TryMarkets Review

Review

TryMarkets, launched in 2017, is a “no dealing desk” Forex and CFD broker with an STP/DMA execution model, headquartered in Belize, and regulated in Belize under the IFSC. They provide a trading platform that offers traders a reasonably wide range of assets for trading in several commodities futures and 35 Forex currency pairs across both major and minor financial markets. 

Accounts

There are three different account types to choose from with TryMarkets. The Standard account, recommended for beginner traders, can be opened with a deposit of as little as $500, and offers leverage at a maximum of 500:1 and a minimum Forex spread of 1.1 pips. The Pro account, recommended for professional traders, can be opened with a minimum deposit of $5,000 and offers leverage at a maximum of 400:1 and a minimum Forex spread of 0.7 pips.  The Prime account, recommended for high-level benefits, can be opened with a minimum deposit of $20,000 and offers leverage at a maximum of 100:1 and a minimum Forex spread of 0.3 pips, although in this account type, commission is also charged on trading transactions, unlike the other account types whose fees are spreads-only. All accounts come with daily briefings, access to research and training, and a free education package.  The Pro and Prime accounts also offer 1-on-1 personalized training, and the Prime account also offers VPS hosting. The Prime account does not offer negative balance protection, but the other account types do. A total of 35 Forex currency pairs may be traded, as well as commodities such as gold, silver, crude oil, copper and natural gas. and coffee. The non-precious metals commodities listed above are offered as CFDs.

A demo account is available, as is typical with nearly all spot Forex brokers.

Islamic accounts are also offered.

Features

Probably the most notable feature of this broker is its offering of a “straight through processing” dealing model, with no dealing desk intervention. This ensures that clients get direct access to interbank prices, with low transaction fees, quality execution, and deep liquidity.

TryMarkets also offers educational content about trading in general and about Forex trading in particular, which can be useful to clients, particularly for beginners or less experienced traders concerned about their ability to navigate the market successfully.

One of the more impressive features of TryMarkets’ website is that they openly publish their overnight swap rates, which is unusually transparent within the Forex brokerage industry.

Education

TryMarkets’ educational offering is centered on a “trading academy” contained within its website. The academy includes e-books, tutorial videos, trading signals and a forex glossary. Over 70 video lessons are provided, and 3 e-books. Markey summary reviews are published every couple of days on average, while every weekday at 8am GMT all clients can tune into a half-hour broadcast covering relevant market research and technical analysis for the trading day, timed to coincide with the London open.

Bonuses and Promotions

At the time of writing, no bonuses and promotions are offered.

Deposits/Withdrawals

Depositing funds into a TryMarkets account is an easy and secure process. Funding can be done using a range of methods, including credit cards, bank wire transfer, and a wide range of E-Wallets. Withdrawals can be made through the same methods.

At the time of this review we could not ascertain whether TryMarkets imposes any minimums or maximum requirements on deposits or withdrawals.

Customer Support

Customer support is based in Belize. Clients can contact a TryMarkets representative by telephone during business hours (weekdays from 6am until 8pm GMT) and can use email anytime of the day. A chat feature is also available during business hours.

Conclusion

TryMarkets seems to have a reasonably well-rounded offering for traders looking to trade a mixture of major and minor Forex currency pairs, as well as the most typically popular major commodities. Fans of straight through processing (STP/DMA) market models will find their offering especially interesting, and quite possibly attractive enough to open an account.

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Features

Features Introduction

TryMarkets has many attractive features including the website itself which uses colorful snapshots and easy access to information. In terms of features, the stand-out strengths of this broker’s offerings are:

• A rare and highly sought-after STP/DMA market dealing model, with “no dealing desk”.
• A wide choice of account types, although only market-maker type accounts are available, plus an Islamic option.
• Very generous maximum leverage of 500 to 1.
• Provision of the most popular trading platform in the industry: Metatrader 4 and its online equivalent, Web Trader.
• A range of instruments available for trading: all the major and minor Forex currency pairs, as well as a few exotics; also, several of the most popular major commodities, mostly wrapped as CFDs.
• Regulated by a major industry center (Belize).
• A comprehensive educational offering.

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Platforms

MetaTrader4

The MetaTrader 4 is an independent trading platform, developed for trading FX, commodities and other products and is one of the most advanced and easy platforms to use. It remains the gold standard of trading platforms.

In addition to the wide range of markets available to trade, the MT4 platform provides traders with a multilingual interface, instant execution, built in help guides for MT4 and MetaQuotes Language 4, a complete technical analysis package including a wide range of in-built indicators and charting tools, various custom indicators and time periods and more.

Automated trading is also offered through the MetaTrader 4 platform where traders can create and test their automated trading strategies by using the MetaEditor, Strategy Tester and Compiler tools within the MT4 platform.

With this automated trading system traders can create Expert Advisors, software programs enabling traders to constantly monitor the markets. Custom Indicators help traders to predict future price movements by analyzing past and current price information. And the Scripts feature gives traders the opportunity to set up an automatic repetition of specific operations such as closing all positions with a single keystroke.

Web Trader

The Web Trader platform offers access to a sophisticated, fully customizable trading suite, without the need to install any software on your PC. Web Trader guarantees secure access to your account by making use of state of art Web technologies. It is simply the online version of the tried and tested, eternally popular Metatrader 4 trading platform.

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User Reviews

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