RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
T1Markets seems to have it all. An extensive and well informed website, trading conditions that meet all the requirements of the industry, a regulation from a super agency, an extensive legal documents section that spans every conceivable aspect of its forex brokerage experience, and the website is not too bad either. These are our first impression… Read on to find out if they were met.
We could not register a live account because the broker required of us ID documents. This is a very good sign that T1Markets has taken the good route. Usually, we review brokers whose registration process is laughably simple and indicative of their illicit nature. This one, however, is the exact opposite.
Without a live account, we went to the next best thing, a demo account. The leverage is maxed at 1:30 because of an ESMA issued decree limiting the leverage cap.
The EUR/USD spread was a surprisingly high 2.8 pips. We truly hope that this cost of trade is not applicable to users who have opened a live account, because such a high spread is in no way favorable to traders. The website does give us hope that the EUR/USD spread is as low as 0.7 pips. There is no way way to verify this spread, so we linger on hope alone.
The user can trade with forex currency pairs, commodities, cryptocurrencies, indices, and stocks.
The website is available in English, Swedish, Portuguese, Italian, German, Dutch, and Spanish.
T1MARKETS REGULATION AND SAFETY OF FUNDS
T1Markets’ holding company General Capital Markets Ltd is found in the official database of licensed entities on CySEC’s website. This means that the broker is registered by one of the best FX licensing agencies in the world.
All users under CySEC are cover with a maximum of €20 000 as part of the Investor Compensation Fund, in case the broker cannot meet its financial duties towards its users. Furthermore, all users of CySEC regulated brokers will have their funds in segregated bank accounts for the purposes of security. Overall, CySEC puts the user as the priority, and if a broker wishes to be licensed by it, it must follow the same principle with great diligence.
T1MARKETS TRADING SOFTWARE
The broker has fully adapted the MT4 to both fit the needs of its more professional client base, and to present the MT4 as the ultimate trading platform to its more novice clientele.
The MT4 is by far the best trading platform, that is only surpassed by its younger version, the MT5. Yet, the MT4 still remains the most popular version of the MetaQuotes trading terminal. The MT4 is not without its feature… what are we saying! It’s sheer tools catalog is one of the main reason why the MT4 is on the top. There are charting package, technical indicators, a back-testing environment, Expert Advisors (EAs), chart customization options, one click trading, multiple order types, and VPS, and so much more. The platform will leave you puzzled at first, but sooner rather than later you will get the just of it, and it is then that a whole new world of Forex trading will emerge.
We believe that there is a $0.3 commission applicable to spreads. The following snip is taken from the Cost and Charges legal document. However, what has not been made clear, is onto what assets this commission is applied.
T1MARKETS DEPOSIT/WITHDRAW METHODS AND FEES
All deposits and withdrawals are safe and secure. This is the CySEC guarantee.
The user area did allow us to proceed with the funding of an account, even though we did not provide any legal documents, which we found sort of questionable, but since this odd practice has passed the approval of CySEC, we can be breath easily. The payment methods are Credit Card, PRZELEWY24, and Wire Transfer. A rather short selection of gateways for a legitimate broker. The minimum deposit, according to the client area, is €225. With Przelewy the minimum is €1.
The two base currencies are the Euro and the British Pound.
The withdrawal section in the user area was a oversimplified process which gave us cause for concern.
As you can see there is no indication on withdrawal methods nor a minimum amount. One must deposit fits to get a hold of these details, is what we assume the be the case. All withdrawal requests submitted before 09:00 AM CY time will be processed in that same day. If the submission is made after 09:00 AM CY time, the process will conclude the following business day.
The legal documents reveal the following fees. The fees issued by the appropriate payment systems will not be included because they are not dependent on the broker.
There is a €50 charge if a user proceed to withdraw without having traded at least ones before that. This is a rather harsh penalty.
Furthermore, there is a fee for those users that withdraw less than €100.
There is also a €15 charge for all withdrawal done by wire transfer.
Last but not least, is the dormant account fee. At T1Markets it is a whole inactive account scheme. If a user is inactive in her trading and deposit/withdraws for 61 days or over, she will be charged a €160 charge. If the period of dormancy reaches 91 days+, the user will be levied an additional €120. The fine for an 181 days+ inactive account is €200. For an account that has been inactive form more than 271 days, a huge fee of €500 will be issued.
It is odd that a CySEC licensed broker has such withdrawal fees. They are in no way a cause for concern, yet we advice users to be cautious, as these charges hint at the possibility that T1Markets might be oriented towards more advanced users.