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TIO Markets Broker Review
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Our Overall Rating
- Adequately regulated
- MT4 and the MT5 available
- First-time deposit bonus of up to 50%
- Refund on bad trades
- High commissions
- Wide spreads
- Limited tradable assets
Founded in 2018, TIO Markets is one of the newest brokers in the market today. This broker provides forex and CFDs trading through the MT4, the MT5. TIO Markets is a no-dealing-desk (STP+ECN) broker meaning that it offers variable spreads and commissions. TIO markets offer over 70 currency pairs to include all the majors, most minors, and a few exotics.
The CFDs offerings include crypto, shares, indices, and energies. Unlike other brokers, this broker only offers Bitcoin, Ethereum, and Litecoin. Stock CFDs, on the other hand, involve popular shares such as Apple, Amazon, American Express, and Bank of America. Energies CFDs include UKOIL, UKOILsp, USNGAS, USOIL, and USOILsp.
TIO Markets provides comprehensive educational materials for both beginner and expert traders. Beginner traders are assigned a dedicated account manager to walk with them through the first steps of trading. Also, it’s worth noting that this broker provides bonuses of up to 50% for first-time deposits.
TIO Markets is a brand of TIO Markets Limited, an international business company incorporated in St Vincent and the Grenadines. Regarding regulation, TIO Markets falls under the regulatory jurisdiction of the UK Financial Conduct Authority (FCA) and the Financial Service Authority of St. Vincent and the Grenadines. The UK FCA is one of the world best regulatory bodies which explain why TIO Markets is trusted across the globe.
TIO Markets is available in over 15 languages, including English, German, Spanish, Italian, Chinese, Portuguese, Arabic, Polish, Vietnamese, and Thai. This broker operates internationally but is not available in the US.
Commissions & Fees
As mentioned earlier, TIO Markets is a no-dealing-desk broker (STP+ECN) meaning that it charges variable spreads plus commissions. The typical spread for the EUR/USD pair with this broker is 1 pip, which makes it averagely priced when compared to other brokers.
When it comes to crypto, this broker is among the most expensive with a fixed spread of 17730 pips for the BTC/USD pair. The spreads on stock CFDs are average with a typical spread of 2 pips for top trading shares such as APPLE. Similarly, the spreads for Energy CFDs can be considered high with the likes of UKOIL and USOIL trading at 63.06 pips.
The commissions vary with the type of account that the trader holds. TIO Markets offers four types of accounts, namely Standard, VIP, VIP black, and the demo account. The standard account is free of charge, but traders are required to pay a commission of $6 per lot. This account is suitable for traders who trade less than 5 lots per month.
The VIP account, on the other hand, comes at the cost of $24.95 per month and a commission of $2 per lot. This type of account makes economic sense to those who trade about 5 lots per month. Those who trade more than that should consider the VIP Black account, which costs $49.95 per month and zero commissions.
On top of that, the VIP Black account comes with additional benefits. Among these features is TIOSHIELD, a feature that allows traders to get their investment back if the markets move against them. Other benefits associated with the VIP Black account include platinum-level support and advanced educational resources.
It is worth noting that the minimum deposit for the Standard account is $50 while that of the VIP and VIP Black accounts is $500 and $1000 respectively. Furthermore, this broker offers a maximum leverage of 1:30 for forex and 1:20 for CFDs for clients within the EU. This level of leverage is in line with the European Securities and Markets Authority (ESMA). Traders outside the EU can enjoy a leverage of up to 1:200.
TIO Markets does not charge any deposit and withdrawal fees for most deposit methods. However, traders may incur a fee on the side of the bank that is facilitating the transaction.
Platforms & Tools
TIO Markets offer the MT4 and also the MT5 trading platforms. The MT4 is the most popular in the industry with at least 95% of brokers providing it. This platform is easy to use and comes with a lot of features and tools to enhance user experience. Moreover, users can customize it to meet their needs and preferences.
Some of the features found in this trading platform include advanced charting capabilities and over 80 pre-installed technical indicators. Moreover, the platform has an inbuilt scripting language known as MQL4, which enables users to create their own Expert Advisors (EAs) to be used in automated or algorithmic trading.
When it comes to risk management, the MT4 provides both the stop loss and take profit features. These functionalities enable traders to define the level of risk they are willing to take per trade. Also available is Negative Balance Protection, an element that protects traders from losing more than their account balance. As mentioned earlier, TIO Markets provides an additional risk management feature known as the TIO SHIELD for its VIP Black account users. This feature enables traders to cancel bad trades and hence avoid incurring losses.
TIO Markets is in partnership with several third-party tools providers to ensure that traders get all the resources they need in one place. Their trading platforms are available in web, desktop, and mobile versions. The MT4, in general, is not resource-intensive meaning that it does not disrupt the functions of the devices it is installed in. Moreover, it has 128-bit key encryption, which makes it highly secure.
TIO Markets website is attractive and highly intuitive. Traders can easily access all the pages through the links listed at the bottom of the homepage. Moreover, all the crucial information, including the assets on offer, pricing, account types, and methods of payment, is displayed on the homepage. The website is also highly responsive on a mobile browser.
TIO Markets offers a 25/5 multilingual customer service. Their services are available in English, German, Italian, Polish, Chinese, Vietnamese, Arabic, Spanish, Portuguese and Thai.
Moreover, they are reachable through phone, live chat and email. Traders can call directly or request a callback by filling a request form on their website. Furthermore, traders can reach out to them through Facebook and Twitter.
We have done a test on this broker and confirmed that they respond to direct calls and live chats in less than three minutes. Emails and callbacks, on the other hand, can take up to 48 hours to get a response. This is not out of the ordinary given the number of users that contact this broker daily. Messages sent through Facebook and Twitter take up to five hours to get a reply.
TIO Markets customer agents appear friendly and knowledgeable. Consequently, traders can get answers to all their trading-related questions in one phone call. Furthermore, TIO Markets conducts periodic surveys aimed at getting customer feedback on its services. This shows their commitment to ensuring customer satisfaction.
The only drawback with this broker customer service is that they do not provide an FAQ page. Consequently, traders must directly reach out to them even for basic trading questions. TIO Markets provides a comprehensive trading guide and a dedicated account manager, but traders must register and deposit to gain access.
TIO Markets offers a well-equipped research and learning centre. The broker provides learning materials and well-structured courses for both beginner and experienced traders. Beginner traders have an option to trade with a demo account before registering for a live account. To access the demo through mobile, traders are required to download the MT4 from Google Play Store or App Store and link it to the broker. The signup process for the demo account takes less than five minutes.
TIO Markets provides beginner traders with a dedicated account manager to coach them on the basics of trading. Moreover, they offer beginner trader tutorials available in manuals, videos, and webinars. Advanced educational materials are also available for experienced traders. The webinars are provided fortnightly and mostly cover emerging issues in forex and CFDs trading.
Also worth noting, this broker facilitates trading competitions where traders test their skills by challenging each other. In February this year, the broker introduced a challenge where each winner was given a $250,000 account to manage and keep all the profits. The competitions are open to all types of traders, including complete beginners. Traders can also compete as teams and win up to $300,000.
TIO Markets research and educational resources are only available to fully registered users. Moreover, the accessibility is limited based on the type of account. It is only users who are registered under the VIP Black account that can access unlimited materials. As mentioned earlier, this type of account incurs a recurring monthly fee of $49.95.
TIO Markets is in partnership with several trading education third-party companies to ensure that traders access everything they need in one place.
Ease of Use
We find the TIO Markets website to be easy to navigate. As mentioned earlier, traders can find all the critical information on the first page. There are also links to all the pages on the bottom of the home page. The signup button is displayed at the header while the trading conditions are listed on the first section of the homepage. TIO Markets website is available in over 15 languages.
Demo trading with TIO Markets is also quite straightforward. The process takes a few minutes and involves downloading the MT4 and linking it to the broker. We find the TIO Markets demo account to be well-equipped. Traders can access most of the functions found in the live account through the demo. The only thing that is not available in demo trading is the educational resource centre. Traders can deposit to access it and continue trading with the demo until they are confident on their trading skills.
Like any other well-regulated broker, TIO Markets require users to verify their identity and address. The process takes less than a day and involves submitting a scanned government ID and a recent utility bill with current address. ID verification and proof of address are now mandatory for financial institutions in most jurisdictions given the rising cases of money laundering.
Live trading with TIO Markets is easy given the many trading resources that are offered by this broker. As mentioned earlier, beginner traders are assigned a dedicated account manager on registration. Moreover, we find the deposit and withdrawal process with this broker to be straightforward. TIO Markets accepts deposits through Wire Transfer, Master Card, Visa, Union Pay, Trust Pay, Neteller and Skrill. This broker also accepts crypto deposits via Bitcoin, Ether, and TIOx. It takes a few seconds for deposits to reflect in a trader’s account.
TIO Markets accepts withdrawals from all of the above methods. The withdrawal process involves submitting a request through the provided tools. While most brokers take days to facilitate transactions, TIO Markets takes a few hours. All withdrawals through major credit cards are free, but a small fee may be applicable for withdrawals through Skrill and crypto-wallets.
As explained earlier, TIO Markets main trading platform is the MT4. This platform is available in web, desktop, and mobile version. The mobile version includes a native android and iOS app, available for free on Google Play Store and App Store.
Demo trading with the mobile MT4 is a walk in the park. As explained earlier, the process involves downloading the MT4 and linking it to TIO Markets. The process takes less than 2 minutes.
The mobile platform comes with nearly all the features found on the web and desktop trader. This means that users can trade while on the go. The mobile app does not take much space or computing power and hence, does not affect the functionalities of the device in which it is installed.
Automated trading with TIO Markets happens through the MT4. As mentioned earlier, this trading platform supports automated trading robots known as Expert Advisors. The EAs can analyze currency quotes and execute trades as set by the user. Traders can make their own EAs or rent them from the market. The MT4 provides access to a pool of experienced freelancers who can be hired to code strategies into EAs.
Traders with a bit of coding experience can develop their own robots using the MT4 MQL4 integrated development environment. The MT4 provides a testing field where traders can backtest their trading robots using historical data.
Another great feature available through the TIO Markets MT4 is social copy trading. This approach enables traders to copy the trades of traders with a proven track record. Social trading ensures that beginner traders avoid costly mistakes when learning. Experienced traders can also earn extra money by charging a fee to share their trades. The MT4 comes with over 3000 free and commercial signals. The signals are filtered to ensure that the best rank on top.
TIO Markets provides crypto CFDs on Bitcoin, Ethereum, and Litecoin paired against major fiat currencies such as the USD and the EUR. Crypto CFDs enable traders to speculate on volatility without having to own the underlying asset.
As mentioned earlier, TIO Markets spread on the BTC/USD pair is 17730 pips. This is quite expensive when compared to what most brokers in the same category offer. Some of the top brokers offer a spread as low as 36 pips for the same pair.
This broker offers a maximum leverage of 1:200 for the BTC/USD and the ETH/USD pairs. Moreover, the margin call level for crypto CFDs is 20%, and the stop out level happens at 30%.
TIO Markets prohibited countries:
Afghanistan | Belgium | Iran | Iraq | Ireland | North Korea | Palestinian Territory | Somalia | Sudan | Syrian Arab Republic | United States
TIO Markets is regulated by the UK Financial Conduct Authority (FCA) under the license number FRN: 488900. The broker is also regulated in ST Vincent and the Grenadines under the Financial Services Authority.
With the FCA regulation, traders have an assurance that their money is safe even if the broker goes bankrupt. This is because the regulator requires brokers to segregate funds and adhere to stringent reporting requirements. Deposits segregation prevents brokers from using clients’ money for other purposes other than the intended one.
Also, FCA regulated brokers are required to insure deposits and pay traders first in the event of bankruptcy. It is worth mentioning that the FCA is the world most respected broker regulatory body. Consequently, TIO Markets has managed to gain a reputation in most countries across the globe.
From their website:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lost money when trading CFDs with this provider in the past 12 months. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit.
TIO Markets appears to be a well-regulated and trustworthy broker. We give them an average score in regard to the cost of trading, platforms, and customer service. As mentioned above, this broker charges a typical spread of 1 pip on the EUR/USD pair. This is averagely priced when compared to the industry average spread of 1.5 pips.
TIO Markets offers three types of accounts, namely Standard, VIP, and VIP Black. The Standard account is free but requires a commission of $6 per lot. VIP account users, on the other hand, must pay a monthly fee of $24.95 and a commission of $2 per lot. The VIP account is considered to be the cheapest and requires a monthly cost of $49.95 per month and no commissions. When all factors are put into consideration, this broker is not among the cheapest in the industry.
TIO Markets provides the MT4 trading platform and a variety of third-party trading tools to enhance user experience. This broker does not have a proprietary trading platform.
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