Abstract：Have you suffered losses due to a sudden trading halt on the RoboMarkets platform? Did you suffer massive losses due to sudden price jumps that were not prevalent on other reputable feeds? Did the broker block your trading account as it posted profits? You are not alone! Many users have reportedly raised serious about these alleged trading incidents on broker review platforms such as WikiFX. The RoboMarkets review closely examines user allegations and shares insights into its regulatory framework.
Have you suffered losses due to a sudden trading halt on the RoboMarkets platform? Did you suffer massive losses due to sudden price jumps that were not prevalent on other reputable feeds? Did the broker block your trading account as it posted profits? You are not alone! Many users have reportedly raised serious about these alleged trading incidents on broker review platforms such as WikiFX. The RoboMarkets review closely examines user allegations and shares insights into its regulatory framework.
ContentsRoboMarkets CFD Product Portfolio & Trading Accounts
RoboMarkets is a multi-asset brokerage that allows traders to invest in multiple CFD products across forex, stocks, indices, metals, oils, ETFs, etc.
It offers as many as six trading accounts with varying trading conditions to align with different users' investment needs. These trading accounts are: Prime, ECN, RStocksTrader, ProCent, Pro and ISK. The table below shows the account specifications.
From the table, it is clear that trading opportunities are immense with multiple CFD products on offer. Also, the minimum deposit required is affordable across trading accounts. Spreads, barring a couple of accounts, are largely lower, raising the scope for a lower trading cost. However, leverage across most accounts is not objective.
Top Trading Allegations Against RoboMarkets
Investigating a Suspect Trading Halt Allegation
A German trader alleged that the broker suddenly closed the gold trading markets midway, leaving his entire trades stuck. The trader asked whether others also faced similar issues and doubted the broker's support team while sharing this RoboMarkets review.
Financial Losses Due to Sudden Price Spikes
A user from Belgium reported persistent financial losses due to sudden price spikes. Elaborating on the complaint, the trader highlighted a premature trigger of stop-loss orders, usually by huge margins. When asking the broker for a reason, the trader was informed of market volatility as the reason. However, the trader pointed out that the market used to be stable during such times. For more clues, take a look at this transaction-backed complaint against RoboMarkets.
Account Allegedly Blocked Upon Profit Making
A Cyrpus-based trader claimed an account block by the broker as he started making daily profits, visible on the RoboMarkets login dashboard. According to the trader, the brokerage firm sent him a termination notice and blocked his account. The user attributed profits to a successful robot, which the broker was reportedly not happy about. This arguably led to an account block. However, the trader claimed that the broker welcomed every loss he was incurring at the beginning. To check more details, read this RoboMarkets review.
Poor Customer Service Allegation Against RoboMarkets
A British user accused the broker of closing the UK-based clients' open positions when it stopped trading services in the region. It reportedly took over six weeks for the trader to recover the majority of his capital back. The trader called the support team rude and accused it of demanding information beyond what was required. Noteworthy is the alleged charge the trader witnessed during the currency conversion as well as a transaction fee. Have a look at this screenshot for more details.
Forced Liquidation Upon a Withdrawal Delay
A Hong Kong-based user reportedly underwent forced liquidation due to a withdrawal delay by the broker. This short, transaction-based RoboMarkets review appeared on WikiFX. Take a look.
Is RoboMarkets Regulated? Find Out in This WikiFX Report
Although the complaints sound concerning, RoboMarkets is regulated in Cyprus and Seychelles. It has received forex licenses from the Cyprus Securities & Exchange Commission (CYSEC) and the Seychelles Financial Services Authority (FSA). The license numbers granted by CYSEC and FSA are 191/13 and SD048, respectively. The offshore FSA license, however, is not as effective as CYSEC. Offshore licenses, in general, come with far lower protection measures for clients amid a potential broker bankruptcy.
However, only a handful of clients have reported glitches while trading with RoboMarkets. That's why its user trust score still stands respectable at 7.30 out of 10.
Conclusion
Offering a wide variety of CFD products gives RoboMarkets, a broker with over a decade of trading experience, an edge in the competitive market. Even the trading conditions sound good, if not optimal. The CYSEC license further adds to the appeal. However, the growing user allegations concerning trade manipulations need to be looked at seriously by the broker team.
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