TrioMarkets Review – Do They Provide Real STP/ECN Forex Trading Conditions?
TrioMarkets is a Cyprus Investment Firm (CIF) that satisfies all the regulatory guidelines issued by the Cyprus Securities and Exchanges Commission (CySEC) under the European MiFID compliance directives. TrioMarkets is run by EDR Financial Ltd., a company which is managed by three established experts in the financial markets that have a common goal in providing the best Forex trading services with absolutely no conflict of interest between the broker and its clients. TrioMarkets, due to its prominent location in Cyprus, can take advantage of the Cyprus’s European membership and the European Economic Area agreement to offer its services to all traders and investors from the European Union. TrioMarkets started offering its Forex products and brokerage services back in 2014 and has been providing the STP and ECN protocols as the standard account option for all clients that opt for a TrioMarkets trading account. Even better, traders can get a real feel of direct market access conditions by opening a TrioMarkets demo account that offers a beginning balance of $10,000, before trading their money under live trading conditions. If you wish to discover more about the broker’s brokerage offerings and the overall trading experience, read through our comprehensive TrioMarkets broker review for more information.
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How Much Is The Minimum Deposit Requirement For A TrioMarkets Forex Account?
TrioMarkets is among the more expensive Forex brokers that stipulate higher minimum deposit requirements for their STP/ECN account offerings. As per the industry norms, most leading FX companies allow traders to open a standard STP or ECN account using a small trading capital of $5 or even less. However, a TrioMarkets account can only be opened with a minimum deposit of $500, which grants access to the TrioMarkets Standard account for a maximum leverage of 1:300. The Standard account is an STP account that has no commissions, but the TrioMarkets spread start from 1.4 pips. The Standard account is the most expensive account in terms of the cost of trading among other account options from the broker, but the spreads are considered to be competitive in light of the spreads from competing STP brokers. For a higher initial deposit of $10,000, TrioMarkets offers the Advanced account, which is divided into two different options. The first option is the raw spread account, which is a traditional ECN account that has competitive TrioMarkets spreads from 0 pips, while the commissions of trading are charged from $5.5 per round lot traded. If traders are not comfortable with the idea of a commission, the broker also offers a commission-free trading account as the second option, where all costs of trading are included in the markup spreads starting from 1.1 pips. The rest of the trading conditions remain more or less the same for both the raw and markup spread accounts, making it one of the most competitive FX trading accounts in the markets. Advanced account holders are further limited by the maximum leverage of 1:200, but the Premium account holders may have to be content with a maximum leverage of 1:100. The minimum capital requirement for the Premium account is set at $50,000, which is once again divided into two different account categories according to the raw spreads and commission. The raw spread account option for the Premium account sees the commission being reduced to $4 per traded lot for competitive spreads starting from 0 pips, while the commission-free markup spread account gets access to spreads starting from 0.8 pips. TrioMarkets has certainly introduced one of the most frugal trading accounts in the market regarding the spreads and commissions for trading, but the steep minimum capital requirements are impossibly high for most retail traders. You can find some of the top brokers from our recommended list of Forex brokers that offer the same services, or even better trading conditions, for a fraction of the cost. Nevertheless, for your money and the investments, TrioMarkets does provide an advanced and reliable trading account.
What Are The TrioMarkets Payment Options?
You can deposit your trading capital and make a withdrawal using Skrill, PayPal, Neteller, WebMoney, Credit/debit card, and Bank wire transfer. The broker promises to settle your deposits instantaneously, while withdrawals have a 24 hour lock-in period before the finance department processes them according to their client’s request. The brief freeze period is designed to ensure that the account equity does not fall below margin requirements due to a withdrawal request, which may result in a margin call or a significant negative balance with the broker. You should also be careful about the 3% processing fee for all withdrawals, which can be a significant sum of money for large withdrawals. The withdrawal fee is certainly one of the most worrying aspects of TrioMarkets.
SWAP-Free Accounts & TrioMarkets Trading Platforms
Islamic traders can open a SWAP-free trading account that virtually eliminates any SWAPs, interests, commissions, hidden fees, or large variable spreads. SWAPs and interest rates are an integral part of Forex trading, but Sharia laws have strictly outlawed the concepts of interest rate, free money, and other allied costs. Therefore, traders from the Muslim community may opt for an STP account with a stable set of trading conditions according to Sharia rules of Forex trading. All account holders are provided the popular MT4 trading terminal for accessing the different Forex and CFD products offered by the company. The MT4 terminal is an established trading software developed by MetaQuotes, a leading service provider in the Financial markets. The MT4 desktop trading interface, along with a dedicated WebTrader interface, is one of the most popular desktop trading platforms in the industry, which is used by more than 70% of the retail traders. Mobile traders can also download the TrioMarkets mobile apps for iOS, Android, and Windows mobile devices, which is an added incentive for brokers that use the MT4 interface. Fund managers, institutional account holders, and professional traders can also access multiple investment or Forex trading accounts through a single platform, known as the MT4 Multi-Terminal. The Multi-Terminal is a great tool for combining different accounts under a single parent account or for social trading, which has become quite popular in the financial markets.
Security Aspect Of Your Trading Capital At TrioMarkets
Once you make a deposit, your trading funds are held in segregated bank accounts at the Barclays Bank in the UK. All segregated accounts are clearly represented by their clients’ respective account equities, which are kept separate from the company’s own bank accounts. CySEC plays a significant role in maintaining a clear financial record that guarantees the safety and security of traders’ investments. CySEC has also created an Investor Compensation Fund (ICF), which compensates for broker insolvencies or liquidations by protecting a trader’s capital against any financial abuses. The ICF does help traders to enjoy an extra sense of safety by relishing in the fact that the ICF will compensate at least €20,000. TrioMarkets may have some positives for STP/ECN traders, but some associated drawbacks prevent a seamless trading experience. High entry barrier and ridiculously expensive payment/withdrawal fees can be a hindrance for most traders. Choose TrioMarkets after carefully considering their pros and cons that are outlined in this TrioMarkets Forex review.