Editor’s Note: Why T1Markets Doesn’t Suck In 50 Words
Besides regulation and a great choice of trading platforms, T1Markets offers incredibly low spreads: 0.7 pips for EUR/USD. But while this is impressive, please keep in mind that it’s a floating spread and 0.7 is “as low as” it can get, so in normal market conditions, it will probably be higher. However, that’s still a lot better than other brokers who offer spreads “as low as” 2.0 pips, meaning it starts to grow from 2 pips as soon as volatility increases.
Why T1Markets Sucks In 50 Words
Whatever you do, don’t let your account become inactive. I will go into details later but for now just keep in mind that the inactivity fee can go as high as 500 EUR per month and ThatSucks! Fees like this are one of the reasons why you always have to read the Terms and Conditions, but I know you skip that part sometimes. Fortunately, I don’t, so I can let you know about ginormous fees and other weird stuff like that.
Is T1Markets A Scam?
More than 30 financial regulators say that T1Markets is not a scam. Now, who am I to disagree? But on a more serious note, this is one of the most regulated brokers that I’ve come across lately and I don’t see how a scam could operate under the noses of all these financial watchdogs.
The user reviews that can be found online are generally positive, with a few unsatisfied customers here and there but nothing alarming. Bottom line: we at ThatSucks consider T1Markets a legit broker, without any red flags that can indicate a scam. As always, keep your eyes open, especially when money is involved.
Should I Open An Account With T1Markets?
T1Markets is a Cyprus-based, CFD broker with outstanding regulation across most EU countries. The owning/operating company is General Capital Brokers (GCB) Ltd which is an Investment Firm (CIF) authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 333/17. The company is also registered with several other financial regulators such as BaFIN (Germany), Consob (Italy) and many more.
Launched in mid-2020, T1Markets is pretty “young”, but so far it seems to do a good job, mainly because they focus on what really matters for traders: good trading conditions and top notch trading platforms. They offer a WebTrader and a Meta Trader 4 terminal. The former doesn’t require any download or installation but it comes with less features than the latter, so it’s up to you to decide what’s more important: do you need to access the markets from different desktop devices by simply logging in, or do you need the advanced features of Meta Trader 4? Both platforms are reliable, so you can’t really go wrong either way. A mobile platform is available as well.
The minimum deposit is 250 EUR and will get you a Silver account. If you are willing to invest more, T1Markets offers two more accounts: Gold and Platinum but unfortunately the deposit requirements for these accounts are not specified. The perks you get for a higher tier account are not something to write home about: free VPS, fifth decimal and a swap discount of 25% (Gold) and 50% (Platinum). Islamic accounts are also available.
The education section is vast and offers usable information but it’s mostly geared towards beginner traders, which is true for the educational material of almost all brokers. The available resources are video trading courses, trading articles, trading signals, assets hub, an earnings reports calendar and more.
Overall T1Markets is an above-average broker but what really makes it stand out are the low spreads and extensive regulation. On the downside, I would like to know how much I have to invest for a Gold or Platinum account. And also, I would like to have more advantages if I choose to open a higher-tier account because I don’t need a VPS, I can live without the 5th decimal and although the swap discount is nice, I’ll pass on it if I have to deposit tens of thousands of Euros.
General Capital Brokers (GCB) Ltd. is located at 359, 28th October Street, Neaopolis, WTC Cyprus -Trust Re Building, 1st Floor, 3107 Limassol, Cyprus. T1Markets can be contacted at phone +80040408888 and email [email protected]
The broker is relatively new, so there’s not a lot of chatter online. The good news is that we didn’t find any horror stories regarding price manipulation, failed withdrawals and the sort. The user reviews on Trustpilot are generally positive, with clients saying “This broker is reliable and client-orientated” and “The platform is very fast”. However, most of these reviewers only had 1 review on their account, so take it with a pinch of salt.
T1Markets Regulatory Warnings and Announcements
So far there haven’t been any warnings issued by the entities that regulate T1Markets. We are constantly monitoring and if anything changes, we will update our review.
This broker offers a huge amount of choices when it comes to both deposits and withdrawals: credit/debit cards, wire transfers, and lots of e-wallets (Ideal, Sofort, Neosurf, Volt, Trustly, Paysafe, Skrill, Neteller, etc.). The processing times are fast: same day if the request is received before 9:00 am Cyprus time and the minimums are reasonable, at 50 account units.
In the Extra category we can include signals provided by SignalCenter, an economic calendar, and market news. While this is not the most impressive of collections, it gains additional worth because all features are available right on the trading platform, so you don’t have to go to a different site just to get your news or the upcoming economic releases.
User Friendliness 17/20
The website is translated in 8 languages, information is easy to find and the trading platforms are user friendly. Demo accounts are available, as well as mobile apps for iOS and Android. US clients are not accepted.
Range of Markets, Spreads and Leverage 18/20
T1Markets offers over 300 assets from all the main classes: stocks, indices, currencies, cryptocurrencies, and commodities. It’s safe to say that you won’t lack trading opportunities. Spreads are as low as 0.7 pips for EUR/USD but keep in mind that under volatile circumstances, you will have higher spreads. Leverage goes up to 1:2 for crypto, 1:30 for retail clients, and 1:200 for professional clients.
Deposits and Withdrawals 17/20
The minimum deposit is 250, and the minimum withdrawal is 50 account units. The methods are the usual: cards, wires, and a huge selection of e-wallets (Ideal, Sofort, Neosurf, Volt, Trustly, Paysafe, Skrill, Neteller, etc.). Keep in mind that e-wallet availability may depend on client’s location. The processing time is as fast as the same business day if the request is made in the morning.
Fees and Support 17/20
The inactivity fee is the biggest caveat of this broker but all you have to do to avoid it is trade at least once every 2 months. After 61 days of inactivity, you will be charged a monthly fee of 160 EUR, retroactive for the whole inactivity period. Over 91 days of inactivity you will be charged a monthly fee of 120 EUR, which will be raised to 200 EUR if you are inactive for more than 181 days and to 500 EUR if you are inactive for more than 271 days. Monthly…so, be careful.
Support is available via live chat, a ticket system, an FAQ section, email, and phone. Live chat wasn’t available at the time of our visit, although it happened during regular working hours.
Trading signals provided by SignalCenter, market news and economic calendar – all available right on the trading platform. Good but not great.
T1Markets Overall Ratings (86) + Regulated (+3) = 89/100