Why I stopped trading with TrioMarkets Forex broker
Part of the Cyprus Investment Firm, TrioMarkets was founded by a group of individuals, having 15 years of experience in the financial industry. Broker operates under the regulation CySEC, offering to trade with varieties of metals, Forex, indexes and commodities. All the digital assets can be traded within the help of contracts for difference, but having some sort of recommendation from the certified trader will help you minimize the risks.
Promising to provide the safest trading experience alongside with the high-end technology infrastructure made us craft detailed TrioMarkets review. As a matter of fact, brokerage mainly operates through Europe. However, all the trades executed from the different parts of the world are surely welcome. As well as, spread betting is not yet available to the citizens of Ireland and the United Kingdom. if you’re trading from the above-mentioned countries, considering the restriction will help you avoid issues, furthermore.
Founders of the company do appreciate the fact that understanding the basics of the Forex market is obligatory criteria of having success. That was the reason why they’ve decided to launch the so-called online library, TrioAcademy to provide the beginner traders with detailed e-books, explaining the terminologies and as well as some advanced staff, intended to serve experienced people.
Unfortunately, the academy dashboard itself is not easily accessible in terms of functionality. After trying to log in as a standard member, the page crashes for a while, making us close down the window. That’s the reason why educational experience is not properly offered to the end-customer. However, if they managed to get rid of the issue, then there’s nothing to worry about, whatsoever.
Majority of the TrioMarkets reviews don’t explain the ins and outs of the memberships. Basically, they offer four types of accounts: Mark-up, Raw, Swap-FREE and Institutional ones. All of them provide customers with the capability of trading more than 60 currency pairs, commodities, CFDs and Inicies. Let’s find out what the key functionalities of accounts are
Standard – having the obligatory of depositing $5000 makes us think that the broker is among the list of scammers. However, the mark-up variety does offer minimum spreads at the 1.4 pips, FX leverage up to 1:30 and the CFD one with 1:20. Users are able to either withdraw or deposit money through Credit Cards, Neteller, Skrill and Wire Transfer.
Premium – according to their landing page, only experienced traders with a huge amount of capital, looking for the best possible trading experience should use the above-described membership. Having the leverage of 1:30 alongside with raw spread of 0.0 are the main characteristics. However, the raw spread has a commission of $4, negatively affecting the financial situation of the users.
Swap FREE – can TrioMarkets be trusted? who knows? literally, no one, but considering the fact of having so-called Forex Islamic account questions the legitimacy of the broker. Basically, it has the same functions I described above, but with no swap points, whatsoever.
Institutional – serving the corporate accounts differentiates this membership type from the other ones. Especially, managing the funds of the clients is among the main features. So if you’re rooting for investment managers, hedge funds and individual corporate entities, then don’t hesitate to choose the previously-described option.
Withdrawal and Deposit Policy
As I have mentioned earlier, the company supports transactions through MasterCard, Visa, Skrill, Neteller and traditional Bank Wire Transfer. We should mention the fact that the withdrawal process takes less than a minute to be executed while the deposit one can last up to one day. Imagine having the profits locked into the account balance and waiting for hours to get your money. It surely does not sound transparent.
Following the TrioMarkets careers leader may not be the smartest idea, because both of the transactions that I have described take the fee of 1.5%, decreasing amount of money you want to have transferred. Usually, well-trusted brokers have no additional fee. That’s among the most popular ways of increasing trustworthiness among the brand new customers of the platform. However, TrioMarket tends not to focus on the user-end experience and emphasize on gaining some sort of financial benefits.
Trading Platforms – Part of the Potential TrioMarkets Scam
Online broker supports the desktop, mobile and web versions of the MetaTrader 4. However, not all the functionalities of the trading platform are available to the customers. Surely, the restricted usage of the software ought to be mentioned onto the sales page to avoid facing unnecessary problems.
For example, copy and social trading options are not added to the dashboard. Probably, the company itself takes the responsibility of hiding the feature. Not mentioning the capabilities of the TrioMarkets MT4 does concern me in terms of trusting the company, letting them have access to my capital.
Customer Support Availability
Despite the fact of having too many functionalities and network issues. The experience that we have had with customer support of TrioMarkets team did amaze us because they did reply to us in a matter of minutes after sending the email. As well as, members can get in touch with support at any time of the day through email and online chat. It does decrease the chances of dealing with TrioMarkets fraud, but still having just one type of feature well explained does not affect the overall quality of the company.
While surfing through the website, the technical issues of the website did catch our attention. If you scroll down the so-called landing page, then the header will appear two times, overlapping each other. It worsens the user-experience and makes most probably everyone to leave the digital assets of the broker straightaway.
The fact of having the demo account, containing $10,000 worth of virtual money excites us a lot. We’re sure most of you don’t want to risk the entire amount of capital without having some kind of credibility first. Is TrioMarkets scam? – its the question that we get asked hundreds of times a day, but having the MiFID and CySEC regulations still question whether rooting for the online broker is worth people’s time and money. Take some time to experiment with the trading platform and let us know about your feedback.