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TIQL Review - is it scam or safe?

TIQL Review - Is tiql.co scam or good forex broker?

RATING: 2.5 / 1 REVIEWS TIQL
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Trading Accounts

 

Account type  Minimum deposit  Minimum risk per trade Maximum risk per trade Spread
Standard $5 $0.01 $100 0*

*The costs of trading at this company are not fully revealed. Please go to the “Trading platform” section to see the full details. 

 

TIQL (which is apparently pronounced “tickle”) is a trading platform, which attempts to merge sport trading with options. While this is nothing new, their predominantly visual approach is a bit more avant-garde.

 

The Company. Security of Funds

Company Country Regulation
Nous Global Ltd. Isle of Man Gambling regulation

 

TIQL is a brand, owned by Nous Global Ltd., which is registered on the Isle of Man. Those of you who are familiar with the world of sports-betting and online poker, will probably recognize this as a popular destination. This company is actually registered under the local gambling regulation, instead of any agency, which monitors financial services. 

 

This situation is rather odd and leaves mixed feelings. On one hand, the gambling regulation guarantees this is not a scam – the company will pay out your profits. At the same time the top-rated financial watchdogs enforce a lot of additional rules.

 

Let’s take the UK’s Financial Conduct Authority (FCA), to illustrate. When it comes to the security of your funds, they apply two significant rules –  segregation of client accounts and participation in the compensation scheme. First of all, the segregation of client accounts means your funds are kept in a special bank account, which the broker can’t drain. Additionally, participation in the Financial Services Compensation Scheme guarantees traders can claim funds in case their broker becomes insolvent. Think of it as an insurance company, which guarantees 90% of your trading account (up to £50,000) if your broker goes under.

 

While the security of your funds should also be covered in a company with gambling regulation, the rules on order execution may vary. While a gambling company can claim the underlying asset was too volatile, to get your perfect execution, honest, well-regulated brokers can rarely get away with such a claim – they have automated systems which guarantee the best possible execution for clients. The fact slippage also occasionally occurs there is due to the dynamic nature of markets, but it is still in some acceptable levels (at least with the reputable companies).

 

The benefits of trading with a gambling-licensed entity, like TIQL are that you can’t loose more than your initial stake in a trade. This automatically implies negative balance protection is in place. Additionally, as required by some jurisdictions, you can lock your self out of future trading after losing a certain amount. This feature is great for those who tend to over-trade after a negative streak, in order to “break even”. 

 

 

 

Trading Conditions

 

Minimum Initial Deposit

TIQL accepts clients who deposit more than $5. This makes them one of the most beginner-friendly companies, alongside FXTM, where the same level is required for a cent-account.

 

We must mention, the minimum deposit requirement is’t telling of a broker’s credibility. On the other hand starting-out small is a great feature, which modern technology has made available. Maybe trading simply isn’t your thing – there is no need to risk thousands of dollars in order to find out, nowadays.

 

 

Average spreads & Commissions

While TIQL claims they offer trading with zero-fees, they do put an important disclaimer. After opening a trade, one has to choose a stop-loss and take-profit level. While this is good for beginners, as it teaches them the basics of risk management, if you decide to close your trade before it reaches either of them. This fee is eliminated, if you hold the position open for more than 10 minutes.

 

That being said, the payout terms in TIQL are not fully disclosed. Take a look at the “Trading platforms” section to see exactly how it works, and why we may have some concerns.

 

Leverage

Leverage is not strictly defined at TIQL. When placing an order, one may manipulate the parameters of the trade. In essence you would see exactly how much you are risking and how much you would potentially profit. This makes the leverage calculations a bit redundant, but keep in mind this is a platform oriented towards beginners. 

 

Trading Platforms

 

TIQL offers an interesting web-based solution, which is also supported on mobile apps in the Android and iOS stores. Here is a short video, provided by the company, explaining how the platform works:

 

 

While candlesticks are also available, the analytical potential of this platform is lacking, when compared to popular forex trading platforms, like MetaTrader4 and cTrader

 

The “elephant in the room”, which experienced traders have probably noticed, is the payout shown at the end of the video. While the levels are purely visual, the take-profit appears to be much further away from the entry price, than the 1:3 risk to reward ratio, provided by the platform. This may be a purely visual illusion, created by the zooming in and out, or may be a hidden cost of trading. If the latter is the case, not announcing the size of the “edge” is very dubious. 

 

Methods of Payment

 

Other than the style of trading provided, TIQL is also unique when it comes to the methods of payment, provided by the company. They only include e-wallets, namely Neteller, Skrill and PayPal.

 

Conclusion

 

TIQL is a company, targeting beginners in the trading world. They are registered on the Isle of Man and have a gambling license. Trading is done in an interesting way, which feels like a hybrid between binay options and spot trading. Our major concern with TIQL is that they appear to have a build-in edge in their trading platform, which is not fully disclosed. Here are the pros and cons of this service provider:

 

Pros Cons
Interesting platform (for beginners) No transparency on house edge
Mobile apps available Few trading instruments
  Unsophisticated charting tools

 

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Traders` reviews for TIQL

Spread

Pros

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Slippage

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Cons

 

 

Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

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Making money from dummies

Smart scheme. Making money from air. Changes in regulations got them good profit. Check your living area before starting. I "gave" them 50$ because my living area was not on list. And i was really not the only one.

Villie 07/30/2018
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