T1Markets is one of the best CFD-based Forex online brokers that has been in the market since July 2020. the broker operates under the trading name of General Capital Brokers Ltd, a company registered in Cyprus with registration number HE345774.
The broker is regulated by the Cyprus securities and exchange commission (CySEC) with the license number 333/17.
Since there is a regulatory constraint, General Capital Brokers ltd provides segregated trading accounts. This means that the client funds are stored in different bank accounts other than the firm’s fund for additional security.
Is T1Markets Legit?
The broker provides its licensing information on the website home page itself. The broker has declared that T1Markets, a trading name for GCB, is regulated by the Cyprus Securities and Exchange Commission (CySEC). The license number is also provided on the website (333/17).
Trading with a broker regulated with the CySEC means that the broker must undergo constant updates and audits from the authority’s end. Thus, there is little or no space for the brokerage firm to conduct any fraudulent activity.
CySEC was also the first regulatory authority to authorize binary options. This is one of the critical factors that the EuroZone brokers look forward to its regulation. However, since the process to get that is slow and transparent, scam brokers don’t go that far.
Hence, the broker is safe to trade with.
Risk Warning: CFDs are complex instruments involving high risk. Most investors/traders end up losing money rapidly while trading CFDs.
Pros & Cons:
- The broker provides segregated accounts to its clients, as mentioned above. These are the accounts where the client funds are kept separately. All the other funds are held in different accounts.
- The financial service provider offers negative balance protection. This means that any client’s losses will not exceed the fund’s value they hold in their trading accounts.
- The broker is completely regulated by one of the most significant and unbiased regulatory authorities.
- Offers Islamic swap-free accounts.
- The broker does not provide an MT5 platform.
- It does not accept clients from the US, and North Korea, apart from some other jurisdictions.
Trading Account Types:
The broker offers three types of accounts for trading with various features. The account types vary based on the clients’ choices. Professionals should opt for Gold and Platinum accounts, and the Silver Account is best suitable for beginners. The broker provides a demo account also for practicing the trade for beginners. Let us read about each account type in brief.
This account is specially created for novice traders. There is no commission on deposits, and the spreads begin from 0.07 pips. As a result, traders can enjoy trading at a low cost. In addition, the retail clients using this account can enjoy the leverage up to 1:30, and the professional clients can use 1:200 leverage.
This account type is the best choice for traders who have good knowledge of global markets. The spread in this account starts from just 0.05. The leverage is also the same compared to the platinum and silver accounts.
The account is designed for professional traders and it is also known as a professional account. The platinum account offers tight spreads, beginning from just 0.03 pips. The account is not different from the other two in leverage, available currency pairs for trading, and deposit commissions.
The broker also offers a swap discount on Islamic accounts and free VPS. You can also make use of a dedicated account manager.
How to Open an Account on T1Markets?
- To open a trading account, the users need to visit the official website of T1Markets and click on “Open Account” on the homepage.
- After that, you’ll be redirected to a page where you have to fill in your personal details like an Email Address or a phone number with the correct country code.
- When you click on the “Create Account ” button, you’ll have to upload personal details documents like proof of identity, proof of residence, the records for payments, or others (if applicable). The uploading of this document on the server is a standard process.
- After this process is complete, you’ll have to answer a questionnaire, complete the documentation, and fund their accounts. After that, they can begin trading.
Available Trading Platforms:
Day traders look forward to having MT4 as the preferred trading platform. This is because most traders doing intraday in Forex depend on small but frequent price movements to gain profits.
The MT4 platform is induced with more than 30 technical indicators that help the traders to achieve this feat.
The MT4 platform also offers a user-friendly interface. This is one of the best security-based techs that the trading platforms can use to prevent user data from leaking out of the official server.
The web-based platform WebTrader comes with a variety of features:
- The traders can use multiple windows for comparing different assets with their respective charts.
- The balance levels are shown in real-time. As soon as the balance reaches the margin, there is an indication to the trader. Actions have to be taken so that the fund doesn’t fall below the margin levels.
- WebTrader will update the trader about the trading conditions. These conditions are nothing but the presence of a bull/bear market. Since the platform indicates a persistent pattern or a “trading condition”, it is easy for traders to decide their calls.
- If the trader uses multiple accounts on one platform, the WebTrader can switch over with one tap.
- Apart from the customer support that the FSP provides, the platform also provides a built-in support system.
- You can run WebTrader on any browser. There is also an option to live chat.
WebTrader is Known to sync itself with any existing MetaQuotes software present in the system. This simply means that if the clients use any other software from the same parent company, then WebTrader will take all the credentials and use them to cater. Of course, the trader is liable to do that manually.
The platform provides more than 25 technical indicators for traders. These include the MA,s and Fibonacci retracements to begin with.
WebTrader is pre-installed with different market execution modes. This includes the two markets, two stop orders, and a trailing stop function.
Traders can access the MT4 trading platform through the broker’s mobile trading app. In addition, the MetaTrader4 Mobile application provided by T1Markets provides users with the option to trade while they are on the go or are doing something else.
The mobile trading application is better for active traders rather than intraday traders. The latter prefer charts on a broader screen since their job is to scrape every bit of profit. Active traders trade around ten times a month.
The mobile app is a better option and can be available on both Android and iOS systems. Users can download the app from Play Store or App Store.
Major Instruments & Markets to Trade:
T1Markets allows traders to trade on a broad range of tradable financial instruments. These include the likes of Forex, the most liquid market, and cryptocurrencies that represent volatility and money in the making.
The regulated broker also allows experienced traders to trade over traditional equities and commodities via online trading CFDs.
Spreads are variable, and the chargeable amount also depends on the type of account the trader is using to make the trades.
Associated traders can also use trading complex instruments like futures and ETFs. Again, the idea is to make experienced traders earn more profits.
The platform offers CFD trading on more than 40 Forex currencies, 45+ stocks, metals, indices, 20+ commodities assets, and 20+ cryptocurrency assets.
Risk Warning: CFDs are complex instruments involving high risk. Many beginner traders end up losing money rapidly while trading CFDs.
Commissions, Fees, and Spreads:
This reliable broker offers a commission-free online trading experience to its clients. Spreads and swaps are the only billable charges. The firm also offers swap discounts on overnight swap charges.
The regulated broker also charges an inactivity fee if the experienced trader has not traded for more than 61 days. For the inactivity tenure lasting more than 270 days, the chargeable amount is 500 Euros.
The broker provides detailed information about the spreads on its website.
For retail clients, the platform offers a maximum of 1:200 leverage. While for the professional clients, it offers 1:500 leverage. The leverage is also subjective in terms of the asset and, as mentioned, the type of account in use.
Deposit and Withdrawal methods:
Users can make deposits and withdrawals methods such as bank transfers, wire transfers, and popular e-wallets. In addition, the regulated broker offers the following multiple execution modes for deposits and withdrawals.
- Credit Cards.
- Debit Cards.
- Bank Transfer
Withdrawing funds requests can be placed on the client portal area directly. Here, the person making the request should be the actual holder of the bank account associated with the trading account registered with the broker.
Education Resources and Research Support:
The broker provides neatly curated trading articles solely based on trading education. On its website, T1Markets also offers trading-based insightful videos and webinars that can be attended by traders who need to understand the market better.
The webinars are a good idea because Industry experts generally host them. These People have been in the market for a long time and can give insightful information that comes only with trading experience.
The platform offers a set of research analysis tools, including an economic calendar and a trading blog.
The broker offers 24/5 customer support in multiple languages, including English and Spanish, and can be contacted by live chat, telephone, and email. The live chat support feature typically takes 3 minutes to reply.
The customer support team is well informed about the work area and can solve any trade-related query in a short time. The best customer service of the broker is what makes it different from other brokers.
Mobile call: +80040408888
Email support: [email protected]
Live chat directly from the website
Overall, T1Markets is an excellent option for both novice and experienced CFD traders looking to build a comprehensive day trading plan.
Their mobile app and user-friendly desktop site make trading on the go a breeze. It appears to stand out from competitors in terms of security, honesty, and real friendliness.
T1Markets is a respectable alternative for traders of all stripes, despite the high inactivity fees and minimum deposits, and the fact that you can’t utilize a dummy account without properly joining up.