TrioMarkets Forex Broker Review
Last Updated: October, 2019.
Sometimes newer is also better, but, when you are in an industry that changes at light speed, your traditional broker may not be able to keep up with the latest features. Waiting for system upgrades is one option, or you could go with a relatively new broker, like TrioMarkets.com, and receive the kind of service that is leading edge. The name of this new entrant is derived from three individuals in the banking sector coming together from British and Swiss backgrounds to take a great leap of faith to start a venture that embodied a trio of leading-edge technology, popular product offerings, and quality customer service. TrioMarkets is a trading name owned and operated by EDR Financial Ltd, a financial services company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license number 268/15 as well as BaFin, FCA, ACP and MiFID.
From a technology perspective, the “Trio” theme is leveraged once again to provide three processing options, all neatly packaged within an STP/ECN operating environment. First, we have the popular Metatrader4 desktop version for those that prefer this downloaded software and its many admirable features. For those that like an online set up without the bells and whistles of MT4, TrioMarkets offers Sirix WebTrader, which has also taken the industry be storm. Lastly, for the trader on the go, the firm offers the MT4 mobile trading application that supports most any device that can access the Internet with IOS technology. With all three, social trading can be leveraged to provide insights from experts, or, with a click of a button, you can mirror your expert’s trades in your own account.
As for other issues, TrioMarkets offers a broad range of account options, including a free Demo and Islamic account, and training materials, all designed to apply specifically to each trader’s level of trading expertise. The firm supports nearly fifty currency pairs and a broad spectrum of CFDs that cover commodities and global stock indices. If you need a quick update on the basics or a new and clever strategy to attack the market, the TrioMarkets Academy is the place to go. Helpful customer service reps, available “24X6”, will guide you through most any problem to get you up and running and headed for an enjoyable trading experience. If you prefer to go it alone, then there are ample video tutorials, ebooks, fundamental and technical analysis articles, and more to prepare you for real market action. Complete regulatory compliance provides peace of mind in every respect, but unfortunately, U.S. customers are not accepted at this time.
Why trade with TrioMarkets.com? The firm lists these reasons:
- $4 cashback per lot traded till the end of the year
- Founded in 2014 by a trio of banking professionals;
- Headquartered in Limassol, Cyprus and in compliance with strict new regulations promulgated by CySEC and applicable across the entire European Union;
- Client deposits protected by segregation and by the Cyprus Investor Compensation Program up to 20,000 Euros;
- Minimum deposit = 500 USD or EUR;
- Credit cards and banking wire transfers accepted, as well as a host of other popular payment processing methods;
- Four account classifications with escalating benefits and varying spreads and leverage: Bronze ($500 to $1,999); Silver ($2,000 to $9,999); Gold ($10,000 to $49,999); Diamond ($50,000 and up);
- Free Demo Account or an Islamic account are available at request;
- Variety of popular asset choices, including currency pairs (48), CFD commodities (10); and CFD indices (19);
- Metatrader4 and Sirix WebTrader provide the backbone of platform options;
- Social trading, enhanced by broad access to social media and crowd sourcing for following experts or for mirror trading possibilities;
- Scalping and hedging permissible;
- TrioMarkets Academy is unique and offers a broad set of tools and educational materials for both beginning and advance, including ebooks, articles, online tutorials, and more;
- Customer service representatives speak several languages and can be accessed “24X6” via live chat, email, or direct phone line.
Spreads and Leverage
Spreads and leverage vary by account category. There are four categories in all, with spreads for the Euro, for example, ranging from 2.5 pips, down to 0.1 pips plus a transaction commission of 6 USD or EUR. Leverage can also vary by account and by asset choice. Leverage on forex pairs can be as high as 300:1, down to 100:1. For CFDs, the range is from 75:1, down to 25:1. Margin calls are a possibility.
TrioMarkets offers three trading platforms, too. The Metatrader4 system offering covers the downloadable versions for desktops and IOS mobile devices. Sirix WebTrader supports the online version that requires no complicated downloads. Social trading features are the best out there on each system option, and all execution orders follow an STP/ECN model where re-quotes and slippage are a thing of the past. The latest in 256-bit SSL encryption blocks any hacker from compromising secret trading session data or acquiring your critical personal information over the Internet for fraudulent purposes.
Deposits and Withdrawals
Major credit and debit cards are accepted, along with banking wire transfers. The firm has also instituted a host of other popular and local payment methods, like Skrill (Moneybookers), Neteller, and WebMoney, to name a few. Withdrawal requests will be handled quickly, as long as internationally mandated personal identity data is on file and current. All withdrawals are subject to a small fee, that being the lesser of 1% or $100.
Beginners’ and Customer Support
Bilingual Customer Service Representatives are at your beck and call “24X6” via direct phone or email, but the most convenient access method is via online live chat. Support is available through one-on-one coaching or you can go at your own pace by reviewing the many offerings of the TrioMarkets Academy, including online videos, ebooks, calendars, an extensive glossary, a broad mix of articles on significant topics, and more.
The question confronting you is do you wait for your broker to catch up with the times or do you try a new entrant, like TrioMarkets, and avail yourself of the latest in technology, service features, and quality customer service? Sometimes newcomers have their own problems, but with TrioMarkets, every effort has been made to bring you the best that the industry has to offer now, not down the road after legacy software upgrades. This management team has the made the right decisions early on, and their offering is worth a look, if only on a trial basis. At the end of the day, it is your choice, but this trio of professionals definitely wants to bring you the best online trading experience around.