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Broker Review: RoboMarkets

Previously known as RoboForex, this brokerage is focused on market execution, and low spreads under it’s re branded moniker, RoboMarkets. As the name suggests, the creators of this platform, want to provide a service that is extra inclusive when it comes to traders were interested in expert advisors. They currently offer multiple account types, and different platforms, including mobile options for those that are looking to trade on the go.

Owned and operated by the RoboForex group, this business is located at Promachon Eleftherias, 19, Limassol 4103, Cyprus. In order to get in touch with support, traders can email info@roboforex.eu, or phone +357 25 123275. They are currently regulated by CySEC, with license number 191/13.

RoboMarkets Review

Under this new name, the RoboMarkets website and platform come across as professional and worthwhile. Obviously, for someone like myself who is so focused on Forex robots, having a broker that is focused on this type of trading is certainly a plus. I will admit, that I’ve not yet signed up, but the only reason for that, is because I have so many broker accounts already open. If this broker offers some sort of distinct advantage over the other platforms that I’m currently taking advantage of, then I will certainly consider it. For this to happen, they will have to pass a litany of tests, including having a spotless record when it comes to client feedback.

There are 6 advantages, that the developers of this platform want us to be aware of. They offer low spreads from zero pips, execution from .1 seconds, 5 account currencies, 7 asset classes, cent accounts with minimum lot sizes of 0.01 and allow all expert advisors including those that scalp.

Traders can trade this broker using MT4, MT5 as well as a WebTrader application that they believe is a “cutting edge alternative to desktop platforms.” This is common with other platforms I’ve recently written about like HQ Broker and Capital88.

Breakdown

  • Type: Forex Broker
  • Founded: 2012
  • Location: Cyprus
  • Minimum Deposit: $100
  • Platform: MT4/MT5/WebTrader
  • Minimum Lot Size: 0.01

With a low minimum deposit of $100, it’s easy to see why RoboMarkets has seen such large growth numbers since they were first founded in 2012. You can actually see in the about us page on their website a chart that shows exactly how many clients they’ve acquired over the years. They started slow with just under 2000 clients in the first couple of years, but now jump to over 185,000 clients according to the data we are seeing here. There is no way of proving the validity of these numbers, but I wouldn’t rule it out.

Account Types

There are multiple options available for traders looking to sign up with RoboMarkets. You can utilize their Pro standard account, their Pro cent account, their new Prime account, their ECN-Pro account, or their demo account.

All of these accounts are essentially the same with minor differences in terms of spreads, currency pairs and platforms available. The majority of the accounts only require a $100 deposit, with the prime account requiring a $5000 deposit.

From what I can see, I don’t see a real advantage, or reason to sign up with the prime account, because it traders are looking for low spread options, they can always sign up with the ECN-Pro, which only requires a $100 deposit.

Client Feedback

In my research, I’ve found that the client feedback has both positive and negative reviews. The one thing I will say, is that the RoboMarkets support team does an effective job at responding to each and every complaint on every review website.

With services like these, it’s hard to know if you should trust the positive or the negative reviews. Some clients claim that it’s the best broker they’ve ever used, and others complained that the support staff is rude, and does a poor job at providing timely withdrawals.

A leave you with a couple of images of both positive and negative reviews so you can get a feeling for this yourself.

Conclusion

I’m not 100% sure if I’m going to sign up with RoboMarkets at this point in time. I certainly appreciate the fact that they are welcoming to Forex robot traders like myself, but I am mildly concerned with some of the feedback that I’ve read from their clients.

I’d like to see more positivity around the brokerage before I sign up, so please leave your comments and questions below this article now.

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

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