated on a daily basis, meaning that the information is constantly updated.

News Screener

The functioning of this tool is pretty self-explanatory. Available from the website, it informs traders of the latest economic releases and financial developments. Keeping track of the latest financial news is essential for carrying out sophisticated fundamental analysis.

Blog

RoboMarkets’ blog is available to all visitors of the website. It contains multiple well-researched and highly detailed blog articles about investing (news and strategies), and the stock market as a whole. This is also where you can access RoboMarkets’ educational content.

Economic Calendar

The economic calendar serves as the most basic research tool. It informs traders of upcoming economic releases that are likely to cause upsurges in market volatility. This creates potential trading opportunities. The economic calendar shows how the market is likely to react to specific events.

My Key Takeaways from Exploring RoboMarkets’ Research Materials

I appreciate brokers who spend time and energy developing their own research materials, even though they are not required to do so.

I went over RoboMarkets’ various research materials and found them well-informed and highly practical. I quite liked that most of them combine technical and fundamental analysis in order to deliver more multifaceted opinions. However, I would have liked to see more emphasis on the psychology of trading.

While RoboMarkets’ content is probing and covers a wide range of topics, the incorporation of third-party materials (from TradingCentral or Autochartist), which is currently lacking, would give traders the chance to examine the same trading opportunities from different angles.

Education

At the time of the review, RoboMarkets’ blog consisted of 27 articles that were mostly focused on stock trading and investing. They cover topics such as ‘How to analyze stock charts’ and ‘What is a share buyback’. However, no attention is paid to practical trading subjects relating to technical or fundamental analyses. While very informative, I cannot consider these 27 articles enough to satisfy the needs of beginners. It’s also noteworthy that the last entry in the blog was published 6 months ago.

Additionally, there are multiple videos available from the broker’s YouTube channel from which you can learn practical tips, such as how to use its proprietary platform and how to set up an account with RoboMarkets. The remaining videos are dedicated to investing topics and not to trading.

Even though not a major educational tool on its own, I quite liked that RoboMarkets has listed the various trading sessions; when they are active, and which markets are affected. FX traders can benefit from this by learning when the three major sessions – UK, Europe, and US – overlap, which is when trading activity tends to pick up. Additionally, stock traders (RoboMarkets’ offering is generally geared towards them) can learn when various markets open and close.

RoboMarkets has also developed a practical glossary with a flexible design.

The Bottom Line

RoboMarkets, established in 2012 and regulated by CySEC, is a reputable broker offering access to over 12,000 leveraged products across various markets. It is particularly noted for gold trading through its R StocksTrader account and is ideal for algo trading.

Key advantages include competitive spreads and commissions, diverse account options, and a broad selection of tradable instruments. RoboMarkets utilizes the renowned MetaTrader 4&5 platforms and a superior proprietary platform, bolstering its algo trading capabilities with an integrated strategy tester and VPS hosting. It also offers valuable research resources.

However, RoboMarkets could improve its average execution speed, which ranges from 200-400 milliseconds and is considered slow, and its limited educational content.

While RoboMarkets supports intraday trading, its slower execution speeds make scalping less viable. With its low costs and advanced platforms, RoboMarkets is better suited for day and position trading.

FAQ