TrineMarkets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this TrineMarkets Review.
TrineMarkets Review
TrineMarkets offers trading in forex (a little over 30 pairs) and CFDs on stocks, commodities, options and indices. There is also a free demo account for training purposes.
The Company. Security of Funds
TrineMarkets says it is based in London, but a closer look at the Terms & Conditions reveals that “This Agreement will be governed by in accordance with the laws of Saint Vincent and the Grenadines”. This suggests that in fact the company is registered in the offshore zone Saint Vincent and the Grenadines.
There is also a reference to Belize’s International Financial Services Commission (IFSC), which has just recently warned TrineMarkets was using a fake Belize license. On its site the broker says it obeys “the rules of the Commission on International Financial Services (IFSC), which were created in accordance with the law providing for the provision of investment services, the performance of investment activities, the work of regulated markets and other related matters of the Investment Company, as well as directives and circulars issued by the IFSC from 2007”. Whatever this means.
Oddly enough, there are also several references to the Cyprus court.
Last, but not least, there is also a section “Regulation in the Russian Federation”. It is a copy-paste from some Russian site and explains the regulatory requirements for forex brokers in Russia. It does not become very clear what the purpose of this section is.
Now, this total legal hodgepodge raises some serious questions regarding the integrity of TrineMarkets. Obviously the IFSC claim has already been exposed as fake, which makes us think that the broker is up to no good. In fact, we are getting the impression that whoever wrote those terms and conditions concocted a mixture of several brokers’ terms and conditions and never checked the final result. To the best of our knowledge, no serious and reputable company would ever do such a thing.
Trading Platform
TrineMarkets, unlike the vast majority of the forex brokers, does not offer the MetaTrader platform, but instead offers the UTIP platform, branded as Trine Trader.
Like the MetaTraders, UTIP is also developed by a Russian company and was launched in 2006. So far the company has expanded its offering and the platform includes web and mobile versions. It offers access to forex, CFDs, binary options, options, indices, metals and cryptocurrencies. UTIP supports multiple types of orders, technical analysis and charting tools, trading reports and many other options and features.
Methods of payment
TrineMarkets has only two payment options: a bank wire transfer and credit/debit card. Normally, the forex brokers provide at least several payment options, in an attempt to make the process easier for the clients. Some provide the popular PayPal option and there are other who even accept Western Union transfers.
TrineMarkets seems to be one of the many quite dubious forex brokers. It seems it is mostly targeting Russian-speaking clients, but there are website versions in Spanish, Portuguese and Arabic.
The false claims about its Belize regulation and the strange concoction that the Terms and Conditions are, make us think that it is best to avoid this broker. True, we have not come across any complaints, but perhaps it is still new.
On the other hand, the trading conditions are not very clear and detailed either.
Overall, we always advise our readers to avoid unregulated brokers. There are reputable forex brokers with clear trading conditions and strict regulation by UK’s FCA.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
TrineMarkets Review Conclusion
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