Olymp Trade vs RoboForex: Which Broker Offers Better Features for Forex Trading?

Trading forex can be a lucrative venture, and choosing the right broker is critical. With so many options available in the market, it can be challenging to decide which broker to choose. Olymp Trade and RoboForex are two popular brokers that offer forex trading services. In this article, we will compare and contrast their features to determine which one is better for forex trading.

Broker Overview

Olymp Trade

Olymp Trade is a digital options and forex broker founded in 2014. The company is regulated by the Financial Commission and has over 25 million registered users in more than 165 countries. The broker’s platform offers more than 80 trading instruments, including forex, digital options, cryptocurrencies, and stocks. Olymp Trade is known for its user-friendly platform, educational resources, and responsive customer support.

RoboForex

RoboForex is an online forex broker founded in 2009. The company is regulated by the International Financial Services Commission (IFSC) and has more than 2.2 million clients from over 169 countries. The broker offers a wide range of trading instruments, including forex, cryptocurrencies, stocks, and commodities. RoboForex is known for its low fees, advanced trading platforms, and multiple account types.

Trading Instruments

Both Olymp Trade and RoboForex offer a wide range of trading instruments, including forex, cryptocurrencies, and stocks. Olymp Trade’s platform offers over 80 trading instruments, while RoboForex’s platform offers more than 12,000 instruments from 40 markets.

However, when it comes to forex trading, RoboForex offers a more extensive range of currency pairs than Olymp Trade. RoboForex offers more than 40 currency pairs, including major, minor, and exotic pairs. Olymp Trade, on the other hand, only offers 28 currency pairs.

Trading Platforms

Olymp Trade Platform

Olymp Trade’s trading platform is web-based, meaning traders can access it from any browser without downloading or installing any software. The platform is intuitive, user-friendly, and easy to navigate. It also comes with a range of technical indicators, charting tools, and customization options. Olymp Trade’s platform is suitable for both novice and experienced traders.

RoboForex Platform

RoboForex offers several trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The MT4 platform is suitable for forex trading, while the MT5 platform is suitable for trading other instruments such as stocks and cryptocurrencies. The platforms come with advanced charting tools, technical indicators, and automated trading features. They also offer a range of customization options.

Trading Accounts

Both Olymp Trade and RoboForex offer multiple trading accounts to cater to the needs of different traders. Olymp Trade offers three accounts, including a demo account, a standard account, and a VIP account. The standard account requires a minimum deposit of $10, while the VIP account requires a minimum deposit of $2,000. The VIP account comes with additional features, including higher payouts, personalized training, and dedicated account managers.

RoboForex offers five trading accounts, including a demo account, a Pro-Cent account, a Pro-Standard account, an ECN account, and a Prime account. The Pro-Cent and Pro-Standard accounts require a minimum deposit of $10, while the ECN and Prime accounts require a minimum deposit of $300 and $5,000, respectively. The accounts come with different features, including different spreads, leverage, and commissions.

Fees and Commission

Both Olymp Trade and RoboForex charge fees and commissions for their services. Olymp Trade charges a commission of up to 50% on the trader’s profits, while RoboForex charges a commission of $20 per lot traded on its ECN and Prime accounts.

When it comes to spreads, Olymp Trade’s spreads are fixed, while RoboForex’s spreads are variable. Olymp Trade’s spreads start from 1.1 pips for forex pairs, while RoboForex’s spreads start from 0 pips for its ECN and Prime accounts.

Customer Support

Both brokers offer customer support through various channels, including email, phone, and live chat. Olymp Trade’s customer support is available 24/7, while RoboForex’s customer support is available from 7 am to 8 pm UTC.

Conclusion

In conclusion, both Olymp Trade and RoboForex offer excellent features for forex trading. However, the choice of broker depends on the trader’s preference and trading style.

Olymp Trade is suitable for traders who prefer user-friendly platforms, low minimum deposits, and fixed spreads. The broker’s educational resources and responsive customer support make it an excellent choice for novice traders.

RoboForex, on the other hand, is suitable for more experienced traders who prefer advanced trading platforms, multiple account types, and a wider range of trading instruments. The broker’s low fees, variable spreads, and extensive educational resources make it an excellent choice for knowledgeable traders.

Overall, it is essential to choose a broker that aligns with your trading needs, goals and risk tolerance.