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Tier1FX Review - Is it scam or safe?

Tier1FX Review - is tier1fx.com scam or safe?

RATING: 3 / 1 REVIEWS ForexBrokerz Tier1FX
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Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads (&Commission) Platforms
Standard $1000 0. 01 1:30 0.3 pips + $5.5 /lot RT MT4

 

Tier1FX offers its clients a single trading account with pure STP execution with variable spreads, leverage up to 1:30, and the option to trade in micro lots. MAM solutions are also available with this broker.

 

The Company. Security of Funds

 

Company

Country

Regulation

Hogg Capital Investments Ltd.

Malta

MFSA

 

Online since 2015 Tier1FX is a STP/DMA agency model broker that offers trading in more than 45 currency pairs and various CFDs through both the MetaTrader 4 and JFroex (Dukascopy Bank's trading platform).

 

Hogg Capital Investments Ltd., doing business as Tier1FX, holds a Category II investment services license issued by the Malta Financial Services Authority (The MFSA), which allows them to provide any investment service and to hold or control clients’ money or customers’ assets, but not to operate a multilateral trading facility or deal for their own account or underwrite or place instruments on a firm commitment basis.

 

MFSA is the single regulator for financial services in Malta and it applies certain rules and requirements to license holders. Apart from the minimum capital requirement of €730,000, which should be satisfied on an ongoing basis, license holders are expected to have local presence, to put in place adequate internal controls for their day-to-day operations, to maintain a risk management system, regularly report to MFSA, among other requirements.

 

License holders are also required to abide by ESMA guidelines on the sale of complex products where online forex is specifically mentioned as a complex product. Malta has been a member of the European Union since 1st May 2004. So, every MFSA-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.

 

In addition, every license holder in possession of a Category 2 or Category 3 license must participate and contribute to the Investor Compensation Scheme – a rescue fund for customers of failed investment firms which are licensed by MFSA.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with Tier1FX, traders have to invest a minimum of $1000. Such minimum initial amount is a bit too high; Most European brokers require less. For instance, FCA-regulated IG has set no minimum amount, so one may open an account with just $1.

 

Spreads & Commissions

This broker's spreads are pretty tight starting from from 0.1 pips on EUR/USD, plus a commission of $5.5 round turn. So basically the cost of trading per standard lot for this pair is less than 0.8 pips, which is a really good pricing

 

 

 

 

 Tier1FX's demo desktop MT4. Click on the image to zoom in.

 

What is more, high-volume traders may benefit from attractive discounts with Tier1FX: Spread mark-up account holders can use spreads as low as 0.5 pips, while Raw Commission account holders can get a commission of $2 per lot per side or even lower on the JForex platform.

 

Leverage

As a European broker Tier1FX has to abide by ESMA's product intervention rules. That is why it offers leverage of up to 1:30 for forex trades.

 

Trading Platforms

 

This broker supports the renown MetaTrader 4 (MT4), and JForex. Both platforms come in desktop, web and mobile versions.

 

MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own EAs and let the program do all the work.

 

JForex, on the other hand, offers unique trading environment, combined with one of the largest ECN liquidity networks – the Swiss Foreign Exchange Marketplace (SWFX). The platform supports wide range of trading orders, algorithmic trading and allows full slippage control.

 

Tier1FX's JForex desktop platform. Click to enlarge.

 

Methods of Payment

 

The following payment methods are available to Tier1FX clients: credit/debit cards, bank wire transfer, and the popular e-wallet payment system Neteller.

 

A fixed fee of USD 20 / 15 EUR / JPY 2,000 applies per withdrawal and will be charged on top of the requested withdrawal amount.

 

Conclusion

 

Tier1FX is a pure STP/DMA forex and CFD broker regulated in Malta It supports both MT4 and JForex platforms and offers competitive trading conditions. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated  No significant disadvantages
Competitive spreads  
Pure STP/DMA execution  
Choice of trading platforms, MT4 available  
Discounts available for high-volume traders  

                                                                                                                                                              

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Traders` reviews for Tier1FX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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