Why Does TioMarkets Suck In 50 Words
The TioMarkets brand is relatively new and not very popular among clients, having just launched in December 2018. However, if you look for their previous name (Primus Capital Markets UK Limited), you will see this company had a long time in business (since 2008) and strong regulation but it’s not clear how the change of management will affect the broker’s services. That doesn’t necessarily suck but it’s something to keep in mind.
Why TioMarkets Doesn’t Suck In 50 Words
Solid regulation, Meta Trader 4 and 5 charting packages and very tight spreads. That’s basically what every trader is looking for, so right from the start this looks like a good broker choice but they add something more: TioShield. This feature allows traders to close their trades within 60 minutes without taking a loss but special conditions apply (for example, only 10 major pairs benefit from this feature).
Is TioMarkets A Scam?
At this time there is no indication that this broker is a scam, mainly because they are regulated by the British FCA which is a well-known financial watchdog. That being said, I cannot help but point out that the only known address for TIO Markets Ltd (the company that offers services outside Europe and the UK) is a virtual office, which is not very confidence-inspiring but doesn’t make them a scam by itself.
Should I Open An Account With TioMarkets?
TioMarkets is a UK-based, regulated FX and CFD broker, owned and operated by TIO Markets UK Limited. The company is authorized and regulated by the British Financial Conduct Authority (FCA), with reference number 488900. Outside of Europe and the United Kingdom, the broker is managed by TIO Markets Ltd, a company located in St. Vincent And The Grenadines and supervised by the Financial Services Authority (SVGFSA). Until December 2018, this broker was known as Primus Capital Markets.
The trading platform of choice is Meta Trader (versions 4 and 5), which is probably the best out there and definitely the most popular because it offers a very high level of customization, tons of technical indicators, and great charting tools. The only drawback is that new traders find it a bit difficult to understand and use, but hey to a new trader everything seems complicated at first.
The account structure at TioMarkets includes 4 types of accounts: first up they have the Standard account (min deposit $50), which carries a $6 commission per lot traded. The next account is the Signature, which also requires a deposit of $50, but has a $4 commission per lot traded. Next they have the VIP ($1,000 minimum deposit and $2 commission per lot traded) and the highest account is the VIP Black, which has zero commission per lot and is the only one that offers TioShield. The minimum deposit for this account is $3,000.
Usually, brokers that charge a commission per lot have very tight spreads and TioMarkets is no exception, offering 0.6 pips spread (floating) on EUR/USD and around $10 – $13 for BTC/USD (floating, checked at the time of writing). But on the other hand, the industry-average commission charged per lot traded is about $3.5 and unless you want deposit a high amount, you will get $6, which is almost double.
The bottom line is that it all depends on what type of trader you are. If you are a high volume trader, who pays hundreds of bucks per month in commissions, then you could make a higher commitment money-wise and trade with zero commission. In that case, TioMarkets is a good choice for you. On the other hand, if you are just an occasional trader, the commissions for the lower accounts are a bit on the expensive side, so maybe you can find better choices.
TIO Markets Ltd.’s address is Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent And The Grenadines.
TIO Markets UK Limited is located at 6th Floor – 1168 Devonshire Square EC2M 4YD UNITED KINGDOM. They can be contacted at [email protected].
We couldn’t locate any user complaints regarding TioMarkets, but what we did find was a review (on a questionable site) that claimed TioMarkets is a total scam, and also that their FCA regulation doesn’t exist and their reference number is just a random one, meant to fool clients. Obviously this is not true and you can check their FCA regulation for yourselves, by following the link provided in the opening section of this review or by checking the official FCA register page. Furthermore, they are rated 4.6 out of 5 stars on Trustpilot, which means that users are happy with their services… although I must say, some of the reviews there look a bit “doctored” (but who am I to judge).
The available withdrawal methods are bank wire, credit/debit card, local transfer (Paytrust), e-wallets (Skrill, Neteller and others, depending on region) and Crypto. The minimum withdrawal for all methods is $50, which is reasonable but could be lower to allow more flexibility. The processing times are up to 5 business days for bank wires and 1 working day for the other methods.
TioShield is definitely an interesting feature but you will have to deposit $3,000 (for a VIP Black account) to benefit from it. Keep in mind that you will have to pay a separate fee to use TioShield (for each trade you want to use the feature on); this fee will be shown on each trade, on the trading platform.
TioMarkets Overall Ratings
User Friendliness 14/20
The website is translated in 14 languages and has a comprehensive FAQ. The platform is full of features but not necessarily the most user-friendly for new traders. US clients are not accepted, Demo accounts and mobile apps are available.
Range Of Markets, Spreads And Leverage 15/20
TioMarkets offers over 120 assets from all the known classes (currencies, indices, stocks, cryptocurrencies, etc.) but the crypto offering is limited to only BTC/USD, ETH/USD and LTC/USD. The spreads are very tight but keep in mind that you have to pay a pretty steep commission (unless you get a VIP or VIP Black account). Leverage goes as high as 1:30 for retail EU customers but it can be higher for those outside the EU and UK.
Fees And Support 14/20
TioMarkets charges an inactivity fee of $30 monthly if the account is inactive for more than 3 months. Deposits and withdrawals are mostly free but some fees will be applied if you want to withdraw less than $50 or equivalent. Support was relatively helpful, but I cannot say it was the smoothest experience.
Deposits And Withdrawals 13/20
The methods for deposit are Credit Cards, Crypto, bank wires, and e-wallets with the minimum being $50. The available withdrawal methods the same as deposits. The minimum withdrawal is $50 but you will be able to withdraw less, if you pay a fee.
The most notable extra feature is TioShield but it’s only available for the VIP Black account. TioShield requires extra payment for each trade you choose to protect.
TioMarkets Overall Rating: 71/100