TioMarkets
7.1/10
  • TioMarkets

  • Regulated:  FCA, FSA
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Broker Name: TioMarkets
Platform(s): CFD, Crypto
Founded: 2018
Bonus: N/A
Spreads: Very Tight
Leverage: 1:30
Regulated:   FCA, FSA
Demo Account: Yes
Minimum Deposit: 50
US Traders:   Not Accepted

TioMarkets Review

by Martin Kay

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 (FSA). Until December 2018, this broker was known as Primus Capital Markets.

 

Editor’s Note: 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 was a company with a long time in business 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 charting package 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 and TioReimburse. The former allows traders to close their trades within 60 minutes without taking a loss and the latter reimburses traders 50% of their initial deposit if they are stopped out during the first 30 days.

 

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 P.O. Box, which is not very confidence-inspiring but doesn’t make them a scam by itself.

 

Notice!: This Broker has been rated average by our Staff. Start your trading career with a Top Rated Broker Now!.

 

Should I Open An Account With TioMarkets?

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 is a bit different than most of us are used to, because they will charge a monthly fee for their higher-tier accounts. First up they have the Standard account (min deposit $50), which is free but carries a $6 commission per lot traded. The next account is the VIP, which requires a deposit of $500, has a $2 commission per lot traded and will set you back $24.95 per month. The highest account is the VIP Black, which costs $49.95 per month but has zero commission per lot and is the only one that offers TioShield and TioReimburse. The minimum deposit for this account is $1,000.

Usually, brokers that charge a commission per lot have very tight spreads and TioMarkets is no exception, offering 0.2 and even 0.1 pips spread on EUR/USD and around $15 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 to pay a monthly subscription, 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 simply pay the $49.95 and be done with it. In that case, TioMarkets is a good choice for you. On the other hand, if you are just an occasional trader, I don’t see the point of paying the subscription fee or the inflated commission for the Standard account.

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 3rd Floor, 9 Devonshire Square, London EC2M4YD, United Kingdom. They can be contacted at [email protected]

 

TioMarkets Complaints

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, 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.

 

TioMarkets Withdrawal

There is surprisingly little information about withdrawal terms, methods, and minimums. In fact, there’s almost zero information! Nothing on the website and all we could find in their Client Agreement were some general rules about money laundering. This is something that should be taken care of by TioMarkets!

Upon speaking with one of their representatives, we learned that available withdrawal methods are bank wire, credit/debit card, local transfer (Paytrust), China local transfer (Funpay and UnionPay) and Crypto. The same rep indicated that the minimum withdrawal for all methods is $100, which is extremely weird considering that the lowest possible deposit is $50. So what, if I deposit between $50 and $99, I can never get that back?!?

 

TioMarkets Extras

TioShield and TioReimburse are definitely two interesting features but you will have to pay $49.95 per month to benefit from them. 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) but this fee is not specified.

 
 

TioMarkets Overall Ratings

User Friendliness 14/20

The website is translated in 9 languages but it lacks a basic FAQ section and information can be pretty difficult to find. 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 hundreds of assets from all the known classes (currencies, indices, stocks, cryptocurrencies, etc.) but the crypto offering is limited to only BTC/USD, ETH/USD and TIOx/USD. The spreads are very tight but keep in mind that you have to pay a monthly subscription or a pretty steep commission (or both in some cases). 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

This is one of the very few brokerages that charge a monthly fee and this can be either a good thing (if you are a high-volume trader) or a real disadvantage (if you are a casual trader). The VIP account will set you back $24.95 per month and the VIP Black costs $49.95 per month. There’s a free account as well but it has very high trading commissions.

TioMarkets also charges an inactivity fee of $30 for the first time and then $10 each following month. It is unclear after how many days an account is considered inactive. After 6 months of inactivity, the account will be closed down and the remaining funds will be concentrated in a separate temporary control account. It is not clear what happens to that money afterward.

Support kept sending me to the education page when I asked about withdrawals and although I did manage to get some info out of them, I cannot say it was a smooth experience.

 

Deposits And Withdrawals 13/20

The methods for deposit are Visa, TrustPay, Union Pay, Crypto, and bank wires, with the minimum being $50. Withdrawal information is missing from the website and Terms And Conditions document. According to live chat, the available withdrawal methods are bank wire, credit/debit card, local transfer (Paytrust), China local transfer (Funpay and UnionPay) and Crypto. The minimum withdrawal is $100 and keep in mind that the minimum deposit is $50, so you will not be able to get your money out if your balance is between $50 and $99.

 

Extras 15/20

The most notable extra features are of course TioShield and TioReimburse but these are only available for VIP Black accounts. TioShield requires extra payment for each trade you choose to protect.

 

TioMarkets Overall Rating: 71/100

 

Warning!: Notice!: This Broker has been rated average by our Staff. Start your trading career with a Top Rated Broker Now!.

 

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