TpsFXMarkets states that they are located in Australia and that it is licensed by the government of St. Vincent and the Grenadines. There are many concerns about the status of their regulatory authority and authenticity of the broker it is a good idea to be cautious planning to open an account for trading with them, you make sure you read this review before making a decision.
TpsFXMarkets Advantages:
It is believed to offer a wide range of trade instruments
Based on their presentation, we know that TpsFXMarkets provides more than 175 trading instruments that range from commodities, currencies and metals, as well as indexes and options. TpsFXMarkets does not include crypto assets , but here is for brokers on our listing trading using bitcoin CFDs
Leverage up to 1:500
Since when the European Securities and Markets Authority (ESMA) set a limit on the maximum leverage permitted for retailers, in line with similar measures taken from regulatory authorities of the U.S., Canada and Japan as part of a coordinated attempt to limit the risk of investment This kind of leverage can only be obtained through offshore brokers such as TpsFXMarkets or brokers that are regulated by the regulators in South Africa or New Zealand.
Various payment methods
TpsFXMarkets claims to accept payment using debit and credit cards such as VISA or MasterCard, Union Pay, that is used primarily in China banks, bank wires and a range of e-wallets , such as PayPal, Neteller, Skrill, QIWI, Webmoney and FasaPay. We weren’t able to complete our registration to confirm this.
In addition, as we don’t see an possibility of paying with cryptocurrency, you can look through our list of brokers accepting bitcoins:
Acceptable minimum deposit requirement
To be clear In one portion in their pitch TpsFXMarkets state that you must put up 100 USD to establish an account to trade, while in another, they speak of 200 USD. Even though the minimum deposit is 200 USD it’s still within the same range as what other brokers will also need. However, keep in mind that for some major and well-known brokers such as FBS and IG, you’ll be able open an account for trading with 5 USD or less.
A alternative to MetaTrader4 or MetaTrader5
That’s what TpsFXMarkets promises in their presentation. We were unable access the platform or use an account with a demo account. However, MtetaTrader4 is certainly the most well-known trading platform available offering more than 50 customizable market indicators as well as trading robots, with the aid of which it is possible to conduct trading sessions using algorithms. It also comes with a comprehensive collection of sophisticated charting tools. So here you can also look through the list of brokers who support the platform:
TpsFXMarkets Disadvantages:
It falsely states that it’s licensed
TpsFXMarkets is operated and owned through TPS Markets Ltd, says that it is a privately owned Australian broker with its headquarters in Sydney. In lieu of the Australian forex license, however they claim that they are controlled through the Financial Services Authority (FSA) of St. Vincent and the Grenadines.
So far, so well, except for the reality the FSA is a part of St. Vincent and the Grenadines is only responsible for the banking sector and the insurance industry, but it does not regulate retail forex or CFD brokers. In fact, FSA has issued a cautionary statement, which is available on their site:
That’s all it takes. TpsFXMarkets willfully trying to convince investors that they are a licensed broker, but in fact they do not have a valid forex license.
A properly licensed brokerage is your only chance to stay clear of being frauded. Valid forex licenses are granted by financial regulators that are regulated by law, such as that of Financial Conduct Authority (FCA) in the UK and or the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
Furthermore, when you use an FCA broker, you’ll also be covered by an insurance policy that will cover 85 000 GBP in your account. Check out this list of Forex brokers that are regulated with FCA. FCA within the UK:
Trading bonuses
Be especially cautious when a broker offers an incentive to trade, as it is one of the additional withdrawal requirements that these offers are typically tied to. A trading bonus, for instance, is usually tied to a minimum volume of trades and often serves as a reason to deny the withdrawal request. Like you can see, TpsFXMarkets provides you with the chance to trade before you have the opportunity to fully launch their site.
There is no link to the Client Agreement
A client contract is a crucial legal document that outlines all terms and conditions that a trader is bound by when they sign up for an account for trading live. We were unable to locate it on the TpsFXMarkets website. Remember that you must read the terms of your contract carefully prior to depositing money with any broker.
No demo account
Unfortunately , we weren’t able to sign up for an account for a demo and try the trading conditions of TpsFXMarkets firsthand. They also claim that they offer spreads starting at 1 pip for their account opening that, if they are true, seems appealing. However, you are able to check the list below of brokerages with spreads that are tighter:
Conclusion:
TpsFXMarkets isn’t a broker we recommend. They falsely claim they are licensed through the Financial Services Authority (FSA) in an apparent effort to deceive their clients. We have discussed before that trading with brokers that are not regulated is extremely risky because frequently, they are just involved in scams.
| TpsFXMarkets Summary | |
|---|---|
| TpsFXMarkets Details | Information |
| Regulators | |
| Country | |
| Base Currencies | |
| Type Of Brokers | N/A |
| Trading Platform | N/A |
| Established Year | 2019 |
| Website Language | English |
| US Clients | |
| TpsFXMarkets Spreads | |
|---|---|
| Option | Information |
| Minimum Spreads | 0.0 |
| Commission | |
| Fixed Spreads | |
| TpsFXMarkets Payment & Withdrawal Option | |
|---|---|
| Option | Information |
| Acc Funding Methods |  WebMoney |
| Acc Withdrawal Methods |  Skrill |
| TpsFXMarkets Suitable For | |
|---|---|
| Option | Information |
| Publicly Traded | |
| Beginners | |
| Day Trading | |
| Weekly Trading | |
| Professionals | |
| Swing Trading | |
| TpsFXMarkets Trading Account Options | |
|---|---|
| Option | Information |
| Maximum Leverage | 1:300 |
| Mini Account | |
| VIP Accounts | |
| Segregated Accounts | |
| Free Demo Accounts | |
| Managed Accounts | |
| Pro Account | |
| Minimum Deposit | $00 |
| Islamic Account | |
| TpsFXMarkets Trading Services | |
|---|---|
| Option | Information |
| Hedging | |
| News Trading | |
| Scalping | |
| Automated Trading | |
| Indices | |
| Commodities | |
| Forex instruments | |
| CFDs | |
| ETFs | |
| Stocks | |
| Bonds | |
| Cryptocurrencey | |
| Trading Signals | |
| Educational Service | |
| Copy Tradings | |
| TpsFXMarkets Contact & Support | |
|---|---|
| Option | Information |
| Telephone No | N/A |
| support@rigelforex.com | |
| 24 Hours Support | |
| Support During Weekends | |
| Address | Suite 305, Griffith Corporate Centre,P.O. Box 1510, Beachmont Kingstown,St. Vincent and the Grenadines. |
