Tallinex Review South Africa

Overall, this Tallinex review conducted in South Africa shows that Tallinex was founded in 2012 and is an online brokerage that operates under the jurisdiction of both St. Vincent and the Grenadines. Tallinex’s offer includes risk mitigation which has led the company to focus on the development of proprietary trading technologies.

Tallinex is an ECN/STP brokerage firm which makes use of a PrimeXM FX bridge to allow access to Integral’s FX Grid System. Tallinex operates using a STP model which has real-time market and price feeds from regulated banks under the FSA.

Tallinex provides traders with the opportunity to trade in several financial instruments such as Forex, precious metals, and other popular CFDs by using the MetaTrader4 platform. In addition, Tallinex also provides PAMM accounts to traders.

The offering that Tallinex provides is competitive, with spreads that start relatively low and access to leverage of up to 1:1000.

SAFE OR SCAM?

Tallinex is a broker that operates under the jurisdiction of both St. Vincent and the Grenadines, or the SVG. The companies that operate under the SVG provide financial services and they fall under the local financial regulatory regime.

Traders need to be aware when using brokers that are not specifically regulated and authorized by regulation authorities such as the FCA, ASIC and so on (the area of jurisdiction will determine the regulation authority such as FCA in the UK and ASIC in Australia).

When using brokers who are not licensed or regulated, traders face a large risk to lose their funds. Tallinex, despite not being specifically regulated by a selected authorizing body, is still a reputable broker being used by a lot of US traders.

Tallinex is also one of the very few companies in its area of operation that allows US clients to trade without being limited or restricted to conditions that apply in their area of jurisdiction, such as maximum leverage levels of 1:30, among others.

Despite this, Tallinex keeps client funds in segregated accounts apart from company funds. The list of Tallinex’s liquidity providers include:

• The Bank of America
• UBS
• JPMorganChase
• HSBC
• Morgan Stanley, and several others.

In addition, Tallinex also has a Limited Anti-Money Laundering policy that is in place for the protection of clients. Some of the processes which are covered under this policy include:

• Customer identification procedure or KYC
• The recognition, handling, and disclosure of transactions that appear suspicious
• The continuous training of staff to ensure and maintain alertness
• The correct and regular maintenance of records

In addition to the policy, Tallinex has also adopted additional policies to ensure that business conduct is fair and transparent and to ensure that the company, employees and clients are protected.

TALLINEX REVIEW OF PROS AND CONS

LEVERAGE

With the risks that are involved when applying leverage, there are several regulations that, depending on their area of jurisdiction, have imposed certain maximum levels of leverage due to the risks.

The FCA and ESMA, for instance, have leverage levels of 1:30 on major Forex pairs, 1:20 on indices, and 1:10 on commodities. Tallinex, however, does not fall under any of these regulations and thus clients have access to leverage ratios of up to 1:1000.

Tallinex’s leverage is determined by the type of account that the trader uses and ranges from 1:1000 on an ECN-Micro account and 1:500 on both the ECN Pro and Pro-Managed accounts.

ACCOUNTS

Tallinex offers traders a choice between three different accounts with each account tailored to meet the needs of different traders who are on differing levels of experience.

ECN Micro Account

This account is designed and more suited to beginner traders who are just starting out in the trading community, and includes the following features:

• Variable spreads which start from 1.8 pips for EUR/USD
• Average pips starting from 2.5 for EUR/USD
• Trades are commission-free
• Leverage which starts from 1:1 and goes up to 1:1000
• Minimum trade size of 0.01 lots (1,000)
• Minimum deposit of $100 or 100 Euro to open an account
• NDD intervention
• Margin call is 150% and stop-out levels are at 100%
• Hedging is allowed and there are no re-quotes
• True ECN account

ECN-Pro Account

This type of account offers traders raw spreads along with ideal trading conditions. This account is suitable for more professional traders who trade at higher volumes and includes the following features:

• Variable spreads that start from 0.0 pips for EUR/USD
• Average spreads that start from 0.6 pips for EUR/USD
• ECN Commission fee of $6 per 100,000 round turn
• Leverage that ranges from 1:1 to 1:500
• Minimum trade size of 0.10 lots (10,000)
• A minimum deposit of $2,000 or 2,000 Euro to open an account
• NDD intervention
• Margin call of 150% and stop-out levels of 100%
• Hedging allowed and no re-quotes
• Pricing to 5 decimals, and
• True ECN account

Pro-Managed Account (Traded by Money Managers, not Tallinex)

This account is specifically designed for traders who truly want to take advantage of high profitability market offers pertaining to Forex without having to master the currency market.

In addition to this account, the PAMM system provides Money Managers access to the trader’s account without having direct access. Traders can monitor their trades on this account along with being able to view historical activity.

Although Money Managers have access to manage the accounts of traders through the PAMM system, only the owner of the account has the right to withdraw funds from the account.

The Pro-Managed Account has the following features:

• Variable spreads which start from 0.0 pips on EUR/USD
• Average spreads which start from 0.5 pips on EUR/USD
• Leverage which ranges from 1:1 to 1:500
• Minimum trade size of 0.01 lots
• NDD intervention
• Margin call of 150% and stop-out level of 100%
• Hedging allowed and no re-quotes
• Pricing to 5 decimals
• True ECN account, and
• 100% bonus for all deposits

The additional bonus scheme on deposits allows traders to get a 100% ‘matching bonus’ on every deposit that they make, although this is not added to the trader’s account balance. This is because the effect can fake higher leverage.

Seeing that Tallinex already allows access to leverage of 1:1000, this is not necessary and when the bonus is added to the trader’s account balance, it causes the balance to become distorted.

In addition, there is also a balance that needs to be maintained between the deposit and balance ratio. So, to resolve any issues like this, Tallinex instead keeps separate records of bonuses on back-office pages.

MARKET INSTRUMENTS

There is not substantial information available on any other type of market instrument except for Forex. Tallinex offers traders the ability to trade in a total of 49 currency pairs.

Read the Stratton Markets Review here

FEES

The minimum initial deposit to open an account with Tallinex depends on the type of account that is being opened. The ECN-Micro account requires a deposit of $100 or 100 EUR while the ECN-Pro account requires $2,000 or 2,000 EUR.

Tallinex provides traders with variable spreads, which are determined by the type of account the trader has along with the market instrument.

The ECN Micro account provides variable spreads on EUR/USD which start from 1.8 pips and an average spread which starts from 2.5 pips. With this account there are no commission fees charged.

The ECN-Pro account offers variable spreads from 0.0 pips on EUR/USD with average spreads on the same currency pair of 0.6 pips. There is, however, a commission fee when using this type of account which is an ECN commission of $6 on 100,000 round turn.

Meanwhile, the Pro-Managed account offers spreads from 0.0 pips on EUR/USD and average spreads of 9.5 pips.

DEPOSIT AND WITHDRAWAL

There is a lack of information regarding the process that entails depositing funds and the withdrawal of funds. The only information available is that Tallinex makes use of the following payment methods to process deposits and withdrawals:

• Credit/Debit Cards
• Wire Transfer
• E-wallets such as Neteller and Skrill

Unfortunately, there is no information available on whether Tallinex has fees with regards to either deposits or withdrawals.

Tallinex also has an Anti-Money Laundering, or AML, policy in place and through this policy, third-party deposits or withdrawals are not allowed. Deposits and withdrawals must be made from/to an account that is registered with the same name as the Tallinex account.

TRADING PLATFORMS

Tallinex makes use of the MetaTrader4 trading platform, which is by far the most popular in the trading community and is used by both traders and brokers alike.

MetaTrader4 can be accessed not only on desktop but also on mobile devices such as smartphones and tablets that use both Android or iOS operating systems and software.

MetaTrader4 makes provision for an array of necessary tools, functions, and features that are essential for traders in a variety of ways. This includes being able to analyze the price dynamics of financial instruments along with executing trade transactions.

MetaTrader4 also supports automated trading through using EAs, along with other features such as:

• 9 timeframes
• A variety of charts and indicators
• A wide selection of trading signals
• Trades of other successful traders can be copied, and so much more

In addition, Tallinex also provides traders with the use of VPS which ensures ultra-low latency. This is only available to clients who have a live account and trade 5 lots or more per month.

HOW TO OPEN AN ACCOUNT

The Tallinex review is simple and easy. Tallinex provides a fully digitalized process in opening an account. Once the applicant has filled in the online application, they are required to provide proof of identification along with proof of residence (not older than 3 months).

As soon as the application along with the documents provided have been reviewed and approved, the minimum deposit must be paid (depending on the account being opened, $100 or 100 EUR for ECM Micro and $2,000 or 2000 EUR for ECN-Pro)

Once the account has been funded by the minimum required amount, trading can commence.

CUSTOMER SUPPORT

Tallinex offers clients a telephone number along with various email addresses to relevant departments depending on the type of query, through which Tallinex can be contacted.

There is also a Live Chat option which is available on the support page along with an online request form that can be completed and submitted.

EDUCATION

There are educational tools that are visible on the Tallinex website, although the links cannot be accessed. It is not clear whether these functions can only be accessed by clients who already have an account with Tallinex.

The options that are available in this section that pertain specifically to education include:

• Forex Trading
• eBooks

Tallinex also offers a free demo account for beginners to start their journey to becoming more professional by making use of a risk free environment and virtual funds to gain more experience.

RESEARCH

As with educational tools, the section on the website that pertains to research tools cannot be accessed but features topics such as:

• Market Analysis
• Pro, and
• Forex Strategies

There are also several research tools which can be accessed by using MetaTrader4 such as analytical tools and an economic calculator, amongst several others.

AWARDS

There is no indication of any awards that Tallinex has won.

CONCLUSION

Tallinex is an ECN/STP broker that is registered offshore and even though it is neither authorized nor regulated by a specific authorization entity, it has a competitive offering and several policies and procedures that are in place to ensure the safety of clients.

In addition to that, it is very popular with US clients and offers low and tight spreads and commission fees which are competitive. That said, Tallinex only offers Forex as a trading instrument and only one trading platform, which may put it at a disadvantage.

Read the Synergy FX Review here

DISCLAIMER

The trading of financial instruments has a high level or risk along with making use of brokers who are not under a specific strict regulation. When trading financial instruments, traders stand a chance of losses that exceed their initial deposit.

Traders need to ensure that they evaluate their objectives along with their exposure limits with regards to risks along with their willingness to face certain levels of risk.

Should traders deem it necessary, they can consult independent and professional third parties for additional advice before investing in financial instruments, according to research in South Africa.