RoboForex, an automated forex broker regulated in Cyprus and Belize, announced it is changing the quoting rules for the CFDs on oil and stocks on its platform, due to a change of the liquidity provider. It said it will launch a specialized platform for trading of CFDs on stocks and will adjust the lot volumes on WTI and Brent oil.
The changes for the CFDs on stocks will start as early as June 15, when the mode on all stock CFDs will be changed to “Close Only”. On July 30, all open positions will be closed at the last market price. Also then, quoting will stop and the instruments will temporarily not be available for trading. According to its plans, in July the broker will launch a specialized platform for trading in stocks with direct access to the market.
As for the CFDs on oil, RoboForex said it is changing the contract specification section by increasing the size of one lot from 100 barrels to 1000 barrels and at the same time is reducing the minimum lot size to 0.01 (10 barrels). The changes will be introduced after quoting on WTI and Brent stops at 11:15 PM on June 30. At the same time all positions on demo accounts will be closed at the last market price. The positions on real accounts will be kept open but will be adjusted in accordance with the new lot volumes.
At 3:00 AM (server time) RoboForex will resume quoting and trading of WTI and Brent as per the regular schedule.
On Monday RoboForex joined the long list of forex brokers who are temporarily adjusting their margin requirements around the UK referendum on the EU. The broker said it is hiking the margins on GBP forex pairs, but will stop making orders on such instruments first.
RoboForex is an automated forex broker regulated in Cyprus and Belize. It offers trade in currencies and CFDs on stocks, indices and spot oil. The leverage is up to 1:1000 and no minimum deposit is required. The trading platforms that can be used for trading via RoboForex are MT4, MetaTrader5 (MT5) and cTrader.
The group consists of the holding company RoboForex Financial Group and its units RoboForex, regulated by Cyprus’ Securities and Exchange Commission (CySEC), RoboTrade Ltd. regulated by the International Financial Services Commission (IFSC) of Belize and RoboForex LP, based in New Zealand.