Try Markets Review
Like most forex brokers, TryMarkets offers its clients a choice of several basic account types in order to suit the needs of traders of all levels of experience. The highest leverage with this broker is available on Standard account types, tailored to newbies. These accounts also offer the option to trade in micro lots – a good risk management strategy.
In addition, clients who are not willing to earn interest for religious reasons may sign up for swap-free (Islamic) services, available on Standard & Pro accounts.
The Company. Security of Funds
Capital Market Solutions Inc.
TryMarkets offers online trading in over 35 currency pairs, CFDs on precious metals and commodity futures on the cutting-edge MetaTrader 4 platform. The broker provides both retail and institutional clients with No-Dealing-Desk execution, competitive spreads, and deep liquidity. Its team prides itself on its extensive experience in the industry spanning over 14 years.
TryMarkets is a brand of Capital Market Solutions Inc., a financial services firm authorized and regulated by the Belize International Financial Services Commission (IFSC).
Unlike UK’s FCA and other financial watchdogs, IFSC has liberal control over forex brokers. Belize is a famous offshore destination for financial service providers, where the regulation and licensing requirements are looser compared to other jurisdictions. Last year, however, the regime in Belize tightened – IFSC increased the initial minimum capital requirement for financial and commodity-based derivatives brokers from $100,000 to $500,000. Besides, the Commission has also increased the annual license fee from $5,000 to $25,000. In addition, IFSC requires licensed companies to keep client funds in segregated accounts
So, regulation in Belize is better than the one in the St. Vincent and the Grenadines for example, where brokers follow simple registration procedure and don’t have to comply with any requirements as regards minimum capital or segregation of client’s’ funds. Still, investing in companies registered in offshore zones is risky, as IFSC places little emphasis on supervision of licensed brokers and there is no compensation fund.
Minimum Initial Deposit
The minimal amount required to open an account with TryMarkets is $$500, which is slightly above the average. In comparison, another Belize-based broker, FX Choice, requires $100 from its clients as a minimum.
Average Spreads & Commissions
This broker offers variable spreads, which are above the average for the market on the Standard account type, as the broker cites as typical a spread of 1.8 pips on the EUR/USD. Spreads on the Pro account type, on the other hand, are pretty tight, starting out at 0.7 pips and also involving no commission fees.
By comparison, FX Choice offers variable spreads from averaged 1.2 pips on EUR/USD on its commission-free accounts.
The maximum leverage rates at TryMarkets are high, reaching 1:500, which is considered high, although many forex brokers offer leverage equal to or exceeding 1:500.
Traders, however, should be aware of all the risks associated with trading on margin – higher leverage levels may lead to heavy losses, exceeding initial investments.
TryMarkets offers its services on the most popular forex trading platform – MetaTrader 4. It is available as desktop version, mobile apps and a web-based version.
This professional, fully-featured software provides traders with everything they need: ease of use, fast order execution, a variety of technical analysis indicators, advanced charting package and the ability to develop and to use Expert Advisors (EA).
TryMarkets also offers MT4 MultiTerminal, a unique solution for professional asset managers who seek to manage multiple trading accounts simultaneously (PAMM service).
Methods of Payment
Clients of TryMarkets are offered a variety of payment methods to choose from: credit cards, bank wire transfers, and the following e-wallets: Skrill, Neteller, WebMoney, QIWI, AliPay, cashU, Yandex Money, China UnionPay and PaySafeCard.
This broker charges no additional fees on deposits and withdrawals. There is no minimum withdrawal amount, and all withdrawals are processed within 24 Hours (Except bank wire transfers which may take up to 5 Working Days and you cannot withdraw less than 100 USD).
TryMarkets is a Belize-based broker, offering competitive conditions for trading in various currency pairs and some CFDs on the popular MT4 platform.
TryMarkets Review Conclusion
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