Key to Markets Review
Key to Markets is an independent brokerage firm, with offices in New Zealand, where it is a Registered Financial Services Provider, and a member of FXCl, as well as the UK, where it is licensed and regulated by the FCA (Financial Conduct Authority). It is also a holder of the MiFID passport, enabling it to carry out its business in all European countries. The company offers both institutional, private, and corporate clients, access to a range of financial markets, including foreign currencies, CFDs, and futures. Key to Markets provides direct access to the interbank network, which means there is the promise of no requotes on orders.
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Key to Markets offers a range of account types
There are four different types of account offered by Key to Markets, which means most types of trader will find an option to suit their own specific trading needs.
MT4 Standard – This account gives traders access to ECN execution via the ever popular MT4 trading platform. Minimum account opening balance is $100, with fees being charged via the spread, and no commission per lot. This type of account is perfect for traders who don’t want to pay any commission.
MT4 Pro – This particular account is preferred by scalpers, and those traders who prefer to see the real market spread on the screen, and are happy to exchange that benefit with the payment of a commission. Key to Markets state on their site they will be happy to negotiate better rates for high volume traders.
KTM Trader FX – This account is for those who want to try something other than MetaTrader 4. It makes use of KTMs very own trading platform, in order to access the interbank markets. This account is designed for experienced traders who can handle the pressure of fast executions, whether they’re aggressive scalpers, or developers of complex algorithms. It is really only for the serious trader, as the minimum deposit is $10,000.
KTM Trader Futures – This type of account is aimed at those with the experience and capital to trade futures. The KTM trading platform provides lightning quick execution and excellent reliability, all in a user-friendly interface. This account also has a minimum deposit of $10,000.
Commissions and spreads with Key to Markets
Key to Markets is a no dealing desk broker, and as such, only offers variable spreads. With the MT4 Pro and the KTM Trader FX accounts trades can be executed within real spreads as low as 0.0 on popular currency pairs such as EUR/USD. Commission fees for the MT4 Pro account are $4 per side, while the KTM Trader FX account are 0.0035% of notional value ($35 per $1M traded).
With regards the MT4 standard account, which offers ECN execution, higher spreads are offered because that is where Key to Markets makes their money. Mark-up is generally 1 pip on top of the real market spread. CFD trading attracts slightly different fees, and are on average 0.10 EUR/AUD/USD or equivalent pip cost for most indices, on energy and copper. For silver and gold it is $1.
Leverage is comparatively high at Key to Markets
For both MT4 accounts, the standard and MT4 Pro, leverage offered is a relatively high 1:500. Which is a much higher figure than many other popular Forex brokers. For the KTM Trader FX account, leverage drops down to 1:100. Here at topratedforexbrokers.com, we always advise new traders to be wary of brokers offering high levels of leverage. The very nature of Forex trading means that not only can you win big, but you can lose big as well. Be very cautious when taking advantage of such leverage, and only risk what you can reasonably afford to lose.
MT4 and an in-house option for the trading platform
Key to Markets offers clients two options, when it comes to trading platforms. These are the popular MT4, and its own proprietary platform, KTM Trader Trading. Trading on this platform requires a much larger initial deposit, $10,000 rather than $1,000. And leverage is much lower at 1:100. All the usual tools are available with the MT4 platform, but with Trader Trading there are a number of advanced features that can customized to automatically execute orders using sophisticated algorithms.
Customer service is a little limited, with an email address as the main point of contact, or two telephone numbers for New Zealand and the United Kingdom. A number of the major payment methods are accepted such as Visa, Mastercard, Neteller, Skrill and Moneybookers. Most of which incur a small fee.
There isn’t a lot to make Key to Markets stand out from the competition, but on the other hand, there is little to make anyone shy away from using their services. If you want to give them a try, there is always the option of opening a demo account, so you can get a real feel for yourself.