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TP Trades review – 5 things you should know
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TP Trades review – 5 things you should know
TP Trades claims to be a broker who puts “integrity above all” and serves retail and institutional customers from over 180 countries in Europe, Asia, the Middle East, Africa and Latin America. The fact check, however, casts serious doubt on the integrity of TP Trades and all of its claims.To get more news about tp trades review, you can visit wikifx.com official website.
There is indeed a company with that name on the general register of Hong Kong companies, but it is not a broker, and there is no evidence that it is in any way connected to the TP Trades website.
Furthermore, in order to operate in Hong Kong, a broker must be licensed by the Hong Kong Securities and Futures Commission (SFC). There is no company with the name TP Trades Holding Limited among the companies registered and supervised by the SFC:In the bank transfer menu, we see that the beneficiary is not a company in Hong Kong, but in Thailand – TP Trader Co. Ltd. The public records indicate that the activity of this company is “business consulting management”. Some of the text in the customer portal is also in Thai.TP Trades tries to deceive that it is a broker operating in one of the leading global financial centers. In fact, it is not a regulated broker at all and that is reason enough to avoid them.
You should only trust legitimate brokers you can confirm are indeed operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) and Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.
In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
However, it would be much wiser to turn to one of the many legitimate brokers that offer their clients MT4 or the newer and more advanced MT5. These platforms have established themselves as industry standard because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.The minimum deposit for all account types is USD 100. Again, we would stress that the safer option is to seek the services of a licensed broker, many of whom also offer micro accounts with a minimum deposit of USD 100 or even less.
The leverage offered is up to 1:500. High leverage opens the possibility for larger profits, but at the same time it increases the risk of sudden losses significantly. Most leading regulators therefore limit the leverage that brokers can offer to retail traders. In the EU and UK, this limit is 1:30 for major currency pairs and even lower for more volatile assets. The same restrictions currently apply in Australia. In the US, the maximum limit is slightly higher at 1:50.
The account descriptions indicate a spread of 1.5 pips for a Standard account and 0.7 pips for a STP PRO account. The ECN account, which theoretically offers real market prices and therefore has a minimum or zero spread, has a commission of USD 7 per lot.
These parameters are consistent with industry averages. But first, it is not clear to what extent TP Trades offers real trading. And second, it is equally doubtful that these parameters correspond to the truth. The MT4 platform for a Standard account shows a significantly higher spread of about 3 pips. Levels above 2 pips are considered too high and disadvantageous for the trader.