TryMarkets is a forex broker owned by Capital Markets Inc, established in 2005. The company is regulated and registered in Belize. Recently, there have been some speculations regarding the authenticity of the broker. Customers are concerned whether TryMarkets is a safe business to work with or not. To clear the situation for everyone, I conducted a review of TryMarkets which included all the areas of their trading system and all the facilities provided by them. And I can assure you, the outcome isn’t pretty.
TryMarkets offers three account types to its traders, the details related to which are as follows:
|Account Type||Minimum Deposit||Leverage|
There is an option to develop a demo account for the traders who want to get hands-on experience of the trading facilities provided by the broker. In this demo account, they provide the Standard account’s facilities.
An option to open a swap-free account for Muslims is also available so that they may trade without interest, commissions, and bonuses as per their realizing guideline.
Three different account packages make it easier for potential clients to select what types of packages they want to avail and how much they want to invest. This might seem that one is off to a good start but then, when studied in depth some halts may cause accidents.
Regulation and Security:
The broker is owned by Capital Markets Inc which is situated in Belize and claims to be regulated by IFSC. The detailed the regulation stating the company number 144939 and license number IFSC/60/337/TS/17. To verify the claim, I went to the site of IFSC, and to my utter surprise, there is no company under the name of Capital Markets Inc regulated by the authorities. Hence, it is nothing more than a false claim and should be a huge red flag for the people who might be thinking of investing with them.
Moreover, even if they were registered with IFSC, even then the regulation wouldn’t have been a strong one as IFSC is a liberal regulator that cares less about the security they ought to provide but more about the commissions they get out of these brokers.
So, with this being established that the broker is not regulated you should know that your funds are not safe with them as unregulated brokers are prone to commit scams and fraud as compared to the regulated ones.
The trading platform provided by the broker is the all-time favorite MT4 which is highly acknowledged in the forex trading world due to its ability to handle multiple trades simultaneously and to make market analysis.
The trade conditions provided by this broker are somewhat adequate. They offer a fixed leverage of 1:500 which is considered to be safe and is helpful for people who are new to the trading business. However, it may seem not so overwhelming to the traders who want to play risky as this leverage causes low losses and low gains as well. So, earning swiftly on such a safe leverage is almost next to impossible.
Trade spreads range from 1.3-0.9 which also are safe and advisable to new traders. These spreads again are not very exciting for new traders as the basic account types have higher spreads even when it is obvious that the people using the basic account types won’t most likely be qualified to work in the field.
High Minimum Deposit:
The minimum deposit required to start trading with TryMarkets is $500 which is way higher than what is generally offered in the market. There are brokers with a much better reputation and more elaborate services who are offering a minimum deposit way less than this, the least being $100.
This high deposit is because they do not have a legit regulation which makes it obligatory for them to maintain a specific financial standing which they do by asking huge deposits and fees in the name of commissions and add-ons from their customers who are not only being robbed by this unregulated business but are also paying for this scam to keep working.
Withdrawal and Deposit:
The services which the user may use to transact money in or out of this business are credit cards, wire transfers, Neteller, Skrill, Yandex Money, PaySafeCard, China UnionPay, QIWI, AliPay and cashU. They, however, do not support any kind of cryptocurrency which might be considered as a drawback as this is the future of the market.
There has been constant griping from the customers about the slow transaction system as they require a full day before processing any request and that too if the request was made on a working day (Monday-Friday). The customers can not withdraw any amount less than $100. Other than this, there are no additional fees or charges involved in this process (according to what they have mentioned on their website).
It is alarming for a business in 2020 to think that they may thrive in this ever-growing world of trade without a proper, constructive, and all-time accessible customer care system. TryMarkets do not feel the need to develop any such system as during the process of this whole review, their live chat was offline. They were not available to address the issues of their customers and hence they can’t solve them.
Moreover, their email system is also very sluggish and doesn’t give any response. They do not provide any 24/7 customer care service despite it’s only available on 5 working days. People complain about their terrible customer service all the time. If you face an issue, you wouldn’t get support from them and that’s a big drawback. You might even lose your entire deposits because they aren’t regulated as well.
The website is vibrant and attractive to look at and someone might as well list it as to be a customer catchy site but it is nothing more than that. Their website does not provide even the minimal amount of information that is needed to work with this business and they also do not provide a disclaimer to any of the services provided.
The live chat is inactive all the time. So it’s just like a dead-end form where you type out your message and it goes nowhere. This is proof of their unprofessionalism.
In light of all the facts discovered during the review of TryMarkets, I conclude that it is not a safe business to work with. The reasons to support this claim are weak regulation, high minimum deposit, bad trading conditions, transaction delay, and an uninformative website.
You shouldn’t work with these guys. I don’t recommend conducting business with TryMarkets because there’s a high probability that htey are frauds. They have kept attractive trading conditions so that they can lure people into their traps. Stay away from TryMarkets as much as you can.
The pros and cons related to the business are:
|MT4 available. Good leverage.||Weak regulation. High initial deposit. Bad spreads. Unresponsive customer care system. Uninformative website.|