RoboMarkets Ltd (ex. RoboForex (CY) Ltd) provides financial services through the name RoboMarkets. The company is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 191/13. The license confirms that the Company has met all the CySEC requirements. It also is a member of the Investment Compensation Fund of Cyprus and in case of bankruptcy, clients can get up to EUR20,000. The About Us section reveals that Robomarkets won the prestigious award at the 2020 London Trade Show. However, we looked for a confirmation on the event page and could not even find the company as a participant.
Trading assets include currency pairs, shares, indices, ETFs and cryptocurrencies. There are five types of accounts available and the minimum deposit amount is USD100 for all of them. The Prime account offers 28 currency pairs, US shares, metals, indices, oil and cryptocurrencies. The spread is floating, starting at zero pips at the expense of commission on traded volume. The ECN-Pro NDD account gives access to 36 currency pairs, metals, US shares, indices, oil and cryptocurrencies. Spreads and commissions are the same as in the Prime account. The Pro-Standard account offers 36 currency pairs, metals, US shares, indices, oil and cryptocurrencies. The spread of majors starts at 1.3 pips and forex trading is commission free. The Pro-Cent account offers only 36 currency pairs and metals. The spread here starts at 1.3 pips with no commission. The last one is the R Trader. You can trade here all available assets through the company’s platform ‘R Trader.’ The spread is close to zero at the expense of commission on traded volume.
Customers can trade through the most popular platforms available. MetaTrader 4 (MT4) is a trading terminal that has already become standard among retail investors thanks to its user-friendly interface, plenty of available instruments, and a wide range of analytical tools. You can also trade seven cryptocurrencies, including Bitcoin. The next version of the platform – MetaTrader 5 (MT5) combines new technologies for order fulfillment. MT5 is the preferred solution for those who use expert advisors for automated trading. In addition, the company has developed its own trading terminal called R Trader that provides advanced charting capabilities and built-in automated trading. You can also trade US shares with no commission and leverage of 1:1 here.
Legal documents show that the company guarantees that there will be no negative balance in the client’s account, which means that you cannot lose more than you originally invested. It is also mentioned that under certain market conditions, the execution of a stop loss order may be worse than its stipulated price and the realized losses can be larger than expected. That means they are not guaranteed and can be filled at the first available price. Market and stop orders are subject to slippage as well. The order execution policy informs that the company executes transactions in CFDs for customers as a market maker. That usually leads to a conflict of interest because the company earns money while you lose. This is not so bad because the company is strictly regulated.
There is a section in the website called Trading Tools that contains large educational material. In addition, there is an investing platform named CopyFX that allows you to copy deals of successful investors. There are various forms of payment, including bank transfer, debit/credit cards, PayPal, Skrill, Neteller, WebMoney etc.
In our opinion RoboMarkets is a strictly regulated brokerage firm that offers plenty of account choices and trading platforms. If you do not mind that the company acts as a market maker, you can take advantage of the opportunities provided.