T1Markets Review – The Rise and Fall of a CySEC Licensed Firm

Nothing should surprise you nowadays when it comes from the fickle and ever dramatic Forex market participants. This time we’re discussing the T1Markets broker that was at the beginning of their career of a successful Cypriot firm, but quickly resorted to dirty methods of money making. 

This T1Markets review discusses how the company bounced back to being an illicit service provider in conflict with the CySEC law.

License Lost

General Capital Brokers (GCB) Ltd was first licensed in 2017, by CySEC. The firm was off to a great start, but November 2020 brought new surprises, mostly unpleasant ones. 

Due to several shortcomings and CySEC law infringements, the firm was fined €120,000. After the violation and the hefty price the company had to pay for their unscrupulous behavior, the broker voluntarily renounced their license in October, 2022.

The current status says “Under examination for voluntary renunciation of the authorisation” which is the same as being unregulated. That means so long customer protection, segregated bank accounts and compensation funds, this broker has gone rogue!

T1Markets Review: What Can You Trade With This Broker?

This broker advertises very favorable spreads on their website, as low as 0.7 pips on the indicative EUR/USD spread. However, our T1Markets review found that these spreads aren’t actually honored by the broker. Their real spreads are around 3 pips, too high for any trader to trade competitively. The broker has a very standard range of products, including a few forex currency pairs and a variety of CFDs across the main categories.

Instead of letting traders use the standard MetaTrader 4 platform or even any prominent competitors, this broker has a custom web platform that most traders will find insufficient. Without the same breadth of features as other platforms, traders don’t have the same scope of action and ability to analyze markets. The broker doesn’t even have a demo account, meaning traders will have to put down the $250 minimum deposit to see the platform for themselves.

Broker Clients are Appalled

Before this allegedly successful business started imploding, it became a centerpiece of a full blown online scandal. The predatory strategies employed by T1Markets broker surfaced on various ratings platforms including TrustPilot.

Any positive comments are being drowned out in the sea of outrage. What’s worse, it appears that any of these positive ratings were posted by review seller networks, and not genuine platform users. Currently. The firm has an abysmal trust score of 1.4 out of some 80 separate testimonials.

Which Countries Does T1Markets Accept Traders From?

As a Cypriot Investment Firm, this broker has the authorization to do business with residents of any country within the European Union. This is the extent of their authorization. Traders from elsewhere cannot trade with them. Access to their website is limited in countries that forbid the advertising of foreign online brokers, like the United States, Canada, and Mexico.

Deposit and Withdrawal Methods

Our T1Markets review picked up on a few major hang-ups for the broker’s withdrawal system. They reserve the right to charge an extra fee for withdrawals under $100, and this is on top of a fee of $50 for withdrawals from inactive accounts. Traders can make their withdrawals with wire transfers, credit and debit cards, and a few of the more prominent online payment processors.

Problem with withdrawing funds 

Despite T1Markets regulation, the broker does have certain bad reviews. And all of them are related to withdrawal issues. According to T1Markets clients, it’s tough to get your money back once you make a deposit. The broker, or better said, its employees, will give you a lot of excuses and a lot of reasons why you cannot make a withdrawal just now. As a result, many clients lost their funds on the market overnight. How? Well, the broker provides a web trader and can access all the trades. Are we surprised to hear it? No. However, you should be aware of this and be careful. Do not fall for the T1Markets scam.

How does online trading scam work? 

Online trading scams have become more and more popular in the past couple of years. Ever since binary options showed up, many illicit brokers are trying to extort money from investors. For example, you signed up for an ad, deposited money and had a couple of successful trades. Immediately, you will be prompted to deposit more money. And when you cannot do it or want your money back, your trading account will be suspended.

Beware of online scams and never provide your card number over the phone, especially the CVV number.

T1Markets Review Wrapup

This broker shows very poor transparency, with their advertised and actual offerings not lining up. Traders think they’re signing up for one thing but then receive another. After that, various fees start to eat away at their funds before they can process a withdrawal. Don’t wait until your money is gone. Initiate a chargeback by contacting our team of professionals today.