Traders-Trust Review – How To Ensure Transparency In Your Forex Trading Ventures
Traders-Trust Capital Market Ltd, or TTCM, is a Cyprus-based Forex broker for full STP trading conditions to access the Forex, metals, indices, and commodities markets. Traders-Trust is among the countless number of Forex trading companies that has a CySEC license under the European Markets in Financial Instruments Derivatives (MiFID) to operate in the EU as an EU Forex broker. The European MiFID and the European Economic Area (EEA) agreement facilities free trade for TTCM to traders from all over Europe using its CySEC license. CySEC is seen as one of the fastest growing regulatory organizations in the world that are committed to modifying its regulatory framework according to modern EU regulations. CySEC is also increasingly becoming more attuned to investor security and improving client confidence, which is why the CySEC has devised several new policies for safeguarding the interests of Forex traders. The CySEC has a minimum operating capital requirement for all Forex brokers operating in Cyprus, which requires Traders-Trust to display at least €1 in its core operating account. The broker is also refrained from maintaining its working capital or meeting its expenses by misusing client funds. To make sure that brokers don’t indulge in any fraudulent financial activities, CySEC has mandated the broker to hold all clients’ trading capital in segregated accounts. The Investor Compensation Fund (ICF) also serves as a higher degree of protection for traders that provides security of deposits up to €20,000. In addition to regulatory supervision, CySEC also requires Traders-Trust to submit periodic audit reports that are performed by certified, independent, and third-party auditors. TTCM has assigned PWC and Deloitte as its independent auditors, which are some of the most famous names in the financial markets. Therefore, dealing with a Cyprus-based Forex broker should be a sensible choice, but open an account at TTCM only after reading through our comprehensive Traders-Trust Capital Market review.
Best and most trusted forex brokers in April 2020
All the brokers below are available in:
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Platform for trading Forex, analysing financial markets and using expert advisors.
Only A Single STP-Account Option From Traders-Trust
TTCM has followed an entirely different marketing strategy from its major competitors. While leading Forex brokers from Cyprus opt to create multiple account options to suit different traders, Traders-Trust has created a single type of STP trading account that is available for deposits larger than $100. Of course, although the STP account is the only option for retail traders, money managers, and professional traders may open a MAM account for managing multiple accounts and receiving a fair compensation according to their trading performance. You can deposit $100 into a Traders-Trust account through eight different payment options. Universal payment options include credit cards, Wire Transfers, WebMoney, Neteller, Skrill, fasapay, OKPAY, and UnionPay. TTCM does have high fees for transfers for some of its payment methods such as Neteller, which may charge up to 4.5% of the transaction amount as TTCM fees. Credit/Debit cards have slightly lesser fees of 3.35%, but payment options such as fasapay and OKPAY has relatively reasonable fees of 0.5% per transaction. Wire transfers and WebMoney payments are utterly devoid of any costs, but your banks may charge some additional fees while initiating the payment.
What Are The Traders-Trust Spreads, Leverage, & Other Account Features?
The spreads are slightly expensive and in the region of 1.8 pips, which is around 0.8 pips higher than the average STP spread in the market. Some STP brokers also offer extremely tight spreads of 0.6 pips without charging any commissions. In that regard, Traders-Trust might be slightly inferior to other competing Forex trading companies in the market. However, what the company lacks in spreads, the company makes it up in the leverage option. Clients can choose a maximum Traders-Trust leverage of 1:500 along with micro lot trading that allows traders to start trading from 0.01 lots, which has a maximum ceiling of 50 lots per order. STP accounts do prevent brokers from imposing any trading restrictions, which is the case with TTCM as well. The broker allows all kinds of trading strategies, scalping, hedging, and using EAs without any restrictions. The broker also has a pretty standard minimum margin requirement that will induce a margin call when the account equity reaches 80%, while all the positions are closed out at 50%. Minimum margin requirements and margin calls help in avoiding negative balances, which ensure that traders will never owe Trader-Trust anything, regardless of the significant volatility int he markets. Clients also get access to a dedicated personal account manager, free technical analysis of the markets, and a 24 hours customer support channel that can be accessed via live chat, phone, email, and a web contact form. Therefore, in the case of any concerns, traders can get in touch with their account manager or the live support team for professional assistance. Traders-Trust is also subject to the rigorous CySEC guidelines that state that all client concerns should be addressed in a prompt manner. Failure to offer immediate assistance can be grounds for regulatory non-compliance, which may attract penalties from the CySEC or other regulatory authorities if an existing client does decide to press forward with their charges.
How Can I Access My Account?
MT4 is the default Traders-Trust platform that offers access to both the STP account and the MAM account option. MT4 is available as a stand-alone desktop interface for a single account and multiple account holders through the dedicated MT4 Multi-Terminal. The broker also supports the iPhone MT4 trader, the iPad MT4 trader, and the Android MT4 trader, which are all different MT4 mobile versions that are available as Traders-Trust apps in the respective iOS and Android stores. The MetaTrader4 guarantees access for all types of smartphones and tablets that are compliant with the iOS and Android operating systems, which does take care of all Traders-Trust mobile user needs.
Will The Broker Honor My Withdrawal?
Traders-Trust will release all payments to its traders after the mandatory security lock-in period, where all open positions will be calculated for any instances of margin calls or negative balances. The broker does specify that all withdrawals can only be requested to the account and payment mode that was used to fund the account. TTCM follows all international Anti-Money Laundering laws, which may initiate some conflicts with clients that may wish to choose an alternative payment option. Traders-Trust offers a somewhat expensive Forex brokerage account that may not be suitable for all retail traders. The broker also has a slightly higher trading capital requirement, which should help you to open an ECN account that offers tight spreads and direct market access trading at a fraction of the cost. Go through our list of recommended Forex brokers before opening an account at Traders-Trust or any other brokerage firms.