TFI Markets briefly
TFI Markets specializes in currency conversion, third party payments and the providing of risk mitigation solutions to corporate clients. It has been providing services to professional and corporate clients since its establishment in 2010. The company is regulated by the Cyprus Securities and Exchange Commission (CySEC). Customers can trade currency pairs and precious metals through the MetaTrader 4 (MT4) trading terminal with fixed spreads. The company’s vision is to be recognized as a leading premium provider in international payments, currency conversion and mitigating currency risk services.
Regulation
TFI Markets Ltd is authorized and regulated as an Investment Firm by the Cyprus Securities and Exchange Commission (CySEC) under license number 117/10 and as a Payment Institution by the Central Bank of Cyprus under license number 115.1.2.13/2018. It operates under the EU Markets in Financial Instruments Directive (MiFID).
Account Types
There is only one type of live account, so trading conditions are equal for all categories of traders. There is no minimum deposit requirement, so you can start with as much money as you want.
Market Maker or STP Broker?
The Order Execution Policy document shows that for the purposes of orders for the financial instruments provided by the company, TFI Markets acts as principal and not as agent on the client’s behalf; therefore the company is the sole execution venue for the execution of the client’s orders. The company does not transmit them to an external counterparty for execution. This means that TFI Markets is a market maker and the conflict of interest exists. Market makers make money from customer losses and they are interested in such situations to happen. However, you probably will not have such problems if the company is strictly regulated.
The same document reveals that under certain trading conditions it may be impossible to execute orders (including stop loss orders) at the requested price. In this case, the company may execute the order at a different price. This phenomenon is known as slippage and usually occurs at times of rapid price movement, during the important news announcements. This means that stop loss orders are not guaranteed.
The company announces that you cannot lose more than you have deposited because the company offers negative balance protection.
Fees
In addition to other standard fees such as swap and spread, there also is an inactivity fee, which is EUR80 per year, if the account is inactive for more than 5 years.
Deposits and Withdrawals
TFI Markets currently offers only one way to withdraw and add funds to your account, in EUR, USD, GBP and this is the bank transfer. There are no incoming fees and charges applied by TFI Markets. However, intermediaries and or sending bank charges may apply.
There are withdrawal fees and they depend on the payment method. If it is within the EU banks (SEPA) the fee is EUR5-10 up to EUR50,000. If the transfer is outside the EU, the fee will be EUR25 regardless of the transfer amount.
Trading Platforms
You can trade via one of the most popular trading terminals worldwide – MetaTrader 4 (MT4). It is a highly customizable terminal showing detailed information of financial assets and transactions. There are plenty of personalized technical indicators and charts that will help determine the appropriate strategy for you. The platform is also available as a mobile app for iOS and Android devices.
Another web-based terminal, the Sirix platform, is also available for use. The easy to use interface is appropriate for both new traders and experts, offering automated trading as well.
Assets
Currency pairs – Almost all popular major, minor, and exotic currency pairs with fixed spreads can be traded.
Metals – Gold and Silver are available for trading. The required margin is 5% for Gold and 12% for Silver. The spread for Gold is USD1.
Trading is commission free and the company uses Instant execution of market orders.
Education
There is an educational section on the web page under the Trading Services part. You can read some exclusive articles about currency trading from TFI Markets Treasury Team, such as Currency Trading Tips, Technical Analysis, Fundamental Analysis etc. There is also a third-party economical calendar available.
Summary
TFI Markets is a CySEC regulated company, which also is a market maker, so the conflict of interest exists. You can trade currency pairs and precious metals through the MT4 terminal, available as a desktop version and a mobile app. You can deposit and withdraw only by bank wire. Spreads are fixed, but during the major economic announcements the company may widen them. Scalping is not allowed.
