Editor’s Verdict
RoboMarkets, offers EEA traders one of the best overall trading environments since 2012. A combination of competitive trading costs and a cutting-edge proprietary trading platform ensures RoboMarkets maintains the right environment for most strategies. I decided to evaluate this broker to assess if their tight spreads and fast order execution offer algorithmic Forex scalpers and equity traders the edge they require. Is RoboMarkets the right broker for you?
Overview
RoboMarkets - Fast Order Execution and Tight Spreads for EEA Traders
Headquarters | Cyprus |
|---|---|
Regulators | BaFin, CySEC |
Tier 1 Regulator(s)? | |
Owned by Public Company? | |
Year Established | 2012 |
Execution Type(s) | ECN/STP, Market Maker |
Minimum Deposit | $100 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform |
Average Trading Cost EUR/USD | 0.2 pips |
Average Trading Cost GBP/USD | 0.3 pips |
Average Trading Cost WTI Crude Oil | $0.06 |
Average Trading Cost Gold | $0.19 |
Average Trading Cost Bitcoin | $158 |
Islamic Account | |
Signals | |
Managed Accounts |
I like the additional protection RoboMarkets offers traders, placing them at the top of the list versus competitors. Another feature I appreciate is that RoboMarkets presents traders with the option to create trading robots without coding from within its proprietary R StocksTrader, the web-based trading platform developed by this broker.
RoboMarkets Main Features
Retail Loss Rate | 72.72% |
|---|---|
Regulation | Yes |
Minimum Raw Spreads | 0.0 pips |
Minimum Standard Spreads | 1.4 pips |
Minimum Commission for Forex | $2.00 |
Commission for CFDs/DMA | $15.00 |
Commission Rebates | Yes |
Minimum Deposit | $100 |
Demo Account | Yes |
Managed Account | Yes |
Islamic Account | Yes |
Inactivity Fee | $0 |
Deposit Fee | No |
Withdrawal Fee | Third-party |
Funding Methods | 19 |
Regulation and Security
Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database.RoboMarkets presents clients with two well-regulated entities.
Country of the Regulator | Name of the Regulator | Regulatory License Number |
|---|---|---|
Cyprus | Cyprus Securities and Exchange Commission | License Number 191/13 |
Germany | BaFIN | BaFin-ID: 10154068 |
RoboMarkets remains fully compliant with the Markets in Financial Instruments Directive (MiFID) II of the EU. As a Cyprus brokerage, traders at RoboMarkets remain protected by the Cyprus investor compensation fund (ICF), capped at €20,000 per trader. RoboMarkets also has a Civil Liability insurance policy with a €5,000,000 limit, offering traders industry-leading protection against fraud, omissions, negligence, and other errors.
It also offers negative balance protection, segregates client deposits from corporate funds, banks with leading international banks, including UK-based Barclays, and publishes relevant documents, such as Pillar III disclosures and RTS data.
Fees
Average Trading Cost EUR/USD | 0.2 pips |
|---|---|
Average Trading Cost GBP/USD | 0.3 pips |
Average Trading Cost WTI Crude Oil | $0.06 |
Average Trading Cost Gold | $0.19 |
Average Trading Cost Bitcoin | $158 |
Traders may opt for the commission-free Pro account or the commission-based ECN and Prime alternatives. The former is more expensive, with the average EUR/USD spread at 1.4 pips or $14.00 per 1.0 standard lot. It includes commission-free equity CFD trading with higher mark-ups. The latter offers Forex traders access to raw spreads, and the EUR/USD commences with an average cost of 0.1 pips for a commission of $2.00 per lot in the ECN account and a fee of $1.00 in the Prime account.
Equity traders pay $20 and $15 per $100,000 in nominal value traded, respectively. I highly recommend the commission-based account for active traders, scalpers, and high-frequency traders.
Here is a screenshot of live quotes during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads.
The average trading costs for the EUR/USD in the commission-free RoboMarkets Pro account:
Average Spread | Commission per Round Lot | Cost per 1.0 Standard Lot |
|---|---|---|
1.4 pips | $0.00 | $14.00 |
The average trading costs for the EUR/USD in the commission based RoboMarkets ECN account:
Average Spread | Commission per Round Lot | Cost per 1.0 Standard Lot |
|---|---|---|
0.1 pips | $2.00 | $3.00 |
The average trading costs for the EUR/USD in the commission based RoboMarkets Prime account:
Average Spread | Commission per Round Lot | Cost per 1.0 Standard Lot |
|---|---|---|
0.1 pips | $1.00 | $2.00 |
One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs. RoboMarkets offers a positive swap on EUR/USD short positions, meaning traders get paid money.
MT4/MT5 traders can access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Swap Long and Swap Short.
Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based RoboMarkets Prime account.
Taking a 1.0 standard lot buy/sell position, in the EUR/USD at the average spread and holding it for one night will cost the following:
Minimum Spread | Commission per Round Lot | Swap Long | Swap Short | Total Trading Costs |
|---|---|---|---|---|
0.1 pips | $1.00 | -$0.92 | X | $2.92 |
0.1 pips | $1.00 | X | $0.09 | $1.91 |
Taking a 1.0 standard lot buy/sell position, in the EUR/USD at the average spread and holding it for seven nights will cost the following:
Minimum Spread | Commission per Round Lot | Swap Long | Swap Short | Total Trading Costs |
|---|---|---|---|---|
0.1 pips | $1.00 | -$6.44 | X | $8.44 |
0.1 pips | $1.00 | X | $0.63 | $1.37 |
I like the commission-free cost structure at RoboMarkets, as it remains in the Top Three globally. RoboMarkets notes a volume-based cash rebate program for professional traders, but most will fail to satisfy the strict requirements. I also like that RoboMarkets does not levy an inactivity fee, while the swap rates rank among the best industry wide. I can highly recommend RoboMarkets for scalpers and high-frequency traders.
What Can I Trade
RoboMarkets offers traders 36 currency pairs, 100+ commodities, 10+ index CFDs, 12,000+ equity CFDs, and 1,000+ ETFs. Equity and commodity traders have an excellent asset selection, but Forex traders must accept a below-average choice of assets. Scalpers will find the high-liquid currency pairs more than sufficient, and I can highly recommend RoboMarkets to them.
Asset List and Leverage Overview
Commodities | |
|---|---|
Crude Oil | |
Gold | |
Metals | |
Equity Indices | |
Stocks | |
Stocks (non-CFDs) | |
ETFs | |
Futures | |
Synthetics |
RoboMarkets Leverage
Due to ESMA restrictions, RoboMarkets offers retail traders maximum leverage of 1:30. Professional clients qualify for 1:500 plus bonus programs and incentives, creating a highly competitive offer.
RoboMarkets Trading Hours (GMT +1 Server Time)
Asset Class | From | To |
|---|---|---|
Forex | Monday 00:05 | Friday 23:55 |
Commodities | Monday 01:00 | Friday 23:55 |
European CFDs | Monday 10:01 | Friday 18:29 |
US CFDs | Monday 16:31 | Friday 22:59 |
Please note that equity markets open and close each trading and are not operational continuously like Forex.
I recommend the following step for MT4/MT5 traders to access trading hours:
1. Right-click on the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Sessions.
Account Types
While RoboMarkets offers two commission-free trading accounts, I advise traders against them as they come with high trading costs. I can recommend Prime, ECN, and R StocksTrader, where the commission-based pricing environment remains among the best. The minimum deposit for all account types is $100, higher than many brokers but well within a reasonable demand and, in my opinion, more than justified.
RoboMarkets Demo Account
Traders can open unlimited demo accounts for MT4, MT5, and the RoboMarkets proprietary trading platform. I recommend them for testing automated trading strategies in all three platforms. I also urge that traders understand that demo trading differs from live trading. While the RoboMarkets demo accounts allow traders to create trading conditions close to their live ones, especially the MT4 and MT5 ones, they cannot substitute for live trading.
Trading Platforms
RoboMarkets maintains the out-of-the-box MT4 and MT5 trading platforms, where the former ranks among the market-leader for algorithmic trading. I find the proprietary R StocksTrader an overall superior product and especially appreciate the algorithmic strategy builder. It allows traders to automate strategies without coding, and I applaud RoboMarkets for leading the industry in this fast-growing sector.
RoboMarkets also offers two additional proprietary trading platforms not mentioned above: R Web Trader and R mobile trader.
Overview of Trading Platforms
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
DOM? | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
One-Click Trading | |
OCO Orders | |
Interest on Margin |
Unique Features
RoboMarkets offers VPS hosting, supporting algorithmic traders requiring 24/7 access, for a cost of $10 monthly.
Research and Education
RoboMarkets offers an excellent research section from its Analytics Center. It consists of an analytical reviews feed, technical indicator signals, video analytics, an economic calendar, educational materials, and financial tools for traders. It is an ideal location for beginner traders and those looking for well-presented trading ideas. I rank it among the best-executed research sections industry-wide.
I recommend new traders start with the educational videos provided by Claws & Horns, as they offer a high-quality introduction to the basics. RoboMarkets also publishes written content and hosts webinars ranging between 50 to 60 minutes. The overall educational section at RoboMarkets will provide beginner traders with an excellent start, but I recommend continuing the education as needed with third-party providers. The success of the RoboMarkets approach to educate beginner traders is visible in the relatively low retail loss rate of 72.72%.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/7 |
Website Languages |          |
RoboMarkets offers traders 24/7 multilingual customer support, best reached via live chat. Traders may also call one of the seven phone numbers or request a callback. Alternatively, e-mail support is also available, together with the FAQ section, where RoboMarkets answers many of the most common questions. Since RoboMarkets explains its products and services well, the need for customer support is unlikely but easily accessible if required.
Bonuses and Promotions
Retail traders at RoboMarkets are unable to request bonuses, as the European Securities and Markets Authority (ESMA), the super-regulator of the EU, banned them.
Professional traders have access to bonuses consisting of a 60% Profit Share and a 120% Classic bonus. A volume-based cash rebate program is also available, plus a 2.5% to 10% payout on the trading balance from 1.0 standard lots monthly forward. The VIP program increases the value of incentives for a market-leading loyalty program. While the bonuses and promotions are excellent, most traders will not qualify for a professional account.
Opening an Account
A two-step process handles new accounts, and traders can complete the initial part in less than 15 seconds. It requires an e-mail, name, and valid mobile phone number. EU-based brokers must implement a sometimes lengthy and unnecessary questionnaire, which RoboMarkets refers to as a test. It consists of ten scenarios, and traders may answer at will, as no proof is necessary. I dislike this procedure, but it is a legal requirement.
Account verification remains a mandatory final step for full account activation, but unverified traders may deposit up to €2,000 or a currency equivalent. I want to stress that withdrawals require verification. Most traders will satisfy the process by sending a copy of their ID and one proof of residency document.
Minimum Deposit
The minimum deposit for all accounts is $100, higher than at many brokers but within a reasonable range, and I believe the trading conditions warrant it.
Payment Methods
RoboMarkets offers bank wires, credit/debit cards, iDEAL, Sofort, Rapid Transfer, Trustly, Nordea SOLO, Multibanco, GiroPay, P24, PayPal, Skrill, Fasapay, Neteller, and four localized banking solutions.
Accepted Countries
RoboMarkets caters to most international traders, including the Czech Republic, Germany, Slovakia, Cyprus, and Spain. It does not accept traders from the Russian Federation.
Bottom Line
I like the trading environment at RoboMarkets and rank it as the best for European Union-resident traders. Trading costs are highly competitive, and the proprietary trading platform remains cutting-edge. Regardless of whether traders prefer equities or scalping the Forex and commodity markets, RoboMarkets maintains the trading conditions necessary to manage portfolios with a competitive edge.
Deposits and Withdrawals
Traders conduct all financial transactions from the secure Members Area of RoboMarkets. There are no internal processing costs, but third-party fees may apply. RoboMarkets offers two monthly withdrawals free of charge and processes requests within 24 hours.
It may take several days for traders to receive funds, dependent on the payment processors. RoboMarkets also provides an auto-withdrawal service with processing times of one minute, including weekends and holidays. I like the overall approach and rank it among the best industry wide.
RoboMarkets obtained CySEC oversight in 2013 and a BaFin license in 2019. It also remains registered in 29 European countries as a financial firm, making it one of the most legit brokers in Europe. RoboMarkets acts as a market maker in its Pro account but otherwise deploys an ECN execution model. The minimum deposit requirement at RoboMarkets is $100 or a currency equivalent for all account types.
FAQs
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