RoboForex RoboMarkets Review 2023
For this RoboMarkets review, we have opened a standard account with the broker and deposited €5,000.
We traded the popular instrument in each market to get the real spreads and placed a total of 12 trades.
We also reached out to customer support to solve the issues we faced.
Finally, we withdrew our funds to see if there are any issues with the withdrawal process.
What is RoboMarkets
RoboMarkets, which also operates as the brand RoboForex, is forex and contracts for differences (CFDs) broker, headquartered in Cyprus.
The broker has multiple regional offices and is regulated in Cyprus and Belize.
RoboMarkets is a multi-asset broker with offerings that include forex, stocks, indices, and commodities.
Some of the highlights of RoboMarkets are:
| 🗺️ Authorised & Regulated in | Cyprus, Belize, |
| 🛡️ Is RoboMarkets safe | Yes |
| 💰 EUR/USD Spread | 1.68 |
| 💳 Minimum deposit | $100 |
| 💰 Withdrawal fee | Depends on the payment method |
| 🖥️ Trading Platform | MT4, MT5, R Trader, cTrader |
| 📈 Markets offered | Forex, Indices, Stocks, Commodities |
| 📉 Number of Products | 107 (depends on the jurisdiction) |
Licenses and Regulations
RoboMarkets holds 3 regulatory licenses.
The broker is regulated in Cyprus and Belize.
The full list of RoboMarkets licenses is below:
| Legal entity | Registered in | Regulator | License number | Accepting clients from | Compensation scheme amount |
|---|---|---|---|---|---|
| RoboMarkets Ltd | Cyprus | Cyprus Securities and Exchange Commission (CySEC) | 191/13 | European Union | €20,000 |
| RoboForex Ltd | Belize | Financial Services Commission (FSC) | 000138/107 | Global | No compensation scheme |
Is RoboMarkets Safe
Yes, RoboMarkets is a safe broker.
The broker is regulated in three jurisdictions, three of which are in Europe. The clients under the CySEC-regulated entity also receive a compensation scheme of €20,000 for the protection of their funds.
For our tests, we opened an MT5 pro account and another R Trader account with RoboMarkets Ltd, which is regulated by Cyprus Securities and Exchange Commission (CySEC) in Cyprus
Fees and Commissions
RoboMarkets fees are usually built into spreads. But higher-tier accounts charge commission too.
Spreads on our forex trades were a bit higher than the industry average benchmark. However, spreads charged for other asset classes were significantly lower.
RoboForex Spread Charged in Our Trades
For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread.
Spreads for our trades varied but remained within a reasonable bound.
Details of our trades are shown below the table.
| Markets | Instruments | 1st trade | 2nd trade | 3rd trade | Avg. spread |
|---|---|---|---|---|---|
| Forex | EUR/USD | 1.6 | 1.9 | 1.55 | 1.68 |
| Indices | FTSE 100 | 0.75 | 0.75 | 1 | 0.83 |
| Stocks | Apple | 0.7 | 0.7 | 0.7 | 0.7 |
| Commodities | Gold | 3.2 | 3.05 | 3.1 | 3.12 |
Our testing finds that forex spreads on RoboMarkets are around the industry average or a bit higher. Spreads on indices and gold are on the lower side.
RoboMarkets charges commission on shares CFDs with zero spread.
| Markets | Instruments | Avg. spread charged in our trades | Industry avg. spread |
|---|---|---|---|
| Forex | EUR/USD | 1.68 | 1.16 |
| Indices | FTSE 100 | 0.83 | 1.65 |
| Stocks | Apple | 0.7 | 1.75 |
| Commodities | Gold | 3.12 | 3.53 |
Other Fees
RoboMarkets does not charge any fee for deposits, but there are fees for most of the withdrawals.
Withdrawal fee of some of the most used withdrawal methods:
- Rapid Transfer – 1%
- Credit/Debit Card – 2.4%
- Bank Transfer – 25 USD, 10 EUR, 20 GBP, 150 PLN, 75 CHF
- WebMoney – 0.8%
- Skrill – 1%
- FasaPay – 0.5%
- Neteller – 1.9%
- PayPal – 2%
The broker does not have any inactivity or account maintenance fees.
Account Types
RoboMarkets offers five types of accounts to retail traders
| Pro Account | ProCent Account | Prime Account | ECN Account | R Trader Account | |
|---|---|---|---|---|---|
| Trading Platforms | MetaTrader 4, MetaTrader 5, R Trader | MetaTrader 4, MetaTrader 5, R Trader | MetaTrader 4, MetaTrader 5, R Trader | MetaTrader 4, MetaTrader 5, R Trader | MetaTrader 4, MetaTrader 5, R Trader |
| Account Currency | USD, GBP, EUR, CHF, GOLD | USD, GBP, EUR, CHF, GOLD | USD, GBP, EUR, CHF, GOLD | USD, GBP, EUR, CHF, GOLD | USD, GBP, EUR, CHF, CZK |
| Minimum deposit | $100 | $100 | $100 | $100 | $100 |
| Commission | None | None | 10 / mio | 20 / mio | US Stocks (Deposit from 10,000 USD) 0.02 USD per share, US Stocks 0.0045 USD per share. CFD on US stocks 0.015 USD per share, CFD on EU stocks 0.07%, Forex 15 USD per 1 million base currency, Indices variable commission |
| Order execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution |
| Spread | From 1.3 | From 1.3 | From 0 | From 0 | From 0 |
RoboMarkets also offers swap-free Islamic accounts and professional accounts. Find info about forex brokers Iran.
Account Opening
Our overall experience of opening a new account with RoboMarkets was smooth and quick.
We opened an MT5 pro account and an R Trader account for our tests under the Cyprus-regulated entity.
The process of registration of a new RoboMarkets account:
- Enter email, first name, last name, mobile number
- Enter desired trading platform, account type, hedge system, currency, leverage, and affiliate code
- Answer a few questions on profession and trading experience
- Provide a few details on the financial situation and risk appetite
For our identity verification we have to provide the following details:
- Enter name, surname, gender, and date of birth
- Declare if we are politically exposed
- Declare if we are a reportable entity under FATCA
- Provide national id or passport number, issuing authority, and issuing date
We submitted the following documents to verify our RoboMarkets account:
- Copy of national identification (both front and back)
- Copy of passport
The registration process took around 23 minutes. Our account was verified on the same day.
Our account was registered on April 2, 2023, and approved on the same day.
Our overall account opening experience was smooth and without any issues from registration to verification.
Deposit and Withdrawal
Deposits and withdrawals on RoboMarkets are easy and fast.
The broker, however, charges fees on most of the withdrawal methods.
RoboForex Minimum Deposit
RoboMarkets has a minimum deposit requirement of $100 for all account types.
Robo Markets Deposit
RoboMarkets allows deposits using bank transfers, credit and debit cards, and several top online wallets like PayPal, Skrill, and Neteller.
We tested the deposit process on RoboMarkets using a credit card, PayPal, Skrill, and Neteller.
Details of our fund deposits are shown in the below table.
| Payment Method | Submitted Date | Funded Account Date | Funding Time | Fee |
|---|---|---|---|---|
| Credit card | 2023-04-03 | 2023-04-03 | Instant | 0 |
| Neteller | 2023-04-03 | 2023-04-03 | Instant | 0 |
| Skrill | 2023-04-03 | 2023-04-03 | Instant | 0 |
| PayPal | 2023-04-03 | 2023-04-03 | Instant | 0 |
Withdrawal
RoboMarkets allows withdrawals with bank transfers, credit and debit cards, and other methods that are supported for deposits.
Overall, our experience with the RoboMarkets withdrawal process was positive.
Details of our withdrawal requests are in the table below.
| Payment Method | Submitted Date | Fund Released Date | Fund Arrived Date | Withdrawal Time | Fee |
|---|---|---|---|---|---|
| Credit card | 2023-04-04 | 2023-04-04 | 2023-04-05 | 1 working days | 0 |
| Neteller | 2023-04-04 | 2023-04-04 | 2023-04-04 | 6 hours | 2% |
| Skrill | 2023-04-04 | 2023-04-04 | 2023-04-04 | 3 hours | 1% |
| PayPal | 2023-04-04 | 2023-04-04 | 2023-04-04 | 3 hours | 0.35% |
Markets and Products
RoboMarkets offers CFDs trading services with forex, indices, stocks, and commodities.
The complete list of RoboMarkets offerings are:
| Markets | Instruments |
|---|---|
| Forex | 36 |
| Indices | 7 |
| Stocks | 53 |
| Commodities | 11 |
The markets and the number of offered instruments will depend on the account jurisdiction.
Trading Conditions
RoboMarkets offers excellent trading conditions. The broker allows hedging and scalping strategies and traders can change leverage levels as well.
| Trading Method | Allowed |
|---|---|
| Hedging | Yes |
| Scalping | Yes |
| Change Leverage | Yes |
Leverage
Leverages offered by the various entities of RoboMarkets are detailed below:
| Markets | RoboMarkets Ltd | RoboForex Ltd |
|---|---|---|
| Major Currency Pairs | 30:1 | 888:1 |
| Non-Major Currency Pairs | 20:1 | 200:1 |
| Gold | 20:1 | 888:1 |
| Other Commodities (except Gold) | 10:1 | 25:1 |
| Indices | 5:1 | 100:1 |
| Stocks | 5:1 | 10:1 |
| Cryptocurrencies | NA | NA |
Trading Platform
RoboMarkets offers four trading platforms:
- R Trader (the brokers proprietary platform)
- MetaTrader 4
- MetaTrader 5
- cTrader
RoboForex MT4
MetaTrader 4 platform and MetaTrader 5 platform are developed by MetaQuotes Software and are used extensively within the trading industry.
We executed our trades on the MetaTrader 5 and R Trader trading platform.
Copy Trading
RoboMarkets offers copy trading services with its service called CopyFX.
Bonus
RoboMarkets offers several bonus programs under its various entities.
Cashback (Rebates)
| Account type | All account types |
| Client type | Professional |
| Minimum trading volume | 10 lots |
| Entity | RoboMarkets Ltd |
Details of payout:
| Account type | Calculation method | 10 – 1,000 lots | 1,000 – 3,000 lots | More than 3,000 lots |
|---|---|---|---|---|
| Cent, Pro, ECN | % of the company’s revenue | 5% | 10% | 15% |
| Prime | % of commission | 5% | 7% | 10% |
Classic Bonus up to 120%
| Account type | MetaTrader4 and MetaTrader5-based accounts (ECN, ContestFX, and CopyFX accounts do not participate in the program) |
| Client type | Professional |
| Bonus option | Client can choose the bonus amount: 25%, 50%, 100% or 120%. |
| Maximum payout | Up to 50,000 USD / 50,000 EUR / 325,000 CNY / 39,000 GOLD |
| Restrictions | “Classic bonus” bonus program is not available to the clients from Malaysia. |
| Entity | RoboMarkets Ltd |
Up to 10% of Extra Funds
| Account type | All MetaTrader4 and MetaTrader5 real accounts, including ECN, Prime, CopyFX, and affiliate accounts |
| Client type | Professional |
| Entity | RoboMarkets Ltd |
Trading details:
| Trading lots | 1-10 lots | 1-1,000 lots | More than 1,000 |
|---|---|---|---|
| Payout | 2.5% | 10% | 10% |
Welcome Bonus $30
| Account type | MetaTrader 4/5 accounts with USD or EUR as the base currency: ProCent, Pro (not including ContestFX). |
| Requirement | 1. Pass the personal information, which consists of two required steps – the passport verification and the address verification. 2. Verify your mobile phone number. 3. Deposit at least 10 USD / 10 EUR / 60 CNY to the trading account using the bank card (only deposits made through China UnionPay, Maestro, MasterCard, and VISA cards are valid. Deposits made by means of virtual cards issued by payment systems, as well as prepaid cards are not taken into account). |
| Restrictions | Welcome Bonus is only available for the accounts with the leverage up to and including 1:1000 (the participants of the offer can’t increase their account leverage). |
| Entity | RoboForex Ltd |
60% Profit Share Bonus
| Account type | MetaTrader4/MetaTrader5-based cent or standard accounts (ECN accounts do not participate in the program) |
| Maximum payout | The total amount of Profit Share bonuses on a single account (depending on the account currency) is up to 10,000 USD / 10,000 EUR / 65,000 CNY / 7,800 GOLD. The maximum amount of Profit Share bonuses on all accounts (depending on the account currency) owned by the same client is up to 20,000 USD / 20,000 EUR / 130,000 CNY / 15,600 GOLD. |
| Requirement | 1. When the Client deposits his account, the deposited sum is added to the Client’s own funds. The amount of Profit Share bonus makes a new share, which will be taken into account separately before the bonus is canceled or the requirements for the trading volume are fulfilled. 2. When the Client withdraws funds, the sum he withdraws is deducted from the Client’s own funds. 3. After the Client fulfills the requirements for the trading volume, the amount of the bonus funds is added to the Client’s own funds. |
| Restrictions | Welcome Bonus is only available for the accounts with the leverage up to and including 1:1000 (the participants of the offer can’t increase their account leverage). |
| Entity | RoboForex Ltd |
Classic Bonus up to 120%
| Account type | MetaTrader4/MetaTrader5-based cent or standard accounts |
| Bonus options | Client can choose the bonus amount: 25%, 50%, 100% or 120%. |
| Maximum payout | Up to 50,000 USD / 50,000 EUR / 325,000 CNY / 39,000 GOLD |
| Restrictions | “Classic bonus” bonus program is not available to the clients from Malaysia. |
| Entity | RoboForex Ltd |
Cashback (Rebates)
| Account type | All Account Types |
| Minimum trading volume | 10 lots |
| Entity | RoboForex Ltd |
| Account type | Calculation method | 10 – 1,000 lots | 1,000 – 3,000 lots | More than 3,000 lots |
|---|---|---|---|---|
| Cent, Pro, ECN | % of the company’s revenue | 5% | 10% | 15% |
| Prime | % of commission | 5% | 7% | 10% |
Up to 10% of Extra Funds
| Account type | All MetaTrader4 and MetaTrader5 real accounts, including ECN, Prime, CopyFX, and affiliate accounts can participate in the program |
| Entity | RoboForex Ltd |
Trading details:
| Trading lots | 1-10 lots | 1-1,000 lots | More than 1,000 |
|---|---|---|---|
| Payout | 2.5% | 10% | 10% |
Research and Tools
RoboMarkets offers decent tools for market research and analysis.
Tools offered by the broker include:
- Impressive charting tools
- Economic calendar
- Currency analysis and forecasts
- Trading ideas
- Remote VPS servers
- Newsfeed
Education
RoboMarkets offers decent educational resources.
The broker’s educational materials only include:
- Detailed courses on forex trading
- Video guides
- Webinars
- Demo account
Robo Forex Customer Service
RoboMarkets offers excellent customer support.
Traders can contact the broker via:
- Live chat
- Phone
The support staff is available 24/7.
Our experience with RoboMarkets customer support was mixed.
| Question | Response Time | Quality of reply | |
|---|---|---|---|
| Live Chat | We asked if our trading account is fully approved, do they charge any deposit&withdraw fees, or what are the deposit method | 3 minute | Clear and accurate |
| Live Chat | We asked as we can see they have 4 options for depositing via card(VISA/MasterCard CardPay/Connectum/BlueOrange Bank/Ecommpay), which one should we choose. | 1 minute | Clear and accurate |
| Asked if we are allowed to trade UK100 and Crypto in our trading account. | 3 minute | Clear and accurate | |
| Asked if RoboForex allow hedging scalping and change of leverage | 2 hours | Clear and accurate |
The broker also has a detailed FAQ section for frequently faced issues.
Conclusion
Our overall experience with RoboMarkets was positive.
The spreads charged on our forex trades were around the industry average. Order execution speed was fast. Spreads on other asset classes were mostly impressive.
RoboMarkets allows hedging and scalping. Traders can also change the leverage levels. There are also no restrictions on trading.
The broker does not charge fees for deposits, but there are withdrawal fees. The customer support was also good and most of the responses were clear and detailed.
We recommend RoboMarkets to forex traders who run EA and other trading strategies.
We recommend RoboMarkets for traders who are
- Experienced traders
- Run Scalping
- Hedging
- EAs trading
- Trading through MT4 or MT5
- Looking fr good tools
RoboMarkets might not be a fit if you are
- Real Stock / Futures Trading
- Very Beginners in Trading
- Commission based trading
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology
3 replies on “RoboForex RoboMarkets Review 2023”
Hi,
how did you make a deposit with paypal on roboforex ? Paypal is not one of their payment method. A lot of people are reporting Roboforex as a scam. I am afraid of opening an account with them .
Dear clients,
RoboForex is an international broker with the official license IFCS Belize “Trading in financial and commodity-based derivative instruments and other securities”, No. 000138/333 The Company has been providing services since 2009 and performing its obligations owed to clients in full. If you have any questions, please contact Support Service in any way convenient for you, as indicated on the “Contacts” page of our website. We will be happy to help!
Regards,
RoboForex
Merci pour cet article, il m’a aidé à mieux comprendre le sujet et m’a donné de nouvelles idées.