Is TFI Markets Ltd Regulated? Is it safe? - TU Expert review
License is the most important document you have to consider when choosing a broker. Many traders, who would like to start working with TFI Markets Ltd try to check whether it is regulated. Traders Union experts have already done that. In this article, you will learn whether TFI Markets Ltd is regulated, what regulatory authorities supervise the broker and whether it is safe to work with the company in general.
Short summary about the broker TFI Markets Ltd
The TFI Markets Ltd (dba TFI Markets) has been in business for more than 20 years. The specialty of the company is forward contracts. The broker cooperates with legal entities from different countries, offers 20 working instruments and multicurrency accounts. It is licensed by CySEC (117/10) and the Central Bank of Cyprus. The TFI Markets is a sponsor of the Invest Cyprus CIPA Awards, IN Business Awards, and other events.
| 💰 Account currency: | Multicurrency accounts are available |
|---|---|
| 🚀 Minimum deposit: | 1$ |
| ⚖️ Leverage: | From 1:1 |
| 💱 Spread: | Floating |
| 🔧 Instruments: | Currency pairs |
| 💹 Margin Call / Stop Out: | The company offers instruments to manage currency risks |
Pros and cons of TFI Markets Ltd
👍 Advantages of trading with TFI Markets Ltd:
•Clients have access to the broker's real offices in Cyprus and trading branches in Greece.
•The company offers several ways to contact its support team.
•There is no non-trading commission at TFI Markets.
•A free multi-currency account is available to all clients by default.
•Traders who access TFI Markets can receive additional income for participation in the referral program.
•The broker provides clients with currency risk-management tools.
👎 Disadvantages of TFI Markets Ltd:
•The company cooperates only with legal entities (corporates, companies, partnerships, entrepreneurs, or agencies).
•There are no training materials on the broker's website.
•There are only a few ways to deposit and withdraw capital.
Why is it important to work with a regulated broker?
License is a document that certifies that a broker operates legally and guarantees fulfillment of its obligations to the traders. A financial license is issued by a financial regulatory authority of a country (the National Bank) or a specialized authority (for example, Securities Commission, Futures Trading Commission, etc.). It is important to choose licensed brokers for the following reasons:
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A license guarantees that the broker operates in compliance with the rules of the financial regulator that issued the document.
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In order to obtain the license, a broker must comply with certain requirements, for example, the size of the authorized capital or personnel qualification. It is simply not lucrative for scammers to comply with such requirements.
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A broker’s license provides access to real markets, and you can be sure that the quotes are real and up-to-date.
The best option is to work with a broker that holds the license of the jurisdiction, where the trader resides. You can also choose a company with a financial license of another reliable jurisdiction, for example, the U.S. or the European Union.
Is TFI Markets Ltd Regulated? Broker’s license
Security (Protection for Investors)
Customer security at TFI Markets is guaranteed by CySEC (Cyprus Securities and Exchange Commission). The same body has granted the company license no. 117/10. The TFI Markets broker is also authorized by the Cyprus Central Bank (license number 115.1.2.13/2018) to provide financial services as per the regulatory agency’s conditions.
According to regulations of the European Union, the broker is obliged to keep client funds segregated from its company’s funds. For this purpose, TFI Markets uses segregated accounts to which only the customer has access. Correspondingly, the broker is not able to use clients’ funds for personal purposes as it does not have access to them. The broker has also taken care of the protection of the personal data of clients by using different methods of authentication. Safety of transactions is guaranteed by SWIFT — an organization that monitors the security of payments, regardless of their destination.
👍 Advantages
- Client funds are held in segregated accounts.
- Secured execution of trades
- The company holds two licenses to provide financial services
- TFI Markets is regulated by CySEC
👎 Disadvantages
- The company does not give exact information on what technologies are used to protect the confidential information of its traders.
Brokerage fees
Broker’s regulation is the most important choice criterion. However, before you start working with the broker, it is also important to analyze its commissions and fees. TU analysts have studied the commissions and fees charged by TFI Markets Ltd, which you can see below.
The TFI Markets broker was examined by Traders Union specialists to find hidden fees and trading and non-trading charges. No hidden fees were detected. The broker provides full information on non-trading fees, and there are no account opening or maintenance fees. Also free of charge are internal transfers. An account maintenance fee of €80 is charged only if the account has been inactive for more than five years. Investigation and change order fees are determined on an individual basis. The spread at TFI Markets is floating, therefore it is not possible to determine its minimum and maximum amounts.
| Account type | Spread (minimum value) | Withdrawal commission |
| Corporate account | From $3 | Not available for transactions via SWIFT; via SHR, the fee is €10 (if the transfer amount is less than €10,000); via OUR, the fee is €30 |
| Personal account | From $3 | Not available for transactions via SWIFT; via SHR, the fee is €10 (if the transfer amount is less than €10,000); via OUR, the fee is €30 |
Brokers that are similar to TFI Markets Ltd
Many brokers operate legally, obtaining relevant licenses and permissions. However, when choosing a broker, it is important to compare their trading conditions. TU experts have prepared a comparative analysis of TFI Markets Ltd conditions with its closest competitors.
Comparison of TFI Markets Ltd with other Brokers
| TFI Markets Ltd | RoboForex | Pocket Option | Exness | XM Group | AMarkets | |
|---|---|---|---|---|---|---|
Trading platform |
Proprietary portal |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5, MobileTrading, XM App |
MT4, MT5, AMarkets App |
Min deposit |
$1 |
$10 |
$5 |
$10 |
$5 |
$100 |
Leverage |
1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
Spread |
No |
From 0 points |
From 1.2 point |
From 1 point |
From 0.6 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
No deposit bonus |
$1 |
No |
No |
No |
No |
No |
Cent accounts |
Yes |
Yes |
No |
No |
Yes |
No |
The TFI Markets broker is keen on corporate clients who want to expand their business with TFI Markets brokerage services.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
XM Broker is a broker for professional trading. Trading conditions correspond to the average market; there are technical advantages that distinguish XM Broker from its competitors.
AMarkets is a broker that is more suitable for professional trading. Everything here is designed to accommodate trading with EAs and that is the broker’s strength. The weakness of the broker is that it won’t be easy for traders without experience to work here.
Conclusions
TFI Markets Ltd cannot be considered absolutely reliable. The broker operates on a license of an offshore regulator. This creates certain risks regarding security of your funds. The broker has a good reputation. However, you can work with companies with an offshore regulation only at your own risk.
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FAQ
How difficult is it to obtain a brokerage license?
The procedure for obtaining a license differs depending on the jurisdiction, but it is very difficult and expensive to get the document in a reliable jurisdiction. This is why only reliable brokers obtain licenses.
Why is it not recommended to work with offshore brokers?
Offshore brokers have to meet minimum requirements for obtaining a license and reporting, which is why often scammers get such licenses.
Can an offshore broker be reliable?
Yes, although there are not many of such brokers. There are brokers with a good reputation, but with an offshore license. You still need to be very cautious when working with such companies.
How do I check a broker’s reputation?
In order to check a broker’s reputation, you need to read user reviews. However, it is recommended to only use independent websites for that.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.