Forex

TryMarkets Review - Is it scam or safe?

TryMarkets Review - is.trymarkets.com scam or good forex broker?
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6 REVIEWS

 Trading Accounts

 

Account type Minimum deposi Minimum trade size Maximum leverage Average Spreads
Standard $500 0.01 1:500 From 1.1 pips
Pro $5 000 0.1 1:400 From 0.7 pips
Prime $20 000 0.1 1:100 From 0.7 pips + volume-based commission

 

Like most forex brokers, TryMarkets offers its clients a choice of several basic account types in order to suit the needs of traders of all levels of experience. The highest leverage with this broker is available on Standard account types, tailored to newbies. These accounts also offer the option to trade in micro lots – a good risk management strategy.

 

In addition, clients who are not willing to earn interest for religious reasons may sign up for swap-free (Islamic) services, available on Standard & Pro accounts.

 

The Company. Security of Funds

 

Company

Country

Regulation

Capital Market Solutions Inc.

Belize 

IFSC

 

TryMarkets offers online trading in over 35 currency pairs, CFDs on precious metals and commodity futures on the cutting-edge MetaTrader 4 platform. The broker provides both retail and institutional clients with No-Dealing-Desk execution, competitive spreads, and deep liquidity. Its team prides itself on its extensive experience in the industry spanning over 14 years.

 

TryMarkets is a brand of Capital Market Solutions Inc., a financial services firm authorized and regulated by the Belize International Financial Services Commission (IFSC).

 

Unlike UK’s FCA and other financial watchdogs, IFSC has liberal control over forex brokers. Belize is a famous offshore destination for financial service providers, where the regulation and licensing requirements are looser compared to other jurisdictions. Last year, however, the regime in Belize tightened - IFSC increased the initial minimum capital requirement for financial and commodity-based derivatives brokers from $100,000 to $500,000. Besides, the Commission has also increased the annual license fee from $5,000 to $25,000. In addition, IFSC requires licensed companies to keep client funds in segregated accounts

 

So, regulation in Belize is better than the one in the St. Vincent and the Grenadines for example, where brokers follow simple registration procedure and don’t have to comply with any requirements as regards minimum capital or segregation of client’s’ funds. Still, investing in companies registered in offshore zones is risky, as IFSC places little emphasis on supervision of licensed brokers and there is no compensation fund.

 

Trading Conditions

 

Minimum Initial Deposit

The minimal amount required to open an account with TryMarkets is $$500, which is slightly above the average. In comparison, another Belize-based broker, FX Choice, requires $100 from its clients as a minimum.

 

Average Spreads & Commissions

This broker offers variable spreads, which are above the average for the market on the Standard account type, as the broker cites as typical a spread of 1.8 pips on the EUR/USD. Spreads on the Pro account type, on the other hand, are pretty tight, starting out at 0.7 pips and also involving no commission fees.

By comparison, FX Choice offers variable spreads from averaged 1.2 pips on EUR/USD on its commission-free accounts.

 

Maximum Leverage

The maximum leverage rates at TryMarkets are high, reaching 1:500, which is considered high, although many forex brokers offer leverage equal to or exceeding 1:500

 

Traders, however, should be aware of all the risks associated with trading on margin – higher leverage levels may lead to heavy losses, exceeding initial investments.

 

Trading Platforms

 

TryMarkets offers its services on the most popular forex trading platform - MetaTrader 4. It is available as desktop version, mobile apps and a web-based version.

 

This professional, fully-featured software provides traders with everything they need: ease of use, fast order execution, a variety of technical analysis indicators, advanced charting package and the ability to develop and to use Expert Advisors (EA).

 

TryMarkets also offers MT4 MultiTerminal, a unique solution for professional asset managers who seek to manage multiple trading accounts simultaneously (PAMM service).

 

Methods of Payment

 

Clients of TryMarkets are offered a variety of payment methods to choose from: credit cards, bank wire transfers, and the following e-wallets: Skrill, Neteller, WebMoney, QIWI, AliPay, cashU, Yandex Money, China UnionPay and PaySafeCard.

 

This broker charges no additional fees on deposits and withdrawals. There is no minimum withdrawal amount, and all withdrawals are processed within 24 Hours (Except bank wire transfers which may take up to 5 Working Days and you cannot withdraw less than 100 USD).

 

Conclusion

 

TryMarkets is a Belize-based broker, offering competitive conditions for trading in various currency pairs and some CFDs on the popular MT4 platform. Here are, in a nutshell, its advantages and disadvantages:

 

Pros Cons
Competitive spreads Light regulation
ECN/STP environment available     
High leverage levels offered  
MT4 available    

 

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Spread

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Slippage

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Requotes

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for TryMarkets

Best for technical analysis

For successful forex trading market analysis are very much important. Among various analysis technical analysis is remarkable. As forex market runs 24 hours of a day that’s why without technical analysis trader cannot see the sun of success. TryMarket is best for technical analysis. They provide all type of technical and fundamental analysis to their traders for their success. Not only this, they provide very active customer service to their trader.

Sophia 06/21/2017

Secured funding

The traders who are doing forex trading clearly knows that if they want the success in forex business they should select such a broker who ensures security of funds in any kind of investment, low transaction cost and also lowest spreads. Considering this things I go with TryMarkets. My decision was not wrong. This broker not only providing me above facilities but also providing me demo trading support, variable spreads facility active customer service and many on.

Samuel 06/15/2017

Lucky to get this broker

From my trading experience with TryMarkets, I must say that this is very pleasant and very comfortable journey since last 4 years. I can say this broker as my family broker. They have provided me all the things I needed in forex trading including lowest trading facility, high leverage facility, and variable spreads facility etc. I am still using their advanced trading instruments with advanced educational support which is very helpful for all trader to improve their trading skills.

Noah 06/01/2017

Best for scalping

I am a scalper. And to get maximal result by this easy method one need a good regulated trading broker. Because without regulated trading broker scalping is impossible. I am very lucky to get the best regulated trading broker in the market TryMarkets. They are also providing lowest trading spreads facility which is very helpful to scalp in a proper way and profitably. They are ensuring comfortable trading platform to their trader.

Mason 05/30/2017

Best Broker

I have seen many broker in the market of forex. What I noticed that maximum broker focus only on new traders. But TryMarkets is different. They care both newbies and their existing broker. They try to train up their new traders to enrich their skills. They try to keep their promises to their intermediate traders. They are providing high volume of leverage facility with lowest trading spreads. For me this broker is the best broker for forex trading.

John 05/28/2017

Good broker.

Brokers generally either focus on ease of experience and education for beginners’ traders, reputation and trust for intermediate traders or low spreads mixed with high leverage for experiences traders. The key is to make sure that your broker is regulated and experienced with all above services named. I found that TryMarkets is the best one to trade here with comfortably and with relaxation. I am experiencing good features from this broker.

John 05/14/2017
Forex