RoboMarket Review: Pro’s & Con’s of this broker

Robomarkets was established in 2012, it is a part of the online Forex trading revolution. Their head office is based in Limassol, Cyprus. The company offers their services to companies in Europe, they provide more than 11,700 trading instruments on a wide range of trading platforms. Robomarkets are well known for their low spreads and several trading instruments.

History

Robomarket came about after there was a separation between the international and European offering. This was mainly as a result of the European Securities Market wanting to change the way trading took place between brokerages in Europe. The company is regulated by the CySEC, they have a presence in over 29 countries around Europe. Information about the status of their regulations is easily accessible online.

Those who invest in the company have their funds protected by the ICF, this protects all investments against the company going bankrupt. They are guaranteed compensation.

Robomarket are more than just an investment company, they are also the official sponsor of the oldest basketball club in Lithuania, BC Zalgiris Kaunas. They are a well-loved team who have won the LKL 20 times.

Security

When you login to their system, you must pass a two-factor authentication before you are granted access. This includes verifying your phone number and email. A five-digit code is then sent via text message. This security measure provides additional protection against fraudsters.

Their website and trading platforms are protected against imposters through the use of a cipher suite. This is another precautionary measure to ensure that any information that the website collects is encrypted at the time.

Clients are provided with their own separate bank accounts, one of the banks that they partner with is Barclays, they’ve got branches in more than 50 countries. This further protects the funds of the investor in case of insolvency.

Trading

When it comes to trading in stocks, you can only do so through the R platform, there are a variety of accounts to choose from as well as different trading instruments. Clients can choose from demo, Islamic, real accounts and R Trader. The Prime and ECN Pro accounts don’t deal with desks, the rest do.

Real Accounts

Real accounts can be found on the WebTrader, MT4M and MT5 platforms, they accept five different types of currency, GOLD, GBP, CHF, EUR, and USD. The minimum amount of money you will need to open an account is $100. During the registration process, the leverage will be determined, this also depends on how much knowledge and experience the trader has. There are three different types of Real accounts.

  • NDD and Prime Account

Prime account holders can have access to R WebTrader and MT4 terminals, cryptocurrencies, CFDs, Metals and 28 Currency Pairs. The minimum amount of money required to start trading is $5,000. Spread floating begins at zero pips.

  • NDD ECN-PRO Account

This account allows you to trade with the following: Cryptocurrencies, CFDs, Metals and 36 currency pairs. Spread floating starts from zero pips. The least amount you can order is 0.01, and the most is 50 lots.

  • Pro-Cent Account

You can only trade with Metals and 36 currency pairs with this account. Spread floating starts at 1.3 pips. The least amount you can order is 0.1 lots and the maximum is one hundred lots.

  • Standard-Pro Account

This type of account allows you to trade with cryptocurrencies, CFDs, metals, and 36 currency pairs. Spread floating starts with 1.3 pips.

  • R Trader

Clients have access to more than 11,700 trading instruments, this also permits access to real stocks. The least amount of money you can open an account with is $100. The forex spread starts at zero pips, there is a commission charged on stocks and the minimum is approximately $0.25 for American stocks.

  • Islamic Accounts

The Islamic account is for Muslims who want to trade free accounts. Before you are eligible to open this type of account, clients will need to open an account on the MT4 platform, they will then need to get in touch with customer support to have the account changed over.

  • Demo Accounts

The demo account allows you to try before you buy. There is no deposit required because it is for practice purposes only. The currency available to use on the account is USD and it also has a floating spread feature. The R WebTrader, MT5, and MT4 platforms are also available for Demo accounts.

  • Demo Pro

Cryptocurrencies, Metals, and 36 currency pairs are all traded from this account.

  • NDD Pro-ECN Demo

Cryptocurrencies, CFDs, Metals and 36 Currency pairs are available for trading with this account. The spread floats are available from zero pips. To get started, go to “open an account,” you will find this in the menu section. Enter your details into the form and you are given access immediately. However, the process is not as simple when it comes to opening a real account, you will need to provide additional documentation, there is also a verification process required.

Withdrawal and Deposit Options

There are a variety of different ways clients can make payments, these include: Wire transfer, debit/credit cards, e-wallets. You don’t have to pay to deposit money into the account, but you do have to pay to make a withdrawal, this will depend on the method you used to make the payment. Everything is processed on the same day.

Bank Payments

1.         Blue Orange: The currencies available are CZK, PLN, CHF, EUR, the lowest amount you can withdraw is 500 EUR. It takes up to five business days to process and there is a 35 euro withdrawal fee.

2.         Nordea Solo/Trustly: This account is only for deposits and the euro is the transaction currency. The amount is between 10 and 10,000 euro, the transfer is processed immediately.

3.         Fast Bank Transfer/iDeal Methods/Sofort: You can only deposit euros into this account, and the amount is between 10 and 10,000 euros. The transfer takes five working days to process.

4.         Rapid Transfer: The amounts accepted are between 10 and five thousand euros. Deposits are processed instantly. There is a one percent withdrawal fee charged.

5.         Barclays Bank Transfer: The currencies are available in GBP, USD, and EUR. The minimum amount required for a transaction is 500 euros, the process takes five working days to complete. Clients are required to pay a £40 withdrawal fee.

Electronic Payments

1.         WebMoney: The currency available is EUR and USD, you can deposit funds instantly starting at $10. It can take up to one day to make a withdrawal, the fee to make a withdrawal is 0.8% of the money you are taking out.

2.         Skrill: This is available in the following currencies: PLN, AED, INR, MYE, EUR and USD. You can make an instant deposit for as low as $10. The withdrawal fee is one percent and the process can take anywhere between one minute to one day.

3.         ePayments: This is available in EUR and USD. Clients can make deposits between $10 and $10,000, the withdrawal is processed immediately and can take anything between one minute to one day. There is a one percent withdrawal fee.

4.         Euteller: Clients can only make deposits in EUR of between 10 and 1000 euros. All transactions are processed instantly.

5.         Qiwi Wallet: Currencies are available in EUR and USD, clients can make deposits between $10 and $10,000, all transactions are processed immediately. The withdrawal process takes between one minute to one day and withdrawals are charged at one percent.

6.         Fasapay: Currencies are available in IDR and USD, clients can deposit between $10,000 and $20,000. All transactions are processed immediately, there is a 0.5% withdrawal fee and it takes between one minute to one day.

Pro’s

The customer support team is very good, they are available 24/7 either by phone, email, live chat or contact form. All the representatives are very well trained.

  • RoboMarkets provides a daily analysis of market research.
  • They provide free subscription analytics, this contains regular updates of market segments.
  • They provide good educational services, this includes videos and articles to help beginners get started.
  • The platform caters to traders of all levels; however, there is a section that caters specifically to professionals.
  • Their transaction costs are relatively low in comparison to other platforms.
  • They have a streamlined process for entering and leaving a market position.
  • It is possible to make larger returns with their increased leveraging.

Con’s

  • The platform is only available to traders in the EU and EEA countries.
  • There are no client bonuses
  • There are no client promotions
  • As with all trading, there is the possibility that you can lose everything.

Conclusion

Robomarket is an award-winning and reliable broker that provides services to EEA and EU countries. Since the brand is regulated, it provides the maximum amount of protection for investors. The company also provides additional security for data and investor funds. You can also find sophisticated, modern and powerful platforms with several different instruments for trading. There are multiple methods available for payment, and their transaction charges are relatively low.

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