RECOMMENDED FOREX BROKERS
RoboMarkets Ltd is a European broker, and a member of the RoboForex group. The other subsidiary is called RoboForex Ltd and is based in Europe. By clicking here, you will be redirected to its review.
Where to begin? We felt like a kid in a candy store, surrounded by so much bits and pieces. Yet we never felt intimidated. RoboMarkets has intricately organized the website to its full potential, and it shows. Read below to find out more.
RoboMarkets Ltd is regulated by CySEC. CySEC’s main goal is to enforce the law in the financial markets industry. RoboMarkets is also a member of the Investor Compensation Fund (ICF) which protects clients covered by the ICF, and provides them with reimbursement of up to €20 000 euros in case the broker cannot meet their financial rights.
Seeing as this broker is based in Europe, we are prone to say that the leverage cannot surpass the 1:30 mark as decreed by ESMA. Any information claiming otherwise is false. The EUR/USD spread shifts from account type to account type. For the Pro-Cent and Pro-Standard it’s 1.4 pips. For the ECN-Pro NDD it’s 0.3 pips. And for the Prime Account holders the spread is 0.2 pips. The last two accounts have commissions attached to them- more on that below.
The tradable assets are Forex pairs, Stocks, Indices, ETFs, Soft Commodities, Metals, Energies and Cryptocurrencies.
The broker has offered its services in a range of European languages: Russian, English, Polish, Italian, Lithuanian, Latvian, Portuguese, Spanish, German, Estonian and Czech.
ROBOMARKETS LOGIN
The broker mixes things up by giving us what we know with the uncharted and intriguing: MT4, MT5, R Trader.
METATRADER 4
This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) opening so many possibilities for traders. Included is Algorithm Trading that helps traders get the best trading strategies using complex mathematical algorithms.
Expect no leverage above 1:30 due to ESMA ruling. The spread depends on account types. For the Pro-Cent and Pro-Standard it’s 1.4 pips.
Both ECN-Pro NDD Account and Prime Account are charged with a fee. For ECN-Pro NDD it’s $4 per one standard lot which changes the spread to 0.7 pips. Meanwhile, the Prime account has a fee of $3 per standard lot, shifting the actual cost of trading to 0.5 pips.
Aside from the MT4 standard downloadable desktop version, RoboMarkets offers the platform on every other device, be it mobile or tablet. Mobile users can download the App allowing for user friendly access to your RoboMarkets MT4 account. Browser based MT4 is back (just click launch, no software installation needed; no EAs though).
METATRADER 5
The MT5 platform is here to give you a pushing hand towards the right direction. Although not as popular as MT4, MT5 still retains some great features that you will want in your trader’s repertoire. MT5 allows for a centralized market trade and is certified by many stock exchanges. There are also improvements in the time frames, better charting tools allowing for greater accessibility, and more pending order types for more versatile trading options. Expert Advisors have not gone anywhere; they’re still at your service with MT5.
Expect no leverage above 1:30 due to ESMA ruling. The spread depends on account types. For the Pro-Cent and Pro-Standard it’s 1.4 pips. For the ECN-Pro NDD it’s 0.3 pips. Prime Accounts are unavailable on the MT5. The commission for ECN-Pro NDD is $4 per one standard lot which changes the spread to 0.7 pips.
The MT5 desktop version is up and running. Access the platform on every other device, be it mobile or tablet (Android, Apple). Use the browser based MT5 (no software installation needed; no EAs though).
R TRADER
The platform provides a user-friendly interface, basic charting tools, multiple time frames, 30+ indicators and 4 chart types. The design is smooth, and appealing, yet there is more to be desired option wise. There are automated trading strategies that can be customized to the trader’s preferences using the Strategies Builder. R Trader is mainly a platform for dealing with CFDs on shares. In fact there are well over 9400 CFD’s on Shares alone which is astounding. The leverage on stocks goes as high as 1:5.
This proprietary terminal comes with it very own website, containing just enough introductory info so as to compel users:
On our demo account we saw a EUR/USD spread of 0.1 pip. The leverage goes up to 1:30 for Forex pairs.
This platform supports only one exclusive account type. Now, our support agent claimed that the R Trader account is different from the ones offered by the broker, and we are prone to accept that as a fact:
Here are the trading conditions for some of the assets:
There is a commission on Forex pairs: $3 per 100 000 units, changing the actual EUR/USD spread from 0.1 pip to 0.4 pips.
R Trader boasts a web trader. No other version is supported. Although the terminal can be accessed through the browser of your mobile device or/and tablet.
ROBOMARKETS MINIMUM DEPOSIT
The minimum deposit is $100, and $5 000 should the trader decide to open a Prime Account.
Payment methods are extremely numerous: Skrill, FasaPay, Neteller, VISA, MasterCard, BlueOrange, Barclays, Fast Bank Transfer, iDeal, Sofort, Rapid Transfer, Trustly, Nordea, Deutsche Handelsbank, WebMoney, Qiwi Wallet, ePayments, Euteller, ePay.bg, CarteBleue, Dankort and China Union Pay. RoboMarkets can easily compete with IC Markets or even FXOpen for the most deposit options.
Equally impressive is the plethora of currencies: USD, EUR, MYR, INR, AED, PLN, IDR, CZK, GBP, CHF, CNY. Note that currency support differs from payment method to method.
BlueOrange, Barclays, Fast Bank Transfer, Sofort and Deutsche Handelsbank funding processes range from 1 to 5 days. If using any other method for depositing expect instantaneous transfers.
There are no fees charged by RoboMarkets. Individual payment systems may require a transfer fee.
ROBOMARKET WITHDRAWAL TIME AND FEES
With CySEC the safety and security of all withdrawals is 100% guaranteed.
Withdrawal methods contrast to those used for depositing, as in there is less of them: Rapid Transfer, Bank Transfer, WebMoney, Skrill, Fasapay, Neteller, Qiwi Wallet, ePayments, VISA, MasterCard.
VISA and MasterCard process times range from 1-10 days, while Bank Transfers can take up to 5 working days. For the rest of the withdrawal methods the time frame within which the requests are processed is 1 business day. Remember that processing time does not correspond to the actual time of receiving the money in an account. This transaction rest entirely on the payment systems.
There are withdrawal fees, but they are too insignificant to make a big difference. Nevertheless, here they are: 1% off of Rapid Transfer, Skrill and ePayments withdrawals; $25 off Bank Transfer; with WebMoney it’s 0.8%; FasaPay takes 0.5%; Neteller deducts 1.9%; VISA/MasterCard withdrawal are taxed with 2.4%. Qiwi Wallet withdrawals are free of charge.
The minimum withdrawal is $1 for all but Neteller (min. $5) and Bank Transfer ($50).
BOTTOM LINE
There is no denying that RoboMarkets has its foundation dug deep and steady. This broker comes on top on all fronts that matter, including but not limited to: a trustworthy regulatory agency, great platforms, huge selection of assets, and a galore of payment methods. We recommend all traders to give this one a go.
