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TIO Markets Review - is it scam or safe?

TIO Markets review - Is tiomarkets.uk scam or good forex broker?

RATING: 3.5 / 0 REVIEWS TIO Markets
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TIO UK is a forex and CFD broker, based and regulated in the UK. They offer nearly 100 trading instruments with an choice of several accounts on the MetaTrader5 and MetaTrader4 platforms. 

 

Account type Min. deposit Max. leverage* Spreads
Standard Account $50 1:30 from 0 pips + $6 /lot

VIP n/a 1:30 from 0 pips + $2 /lot
VIP black n/a 1:30 from 0 pips 

 

*Clients of this broker classified as professsional, are able to use leverage of up to 1:100.

 

TIO UK Advantages:

 

FCA license

 

This is of utmost importance. The safety of your funds can be guaranteed solely by brokers, regulated by an official financial watchdog such as the Financial Conduct Authority (FCA) in the UK. And TIO Markets UK Limited, the company behind TIO UK, is licensed by the FCA. 

 

Actually we have a recent acquisition here. Back in November 2018 the owners of Trade.io - a blockchain trading platform, acquired the British brokerage company Primus Capital Markets Ltd, which was licensed by the FCA as well, and rebranded it to TIO Markets.

 

FCA regulated brokers are obliged to maintain at all times a minimum operational capital of at least 730 000 EUR, to keep all clients money in a segregated, protected form creditors, trust account, to file regular reports, to allow FCA audits and to participate in a client compensation scheme that basically insures your trading account up to 50 000 GBP.

 

And besides, the FCA license gives TIO UK the right to operate in all European Union countries plus Norway and Iceland. Here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Attractive spreads

 

As tested with a demo account the benchmark EURUSD spread of TIO UK  floated around 1 pip, which is what traders would usually expect with a standard account. In any case here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

45 currency pairs and some crypto CFDs

 

The list of trading instruments at TIO UK looks good too. We counted 45 currency pairs, many of which exotic like USD/NOK, USD/SEK, USD/ZAR, USD/HKD, USD/SGD, USD/MXN, USD/TRY, USD/HUF, USD/PLN and USD/CNH.

 

And there are also plenty on CFDs on oil, silver and gold, several indices, shares and even crypto coins - Bitcoin, Ethereum, Ripple, Litecoin and Dash. Nevertheless if you like the idea of trading crypto CFDs, here you may check our list of brokers offering bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

Both MT4 and MT5  supported

 

TIO UK offers a classic trading solution – MetaTrader5, which has been developed by Meta Quotes as a replacement of MetaTrader4 – probably the most popular trading platform ever.

 

Both MetaTrader5 and MetaTrader4 share advanced charting tools, numerous customizable market indicators and the option to run automated trading session with the help of specially designed, also customizable trading bots. 

 

On top of that MetaTrader5 allows execution of orders in several capital markets and stock exchanges via a single account. Here you may also check our list of brokers supporting the MetaTrader5:

 

>> Top-rated MT5 brokers<

 

 

 Leverage up to 1:100

 

Although higher leverage has always been associated with greaterrisk, some traders enjoy using levels above 1:30 and 1:50. The maximum leverage of 1:30 as offered by TIO UK is in line with the restrictions imposed by the European Securities and Markets Authority (ESMA) back in August last year, but those who classify as proffessionals can use leverage of up to 1:100. 

 

The website is supported in 5 languages

 

Apart form the standard English version, you can opens TIO UK website in Chinese, Russian, Spanish and Polish.

 

TIO UK Disadvantages:

 

Has an offshore entity

 

It seems that this brokerage group also includes an offshore entity, registered offshore. Offshore zones are famous for their lax tax regimes and just as lax oversight over forex brokers. With no strict regulatory oversight, we can’t be certain about the company behind the operation and whether it will fulfill its obligations towards clients. So, if you are opening an account with Tio Markets, make sure you are contracting the FCA-licensed entity (Tio Markets UK Ltd.), and not the offshore one (Tio Markets Ltd.). Otherwise, you won’t be covered by the FSCS, nor have the overall security provided by the FCA license.

 

Monthly sunscription fees for VIP accounts

 

The two VIP accounts at TIO UK involve monthly subsciption fees, which is rather unusual for a forex brokerage. Needless, to say, this means higher cost o trading.

 

 

Has an offshore entity

It seems that this brokerage group also includes an offshore entity, registered offshore. Offshore zones are famous for their lax tax regimes and just as lax oversight over forex brokers. With no strict regulatory oversight, we can’t be certain about the company behind the operation and whether it will fulfill its obligations towards clients. So, if you are opening an account with Tio Markets, make sure you are contracting the FCA-licensed entity (Tio Markets UK Ltd.), and not the offshore one (Tio Markets Ltd.). Otherwise, you won’t be covered by the FSCS, nor have the overall security provided by the FCA license.

 

No information about the payment methods accepted

 

Most brokers accept payments with major credit or debt cards like VISA and MasterCard, e-wallets like Neteller and Skrill, bank wire transfers and sometimes even bitcoins. We do not know what are the options with TIO UK, but here you may check our list of brokers, accepting payments with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

 

Conclusion:

 

TIO UK is a FCA regulated broker and that makes trading with them completely safe. On top of that they offer attractive spreads and a rather comprehensive list of trading instruments. Still, as we noted, we do not know what is their minimum deposit requirement and we are not sure which payment methods do they accept. In any case our overall assessment of the broker is good.

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Traders` reviews for TIO Markets

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Price feed

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Deposit/Withdraw

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