TFI Markets Review
TFI Markets offers trading in around 50 forex pairs, including majors, minors and exotics, and CFDs on stock indices and silver and gold. It has two types of accounts: Premium, aimed at retail clients and a Corporate trading account, which is intended for high volume clients. There is also the free demo account with virtual $50 000 and real market conditions for those who wish to try their hand at trading without the risk of losing real money.
Like with many other companies whose main business activity is not brokering, TFI Markets is not the main focus of TFI Markets and the trading conditions are not something very special.
There are dedicated forex brokers like FxPro and FXCM who have a much wider variety of trading accounts and conditions geared for the needs of various types of traders, starting from small time retail traders, all the way to institutional offering.
The Company. Security of Funds
Company Country Regulation
TFI Markets Cyprus Central Bank of Cyprus, CySEC
TFI Markets is a brand of the Cyprus-based financial company TFI Markets that offers currency conversion and payment services, risk hedging solutions and trading in forex and some commodities. TFI Markets was established in 1999 and its forex branch (TFIFX) launched a year later, making it one of the oldest Cyprus-based brokers offering margin forex trading.
TFI Markets is licensed by the Central Bank of Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC). The company is also registered with France’s and Germany’s financial markets regulators AMF and BaFin, respectively and is governed by EU’s MiFID rules. TFI Markets keeps its clients’ funds in segregated accounts and is a member of the Investors Compensation Fund, which provides additional protection for investors.
The CySEC regulation is not as highly regarded as that of UK’s FCA and some forex brokers operating in Europe, like XM and FxPro hold dual regulation from both watchdogs. Nevertheless, Cyprus is one of the preferred brokerage “destinations” if we can put it this way. The main attraction is the MiFID passporting, which lets them operate across the entire EEA (EU + Norway, Lichtenstein and Iceland).
Like we already said, forex trading is not the main business activity of TFI Markets and it is not trying to attract as many forex traders as possible. It offers just one type of trading account for retail clients with $500 minimum deposit requirement, 0.1 lots minimum trade size and a leverage of just 1:100.
Spreads and Commissions
TFI Markets’ spreads are fixed and the broker does not charge additional commissions and hidden fees. They are included in the spreads, which are rather wide, compared to other Cyprus-regulated forex brokers like Fibo Group. The latter, however, charges additional commissions.
The spread of TFI Markets for the EURUSD pair is 3 pips, while that for the GBPUSD pair is 4 pips.
Depending on the volumes they trade, the brokers’ clients usually calculare whether it is more advantageous for them to pay wider spreads or commission.
TFI Markets has a maximum leverage of 1:100 for its Premium accounts, which is rather low, compared to other forex brokers like XM where the leverage can go all the way up to 1:888. Other European brokers like IG, are more moderate and give a leverage of up to 1:200 on some accounts.
TFI Markets offers trading on the popular MetaTrader 4 platform, which is the eternal favorite among brokers and traders. The broker provides the desktop and mobile applications, but not the web version that does not require installation.
Additionally, the broker offers the TFI Markets mobile application for iOS, which offers financial news and analysis, real-time quotes, margin and pip calculator, bank rates, etc. The application, however, is not available for Android devices.
Methods of payment
TFI Markets accepts client deposits through bank transfer only. There are no options for funding one’s account through a credit card or via one of the electronic payment systems like Skrill or PayPal.
The broker accepts deposits in USD, EUR and GBP.
TFI Markets is one of the Cyprus forex brokerages that has been around the longest – since 2000. It has maintained good reputation among traders, if the forums are to be believed, and in 2011 got an award for excellence by the publication IBTimes. The mere fact that the broker has remained in business for so long, says a lot.
TFI Markets’s trading conditions could be described as “moderate”, when compared to other brokers. Obviously it is not trying to attract all the traders in the world, at all costs, but rather the more experienced.
TFI Markets has its good and bad sides, like most brokers, depending on what a trader is looking for. On one hand the low leverage offered by the broker minimizes risk, on the other, it is obviously not that attractive for smaller retail brokers who would prefer someone with lower minimum deposit and higher leverage.
TFI Markets Review Conclusion
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