TDMarkets is a South African-based broker that has been operating since 2015. Regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, the broker has established a trustworthy reputation among SA traders.
Below, we discuss a comprehensive review of TD Markets, their background, safety and regulations, broker services, and other features.
What is TDMarkets?
TDMarkets is an online broker that offers access to over 60 forex currency pairs, contracts for difference (CFDs), indices, metals, commodities, and cryptocurrency markets.
TDMarkets was first established in 2015, and its platforms are known for their swift response time and reliable support.
The majority of clients are from African countries, particularly South Africa and other emerging markets. They do not offer services to the United States of America, Canada, Iran, Iraq, Syria, and Libya.
TDMarkets is owned by TDM Holdings LLC and is regulated by the Financial Sector Conduct Authority (FSCA) as a Financial Services Provider and an Authorized Crypto Assets Services Provider.
TDMarkets Reviews of All Features
Safety and Regulations
As a trader, confirming where your broker is regulated is the first and most important step before beginning to trade. Ensuring that the authorities regulate your broker is one way to protect your money and investments.
TDMarkets is regulated by the Financial Sector Conduct Authority with FSP No. 49128.
According to the FSCA, the broker is authorized to provide non-automated advice and intermediary services for cryptocurrency assets, derivative instruments, long-term deposits, and short-term deposits.
What is non-automated advice?
According to the FSCA’s regulatory framework, non-automated advice is financial advice provided by a human advisor rather than an algorithm.
This means that an official TDMarkets representative can provide expert advice to clients about investments, trades, and other financial assets.
This is in contrast with “automated advice,” which allows financial advice through robo-advisors or algorithms without the aid of human experts.
What are Intermediary Services?
TDMarkets are authorized to provide intermediary services to their clients. This means that TDMarkets can transact or trade on behalf of a client.
For instance, if you are a trader, you can enter a market order via TDMarkets’ platform, and TDMarkets will enter the trade for you.
Trading Platforms
TDMarkets provides access to the MetaTrader 4 (MT4) platform, one of the most popular trading platforms in the world.
MT4 is a highly customizable and automated trading platform that can be accessed by downloading the official MT4 software. It is best used for forex trading but can also accommodate other instruments.
Related: How to Choose Between MT4 vs MT5
MT4 can be accessed through Windows software and the iOS and Android apps for mobile trading. For MacOS users, MT4 can be accessed by installing third-party software called PlayOnMac.
On the other hand, TDMarkets also offers WebTrader access to traders who prefer to trade directly from their browsers. It is a web-based platform with functions similar to MT4 and does not require downloading or installing software.
Account Types
TDMarkets offers four different types of accounts: a standard account, an ECN account, a VIP account, and a demo account.
However, TDMarkets does not offer an Islamic account for traders who follow Sharia law.
To open an account with TDMarkets, you should complete the following steps:
- Register. Provide all required personal details such as name, phone, and email address.
- Know Your Customer (KYC) Process. The KYC process is standard among brokers. Traders are required to upload official documents such as passports, ID cards, proof of address, or bank statements.
- Account Verification. TDMarkets will check the validity of your documents. This usually takes 1-2 business days.
- Fund Account. Once your account is verified, you can now deposit initial capital through TDMarkets’ payment methods.
Below is an in-depth review of TDMarkets account types.
Standard Account
The TDMarkets standard account requires a minimum deposit of USD 250.
Compared to other brokers, the TDMarkets minimum deposit is within the higher range.
TDMarkets does not charge commission on this account. However, spreads tend to change based on market conditions. Meanwhile, leverage is often offered at 1:500.
The Standard Account is ideal for beginner to intermediate traders who prefer a low minimum deposit with a high leverage.
ECN or Raw Spread Account
An ECN (Electronic Communication Network) account offers traders direct market access. Traders with this account can execute orders directly without TDMarkets acting as an intermediary.
TDMarkets charges zero spreads on major forex pairs but charges around $3 to $8 commissions per lot.
The minimum deposit is higher than the standard account, which starts at $500.
This account is preferred by professional day traders who want tighter spreads. It is most beneficial for scalpers or intraday traders.
VIP or Pro Account
TDmarkets’ VIP account requires a $5000 minimum deposit.
This account is preferred by high-volume traders who require personal relationship managers to manage the volume of their trades.
Demo Account
A positive feature for beginner traders with little experience is that TDMarkets’ demo account offers a virtual environment.
Novice traders can test the broker’s platforms, execute trades, and test strategies without risking any money.
Traders can access real-time market conditions on this account.
However, some traders using a Mac might find difficulties accessing the web platform for the Demo Account.
Keep in mind that the TDMarkets demo account is limited to 30 days.
Educational Resources
TDMarkets offers “TDM Academy” courses covering topics such as forex and CFD trading.
The TDMAcdemy offers free access to YouTube tutorials, podcasts, market commentary, and live trading rooms.
These learning materials are also available to traders who are not clients of TDMarkets.
On the other hand, TDMarkets account holders have access to one-on-one mentorship. A dedicated TDMarkets representative is available 24/7 in multiple languages to support traders.
However, some traders have reported that support may be unresponsive at times.
TDMarkets Withdrawal and Deposit
TDMarkets allows international and local bank transfers, credit cards, debit cards, Skrill, Neteller, and Cryptocurrency.
For withdrawals, the processing time should range from within a day to five business days.
However, some users have complained about delays in withdrawals.
For instance, one trader reported that it took over 23 days for their profits to be reflected in their accounts.
Customer Support
While TDMarkets customer support reviews vary, some traders have claimed that the broker professionally handled disputes.
On the other hand, some traders have also claimed arrogant or unresponsiveness from customer support representatives. One trader claimed they were put on hold for several hours after calling for several days.
It seems that TDMarkets customer support is a hit or miss.
TDMarkets scam or legit?
TDMarkets is a legitimate and regulated broker by the FSCA, with jurisdiction in South Africa. It has been regulated since 2018.
As a trader, it is crucial to research any broker before conducting business with them. While TradersUnited does its best to ensure our broker reviews are reliable, traders are highly encouraged to practice due diligence!
Here are a few tips to make sure that your chosen broker is trustworthy so you can take care of your investments:
- Verify your broker’s license number through their regulator’s official website.
- Study FSCA legal and regulatory frameworks.
- If other authorities regulate your broker, study up on those, too!
- Double-check fee structures and hidden charges, if there are any.
- Check other verified traders’ reviews of TDMarkets online. Make sure that the review platform is legit and that the traders giving the review are verified! Some platforms have manufactured reviews.
By taking these steps, you can protect your investments and make informed decisions.
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