T1Markets Review: scam or legit?
As far as CySEC brokers go, T1Markets doesn’t do much to stand out from the crowd. They don’t communicate very well with their clients. Our T1Markets review found numerous discrepancies. Traders shouldn’t wait to find out how bad things can get. They should get their money out of this broker as quickly as possible.
|Owned by:||General Capital Brokers Ltd|
|Supported Platforms:||web trader|
|Types of Assets:||Forex, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
T1Markets Review: Regulation and Security
Traders trying to find out if the broker is legit or a T1Markets scam should always check for their regulation first. This broker is, in fact, registered with CySEC, the financial regulator for Cyprus. Thanks to agreements within the European Economic Area, this license grants the broke extensive rights to offer services across the European Union. Our T1Markets review discovered that the broker’s parent company is General Capital Brokers (GCB) Ltd. Aside from T1Markets, the company also has the authorization to offer services under the eponymous broker General Capital Brokers.
As part of the wider European regulatory framework, CySEC grants a number of consumer protections to retail traders. Brokers under their jurisdiction must maintain certain levels of operating capital in order to avoid insolvency. Furthermore, brokers are protected under a compensation scheme that would limit their losses in the case of broker bankruptcy.
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.
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.
Is T1Markets a Regulated Broker?
Yes. This broker has a current license with the Cypriot financial regulator, CySEC. Beyond authorization to operate in Cyprus, this also grants them access to the broader European market.
Is T1Markets a Good Broker?
No. The most important thing to look for in a broker is transparency and honesty. This broker demonstrates neither quality, giving poor and misleading information to traders.
What is T1Markets?
T1Markets is an online trading brokerage registered by the CySEC.
Is T1Markets a scam?
The broker has a CySEC regulation. However, there are several severe complaints related to withdrawals.
Is T1Markets trustworthy?
According to T1Markets reviews, we wouldn’t give it too much trust.