TryMarkets Review

WHAT IS TRYMARKETS?

This TryMarkets review conducted in South Africa shows that TryMarkets is the brand name of Capital Market Solutions Inc., a company that was founded in 2005.

The brokerage is registered and regulated in Belize, but all payments are handled by CMS Global LTD which is registered and regulated in Cyprus.

TryMarkets provides both retail and institutional clients with efficient online services including No-Dealing-Desk execution, tight spreads, news and charts, price transparency and impeccable client servicing.

This has enabled TryMarkets to become one of the most trusted names in the FX industry, providing high internal performance and raising quality assurance standards.

The company’s  online trading platform has been set up to allow its clients to trade live streaming prices faster and more effectively, making for a more efficient trading experience.

With a team that prides itself on its extensive experience in the industry spanning over 14 years, the company’s professionals have reached the upper echelons of success in cooperating with banks and regulated financial institutions.

SAFE OR SCAM?

As mentioned above, 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 the UK’s FCA and other financial watchdogs, the 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.

That said, the regime in Belize has recently tightened, with the IFSC increasing the initial minimum capital requirement for financial and commodity-based derivatives brokers from $100,000 to $500,000.

Added to this, the Commission has also increased the annual license fee from $5,000 to $25,000 and also requires licensed companies to keep client funds in segregated accounts.

While many traders would be inclined to steer clear of offshore brokers, regulation in Belize is notably better than that of the notorious St. Vincent and the Grenadines, where brokers follow simple registration procedures and don’t have to comply with any requirements.

However, potential traders should take note of the fact that the IFSC places little emphasis on enforcing its regulatory oversight and does not provide for a compensation fund in the case of company insolvency.

TRYMARKETS REVIEW OF PROS AND CONS

LEVERAGE

TryMarkets offers a high maximum leverage of 1:500, though many brokers do offer the same or even levels exceeding this.

While leverage is a powerful tool that can maximize a trader’s potential profits, it also carries the risk of heavy losses, especially for those seeking to invest high sums of money.

It is for this reason that the EU and UK jurisdictions decided to cap the maximum leverage which brokers could offer, but TryMarkets offshore location means that it does not need to comply with these stricter regulations.

ACCOUNTS

TryMarkets offers three different account types, namely the Standard Account, Pro Account, and Prime Account.

Standard Account

The Standard Account carries a minimum deposit of $500 and the maximum leverage is 1:500.

Pro Account

The Pro Account comes with a minimum deposit of $5,000 and a maximum leverage of 1:400 while the Prime Account requires a minimum deposit of $20,000 with a maximum leverage of 1:100. A margin call is issued on all accounts at 100% with a stop-out at 30%.

Prime Account

The Prime Account is listed as the only option where swap rates apply and TryMarkets also charges a commission. This commission structure is not listed under the company’s spreads and conditions page.

All the spreads which are described appear to be for Prime Accounts since the leverage listed is 1:100, but with spreads from its Standard Account which starts at 0.9 pips and corresponds with what is listed under the EUR/USD.

MARKET INSTRUMENTS

TryMarkets offers trading in forex, precious metals and CFDs on futures.

Forex

TryMarkets gives traders access to the forex market 24 hours a day, 5 days a week, allowing them to trade over 35 currency pairs.

With high leverage and low tight spreads with 5 decimal pricing, forex traders have a more accurate pricing model for the best possible spreads.

The most known type of trading is currency trading. This is the action of buying one currency and selling another. Forex currencies are always traded in pairs which are categorized in three types; Majors, Minors, and Exotics.

Major currency pairs are the most common and volatile form which always include the US dollar as one-half of the pair. Instances include the USD/CAD and the GBP/USD.

Even though the Exotics are not as extensively traded as the Majors and Minors, still TryMarkets offers them for trading. Exotic pairs contain a major currency pair combined with the currency of an evolving economy market, for instance USD/NOK and the USD/ZAR.

Precious Metals

Clients can trade precious metals (Gold and Silver) directly with TryMarkets as an alternative investment for diversifying their portfolio.

Trading precious metals is a very extensive form of trading and comes with a bundle of benefits that is exceptionally engaging to most traders.

Market prices are periodically subject to fluctuation due to economic and political happenings. Due to this instability, traders are usually encouraged to seek for safe havens such as Gold and Silver.

These two standard precious metals provide a number of benefits, one of which is the fact that during geopolitical crisis or market volatility, their market value climbs therefore diversifying any balanced trading portfolio.

On top of that, precious metals are considered a classic type of inflation hedge since their price tends to grow during inflationary periods, and it tends to escalate as consuming prices rise.

CFDs on Futures

TryMarkets provides the competitive edge of futures contracts ranging from oil products such as West Texas Intermediate (WTI) and Brent Crude to commodities such as Copper and Natural Gas.

CFDs on Futures are ideal for traders who seek to pay lower fees, have no slippage, and enjoy absolute liquidity with significantly low margins. These come with the following specifications:

• Ultra-low commissions
• Plenty of leverage, low margin requirements
• No interest charges on daytrade and position margins
• Huge volume, 24-hour electronic trading

A Contract for Difference (CFD) is a settled agreement between a buyer and a seller declaring that the seller will reimburse the buyer the difference between the value of a trading asset at the period the contract was made and its rate at the present time.

CFDs have become tremendously popular amongst traders due to the numerous benefits they offer.

FEES

TryMarkets operates on the basis of three revenue sources, namely spreads, swaps, and losses of traders where it acts as a counter-party.

The company 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.

DEPOSIT AND WITHDRAWAL

The minimal amount required to open an account with TryMarkets is $$500, which is slightly above the average.

The company allows deposits and withdrawals to be made using credit cards, e-wallets, and bank wire transfers.

However, TryMarkets offers very little information on further specifications regarding deposits and withdrawals, which potential clients would most likely need to discover through a direct query to the company’s support team.

TRADING PLATFORMS

TryMarkets trading platform offering is limited to the ever-popular MetaTrader4 and its own proprietary WebTrader.

MetaTrader4

MetaTrader4’s cutting-edge technology has made it extremely popular with traders worldwide, and includes the following distinctive features:

• Transparent access to live-streaming quotes
• Secure, fast NDD execution
• Advanced real-time charts and indicators
• Easy-to-use trader interface
• Automated trading (Expert Advisors)
• Built-in economic news
• Live multi-language trading support

WebTrader Platform

TryMarkets’ simplified fully-featured web trading platform provides access to all the necessary tools for trading and market analysis, ensuring a quick, secure, and reliable trading experience.

No additional download or setup is required to run the WebTrader platform. Users can access the platform instantly by logging in with their MT4 account credentials. The platform includes the following features:

• Perform one-click trade operations
• Trade on 9 time-frames simultaneously
• No download required, PC and Mac compatible
• Transparent access to live-streaming quotes
• Secure, fast NDD execution
• Advanced real-time charts and indicators
• Live multi-language trading support

HOW TO OPEN AN ACCOUNT

The TryMarkets review process of opening a new account is fully digital, hassle-free, and fast.

Opening an account is done through a four-step online application which is standard industry practice. Personal information is required and proof of ID and residence are part of the process, which is most likely in order to prevent identity theft.

CUSTOMER SUPPORT

TryMarkets provides the standard customer support offering consisting of a live chat option for more pressing client queries, as well as email support.

The support desk is available from Monday through Friday between 0600(GMT) and 2000 (GMT), and the company does not offer 24/7 support which many other brokers in the industry do.

There is also a FAQ section which covers some basic information regarding the use of the company’s features, but the page can be unresponsive at times.

EDUCATION

TryMarkets provides education for newbie traders in the form of its Trading Academy, which consists of tutorials, e-books, a forex glossary and trading signals.

However, it would appear that many of these sections still need to be filled with content, as they remain blank at the time of writing.

RESEARCH

TryMarkets provides a slim research offering, consisting of market news and daily market insight. No economic calendars or charting tools are available.

AWARDS

TryMarkets has not logged any awards received to date.

CONCLUSION

TryMarkets is a Belize-based broker, offering competitive conditions for trading in various currency pairs and some CFDs on the popular MT4 platform.

The company’s own proprietary WebTrader has some competitive advantages which should also not be overlooked.

However, the company is seriously lacking in terms of its research and educational offering, with many of the sections pertaining to these tools left blank or unresponsive.

The company claims to adopt a company-centric approach to its operations, however the abovementioned lacking is a serious oversight in this regard.

Still, some traders will certainly enjoy the company’s leverage rates and wide offering of instruments.

The company offers a relatively high leverage, which is most likely due to the fact that it is an offshore broker that does not need to subscribe to mandatory caps on leverage, as with EU brokers.

In terms of its offshore status, while Belize has recently tightened its restrictions to provide a more regulated trading environment, the broker does not participate in any compensation schemes in case of insolvency.

This places traders at significant risk for potential losses, with no recourse for those who use the broker from outside of the jurisdiction of Belize.

Potential traders should weigh this factor up against the benefits of using this broker, including its high leverage, the use of MetaTrader4, and its competitive offering of asset classes.

DISCLAIMER

The Client should not engage in any investment directly or indirectly in Financial Instruments unless he knows and understands the risks involved for each one of the Financial Instruments.

The Company will not provide the Client with any investment advice relating to investments or possible transactions in investments or in Financial Instruments or make investment recommendations of any kind.

Prior to signing the services agreement (the “Agreement”) with the Company, or making an order, the Client should consider carefully whether investing in a specific Financial Instrument is suitable for him in the light of his circumstances and financial resources.

If the Client does not understand the risks involved he should seek advice and consultation from an independent financial advisor. If the Client still does not understand the risks involved in trading in any Financial Instruments, he should not trade at all.

The Client should acknowledge that he/she runs a great risk of incurring partial losses or all of his initial capital as a result of the purchase and/or sale of any Financial Instrument and accept that he is willing to undertake this risk, according to research in South Africa.