Beware! Techfin Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Techfin Markets is not a good choice if you are looking for a reliable broker and this is obvious the moment you open their website. It is clearly unfinished and we could not find absolutely any information on most of the things that would usually interest us when trying to choose a broker to start trading with. Forget about more specific data (like educational tools and company statistics) legitimate brokers would usually provide – we could not find any information about essentials things like spreads, leverage and minimum deposits. And despite the fact Techfin Markets supposedly gives access to a ‘state of art trading platform’, we could not even find out what type of platform that would be. It is currently not possible to register any sort of account with Techfin Markets. But if you run into their website in the future when they have actually finished it and filled it up with ridiculous claims, beware – this surely is a scam and you should not even considering doing any business with this company.
Techfin Markets REGULATION AND SAFETY OF FUNDS
The information about Techfin Markets’ supposed regulation was about the only useful data we could find on the their website. The broker provides an address and a license number on the Bahamas.
We would not suggest you do business with offshore brokers – companies that hold a license at a location like Vanuatu, the Marshal Islands and yes, the Bahamas. It is not mandatory for an offshore broker to be a scammer – in fact, there are enough legitimate brokers that have a license at one of those locations because they want to take advantage of looser regulations and offer better terms to clients. Such brokers usually also have a license in a country where a respected financial authority is operating – like the UK, Australia or Cyprus. They are still trustworthy brokers with a renowned brand, just ones that have an additional offshore license. The same thing cannot be said about scammers.
Furthermore, when we checked the register of the the Securities Commission of The Bahamas (“SCB”) of the Bahamas, we could not find any data on Techfin Markets which means they could not even obtain a license there.
If you are looking to make sure that your funds will be in good hands, choose the services of a broker that holds a license in the EU, the UK or Australia. Such brokers are a good choice for multiple reasons. First of all, UK and EU licensed brokers have to participate in compensation funds that ensure that if one of those regulated brokers goes bankrupt, their clients could receive a compensation – up to €20 000 and £ 85 000 in the UK. Additionally, all regulated brokers must maintain a minimum capital – €730 000 for the EU and the UK and A$1 million for Australia. Compared to that, the minimum capital required to become a licensed broker on the Bahamas is just $300 000 (this is one of the few requirements brokers have to meet). Negative balance protection is also available to all clients of regulated brokers – simply said, this means your loses cannot exceed the amount of money you have in your account. So the only way to trade securely is with a regulated broker – keep that in mind when choosing one and don’t forget to check registers.
Techfin Markets TRADING SOFTWARE
We could not find any information on the trading platform Techfin Markets offers – not even its type. If you are a new trader looking for some good software to try, be sure to check out brokers offering MetaTrader 4 or MetaTrader 5. These platforms have remained the gold standard of the industry over the past 15 years and there is a reason for that. They offer not only intuitive software but also a lot of useful tools and features like Expert Advisors, VPSs that keep those advisors operating even with your computer turned off and a market full of additional indicators and various add-on trading apps.
Techfin Markets TRADING CONDITIONS
As we mentioned above, Techfin Markets did not bother to give any information on spreads, leverage or minimum deposit amounts. We are sure that if they have done that, we would have found some additional absurd terms. Working with a broker like this is stupid considering the fact that there are more than enough licensed brokers who would set up an account for you for as little as $5. All of these brokers are not only regulated but would offer you superior platforms and far better conditions.
The average spread for the industry is around 1.5 pips which is not at all bad and there are many companies that would offer even tighter spreads.
The leverage European and Australian brokers have to stick to is restricted by law to 1:30 so you should beware any ‘licensed’ broker that offers more than that to retail clients.
Techfin Markets DEPOSIT/WITHDRAWAL METHODS AND FEES
No information was given in regards to payment methods or additional fees and we hope it has become clear by now that is an incredibly bad idea to deposit any money with someone like Techfin Markets anyway. We might sound like a broken record but please choose you broker wisely among regulated companies that don’t have robbing you as their only goal.