T1Markets is an online broker platform that provides traders with contracts for differences (CFDs) on MetaTrader 4 platforms with over 300+ of financial assets including commodities, forex, index, metals and cryptocurrencies.
The online broker has gradually grown into one of the most used platform to bet on financial assets offering a clean and easy-to-use trading platform. While a number of the upcoming online brokers have turned out to be scams, T1markets passes the mark for legitimate brokers offering a well-built website, KYC/AML compliance, regulation from CySEC, and extensive terms and conditions for traders.
In this review article we dive deeper into T1markets focusing on the key features offered on the exchange, the regulation, accepted countries, fees charged and trading platforms offered.
Review: Pros and Cons
T1markets offers a stable and easy-to-use brokerage platform on CFDs to financial traders but also comes with its fair share of problems. Some of the benefits and cons of using T1makets are listed below.
- Provides mobile and web browser MetaTrader platforms.
- CySEC-regulated online broker.
- Has high spreads.
- Not available in all 3rd Countries including the U.S
- Provides educational material to traders.
- Offers high leverage positions for professional traders.
T1markets, the trading wing of General Capital Brokers Ltd. (GCB), is an online broker regulated by the top Cyprus financial regulator, CySEC. The online broker was launched in 2017 offering traders a user-friendly platform to buy, sell and trade CFDs on financial products. The broker offers CFDs on stocks, commodities, indices, cryptocurrencies and precious metals.
The broker is highly regulated meaning users have to fill in their KYC compliance to be able to trade. Notwithstanding, T1markets provides segregated trading tiers and negative balance protection in line with following regulation. A list of withdrawal and deposit options are offered on T1markets with zero commission or trade fees.
However, the broker charges a real time trading spread that varies according to the platform’s main website. Spreads start off at 0.03 on forex pairs rising accordingly across the main asset classes offered.
Regulation of T1markets
T1markets (License No. 333/17) is a Cyprus-based exchange regulated by well-respected Cyprus Securities Exchange Commission (CySEC), under registration number HE345774. The strong regulatory boundaries set a tough and KYC policy on the brokerage which every user must fill before joining the platform.
Moreover, T1markets also offers a tiered system for traders in line with keeping up the highest levels of regulation. The three levels of trading – Silver, Gold and Platinum – offers different levels of KYC standards with the latter giving traders all available features on T1markets.
T1markets locations across the globe
T1markets only offers trading services to a select number of countries across the globe. The online broker focuses its services on European countries given the geographical and regulatory boundaries it faces. T1markets offers its services to over 20 countries including, Portugal, Malta, Austria, Bulgaria, Czech Republic, Poland, and U.K. among others.
While normal trading is open to citizens in the accepted countries, some features and tools on T1markets are not available to specific countries due to local legal restrictions. Check T1markets website to get the full list of features offered for specific countries.
Trading platforms available on T1markets
T1markets offers MetaTrader 4 (MT4) trading platforms on its website and mobile versions. MT4 is a popular trading platform among stock and forex traders offering a vast and unique experience for users despite launching in 2010.
MT4 trading platforms offer an easy to use, seamless, unique and reliable trading features including well designed charts with over 50 chart indicators, wide range of Expert Advisors (EAs), extensive back-testing environment, and customization options.
T1market leverages the MT4 platform, building a web and mobile based platform for CFDs trading. The mobile app is accessible to users across the globe and offers over 90+ indicator charting tools. Finally, the platform also accepts one-click trading, order types and other automated trading strategies.
As a regulated stock broker, T1Markets is very keen on collecting their customers’ Know-Your-Customer (KYC) guidelines and data. On account opening, the online broker offers you either a real account or demo account, which offers testing without using real cash.
On both accounts, users are asked to fill up a KYC form providing their personal information, and proof of address and identification. To open an account with T1markets broker, you also need to provide your phone number and The Company’s Legal Documents including the Terms and Conditions
Leverage tiers on T1markets
T1markets offers tiered leverage trading positions for normal traders and professional traders as well. The platform offers a default leverage position of 30:1 to new users and traders with Tier 1 level KYC verification. Higher KYC verification is required to get higher leverage positions from T1markets.
According to the tier levels, gold traders receive up to 400:1 leverage while Platinum traders (highest tier) can receive up to 500:1 in leverage positions.
Given Europe’s tough regulation on leverage, only professional traders are offered more leverage than the default leverage.
T1markets offers over 350+ CFDs on wide classes of assets including indices, precious metals, cryptocurrencies, forex and equities. According to the official trading platform, the online broker offers GBPUSD, GBPJPY, BTCUSD, ETHEUR, XRPGBP, ASX200, Gold, Palladium, and stocks such as Apple, GM, and Microsoft.
Payment methods available
The T1markets website gives conflicting number of payment options in what we were able to gather. However, the list of payment options given include wire transfers, bank transfers, VISA/MasterCard, credit and debit cards, Skrill payments, Safecharge, Neteller, and MIR.
Deposits, withdrawal, and fees
As T1markets platform is secured by the CySEC, all deposits and withdrawals through the broker are safe. According to the released information on the broker, the minimum deposit value varies from the tiered levels to the form of payment option a CFD trader chooses. The minimum deposit for users topping up their account from the bank account is €215. With Przelewy the minimum is €1.
Withdrawals can also be done directly from the client portal area and can only be withdrawn to accounts with the same name and beneficial owner.
Despite having low deposit and withdrawal fees, the broker charges a number of high fees as discussed below:
- The broker charges a €50-fine for users who withdraw their money having completed insignificant trades on the platform either one trade or those who have never traded after depositing funds. Seems unnecessary and expensive for traders on the platform.
- The online broker also charges a fee for withdrawals below €100. The “additional fees charged” are disclosed to you in advance.
- A €15-fee is also charged on all wire transfers. The terms and conditions state the broker reserves the right of charging “the processing fee for withdrawals made by wire transfer.
- Finally, a dormant fee is also charged on long inactive accounts. The fee is divided according to the length of time taken without trading i.e. 61+ days inactivity attracts a penalty of 160 EUR, 91+ days attract an additional €120, 181+ days inactivity attracts a penalty of €200 and 271+ days an inactivity fee of €500.
T1markets offers a vibrant, easy-to-use and convenient CFDs trading platform available in over 20 countries across the globe. Having a fully regulated exchange under one of the world’s well-respected financial regulators, CySEC also increases the value proposition of the online broker.
Non-acceptance of other global countries on the platform including the U.S. market and the many fees is the only major disadvantage on the broker. Remember to be careful while trading on online brokers!