TTS Markets Review
Like most forex brokers, TTS Markets offers its clients a choice of several basic account types, depending on the initial investment. All accounts are commission free and offer variable spreads, as well as the option to trade in micro lots – a good risk management strategy.
The highest leverage with this broker is available on Standard account type, for which minimum initial deposit is not set, so traders can start out with just a couple of bucks. While this may sound like an attractive offer, we would not advise you to use leverage of 1:1000 with this or with any other broker. If the market moves against you even in the slightest, you will most likely lose everything.
As regards TTS Markets’ spreads, they are far from being competitive – above 2 pips on EUR/USD. We tried out the broker’s demo MT4 and the spreads for this pair are floating around 1.6 pips (probably the Prime account price feed), which is also above the average for the market. By comparison, major brokerage FxPro offers spread averaged 1.4 pips on EUR/USD on its MT5 accounts and also charges no commission fees. What is more important, FxPro is licensed by a number if financial regulators – CySEC, FCA, and FSB, while TTS Markets operates without a valid forex broker license.
The Company. Security of Funds
Tamil Trading Services Ltd.
TTS Markets says it offers online trading in more than 60 financial instruments, including currencies, commodities and indices on two trading platforms: MetaTrader 4 and MetaTrader 5. According to the information on the broker’s website, the company behind the brand, Tamil Trading Services Ltd., is based in Belize and is in the process of obtaining a license from the Belize International Financial Services Commission (IFSC).
However, when we tried out its demo MT4, which is provided by another forex broker (Richly Active Limited), we found only twenty-something forex pairs and precious metals available for trade. However, the greatest problem is that TTS Markets is not regulated.
As we have mentioned in other reviews, trading with a unregulated (off-shore) broker carries significant risks. And regulation in Belize is certainly better than none at all. Unlike UK’s FCA and other financial watchdogs, IFSC has liberal control over forex brokers. Nonetheless, regulation in Belize is better than those in most offshore destinations IFSC has set a minimum capital requirement for financial and commodity-based derivatives brokers of $500,000. Besides, and charges an annual license fee of $25,000. In addition, IFSC requires licensed companies to keep client funds in segregated accounts.
TTS Markets offers its services on two of the most popular forex trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
Since the introduction of the hedging option in the spring of 2016, MT5 has been growing in popularity, but it is still in the shadow of its predecessor. Actually, both versions are pretty similar, and especially the charting package. One of the key improvements is that in MT5 you can close positions partially – something which is only available with certain MT4 brokers. Additionally, the economic calendar is directly integrated with the charts. The MQL Marketplace is also available for the MT5, but the indicators and Expert Advisors (EAs) developed for MT4, are not compatible with the new platform.
In addition, TTS Markets offers its clients VPS hosting service. The remote server ensures stability, reliability and high-quality technical conditions especially useful for those who work with EAs.
Methods of Payment
Clients of TTS Markets are offered the following payment methods to choose from: credit cards, bank wire transfers, and the following e-wallets Skrill and Neteller.
TTS Markets is a Belize-based forex broker that supports both MT4 and MT5 platforms and claims to be in the process of obtaining a license from Belize’s IFSC. Nonetheless, currently it is operating without a forex broker license, which is its greatest disadvantage. Besides, its spreads are above the average, its MT4 is provided by another brokerage, and its product portfolio is rather limited.
TTS Markets Review Conclusion
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